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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This information has been prepared by James M. DiCenzo, Portfolio Manager | Senior Investment Advisor for iA Private Wealth (IAPW) and does not necessarily reflect the opinion of IAPW. The information contained in this document comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the time of publication and are subject to change. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. For more information about IAPW, please consult the official website at www.iaprivateweath.ca. The Investment Advisor can open accounts only in the provinces where he is registered. iA Private Wealth is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth operates.