2020 TFSA Contribution Limits

Annual contribution limit for tax-free savings accounts

View the 2025 TFSA Contribution Limits Table

2020 tfsa contribution limits
Figure 1. 2020 TFSA Contribution Limits

What is the annual 2020 TFSA Contribution Limits?

Your TFSA contribution limit is the maximum amount that you can contribute to your TFSA.

A penalty of 1% per month will be assessed by the Canada Revenue Agency (CRA) on the amount that is over your total contribution room for your tax-free savings account.

What is the maximum annual TFSA contribution limit for 2020?

The maximum 2020 annual contribution limit for your TFSA is $6,000. The cumulative total since 2009 is $69,500.

TFSA Contribution Calculator

Use our TFSA Contribution Calculator to determine your maximum TFSA contribution. Or as an alternative you can try Wealthsimple's TFSA Calculator which can also help you understand how much you can contribute to your TFSA and how your savings could grow in the future.

Table: TFSA Contribution Limit

Year TFSA Contribution Limit Cumulative Total
2009 $5,000 $5,000
2010 $5,000 $10,000
2011 $5,000 $15,000
2012 $5,000 $20,000
2013 $5,500 $25,500
2014 $5,500 $31,000
2015 $10,000 $41,000
2016 $5,500 $46,500
2017 $5,500 $52,000
2018 $5,500 $57,500
2019 $6,000 $63,500
2020 $6,000 $69,500
Phil Barker

About the Author

Phil Barker

Phil Barker is a leading expert on life annuities in Canada. LifeAnnuities.com has different financial products and has been a recognized authority since 1972.

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