TFSA Contribution Limit 2020

As of January 1, 2020, the Tax Free Savings Account (TFSA) annual contribution limit is $6,000.

TFSA Dollar Limits:

2009: $5,000
2010: $5,000
2011: $5,000
2012: $5,000
2013: $5,500
2014: $5,500
2015: $10,000

2016: $5,500
2017: $5,500
2018: $5,500
2019: $6,000
2020: $6,000

Source: Revenue Canada

Within your TFSA, any unused contribution room is carried forward to future years such that the cumulative limit for someone who has never contributed may be as high as $69,500.

As noted in previous years, the TFSA is a great place to grow your savings, as well as excess retirement earnings.
All interest, dividends and capital gains collected within your TFSA account are tax-free.

Unlike the RRSP/RRIF, you may continue to contribute to your TFSA even if you are drawing on your Registered Retirement Income Fund (RRIF). If you need to withdraw funds from your TFSA, you may contribute any past withdrawals in the following calendar year.

Revenue Canada Important Dates Link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/important-dates-rrsp-rrif-rdsp.html

Always consult with your tax professional and/or refer to your Revenue Canada Notice of Assessment to confirm your TFSA and RRSP contribution limits.

If you need to speak with an tax professional, please let us know.
We will schedule time for you to meet (or speak) with a Chartered Professional Accountant.

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James M. Di Cenzo FCSI® Portfolio Manager CIM® | Senior Investment Advisor | Telephone: 905-336-1364 or Toll Free: 866-336-1364
Email: James.DiCenzo@iaprivatewealth.ca

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