Available TFSA contribution the room
Canadians aged 18 and over save for a new tax-free savings account (TFSA) every year. The annual TFSA contribution limit has changed several times since the account was introduced in 2009. Starting January 1, 2025, a person born in 1991 or earlier (who was 18 or older in 2009) who has never contributed to a TFSA may have up to $102,000 of combined TFSA room.
| A year | TFSA annual limit | TFSA accumulation 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 |
| 2020 | $6,000 | $69,500 |
| 2021 | $6,000 | $75,500 |
| 2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
In addition to year of birth, TFSA room is affected by several factors. Non-Canadian residents do not accumulate new TFSA room. And TFSA room adjustments are made based on prior contributions and withdrawals. When you contribute, your remaining TFSA room decreases. When you withdraw, your remaining TFSA room increases, but only until the next calendar year.
TFSA contribution room calculator
Find out how much you can contribute to your TFSA today using our calculator.
What happens if you inherit a TFSA?
If you inherit a TFSA, as you did, Roberta, the impact of contributing funds to your TFSA depends on your relationship with the deceased. When your spouse dies, you have until December 31st of the year following their death to deposit money from their TFSA into your account without taking any of your TFSA room to contribute.
This applies when your spouse names you as a beneficiary of his TFSA, but even if he doesn’t, it can still apply if you are a beneficiary of his estate.
If you are not the spouse beneficiary of the TFSA, there is no special treatment of the TFSA estate. You don’t have the ability to add it to your TFSA, at least not without using your TFSA room.
Next owner
If your late husband named you as executor, Roberta, you may be able to take over his TFSA. Only your spouse can own a TFSA instead. If you have your own TFSA, you may still want to combine accounts.
Another benefit of being a surrogate is that any income and/or growth earned after your spouse’s death is treated as tax-free. Otherwise, if you are named as the beneficiary, that income and growth is taxed as ordinary income. The entire amount of the account can still be transferred to your TFSA, however, subject to the same timeline of December 31 of the year after death.
Ensuring your TFSA room
You can determine your TFSA allowance, Roberta, by contacting the Canada Revenue Agency (CRA). The CRA can verify your TFSA room by phone or using CRA My Account online.
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