Passive Income Investing Home
TFSA Contribution LimitsYear Annual Limit Cumulative Total2009 $5,000 $5,0002010 $5,000$10,0002011 $5,000$15,0002012 $5,000$20,0002013 $5,500$25,5002014 $5,500 $31,0002015 $10,000 $41,0002016 $5,500 $46,5002017 $5,500 $52,0002018 $5,500 $57,5002019 $6,000 $63,5002020 $6,000 $69,5002021$6,000 $75,500Total $75,500Example Scenarios: 1- Your first and only contribution is $10,000 in 2018 and never make a withdrawal:In 2018, your limit is $47,500 ($57,500 - $10,000)In 2019, your contribution limit is $53,500 ($47,500 + $6,000) In 2020, your contribution limit is $59,500 ($53,500 + $6,000) 2- You contribute $10,000 in 2018 and $5,000 in 2019 and never make a withdrawal:In 2019, your contribution limit is $48,500 ($63,500 - 1$5,000) In 2020, your limit is $54,500 ($48,500 + $6,000) 3- You contribute the max allowed every year until 2019 ($63,500) + you withdraw $10,000 at the end of 2019 In 2019, you cannot contribute further even if you withdraw 10,000$, since the withdrawal only takes effect the following yearIn 2020, you can contribute $16,000 because the $10,000 withdrawal from 2019 now takes effect, so this amount is added back to your contribution room. In addition, the annual limit increased to $6,000, so 10k + 6k = 16k***NOTE: Withdrawals from the TFSA adds contribution space back to your TFSA BUT it takes effect the following year.NOTE: These TFSA “limits” are CONTRIBUTION Limits, not Account Value Limits.Example: Your TFSA can be worth $500,000 after a number of years without ever going over the Contribution Limits (great job picking stocks!) ................
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