You can contribute more in your TFSA for 2019

TFSA

The Canadian Government has raised the Tax-Free Savings Account (TFSA) contribution limit to $6,000 for 2019. Up from $5,500 in 2018. 

TFSAs are an excellent way for Canadians, age 18 and older, to grow their savings tax-free. Although contributions are not tax deductible, income earned in the account and withdrawals from the account are tax-free. Unused contribution room is carried forward, and withdrawals from your account will be added back to your TFSA contribution room at the beginning of the following year*. 

If you were at least 18 years old in 2009, your cumulative contribution limit in 2019 will be $63,500. 

The following chart shows the annual TFSA contribution limit from inception in 2009. Contribution limits are not income-based.

Year Annual Limit 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

The Lawyers Financial Investment Program provides excellent value for your TFSA contributions. We offer a diversified portfolio of investment options at low investment management fees. Low fees means increased savings. Visit lfip.lawyersfinancial.ca or contact your Lawyers Financial Advisor for more information. 

*Please visit the TFSA website at www.canada.ca/tfsa for detailed information.