At MLL Accounting, providing comprehensive insights into your Tax-Free Savings Account (TFSA) contribution room is essential.
Starting at the age of 18, your TFSA contribution room grows annually, allowing any unused space to roll over into subsequent years. To determine your available room, you can use the CRA’s My Account portal or consult with our team of experienced accountants. For a quick reference to your contribution limit, consider the following chart:
| AGE | TOTAL CONTRIBUTION ROOM IN 2023 |
|---|---|
| 32+ | $88,000 |
| 31 | $83,000 |
| 30 | $78,000 |
| 29 | $73,000 |
| 28 | $68,000 |
| 27 | $62,500 |
| 26 | $57,000 |
| 25 | $47,000 |
| 24 | $41,500 |
| 23 | $36,000 |
| 22 | $30,500 |
| 21 | $24,500 |
| 20 | $18,500 |
| 19 | $12,500 |
| 18 | $6,500 |
If you’re turning 18 in 2024, eligibility to open a TFSA begins after your birthday. This chart may not apply to new Canadian residents, and certain conditions are in place.
Unlock the potential of your TFSA by investing in stocks, ETFs, and other products. The tax-free nature of returns, encompassing dividends and interest, is a significant advantage. Additionally, TFSA withdrawals are tax-free, and the withdrawn amount becomes eligible for recontribution in the following calendar year.
At MLL Accounting, we believe in demystifying complex financial information for our clients. Partnering with us can help you navigate the nuances of your TFSA and craft a personalized financial strategy that aligns with your goals.
| Key Points |
|---|
| Starting at the age of 18, TFSA contribution room grows annually. |
| Unused contribution space rolls over into subsequent years. |
| Use CRA’s My Account portal or consult with MLL Accounting to determine available room. |
| Quick reference chart for contribution limit based on age in 2023: |
| If turning 18 in 2023, eligibility to open a TFSA begins after your birthday. |
| Chart may not apply to new Canadian residents, and certain conditions are in place. |
| Unlock TFSA potential by investing in stocks, ETFs, and other products. |
| Tax-free returns, including dividends and interest, are a significant advantage. |
| TFSA withdrawals are tax-free, and withdrawn amounts are eligible for recontribution in the following year. |