TFSA Contribution
TFSAs were introduced in 2009 – encouraging Canadians to start saving and investing for their future! You can start contributing once you turn 18 years old and although you may not contribute, your contribution room will accumulate.
Let’s take an example: How much can I put in my TFSA if I have never contributed?
If you turned 18 years in 2017, your contribution room for 2017 is $5,500. But let’s say, you finally decide to contribute in 2022 when you are 23 years old, your contribution rooms will accumulate.
Your cumulative contribution room accounts the contribution limit for each year, the withdrawals and the contributions.
Year | Contribution Limit | Cumulative Limit |
|---|---|---|
2009 | $5000 | $5000 |
2010 | $5000 | $10000 |
2011 | $5000 | $15000 |
2012 | $5000 | $20000 |
2013 | $5500 | $25500 |
2014 | $5500 | $31000 |
2015 | $10000 | $41000 |
2016 | $5500 | $46500 |
2017 | $5500 | $52000 |
2018 | $5500 | $57500 |
2019 | $6000 | $63500 |
2020 | $6000 | $69500 |
2021 | $6000 | $75500 |
2022 | $6000 | $81500 |
2023 | $6500 | $88000 |