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 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.
| 12 months | 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 based mostly 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 how a lot you’ll be able to contribute to your TFSA in the present day utilizing our calculator.
What occurs if you inherit a TFSA?
While you inherit a TFSA, such as you did, Roberta, the influence of contributing the funds to your personal TFSA will depend on your relationship to the deceased. When your partner dies, you have got 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.
In case you’re a non-spouse beneficiary of a TFSA, there’s no particular therapy for the TFSA inheritance. You do not need 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 generally is a TFSA successor holder. 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 revenue and/or development 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 development is taxed as extraordinary revenue. 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’ll be able to decide your TFSA room, Roberta, by contacting the Canada Income Company (CRA). The CRA can verify your TFSA room by telephone or utilizing CRA My Account on-line.