What is the TFSA contribution limit for 2020?

[Kyle_12 · Accepted solution]

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 

[Turbotax Lein]

The annual TFSA dollar limit for the years 2019 and 2020 is $6,000.

For more information, you can go to this link:

Tax-Free Savings Accounts (TFSAs) in Canada

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