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 occasions 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 might 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 elements. Non-residents of Canada don’t accumulate new TFSA room. And TFSA room changes are made primarily based on prior contributions and withdrawals. While you contribute, your remaining TFSA room decreases. While you withdraw, your remaining TFSA room will increase, however not till the next calendar 12 months.
TFSA contribution room calculator
Learn the way a lot you possibly can contribute to your TFSA in the present day utilizing our calculator.
What occurs while you inherit a TFSA?
While you inherit a TFSA, such as you did, Roberta, the impression of contributing the funds to your personal TFSA will depend on your relationship to the deceased. When your partner dies, you could have 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 if you’re 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, 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 might be able to take over his TFSA. Solely a partner generally is a TFSA successor holder. If in case you have your personal TFSA, you should still wish to mix the accounts.
One benefit of being a successor holder is that any earnings 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 earnings and progress is taxed as strange earnings. Your entire 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 possibly can 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.