TFSA: Tax-free savings account
A flexible solution to grow your savings tax-free.
18 years old
Age at which you can start contributing
$7,000
Annual contribution room for 2024*
$95,000
Total amount of cumulative contribution room for 2024**
* This amount does not take into account the contribution room that you may have accrued over the years.
** Total contribution room is the total amount you are allowed to contribute to your TFSA without incurring a tax penalty. The contribution room is cumulative, which means that it adds up year after year (since 2009 or the year you turned 18) if you don’t use it.