Smart Advice Investing

There are lots of reasons why you may want to take advantage of a Tax-Free Savings Account (TFSA), from tax benefits to flexible terms.
Jamie Golombek Jan. 16, 2023 3-minute read

Annual TFSA dollar limits

Year Annual amount
2009 to 2012 $5,000
2013 to 2014 $5,500
2015 $10,000
2016 to 2018 $5,500
2019 to 2022 $6,000
2023 $6,500
2024 $7,000

The advantages of a TFSA

1. TFSAs really are tax-free

2. Once you're 18, contributions can be made to a TFSA at any age

3. Amounts withdrawn from a TFSA can be recontributed in the following year

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Written by

Jamie Golombek
Managing Director, Tax and Estate Planning, CIBC Private Wealth

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