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New Member
posted Mar 31, 2021 2:07:10 PM

What is the TFSA contribution limit for 2020?

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1 Best answer
Level 5
Apr 1, 2021 12:59:15 PM

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 

2 Replies
Level 5
Apr 1, 2021 12:59:15 PM

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 

Level 4
Apr 2, 2021 5:18:25 PM

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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