There has been speculation the last few months that the Tax-Free Savings Account contribution limit may be increased next year to keep pace with inflation. Yesterday the CRA website confirmed that for 2019, the contribution limit is $6,000 bringing the cumulative TFSA contribution limit to $63,500.
A TFSA is a registered account that allows Canadians to invest their money and completely eliminate the taxation of any growth within – including interest income, dividend payments and capital gains. A TFSA can be effective for achieving pre-retirement, retirement and estate planning goals and is often an excellent addition to a Registered Retirement Savings Plan (RRSP). Contact us for more information and to determine which scenario is best for you.
Historical TFSA Contributions Limits
Posted In: Industry & News Updates