The TFSA contribution limit for 2023 is $6,500, increasing by $500 from the level it was in 2022.
The Tax-Free Savings Account (TFSA) was first introduced in 2009 and has gained popularity over the years as a tool for savings or investing in general.
The contribution room for the TFSA is indexed to inflation and, since its inception, has been updated four times. A short-lived increase to $10,000 in 2015 by the conservative government was reversed in 2016 by the new liberal government.
One of the attractions of the Tax-Free Savings Account is that investment income or returns earned are tax-free. For more details on the basics of the TFSA, including eligibility, withdrawals, excess contribution penalties, and investment ideas, read my TFSA overview.
TFSA Contribution Room Over The Years
Starting in 2009, Canadian residents who are at least 18 years of age and have a Social Insurance Number can participate in the TFSA. Contribution room over the years are as follows:
Year | Annual TFSA Limit | Total Contribution Room |
---|---|---|
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 |
With higher-than-expected inflation rates in 2022, the TFSA contribution limit is finally increasing from $6,000 to $6,500.
If you have been eligible to contribute to the TFSA since its inception, you will have accumulated a total contribution room of $88,000 as of January 1, 2023.
If you have been contributing to a TFSA and are unsure of your current contribution room balance, you can find that information on Canada Revenue’s My Account or call them directly at 1-800-267-6999.
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- TFSA Withdrawal Rules
Learn about how to avoid TFSA penalties resulting from an overcontribution.
I have withdrawn all my previous TFSA conribution from Scotiabank in Vancouver this year 2023.
Starting from 2023 I will in future make my yearly contribution ONLY with Vancity Branch 9 in Vancouver.
May I be allowed to pay NOW in 2023 to cover all the pass years from the very beginning 2009
@Robert: I deleted your personal details to prevent someone from stealing your identity. Please contact Scotiabank directly by phone to sort out your TFSA account requests.