TFSA contribution limit 2024

Every year, the Canadian government sets a new annual contribution room for TFSAs. The annual TFSA contribution limit for 2024 has been set at $7,000, an increase from the 2023 limit of $6,500.

Additionally, any unused contribution room from previous years can be carried forward, potentially allowing you to contribute a higher amount. Starting January 1, 2024, eligible Canadians will have a cumulative lifetime TFSA contribution limit of $95,000.

TFSA contribution limit by year

If you've never opened a TFSA before, you can deposit a significant amount—up to $95,000—as long as you were 18 or older in 2009.

Below is a breakdown of the cumulative and annual contribution limits since the TFSA program started, including how withdrawals are managed:

• If you were 18 years old in 2009 and have not made any TFSA contributions, your maximum contribution limit for 2024 would be $95,000.

• If you turned 18 after 2009, your lifetime TFSA contribution limit starts from the year you turned 18. This means your maximum limit will be lower than $95,000, depending on the year you became eligible.