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What is the annual TFSA contribution limit?
The annual Tax-Free Savings Account (TFSA) contribution limit set by the federal government for 2026 is $7,000.
Any unused contribution room is carried forward. If you met the conditions for eligibility to contribute to a TFSA since its inception in 2009 (including having reached the age of 18 and being a Canadian resident for tax purposes), and never contributed to a TFSA before, then you would have accrued a potential contribution room of $109,000 in 2026.
Annual Contribution Limits
- 2026: $7,000
- 2025: $7,000
- 2024: $7,000
- 2023: $6,500
- 2019 – 2022: $6,000
- 2016 – 2018: $5,500
- 2015: $10,000
- 2013 – 2014: $5,500
- 2009 – 2012: $5,000
We recommend that you confirm your contribution room with the Canada Revenue Agency (CRA) or your tax advisor prior to making contributions.
If you contribute more than your contribution limit to your TFSA, you will be subject to a penalty tax of 1% per month on the excess amount. The penalty will continue to apply until such excess amounts are withdrawn or until the entire excess amount has been applied to future contribution room.
The annual TFSA contribution limit for future years is subject to change by the federal government.
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.