Have you started investing in your TFSA?

 

 The CRA has just announced the new TAX FREE

 SAVINGS ACCOUNT LIMIT FOR 2023

• $6500 FOR 2023
• IF YOU HAVE NOT CONTRIBUTED TO A TAX  FREE SAVINGS THE TIME TO START IS NOW!

About the TFSA

Since 2009, the Canadian government has set a maximum amount that qualified Canadians can contribute to their TFSA every year, regardless of income.

·        Every year, your TFSA announces new contribution limits.

·        Unused TFSA contribution room can be carried forward indefinitely to future years.

·        Watch your contribution amounts because, if you contribute more than the total allowed, the over-contribution amount will be subject to a steep tax penalty.

·        Any withdrawals you take from your TFSA are added to your TFSA contribution room limit in the following year, so you can recontribute the amount you withdrew in the following year or year. 

·        You are allowed to have more than one TFSA ACCOUNT but the combined amount must not exceed your allowable contributions.

·       The following chart shows the contribution limits for each year that the TFSA has been available.

TFSA  LIMIT PER YEAR

2009 -   2012   Limit $5000 per year

2013 - 2014   Limit $5500 per year

2015     LIMIT $10,000 

2016 - 2018   Limit $5500

2019 - 2022 Limit $6000

2023 LIMIT $6500