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

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

Proposed measure still subject to parliamentary approval

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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.

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