The max you can contribute to your TFSA for 2017

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The TFSA limit determines how much you can deposit in your Tax-Free Savings Account each year.

The TFSA limit for 2017:

Year TFSA Annual Limit TFSA Cumulative 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

More about the annual TFSA limit:

Tax-Free Savings Accounts (TFSAs) were first introduced in Canada in 2009. Most Canadian financial institutions now offer them. A TFSA allows any Canadian over the age of 18 to save or invest money in a tax-free account. “Tax free” means that you don’t pay taxes on the money you make inside your TFSA. That means things like interest payments, stock dividends or capital gains.

However, there’s a maximum amount of money you can deposit into your TFSA each year. Currently, this annual maximum is $5,500. Luckily, your total contribution is cumulative, so you can roll over this contribution room year to year. So the amount you can save will go up each year, whether you deposit money or not. It doesn’t matter how much the savings or investments in your TFSA are worth; the only thing the government limits ishow much you can put in.

Your TFSA limit if you’ve never contributed before

If you don’t have a TFSA, then you could open one and contribute a maximum of $52,000.

Your TFSA limit if you already have a tax-free savings account

Have you already opened a TFSA and started saving? That’s great. If you’ve never withdrawn money from your account, you can keep adding until you hit the current TFSA limit.

If you have withdrawn money from your TFSA in the past, that’s fine! You will get that room back, but not until the following year.

Your financial provider will likely alert you if you hit your TFSA limit for a single account. But keep in mind that you can open more than one TFSA, with more than one financial institution. Say you deposited $40,000 in a TFSA at one bank, and $40,000 in a second TFSA at another. Neither bank would flag your account, but you would still be over the limit. Ultimately it is up to you to confirm that you stay within your TFSA limit.

This story was originally published on

Read more:

Watch: Avoid getting hit by a TFSA penalty

9 comments on “The max you can contribute to your TFSA for 2017

  1. What if you are 18 in 2017 and open an account? Would your allowable contribution room be $5,500 since this is the first year that you can contribute (and then accumulate each year from there) or start at the full $52,000?


    • It will start at the allowable $5,500.


  2. We need more Tax Free situations these days..


  3. I just made a contribution to my TFSA . However it appears as if I did not do so in 2016 can I contribute another $5550 so that I would have contributed 11000$ this month to cover the 2016 & 2017 years of contribution ?


    • yes


  4. My question now is what happens if you over contribute by accident than withdraw the funds now are you over for that limit for example.
    I went to buy a house so I withdrew $20000 in December. Than in January I over contributed $8000 ($60000 total) by accident being half asleep. Next day I seen my error and took out what was over contributed sitting now at 52000. But does that mean that $8000 add up to my contribution room? Should I actually be siting at 44000 for the year so I’m not getting charged interest?


  5. If you already have $52,000 in your tax free account in 2016, can you still contribute the $5500.00 in 2017? Or is the 52000 the max you are allowed in the account for 2017?


  6. January 2017, my TFSA was $46,000. Before contributions for 2017, I took out $10,000. What can I contribute for this year of 2017, and what amount can I contribute to a maximum, next year without penalty.


  7. I have $46,000 accumulated and have not added fully to $2017. I took out $10,000 in January 2017. How much more can I contribute this year, and what is the maximum I can contribute next year in 2018?


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