Last updated: February 7, 2024
Your TFSA contribution limit for 2024 is: | $7,000 |
How much you can put in your TFSA in 2024 if you’ve never contributed: | $95,000* |
* If you were 18 or older when the Government of Canada first introduced TFSAs (in 2009) and you were a Canadian resident throughout this time, had a SIN, plus you’ve never put money into a TFSA, the maximum you can contribute to a TFSA in 2024.
A tax-free savings account (TFSA) can help Canadians save money for anything – a house, a wedding, dream vacation, retirement and more. Once you’ve opened a TFSA, you can contribute to your TFSA at any time, and income earned from qualified investments is tax-free.
Table of contents:
- What’s the TFSA contribution limit for 2024?
- How much can you put in a TFSA?
- Can you contribute to a TFSA for past years?
- What happens if I overcontribute to a TFSA?
- More TFSA contribution FAQs
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What’s the TFSA contribution limit for 2024?
The TFSA contribution limit for 2024 is $7,000.
The TFSA contribution limit may increase from year over year because it’s adjusted to reflect changes in inflation.
How much can you put in a TFSA
The limit is $7,000 in 2024. But the amount you can put in your TFSA depends on your personal TFSA contribution room.
TFSA contribution rules
- Your TFSA contribution room starts building in the year you turn 18
- You can contribute to a TFSA only for the years you’re a resident of Canada and have a valid Social Insurance Number (SIN).
If you have lived in Canada your entire life and you were 18 or older when the Government of Canada first introduced TFSAs (in 2009) and you’ve never put money into a TFSA, then your contribution room could be as much as $95,000 (in 2024).
Find out how much money you can contribute to your TFSA through ‘My Account’ on the Canada Revenue Agency (CRA) website or by calling the CRA.
Can you contribute to a TFSA for past years?
Yes, you can contribute for past years if you have contribution room available. If a contribution isn’t made in a particular year, any unused amount is automatically carried forward and can be used in a future year.
What are the TFSA contribution limits for past years?
Year | TFSA annual contribution limit |
|---|---|
2024 | $7,000 |
2023 | $6,500 |
2019 – 2022 | $6,000 |
2016 – 2018 | $5,500 |
2015 | $10,000 |
2013 – 2014 | $5,500 |
2009 – 2012 | $5,000 |
What happens if I overcontribute to a TFSA?
If you exceed the TFSA limit, you are overcontributing to your TFSA. If this happens, you will have to pay a 1% tax on the amount you overcontributed every month it is in your account.
For example, say your maximum contribution limit was $5,000 and you contributed $6,000 to your TFSA. You will be charged $10 every month until you withdraw the excess $1,000.
Note: If you don’t remove the overcontribution from your TFSA within the year, it will reduce the amount you can contribute the following year.
Learn more details on how to fix a TFSA over-contribution
While the CRA will notify you if you’ve over-contributed to your TFSA, it’s up to you to know and monitor your own contribution limits. Remember, you share your contribution limit with all TFSAs you contribute to.
You can find your unused TFSA contribution room by logging into "My Account" on the CRA’s website or giving the CRA a call.
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More TFSA contribution FAQs
What if you’ve never contributed to a TFSA before?
If you have lived in Canada your entire life and you were 18 or older when the Government of Canada first introduced TFSAs (in 2009) and you’ve never put money into a TFSA, then your contribution room could be as much as $95,000 (in 2024).
You can find your unused TFSA contribution room bylogging into "My Account" on the CRA’s websiteor giving the CRA a call.
What happens if you have unused TFSA contribution room?
Your unused TFSA contribution room is automatically carried forward into future years.
Do you lose TFSA contribution room?
No. You can’t lose your accumulated contribution room.
Note for non-residents of Canada:You won’t lose any of your previously accumulated contribution room when you lived in Canada. You can contribute to your TFSA before you become a non-resident of Canada. But you won’t be able to contribute to your TFSA once you become a non-resident – even if you have contribution room available. You’ll only be able to contribute to your TFSA once you re-establish your Canadian tax residency status. In addition, you can’t accumulate any additional contribution room either while you’re a non-resident. (See the CRA’s page onDetermining an individual’s residence status.)
Talk to a tax specialist to learn more about how TFSA contributions and withdrawals work as a non-resident of Canada.
Do you lose TFSA contribution room?
No. You can’t lose your accumulated contribution room.
Note for non-residents of Canada: You won’t lose any of your previously accumulated contribution room when you lived in Canada. You can contribute to your TFSA before you become a non-resident of Canada. But you won’t be able to contribute to your TFSA once you become a non-resident – even if you have contribution room available. You’ll only be able to contribute to your TFSA once you re-establish your Canadian tax residency status. In addition, you can’t accumulate any additional contribution room either while you’re a non-resident. (See the CRA’s page onDetermining an individual’s residence status.)
Talk to a tax specialist to learn more about how TFSA contributions and withdrawals work as a non-resident of Canada.
What happens if you don’t contribute the full amount each year?
If you contribute less than the annual TFSA contribution limit ($7,000 in 2024), the difference between the limit and the amount you contributed will be carried forward to future years.
Example:Let’s say you’ve always contributed the maximum amount to your TFSA every year. However, in 2024, you decide to contribute $3,000 instead of the $7,000 (2024 limit). In this case, you have $4,000 ($7,000 - $3,000) of additional contribution room to use in future years.
How does CRA track TFSA contributions?
Your financial institutions track and report your TFSA contributions to the CRA annually.
You can find out how much you contributed to your TFSAs and your unused TFSA contribution room bylogging into "My Account" on the CRA’s website.
How do you avoid over-contributing to your TFSA?
To avoid TFSA over-contributions:
- Know your unused TFSA contribution room at the beginning of each year.
- Keep track of your contributions, especially if you have more than one TFSA.
Read more about TFSAs on Sun Life
- TFSA or RRSP: When to use one over the other
- 6 really useful things you can do with your TFSA
- 6 TFSA facts worth knowing
- How to avoid these 4 common TFSA mistakes
- What’s the best way to leave your TFSA to your spouse?
