Must be 18+ in 2009 or later to have TFSA room
All deposits ever made across all TFSA accounts
Withdrawals re-add to your room the following Jan 1
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TFSA Annual Limits (2009–2026)
Open a Wealthsimple TFSA with code NLX83A — get $25 free after your first $100.
Open TFSA — Get $25 Free →What is a TFSA?
The Tax-Free Savings Account (TFSA) is Canada's most flexible registered account. Any Canadian resident aged 18+ can open one, and every dollar of investment growth — dividends, capital gains, interest — is completely tax-free, even when you withdraw it.
Unlike the RRSP, TFSA contributions are not tax-deductible. But all withdrawals are tax-free and don't affect your income-tested benefits like OAS or the GST credit. This makes the TFSA the ideal account for most Canadians — especially those expecting to be in a similar or higher tax bracket in retirement.
For 2026, the annual limit is $7,000. If you've been eligible since the TFSA launched in 2009, your cumulative room is $109,000— even if you've never contributed before. Unused room carries forward indefinitely, and withdrawn amounts re-add to your room on January 1 of the following year.