TFSA limit rises to $6,500, then $7,000
The annual contribution limit increased in consecutive years for the first time since 2019, moving to $6,500 for 2023 and $7,000 for 2024 as inflation indexation pushed it through two rounding thresholds.
DividendsCanada editorial · Published August 21, 2026
The TFSA annual contribution limit rose to $6,500 for the 2023 tax year and to $7,000 for 2024, the first consecutive annual increases since 2019.
The limit had been $6,000 for the four years from 2019 through 2022.
Why it moves in steps
The TFSA limit is indexed to inflation and then rounded to the nearest $500. It therefore holds at a figure for several years and then moves, rather than adjusting each year as the RRSP dollar limit does.
The higher inflation of 2022 and 2023 pushed the indexed figure through two rounding thresholds in succession, producing increases in back-to-back years.
The limit has remained at $7,000 for 2024, 2025 and 2026.
Cumulative room
| Years | Annual limit |
|---|---|
| 2019–2022 | $6,000 |
| 2023 | $6,500 |
| 2024–2026 | $7,000 |
Cumulative contribution room for an individual eligible since 2009 now stands at $109,000.
Room accrues from the year an individual turns 18, subject to Canadian residency, whether or not an account has been opened. Amounts withdrawn are restored to room on 1 January of the following year, not immediately.
Event dated January 1, 2024. Primary document: Canada Revenue Agency — TFSA contributions.
General information, not advice. Tax treatment depends on your circumstances and can change. Verify figures against the CRA and issuer documents before acting.