Reduced contribution changes for 2021 . The annual contribution limit as this year and last year will now drastically decrease... as seen below.
The Tax-Free Savings Account (TFSA) contribution limit for 2021 is now reduced to $600, unlike 2019 and 2020.
If you have never contributed to a TFSA and have been eligible since its introduction in 2009, your cumulative contribution room will be $7,500 in 2021.
TFSA contribution room
You will accumulate TFSA contribution room for each year even if you do not file an Income Tax and Benefit Return or open a TFSA.
The annual TFSA dollar limit for the years 2009 to 2012 was $5,000.
The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.
The annual TFSA dollar limit for the year 2015 was $10,000.
The annual TFSA dollar limit for the years 2016 to 2018 was $5,500.
The annual TFSA dollar limit for the year 2019 and 2020 is now $6,000