2023 TFSA Limit announced by CRA

TFSA is one of the best ways to save tax on savings and investments. Each year CRA announces a TFSA threshold that applies to everyone that tax year. Your own TFSA limit is calculated by summing up TFSA limits for each year you have worked in Canada over the age of 18 since TFSA introduction in 2009.

For the year 2023 CRA announced that the TFSA limit will be CAD 6,500. This is up $500 from 2022 when it was CAD 6,000. The amount is calculated using year over year inflation and is rounded to the nearest $500.

Below are all the TFSA limits since its introduction.

For 2009 -2012: $5,000

For 2013 and 2014: $5,500

For 2015: $10,000

For 2016, 2017, and 2018: $5,500

For 2019, 2020, 2021, 2022: $6,000

For 2023: $6,500

For more info please visit the CRA website https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html

TFSAs are a good saving vehicle for certain circumstances. Not sure if TFSAs are the best way to save on taxes? Please give us a call at 604-373-0788 , email us commercial@ctpros.ca or simply fill in the form at https://canadataxpros.com/contact/

Disclaimer: This article only provides general information which is not construed as professional advice. Readers seeking professional advice must consult an experienced and a qualified professional in the respective field.