CRA announces $7,000 increase in TFSA contribution limit for 2025

globalnews.ca

The Canada Revenue Agency has announced that the tax-free savings account (TFSA) contribution limit will increase by $7,000 in 2025. This follows a similar increase in 2024, marking one of the largest hikes in recent years. The TFSA allows Canadians aged 18 and older to save and invest without tax on withdrawals. The contribution limit is adjusted annually based on inflation, with the new limit bringing the total for those born before 1991 to $102,000. The increase is consistent with the previous year's adjustments, despite a slower inflation rate. Canadians can check their individual TFSA contribution limits through their CRA MyAccount.


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