What’s the TFSA contribution limit for 2023?
The TFSA contribution limit for 2023 is $6,500.
The TFSA contribution limit may increase from year over year because it’s adjusted to reflect changes in inflation.
How much can you put in a TFSA?
The limit is $6,500 in 2023. But the amount you can save depends on your personal TFSA contribution room.
Your TFSA contribution room starts building in the year you turn 18. You can contribute to a TFSA only for the years you’re a resident of Canada and have a valid Social Insurance Number (SIN).
If you were 18 or older when the Government of Canada first introduced TFSAs (which was in 2009) and you’ve never put money into a TFSA, then your contribution room could be as much as $88,000 (in 2023).
Find out how much money you can contribute to your TFSA through ‘My Account’ on the Canada Revenue Agency (CRA) website.
Can you contribute to a TFSA for past years?
Yes, you can contribute for past years, if you have contribution room available. Your TFSA contribution room accumulates annually. 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.