TFSA
Earn a return while investing in ministry, tax free
A Tax Free Savings Account (TFSA) is a registered plan that allows your investment to grow tax free throughout your lifetime.
In 2024, the maximum annual investment amount is $7,000, and the total cumulative contribution eligibility in 2024 is $95,000 for individuals that reached the age of majority, 18 or 19 years old (based on province) in 2009*.
TFSA features:
- Available to Canadian residents age 18 and over who have a social insurance number.
- Unlike RRSPs, TFSA contributions are not tied to your income level
- While contributions are not tax deductible, interest, dividends earned in the TFSA grow tax-free for life.
- TFSA withdrawals can be made any time tax free.
- There are no administration fees.
- Unused contributions from one year can be carried forward and added to the TFSA contribution limit for the following year.
- Withdrawals made in one year create additional contribution room in the following year.
TFSA investments do not impact your annual or total RRSP contribution limits
If you are unsure of your available contribution room, call CRA's Tax Information Phone Service: 1-800-267-6999. Before you call, have the following items ready to provide authentication:
- your social insurance number
- your month and year of birth
- the total income you entered on line 150 of your most recent tax return.
* The annual TFSA contribution limits are as follows:
| Year | 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 |
Contributions are cumulative. If you were age 18 in 2009 and have never contributed to a TFSA before, your total contributions in 2024 can be $95,000 (before interest).
Find out more information about TFSAs.
