2016 Tax Free Savings Account Limits

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The TFSA limit has been reduced to $5,500 a year effective January 1 2016. 

 

The total contribution amount on January 1, 2016 for a Canadian who has never contributed to a TFSA will be $46,500, if the individual was 18 or older in 2009 and had accumulated all the available contribution room since the TFSA was created.

TFSA Contribution amount by year:   2009-$5,000

                                                            2010-$5,000

                                                            2011-$5,000     

                                                            2012-$5,000

                                                            2013-$5,500

                                                            2014-$5,500

                                                            2015-$10,000

                                                            2016-$5,500