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  James DiCenzo, Portfolio Manager, Senior Investment Advisor, IA Private Wealth

Tax Free Savings Account (TFSA)

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.


Photo: https://unsplash.com/photos/sMCBEI5zkqc
 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
Burlington Main Office:  1001 Champlain Ave, Suite 201, Burlington, ON L7L 5Z4        Toronto Office:   26 Wellington St E, Suite 900, Toronto, ON M5E 1S2  

"If everyone is moving forward together, then success takes care of itself."  Henry Ford

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Feel free to contact us.   All personal consultations are completely confidential. 

iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.  This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth.  The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness.  Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities.  The information contained herein may not apply to all types of investors.  The Investment Advisor can open accounts only in the provinces where they are registered.
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