$10,000 TFSA contribution limit now in effect: CRA

Proposed measure still subject to parliamentary approval

  3

by

Online only.

  3
Go ahead and take advantage of the $10,000 annual TFSA contribution limit. (Nash Photos/Getty Images)

Go ahead and take advantage of the $10,000 annual TFSA contribution limit. (Nash Photos/Getty Images)

CRA has confirmed that Canadians can start taking advantage of the increased $10,000 contribution limit for the TFSA immediately.

The change, announced in Tuesday’s federal budget, hasn’t officially become law, which has caused confusion for some investors. CRA implements changes to tax laws as soon as they’re announced. We explain why here.

Read our analysis of what the increased TFSA limit means, and read all our budget coverage here.

3 comments on “$10,000 TFSA contribution limit now in effect: CRA

  1. When I heard about the increasing limit of the TFSA I first thought it was another giveaway to the wealthy class but most of these people have bigger portfolios than the $41 000 that will be available room for them So they will still have to pay taxes on the income & capital gains of their investments The only thing I do not like is where does a mid class person get $11000 to invest

    Reply

    • By living below their means. I’m middle class at 45k gross a year and I’ve easily managed to save that amount. It’s not my fault you spend more than you earn.

      Reply

      • I agree with this fine chap. I’m in my early 20s making just under 42k (take-home) per year. I can easily throw at least a 1/3 of those earnings into a TFSA. If anything I wish I had more room to invest in, because I’m soon going to max it out!

        Reply

Leave a comment

Your email address will not be published. Required fields are marked *