TFSA contribution limit 2018

A Tax-Free Savings Account (TFSA) is a registered savings product that allows taxpayers to earn investment income tax-free.

TFSAs were first introduced in Canada in 2009, and are available at most Canadian financial institutions. A TFSA allows any Canadian over the age of 18 to save or invest money in a tax-free account. “Tax-free” means that you don’t pay taxes on the money you make inside your TFSA.

$5,500 can be contributed in 2018, and the unused contribution room can be carried forward. All TFSA contributions made during the year, including the replacement or re-contribution of withdrawals made from a TFSA, will count against your contribution room.

Where can you find your TFSA contribution room information?

Your TFSA contribution room can then be seen through Canada Revenue Agency’s My Account e-services, or you can phone CRA to get the balance.

TFSA Contribution limit

Year TFSA Annual Limit TFSA Cumulative Limit
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