TFSA Contribution Limit for 2020 Announced


The Tax-Free Savings Account (TFSA) contribution limit for 2020 is $6,000, remaining the same as 2019.

If you have never contributed to a TFSA and have been eligible since its introduction in 2009, your cumulative contribution room will be $69,500 in 2020.

Withdrawals are tax free and can be contributed at any time in the following tax year. If you make a withdrawal, your gains and losses will be factored into your contribution room.


What is a TFSA?

The TFSA program was introduced in 2009 as a way for individuals, ages 18 and older to save money, tax-free, throughout their lives. TFSA contributions are not subject to income tax, and any income generated or earned in the account is normally tax-free, even after it is withdrawn.1

You can hold a wide range of investments in a TFSA account, including: GICs, ETFs, stocks and bonds, mutual funds and high-interest savings accounts.

We can help you determine if a TFSA is right for you. Get in touch with us at 1.800.561.9401 or


1The Tax-Free Savings Account,

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