Accessible TFSA contribution room
Canadians aged 18 and older accumulate new tax-free financial savings account (TFSA) contribution room yearly. The annual TFSA contribution restrict has modified many instances because the account was launched in 2009. As of January 1, 2025, a person born in 1991 or earlier (who was 18 years or older in 2009) who has by no means contributed to a TFSA could have as a lot as $102,000 of cumulative TFSA room.
| Yr | Annual TFSA restrict | Cumulative TFSA restrict |
|---|---|---|
| 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 |
| 2019 | $6,000 | $63,500 |
| 2020 | $6,000 | $69,500 |
| 2021 | $6,000 | $75,500 |
| 2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
Along with 12 months of beginning, TFSA room is impacted by a few components. Non-residents of Canada don’t accumulate new TFSA room. And TFSA room changes are made based mostly on prior contributions and withdrawals. Whenever you contribute, your remaining TFSA room decreases. Whenever you withdraw, your remaining TFSA room will increase, however not till the next calendar 12 months.
TFSA contribution room calculator
Learn how a lot you may contribute to your TFSA right this moment utilizing our calculator.
What occurs if you inherit a TFSA?
Whenever you inherit a TFSA, such as you did, Roberta, the influence of contributing the funds to your personal TFSA depends upon your relationship to the deceased. When your partner dies, you’ve up till December 31 of the 12 months following their dying to deposit funds from their TFSA to your personal account with out having to take up any your TFSA contribution room.
This is applicable when your partner named you as beneficiary of their TFSA, however even when they didn’t, it could nonetheless apply in case you are a beneficiary of their property.
For those who’re a non-spouse beneficiary of a TFSA, there’s no particular therapy for the TFSA inheritance. You wouldn’t have the power so as to add it to your personal TFSA, a minimum of not with out utilizing your personal TFSA room.
Successor holder
In case your late husband named you as successor holder, Roberta, you could possibly take over his TFSA. Solely a partner could be a TFSA successor holder. You probably have your personal TFSA, you should still need to mix the accounts.
One benefit of being a successor holder is that any earnings and/or development earned after your partner’s dying is taken into account tax-free. In any other case, in case you are named as beneficiary, that earnings and development is taxed as odd earnings. The complete account worth can nonetheless be transferred to your personal TFSA, nonetheless, topic to the identical timeline of December 31 of the 12 months after dying.
Confirming your TFSA room
You may decide your TFSA room, Roberta, by contacting the Canada Income Company (CRA). The CRA can affirm your TFSA room by telephone or utilizing CRA My Account on-line.