TFSA contributions and withdrawals

What's your TFSA contribution limit for 2022?

The TFSA contribution limit for 2022 is $6,000. 

What’s your total TFSA contribution limit?

Your contribution limit starts the year you turn 18. For example, if you’ve never contributed to a TFSA before, and were at least 18 in the year 2009,* your total contribution limit could be up to $81,500. 

Use the TFSA contribution limits chart below to help calculate what’s applicable to you. Start with the year you turn 18 and add up all your limits from then until now. Any unused contribution room rolls over to the following year. 

TFSA contribution limits by year

*The Canadian government started the TFSA program in 2009.

Have you made TFSA contributions in the past? Find out how you can access your TFSA contribution room information.

FAQs about TFSA contributions

What happens if I don’t contribute the full amount each year?

You can carry forward any unused contribution room from previous years. There is no limit on how much contribution room you can build up or on the length of time you can build it up.

Example: If you didn't contribute to your tax-free savings account between 2009 and 2022 and you were at least 18 years old in 2009, you could contribute $81,500.

What happens if I contribute more than my TFSA limit in a year?

The Canada Revenue Agency (CRA) will assess a penalty of 1% per month on the amount over your total contribution room for your tax-free savings account.

How will I know if I over-contribute to my TFSA?

The CRA will confirm unused room and limits each year. This information is available through "My Account" on the Canada Revenue Agency website.

FAQs about TFSA withdrawal

Do I pay any income tax on TFSA withdrawals?

No, withdrawals from a TFSA are tax-free.

Do TFSA withdrawals affect my taxable income?

No, since withdrawals are not taxable, you don’t have to report them as income.

What happens if I withdraw funds and later decide to put them back into my TFSA?

You can put money you withdraw back into your account in the same year, as long as you have available contribution room. If you don’t have room, wait and put the money back in the next year. If you contribute more than your limit you will be subject to a 1% penalty for each month you are over the limit.