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Posted on January 15, 2025January 15, 2025 by Calculators Canada

Contribution limits for self-directed TFSA

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

TagsRRSP, Tax-Free Savings Account, TFSA

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