According to the Canada Revenue Agency (CRA), the annual TFSA dollar limit for the year 2020 is $6,000. The maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room. Your TFSA contribution room is the total of all of the following:
- the TFSA dollar limit of the current year
- any unused TFSA contribution room from previous years
- any withdrawals made from the TFSA in the previous year
For more information on contributions, see the link below:
CRA - Contributions
