Advertiser Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

TFSA Contribution Limit Over The Years (2009-2023)

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:

YearAnnual TFSA LimitTotal 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.

Related Posts:

Learn about how to avoid TFSA penalties resulting from an overcontribution.

Top Promotions and Deals

Get a $20 welcome bonus with KOHO and up to 5% cash back

Best free reloadable prepaid card (use CASHBACK referral code for $20 bonus).

Earn unlimited 1% cash back on groceries and up to 5% at select partners.

Save automatically and earn 0.50-2.00% interest on your balance.

Increase your credit score fast with Credit Building.

Best FREE chequing account offer in Canada with $350 cash bonus

No monthly account fees or minimum balance requirements.

$350 cash bonus when you deposit $100 for three months.

Unlimited free debits and Interac e-Transfer transactions.

Earn high-interest rates on a free savings account.

Get the prepaid card that pays interest and unlimited cash back

One of the best no-fee prepaid debit cards in Canada.

Get 0.50% unlimited cash back on all purchases.

Earn 2.50% interest on your entire balance.

No ATM withdrawal fees and no FX fees when you spend abroad.

Retirement 101 eBook - 3D

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.