One of the major changes introduced in the 2015 federal budget was the increase in the annual contribution limit for Tax Free Savings Accounts (TFSA) from $5,500 to $10,000, effective January 1, 2015. This new annual limit will apply to 2015 and all subsequent years and will no longer be indexed to inflation.

If you have not established a Tax Free Savings account yet, you would be able to carry forward all your contribution room since 2009 and contribute $41,000 to your TFSA in 2015.

Comments Off on TFSA CONTRIBUTION LIMIT HAS INCREASED   |   Posted in Investments,Latest News,Retirement Planning,Tax Planning August 03, 2015

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