This post provides additional information or updates to financial planning topics.
The newly elected federal government has changed the TFSA contribution limit effective Jan 1, 2016.
- Contribution limit has decreased from $10,000 to $5,500.
- Contribution increases are linked to inflation, rounded to the nearest $500.
The tax-deferred growth of a TFSA is another vehicle to help you meet your financial goals. Contact us if you would like to understand how a TFSA can be used in your savings strategy.
If you do not have a financial plan or would like a second opinion on your existing plan, please contact us and we would be happy to discuss your situation.
Research & Analysis
We recap the contribution limits available for each year since the TFSA’s inception in the table below. All contribution limits carry forward thus the maximum you could contribute in 2016 is $46,500 (if you did not make any contributions).
Visit the Canada Revenue Agency (CRA) webpage for more information.
Type: Financial Planning
Sector: Registered Accounts
Sub-Sector: Tax Free Saving Account (TFSAs)
Area(s) of Analysis: TFSA Contribution, TFSA, Tax Free Savings Account, 2016 TFSA Contribution Limit