iAtoday
TFSA: increase in the annual contribution limit in 2024
Group Savings and Retirement December 14, 2023The annual TFSA contribution room will increase from $6,500 to $7,000 in January 2024.
We will inform group TFSA members via a newsletter early in the year. A news item will also appear in My Client Space, and we will update the related administrative and promotional documents.
As a reference, here is the cumulative annual contribution limit1 for the TFSA since the creation of this savings vehicle (for Canadians aged 18 and older in 2009).
This increase will allow Canadians to save more while benefitting from significant tax advantages.
1 In the event of a withdrawal, contribution rights are reinstated the following calendar year.
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- EDI: four new inclusive coverages available as of January 2024
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- Drug insurance in Quebec – pooling terms and conditions for 2024
- 2024 maximum insurable earnings
- Vacation travel checklist