2024 TFSA Contribution Limit
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Published on
January 4, 2025
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The Canadian Government has announced that the new TFSA contribution room for 2024 will be $7,000. Since the program launch in 2009, this brings the total allowable contribution amount to $95,000!
While a TFSA does not provide an upfront tax benefit in the year you contribute, your principal and any growth earned can be withdrawn completely tax free at any time! This provides great flexibility for:
- Tax planning strategies in retirement years.
- Withdrawals are not taxable, therefore do not impact your marginal tax rate or any Government benefits you receive.
- Emergency savings needs.
- Short- or long-term savings goals.
- With incredibly diverse investment options within a TFSA, you can plan for any financial objective!
If you are 18 years or older, with a valid SIN, reach out to Statera Financial Planners to learn more about how a TFSA can be beneficial to your financial and investment future.
If you already have an account, email or call us at 587-855-6836 to make any necessary adjustments to your regular ongoing contributions reflecting the 2024 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.