2017 Tfsa Contribution Limit Cra

Tfsa contributions cra balances may be wrong by don nilson on january 26 2017 at the end of each calendar year financial institutions that you have a tax free savings account tfsa with will send a summary of your contributions and withdrawals to the canada revenue agency cra.

2017 tfsa contribution limit cra.

Section 207 02 footnote 1 provides that an individual who makes a contribution to a tfsa that exceeds their contribution limit is subject to a 1 tax on the excess. This table shows the annual contribution limits since 2009 when the tfsa was introduced. If you turn 18 in 2017 then this will be the first year in which you start to collect contribution room for your tfsa. Even if you were just hoping to replace your withdrawal a 1 000 deposit into your tfsa anytime in 2016 would be considered an over contribution and subject.

The annual tfsa dollar limit for the year 2019 is 6 000. The first year that contributions could be made was 2009. The annual tfsa dollar limit for the year 2015 was 10 000. The annual tfsa dollar limit for the years 2013 and 2014 was 5 500.

These tables outline the annual money purchase mp defined benefit db registered retirement savings plan rrsp deferred profit sharing plan dpsp and the tax free savings account tfsa limits as well as the year s maximum pensionable earnings ympe. The history of annual limits for each year is shown in the table below. The tfsa annual room limit will be indexed to inflation and rounded to the nearest 500. So hypothetically if every year you had contributed the maximum to your tfsa and withdrew 1 000 in 2016 you d have to wait until january 1 2017 to get that contribution room back.

At the current rate of inflation the tfsa contribution limit will increase to 6 000 per year in 2019.