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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.
