Accessible TFSA contribution room
Canadians aged 18 and older accumulate new tax-free savings account (TFSA) contribution room yearly. The annual TFSA contribution limit has modified many instances for the reason that account was launched in 2009. As of January 1, 2025, a person born in 1991 or earlier (who was 18 years or older in 2009) who has by no means contributed to a TFSA could have as a lot as $102,000 of cumulative TFSA room.
| 12 months | Annual TFSA restrict | Cumulative TFSA restrict |
|---|---|---|
| 2009 | $5,000 | $5,000 |
| 2010 | $5,000 | $10,000 |
| 2011 | $5,000 | $15,000 |
| 2012 | $5,000 | $20,000 |
| 2013 | $5,500 | $25,500 |
| 2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016 | $5,500 | $46,500 |
| 2017 | $5,500 | $52,000 |
| 2018 | $5,500 | $57,500 |
| 2019 | $6,000 | $63,500 |
| 2020 | $6,000 | $69,500 |
| 2021 | $6,000 | $75,500 |
| 2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
Along with 12 months of beginning, TFSA room is impacted by a few elements. Non-residents of Canada don’t accumulate new TFSA room. And TFSA room changes are made based mostly on prior contributions and withdrawals. If you contribute, your remaining TFSA room decreases. If you withdraw, your remaining TFSA room will increase, however not till the next calendar 12 months.
TFSA contribution room calculator
Learn the way a lot you’ll be able to contribute to your TFSA immediately utilizing our calculator.
What occurs if you inherit a TFSA?
If you inherit a TFSA, such as you did, Roberta, the affect of contributing the funds to your individual TFSA relies on your relationship to the deceased. When your partner dies, you’ve up till December 31 of the 12 months following their loss of life to deposit funds from their TFSA to your individual account with out having to take up any your TFSA contribution room.
This is applicable when your partner named you as beneficiary of their TFSA, however even when they didn’t, it may nonetheless apply if you’re a beneficiary of their property.
If you happen to’re a non-spouse beneficiary of a TFSA, there’s no particular therapy for the TFSA inheritance. You should not have the flexibility so as to add it to your individual TFSA, no less than not with out utilizing your individual TFSA room.
Successor holder
In case your late husband named you as successor holder, Roberta, you might be able to take over his TFSA. Solely a partner could be a TFSA successor holder. When you’ve got your individual TFSA, you should still need to mix the accounts.
One benefit of being a successor holder is that any revenue and/or development earned after your partner’s loss of life is taken into account tax-free. In any other case, if you’re named as beneficiary, that revenue and development is taxed as strange revenue. Your complete account worth can nonetheless be transferred to your individual TFSA, nevertheless, topic to the identical timeline of December 31 of the 12 months after loss of life.
Confirming your TFSA room
You possibly can decide your TFSA room, Roberta, by contacting the Canada Income Company (CRA). The CRA can verify your TFSA room by cellphone or using CRA My Account on-line.
