November 17, 2021 – TFSA Contribution Limit for 2022 Confirmed

by | Nov 17, 2021 | Industry Updates

The indexation adjustment for personal income tax and benefit amounts has been updated. The contribution amount allowed for 2022 is $6,000. The lifetime amount that can be contributed to your TFSA as of 2022 is $81,500.

There TFSA contribution room = current year limit + unused room+ previous years withdrawalsis no allowable overcontribution amount to your TFSA. Any overcontribution is subject to a 1% monthly penalty tax until you have either withdrawn the excess or until the additional room becomes available in the new year. If you are unsure of your contribution room, you can check online using CRA’s My Account. You can create an account or log in using your sign-in information for one of their sign-in partners. Note: Be sure to check your own transaction records with the financial institutions you’ve made TFSA contributions with to verify the amount published by CRA. Quite often CRA does not have the most current information. Contact us with any questions.

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