The TFSA contribution limit for 2025 is $7,000, remaining at the same level for 2024.
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 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
With higher-than-expected inflation rates in 2023, the TFSA contribution limit increased from $6,500 to $7,000 in 2024. It stays at this level for 2025 as well.
If you have been eligible to contribute to the TFSA since its inception, you will have accumulated a total contribution room of $102,000 as of January 1, 2025 ($95,000 as of 2024).
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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Learn about how to avoid TFSA penalties resulting from an overcontribution.
Thanks for your reply Enoch, that is indeed good news! 😁
Hi Enoch, I am in the same situation as patricia.
So, if I put 100k into a TFSA in a lump sum at age 65 and it earns me for example: $5k in interest and dividends (which I would withdraw and spend each year) – would my income still be considered $0 in terms of my OAS & GIS payments? (As I understand it if the interest and dividends were held outside a TFSA the GIS would be clawed back 50%? )
Thanks, great blog!
@Mark: Yes, the income earned from your TFSA would not count toward any income-tested benefits. It will be considered as $0 in terms of OAS and GIS payments.
If I just open a TFSA account in 2024 can I make contributions back to 2009 when the account first began or can I only contribute from the time I actually opened the account. I was over the age of 18 in 2009
@Patricia: Yes, if you were eligible as of 2009 (i.e. age 18 and a Canadian citizen or resident), then you can contribute your lifetime total to date, which as of Jan 1, 2025, would be $102,000.
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.