TFSA
New TFSA Contribution Limit for 2013
In 2013, eligible Canadians will have the opportunity to increase their contribution into a Tax-Free Savings Account (TFSA). Investing in a TFSA allows you to grow your investments tax free by holding many of the same types of investments as in a Registered Retirement Savings Plan (RRSP). The maximum annual contribution for 2013 is $5,500[1]. In addition, you may have further contribution room available to you depending on your previous years’ contributions, or the withdrawals that you may have made from your TFSA. The maximum available contribution room is now $25,500. We can discuss the benefits of a TFSA, how it compares to other investment accounts and how you can maximize the potential from this opportunity.
[1] The annual contribution limit for TFSAs was $5,000 between 2009 and 2012. This annual limit has been increased to $5,500 in 2013.
