Canadian government increases limit.

The Canadian government has announced that the contribution dollar limit for TFSAs in 2019 will increase to $6,000. This rise in the maximum amount also means that the total contribution also increases to $63,500.

Please note, it is your responsibility to ensure you are not over-contributing to your TFSA. To prevent over-contribution penalties, CRA recommends that TFSA holders take advantage of the agency’s online service options — My Account or the MyCRA app — to obtain the most up to date information about their TFSA transactions and available contribution room.

You can also contact TIPS at 1-800-267-6999 for contribution information.