Tax-Free Savings Account (TFSA) contribution limit
TFSA's have now been around since 2009.If you have not made
any contributions before, as of 2023 you can contribute a maximum
of $88,000. Each year after 2022 you're able to contribute an
additional $6,500 (the annual contribution amount being subject to
indexation).
Like retirement savings plans ("RRSPs"), any income
and capital gains in your TFSA are completely tax-free to you in
Canada. Unlike RRSPs, contributions to your TFSA are NOT deductible
on your personal income tax return, as well withdrawals from your
TFSA are also NOT taxable on your personal income tax returns.So
unlike RRSPs, there are no income tax considerations to consider
with TFSAs.
