2023 TFSA Contribution Limit Increase
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Published on
January 5, 2023
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The Canadian government has announced that the new TFSA contribution room for 2023 will be $6,500.
Since 2009 this brings the total allowable contribution amount to $88,000.
While a TFSA does not provide an upfront tax benefit in the year your contribute, any principal and growth earned over time can be withdrawn completely tax free! This provides great flexibility for:
- Tax planning strategies in retirement years
- Emergency savings needs
- Short or long term savings goals
Be sure to call Statera Financial Planners at 587-855-6836 to make any adjustments to your ongoing regular contributions reflecting this increase, or to make your annual lump sum contribution today!
As financial planners, we do not provide specific tax and legal advice. You should always consult your accountant and/or lawyer where necessary. Because of the many ways a strategy may be impacted when segmented, we prefer to communicate collectively with your external professionals to ensure that all recommendations and action plans are in the overall best interest of you, with your professionals working with common goals in mind.
You are never obligated to act on our recommendations of products, services, or advice.