Our Declaration of Trust for Tax Free Savings Accounts has been updated as of April 1st 2023
No Age Limit
There’s no age limit to contributing to TFSAs; you can continue to invest even after the age of 71, the limit for RRSPs. The starting age for contributions is 18.
It's Tax Free
Investment income earned in a TFSA is tax-free, regardless of whether it is interest, dividends or capital gains. Withdraw money at any time for any reason without being taxed.
Generate Tax Free Income
TFSA withdrawals do not impact any government benefits or assistance programs such as child tax benefits, old age security or other guaranteed income supplements. This means low-income earners can generate tax-free income without it affecting their support.
They're Transferrable
TFSA assets can be transferred to a spouse without impacting the recipient’s contribution room.*
*Only possible upon death of account holder
It's Never Too Late To Invest
If you have not contributed in the past or did not meet maximum contributions in any given year, you can catch up on unused contributions.
(see chart below)
TFSA Contribution Chart
| 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 |
| 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 |
TFSA yearly limit was set at $5,000 back in 2009 when the investment account was first created.
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Speak to one of our FSO’s or Credential Asset Management Inc. Investment Specialist to review which savings or investment vehicle is best for you.
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