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How much can I contribute to a Mutual Fund TFSA account?
Every year, the government will calculate how much you can contribute to your TFSA. You will be informed of your contribution limit when you receive your T1 Notice of Assessment.
When making deposits to this account, please ensure that you are within your available annual TFSA contribution limit.
Annual contribution limit for 2019 is $6,000. Annual contribution limit from 2016 to 2018 was $5,500. Annual contribution limit for 2015 was $10,000. Annual contribution limit from 2013 to 2014 was $5,500. Annual contribution limit from 2009 to 2012 was $5,000. Annual TFSA contribution limit subject to change by the federal government.
If you contribute more than your contribution limit, you will pay a penalty of 1% per month on the excess amount.
If you contributed more than your yearly limit in error, please contact either EasyLine telephone banking at 1-866-222-3456 or visit your branch.
The TFSA allows Canadians to earn money tax free; any income earned or growth of your investments will not be taxed. This is a great plan to use for short-term emergency savings and as part of your long-term savings strategy. You can learn more about TFSAs by visiting TD’s Get Saving site, which offers lots of TFSA tips, tools, and strategies.
If you are interested in opening a new TFSA please speak with an advisor at your local TD branch or call EasyLine at 1-866-222-3456.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.