TFSA Contribution Limits 2025: Everything You Need to Know
The TFSA contribution limit for 2025 is $7,000. If you've never contributed to a TFSA and were 18 or older in 2009, your total available room in 2025 is $95,000.
TFSA Contribution Limits by Year
| Year | Annual Limit | Cumulative Room |
|---|---|---|
| 2009–2012 | $5,000/year | $20,000 |
| 2013–2014 | $5,500/year | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016–2018 | $5,500/year | $57,500 |
| 2019–2022 | $6,000/year | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $95,000* |
*For those who were 18+ in 2009. Room accumulates from the year you turn 18.
How to Check Your Available TFSA Room
The most accurate way to check your personal TFSA room is through the CRA's My Account portal at canada.ca. Log in and look for "TFSA Room Available." Keep in mind the CRA's information is typically updated based on the prior year's data — so any contributions or withdrawals made in the current calendar year won't be reflected yet.
You can also call the CRA's Tax Information Phone Service (TIPS) at 1-800-267-6999.
What Happens When You Withdraw?
One of the most misunderstood TFSA rules: when you withdraw from your TFSA, that room is restored — but not until January 1st of the following year. This is a common source of over-contributions.
Example: You have $0 room left. You withdraw $5,000 in June. You cannot re-contribute that $5,000 until January 1st of the next year. Contributing it back in the same calendar year would result in an over-contribution penalty.
The Over-Contribution Penalty
Over-contributing to your TFSA triggers a 1% per month penalty on the excess amount until it's withdrawn. The CRA takes this seriously and will send a letter. If you realize you've over-contributed, withdraw the excess immediately to stop the penalty from accumulating.
Who Can Open a TFSA?
Any Canadian resident who is 18 or older and has a valid Social Insurance Number (SIN) can open a TFSA. Non-residents of Canada can hold a TFSA but are subject to a 1% per month withholding tax on their contributions — generally not worth it.
Where to Open a TFSA
For investing inside a TFSA, Wealthsimple and Questrade are the two best platforms for most Canadians. Both are free to open and let you invest in ETFs and stocks inside your TFSA with low or no commissions.