In 2015, you can contribute a maximum of $5,500 to your TFSA account. You can also carry forward amounts that you have contributed since 2009 and you can deposit amounts that you had withdrawn in previous calendar years.

If you have not started saving in a TFSA yet, you can contribute a lump sum of $36,500 in 2015 to make up for maximum contributions of $5,000 in 2009, 2010, 2011, and 2012, plus $5,500 in 2013 and 2014.

TFSA contributions do not generate any income tax savings but funds that you deposit into your TFSA account will grow tax sheltered and can be withdrawn at any time on a tax free basis.

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