Ottawa to expand TFSA contribution limit by $7,000 in 2025
8:39
BNNDale Jackson
Ottawa to expand TFSA contribution limit by $7,000 in 2025
The Canada Revenue Agency (CRA) has added another $7,000 to the total amount that can be contributed to a tax-free savings account (TFSA) as of Jan. 1, 2025.
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TFSA: Who can open this account? Anyone who is a resident of Canada, at least 18 years old, and has a valid Social Insurance Number (SIN) can open a Tax-Free Savings Account (TFSA). There is no income requirement to open a TFSA. Age: Must be 18 years of age or older (or the age of majority in their province of residence, which is 19 in some provinces). Residency: Must be a resident of Canada for income tax purposes. Identification: Must have a valid Social Insurance Number (SIN). #TFSA Disclaime
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