Making a TFSA contribution
You can contribute up to $6,000 per year.1
What happens if I don’t contribute the full amount each year?
You can carry forward any unused contribution room from previous years. There is no limit on how much contribution room you can build up or on the length of time you can build it up.
Example: If you didn't contribute to your tax-free savings account between 2009 and 2019 and you were at least 18 years old in 2009, you could contribute $63,500 in 2019.
What happens if I contribute more than my limit in a year?
The Canada Revenue Agency (CRA) will assess a penalty of 1% per month on the amount over your total contribution room for your tax-free savings account.
How will I know if I over-contribute?
The CRA will confirm unused room and limits each year. This information is available through "My Account" on the Canada Revenue Agency website.