It’s official, The new TFSA contribution limit for the year 2019 is $6,000, up from $5,500 in 2018. To check out the Canadian source, click here.
The TFSA program started in 2009 (it’s 10 years now ) and the amount of money you can contribute is cumulative from the beginning. If you were to contribute the maximum allowable by the law, your maximum contribution is $63,500
Here is a table of all the contribution allowable throughout the years.
| Year | Actual Limit | Cumulative Limit |
|---|---|---|
| 2009 | $5,000 | $5,000 |
| 2010 | $5,000 | $10,000 |
| 2011 | $5,000 | $15,000 |
| 2012 | $5,000 | $20,000 |
| 2013 | $5,500 | $25,500 |
| 2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016 | $5,500 | $46,500 |
| 2017 | $5,500 | $52,000 |
| 2018 | $5,500 | $57,500 |
| 2019 | $6,000 | $63,500 |
Other things to know about your TFSA:
- Contributions can be done only by Canadian residents or citizen over the age of 18.
- There is no lifetime limit to the number of contributions, unlike RRSP whereas you can only contribute to age 71.
- You can contribute cash or “in kind” stocks, bonds, etc.
Question for you
- Have you contributed every year since the TFSA started?
- Have you contributed the maximum amount allowable?
- Are you planning to contribute the maximum for next year?
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