TFSA Contribution Limit for 2017
The annual TFSA contribution room is indexed to the consumer price index (CPI), but the contribution limit is increased only in increments of $500.
As of January 1, 2017, TFSA contribution limits are increased by any withdrawals in 2016 plus the additional contribution room for 2017. Per the indexing formula, the 2017 contribution limit is $5,657, which will be rounded down to $5,500.
For those who are over 25 and have never made an TFSA contribution, the total accumulated contribution limit since 2009 totals $52,000. Contribution room is not earned until the taxpayer is age 18 so younger taxpayers will have a lower cumulative limit.
The following table shows the contribution limit by year.
|
Year |
Indexed
Limit |
Actual
Limit |
Cumulative
Total |
|
2009 |
$5,000 |
$5,000 |
$5,000 |
|
2010 |
5,030 |
5,000 |
10,000 |
|
2011 |
5,100 |
5,000 |
15,000 |
|
2012 |
5,243 |
5,000 |
20,000 |
|
2013 |
5,348 |
5,500 |
25,500 |
|
2014 |
5,396 |
5,500 |
31,000 |
|
2015 |
Legislated |
10,000 |
41,000 |
|
2016 |
5,559 |
5,500 |
46,500 |
|
2017 |
5,657 |
5,500 |
52,000 |
The contribution limit will further increase to $6,000 only when the indexed limit exceeds $5,750. Depending on the CPI, this will occur in 2018 or 2019.
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