Obtainable TFSA contribution room
Canadians aged 18 and older accumulate new tax-free savings account (TFSA) contribution room yearly. The annual TFSA contribution limit 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 yr of beginning, TFSA room is impacted by a few elements. 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 yr.
TFSA contribution room calculator
Learn the way a lot you’ll be able to contribute to your TFSA at present utilizing our calculator.
What occurs once you inherit a TFSA?
Whenever you inherit a TFSA, such as you did, Roberta, the impression of contributing the funds to your personal TFSA relies on your relationship to the deceased. When your partner dies, you may have up till December 31 of the yr 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 might nonetheless apply if you’re a beneficiary of their property.
In the event you’re a non-spouse beneficiary of a TFSA, there’s no particular remedy for the TFSA inheritance. You should not have the flexibility so as to add it to your personal TFSA, not less than 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 is usually a TFSA successor holder. When you’ve got your personal TFSA, you should still need to mix the accounts.
One benefit of being a successor holder is that any revenue and/or progress earned after your partner’s dying is taken into account tax-free. In any other case, if you’re named as beneficiary, that revenue and progress is taxed as strange revenue. Your complete account worth can nonetheless be transferred to your personal TFSA, nonetheless, topic to the identical timeline of December 31 of the yr after dying.
Confirming your TFSA room
You’ll be able to decide your TFSA room, Roberta, by contacting the Canada Income Company (CRA). The CRA can verify your TFSA room by cellphone or using CRA My Account on-line.
