Solved: What is the TFSA contribution limit for 2020?

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myexperts_iamtes
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What is the TFSA contribution limit for 2020?

 
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Kyle_12
Level 3

What is the TFSA contribution limit for 2020?

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 

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2 Replies
Kyle_12
Level 3

What is the TFSA contribution limit for 2020?

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 

View solution in original post

Turbotax Lein
Level 3

What is the TFSA contribution limit for 2020?

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

 

For more information, you can go to this link:

https://turbotax.intuit.ca/tips/tax-free-savings-accounts-tfsas-in-canada-6279#:~:text=2015%20was%20....

 

Thank you for using Turo Tax.

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