2020 TFSA Contribution Limits

Annual contribution limit for tax-free savings accounts

By Ivon T Hughes
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
Ivon T Hughes

About the Author

Ivon T. Hughes

Ivon T Hughes is a leading expert in life annuities in Canada. His website LifeAnnuities.com is a recognized authority on annuities. He's also an established insurance and investment broker, through The Hughes Trustco Group since 1972. Recently, he's been redefining how annuities are sold in Canada.

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