Last updated: February 7, 2024
Last updated: February 7, 2024
Your TFSA contribution limit for 2024 is: |
$7,000 |
How much you can put in your TFSA in 2024 if you’ve never contributed: |
$95,000*
|
* If you were 18 or older when the Government of Canada first introduced TFSAs (in 2009) and you were a Canadian resident throughout this time, had a SIN, plus you’ve never put money into a TFSA, the maximum you can contribute to a TFSA in 2024.
A tax-free savings account (TFSA) can help Canadians save money for anything – a house, a wedding, dream vacation, retirement and more. Once you’ve opened a TFSA, you can contribute to your TFSA at any time, and income earned from qualified investments is tax-free.
The TFSA contribution limit for 2024 is $7,000.
The TFSA contribution limit may increase from year over year because it’s adjusted to reflect changes in inflation.
The limit is $7,000 in 2024. But the amount you can put in your TFSA depends on your personal TFSA contribution room.
If you have lived in Canada your entire life and you were 18 or older when the Government of Canada first introduced TFSAs (in 2009) and you’ve never put money into a TFSA, then your contribution room could be as much as $95,000 (in 2024).
Find out how much money you can contribute to your TFSA through ‘My Account’ on the Canada Revenue Agency (CRA) website or by calling the CRA.
Yes, you can contribute for past years if you have contribution room available. If a contribution isn’t made in a particular year, any unused amount is automatically carried forward and can be used in a future year.
Year |
TFSA annual contribution limit |
---|---|
2024 |
$7,000 |
2023 |
$6,500 |
2019 – 2022 |
$6,000 |
2016 – 2018 |
$5,500 |
2015 |
$10,000 |
2013 – 2014 |
$5,500 |
2009 – 2012 |
$5,000 |
If you exceed the TFSA limit, you are overcontributing to your TFSA. If this happens, you will have to pay a 1% tax on the amount you overcontributed every month it is in your account.
For example, say your maximum contribution limit was $5,000 and you contributed $6,000 to your TFSA. You will be charged $10 every month until you withdraw the excess $1,000.
Note: If you don’t remove the overcontribution from your TFSA within the year, it will reduce the amount you can contribute the following year.
Learn more details on how to fix a TFSA over-contribution
While the CRA will notify you if you’ve over-contributed to your TFSA, it’s up to you to know and monitor your own contribution limits. Remember, you share your contribution limit with all TFSAs you contribute to.
You can find your unused TFSA contribution room by logging into "My Account" on the CRA’s website or giving the CRA a call.
Sign in to my Sun Life to access your account.
Available self-serve features depend on your account, contract or policy.
Talk to a Sun Life advisor to find out how to maximize your TFSA. An advisor can answer your questions and help you make the most of your savings.
To find an advisor near you, enter your postal code:
If you have lived in Canada your entire life and you were 18 or older when the Government of Canada first introduced TFSAs (in 2009) and you’ve never put money into a TFSA, then your contribution room could be as much as $95,000 (in 2024).
You can find your unused TFSA contribution room by logging into "My Account" on the CRA’s website or giving the CRA a call.
Your unused TFSA contribution room is automatically carried forward into future years.
No. You can’t lose your accumulated contribution room.
Note for non-residents of Canada: You won’t lose any of your previously accumulated contribution room when you lived in Canada. You can contribute to your TFSA before you become a non-resident of Canada. But you won’t be able to contribute to your TFSA once you become a non-resident – even if you have contribution room available. You’ll only be able to contribute to your TFSA once you re-establish your Canadian tax residency status. In addition, you can’t accumulate any additional contribution room either while you’re a non-resident. (See the CRA’s page on Determining an individual’s residence status.)
Talk to a tax specialist to learn more about how TFSA contributions and withdrawals work as a non-resident of Canada.
No. You can’t lose your accumulated contribution room.
Note for non-residents of Canada: You won’t lose any of your previously accumulated contribution room when you lived in Canada. You can contribute to your TFSA before you become a non-resident of Canada. But you won’t be able to contribute to your TFSA once you become a non-resident – even if you have contribution room available. You’ll only be able to contribute to your TFSA once you re-establish your Canadian tax residency status. In addition, you can’t accumulate any additional contribution room either while you’re a non-resident. (See the CRA’s page on Determining an individual’s residence status.)
Talk to a tax specialist to learn more about how TFSA contributions and withdrawals work as a non-resident of Canada.
If you contribute less than the annual TFSA contribution limit ($7,000 in 2024), the difference between the limit and the amount you contributed will be carried forward to future years.
Example: Let’s say you’ve always contributed the maximum amount to your TFSA every year. However, in 2024, you decide to contribute $3,000 instead of the $7,000 (2024 limit). In this case, you have $4,000 ($7,000 - $3,000) of additional contribution room to use in future years.
Your financial institutions track and report your TFSA contributions to the CRA annually.
You can find out how much you contributed to your TFSAs and your unused TFSA contribution room by logging into "My Account" on the CRA’s website.
To avoid TFSA over-contributions:
Sign in to my Sun Life to access your account.
Available self-serve features depend on your account, contract or policy.
Talk to a Sun Life advisor to find out how to maximize your TFSA. An advisor can answer your questions and help you make the most of your savings.
To find an advisor near you, enter your postal code:
Read more about TFSAs on Sun Life