The TFSA annual room limit was indexed to inflation and rounded to the nearest $500. So for 2024 year contribution limit for self-directed TFSA (Tax-Free Savings Account) is $7,000. Plus, any unused contribution room from previous years is carried forward into this year.
Annual contribution limits for 2009-2024 years
| Year | Annual Contribution Limit |
|---|---|
| 2024 | $7,000 |
| 2023 | $6,500 |
| 2022 | $6,000 |
| 2021 | $6,000 |
| 2020 | $6,000 |
| 2019 | $6,000 |
| 2018 | $5,500 |
| 2017 | $5,500 |
| 2016 | $5,500 |
| 2015 | $10,000 |
| 2014 | $5,500 |
| 2013 | $5,500 |
| 2012 | $5,000 |
| 2011 | $5,000 |
| 2010 | $5,000 |
| 2009 | $5,000 |
What is self-directed TFSA (Tax-Free Savings Account) ?
Tax-free savings accounts allows you earn tax free investment income like dividends, interest, and capital gains. Withdrawals from a TFSA are not taxed but contribution to Tax-Free Savings Accounts are not tax deductible unlike RRSP (registered retirement savings plan).
Self-directed TFSA (Tax-Free Savings Account) lets you:
- Grow your investments, tax‑free : capital gains, dividends or interest are not taxed
- Pay no tax on withdrawals: withdraw your money without any fee and tax
- Carry unused contribution room forward into future years: carry unused contribution room forward into future years and amount you withdraw can be re-contributed to your Tax-Free Savings Account the following year or years without impacting your contribution room.
Use self-directed TFSA for tax free investments like stocks (TSX, NASDAQ, NYSE), mutual funds, ETFs, options, fixed income products (bonds, GICs and etc)
For more detailed information regarding Tax-Free Savings Account check CRA page:
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html