Tax Free Savings Account TFSA

TFSA tax-free savings accounts
Providing tax-free growth

2022 TFSA dollar limit:   $6,000.-

The TFSA new contribution limit for 2022 is $6,000, matching the amount set for 2019, the Canadian government has announced.
With this TFSA dollar limit announcement, the total contribution room available in 2022 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $81,500.*


Contributions, withdrawals, and transfers:

Be aware of these rules and restrictions:

*You can contribute up to your TFSA contribution room. A tax applies to all contributions exceeding your TFSA contribution room.

*Withdrawals will be added to your TFSA contribution room at the beginning of the following year.

*You can replace the amount of the withdrawal in the same year only if you have available TFSA contribution room.

*Direct transfers must be completed by your financial institution.

Tax-Free Savings Account

Saving just got a whole lot easier!


The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.  Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not tax deductible. 


A tax-free savings account (TFSA) helps you grow your savings tax-free. It’s the perfect tool to save for a project like a trip, a house purchase or a new car.

Benefits of a TFSA:

  • Investment income grows tax-free
  • Amounts can be withdrawn tax-free and redeposited in later years
  • Unused contribution room can be carried forward

TFSA contribution room:

You will accumulate TFSA contribution room for each year even if you do not file an Income Tax and Benefit Return or open a TFSA.


The annual TFSA dollar limit for the years 2009 to 2012 was $5,000.

The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.

The annual TFSA dollar limit for the year 2015 was $10,000.

The annual TFSA dollar limit for the years 2016 to 2018 was $5,500.

The annual TFSA dollar limit for the year 2019, 2020, 2021,2022 : $6,000.

The TFSA annual room limit will be indexed to inflation and rounded to the nearest $500.


Investment income earned by, and changes in the value of TFSA investments will not affect your TFSA contribution room for the current or future years.


The federal government may adjust the annual tax-free savings account (TFSA) contribution limit at any time.
* Each year, you can find out on your Notice of Assessment what the remaining TFSA contribution limit is.
* Note: If your contribution exceeds the limit, you will be required to pay a monthly fine for the excess amount.
Note: T o learn more , visit the TFSA information page on the Canada Revenue Agency website:
( https://www.canada.ca/en/sr/srb.html?cdn=canada&st=s&num=10&langs=en&st1rt=1&s5bm3ts21rch=x&q=TFSA&_charset_=UTF-8&wb-srch-sub= )
For more information on the Tax Free Savings Account (TFSA),

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