2019 TFSA Contribution

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Your annual 2019 Tax Free Savings Account contribution for 2019 year has increased from $5,500 to $6,000.  An additional $500 in annual TFSA contribution room has an important impact on the amount of tax-free savings an individual can earn.  A middle-income saver can accumulate over $2,340 more in tax savings in a TFSA than in taxable savings account like a taxable GIC or Mutual Fund.  
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Any adult Canadian can open a TFSA and use it for any range of investments such as mutual funds, GIC's, securities, mutual funds or simple savings accounts.  Interest, dividends and capital gains earned in these accounts are not subject to tax.  Unused contribution room carries forward and accumulates to future years.  This means that if someone who has not contributed to any TFSA accounts has $63,500 of contribution room available room in 2019.

Here is a table to help you calculate how much TFSA room you have:

The TFSA limit for 2019:

YearTFSA Annual LimitTFSA 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
2018$5,500$57,500
2019$6,000$63,500