TFSA annual dollar limit for 2013 increased to $5,500

Updated Friday, November 30, 2012 :: Views (12030)

On November 26, 2012, the federal Minister of Finance annoucned that the TFSA annual dollar limit for 2013 will increase from $5,000 (which has been the dollar limit since 2009) to $5,500. The annual dollar limit is indexed to inflation in $500 increments. 2013 will be the year in which the first $500 increment takes effect.

How TFSA contribution room is calculated

An individual’s TFSA contribution room for a given year = the TFSA annual dollar limit for that year + the amount of withdrawals from last year1 + the individual’s unused contribution room from last year.

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