TFSA contribution room accumulates every year, even if you haven’t opened a TFSA. If you are a Canadian resident, your contribution room begins accumulating from 2009 or from the year in which you turned 18. So, if you open a new TFSA in 2021 and do not have a TFSA elsewhere, you have total available contribution room of $75,500 if you were 18 or older in 2009.
If at any time in the calendar year you are 18 years of age or older and a resident of Canada with a Social Insurance Number, you are eligible to open a TFSA and contribute up to the limits below.
Note that the age of majority is 19 in Newfoundland and Labrador, New Brunswick, Nova Scotia, British Columbia, Northwest Territories, Yukon and Nunavut. Contribution room starts at age 18, however, regardless of your province of residence. So if you’re a resident of Newfoundland, you can still contribute the same amount as a resident of Ontario – you just need to wait until age 19 to open the account.
| Year | Annual TFSA Contribution Limit |
| 2010 | $5,000 |
| 2011 | $5,000 |
| 2012 | $5,000 |
| 2013 | $5,000 |
| 2014 | $5,500 |
| 2015 | $5,500 |
| 2016 | $10,000 |
| 2017 | $5,500 |
| 2018 | $5,500 |
| 2019 | $5,500 |
| 2012 | $6,000 |
| 2021 | $6,000 |
| 2022 | $5,000 |
| Total Contribution Room for 2009-2021: $74,500 |
Note that investment income earned in your TFSA and changes in the value of your investments do not affect your TFSA contribution room for current or future years.
For 2009-2021, the total available contribution room for a TFSA is $74,500.