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- when tfsa started in what year
- tfsa started in what year
- when did tfsa start
- when did tfsa program start
Interest free savings account!
The TFSA contribution limit for 2025 is $7,000, remaining at the same level for 2024.
The Tax-Free Savings Account (TFSA) was first introduced in 2009 and has gained popularity over the years as a tool for savings or investing in general.
The contribution room for the TFSA is indexed to inflation and, since its inception, has been updated four times.
High interest savings account
A short-lived increase to $10,000 in 2015 by the conservative government was reversed in 2016 by the new liberal government.
One of the attractions of the Tax-Free Savings Account is that investment income or returns earned are tax-free.
For more details on the basics of the TFSA, including eligibility, withdrawals, excess contribution penalties, and investment ideas, read my TFSA overview.
TFSA Contribution Room Over The Years
Starting in 2009, Canadian residents who are at least 18 years of age and have a Social Insurance Number can participate in the TFSA.
Contribution room over the years are as follows:
| Year | Annual TFSA Limit | Total Contribution Room |
|---|---|---|
| 2009 | $5,000 | $5,000 |
| 2010 | $5,000 | $10,000 |
| 2011 | $5,000 | $1
|