CRA raises TFSA contribution limit by $7,000 for 2025

bnnbloomberg.ca

The Canada Revenue Agency (CRA) will raise the tax-free savings account (TFSA) contribution limit by $7,000 starting January 1, 2025. This increase brings the total contribution room for new TFSA holders to $102,000. The new limit is indexed to inflation and reflects a $500 increase from 2023. Previously, the limit was $6,000 from 2019 to 2022. Unused contribution room can be carried forward for those who have not maxed out their contributions. TFSAs allow Canadians to save and invest without tax on withdrawals or returns. They are popular for both short-term savings and as a retirement savings tool alongside registered retirement savings plans (RRSPs).


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CRA raises TFSA contribution limit by $7,000 for 2025 | News Minimalist