As we wrap up the year, it’s the perfect time to check in on your financial goals and update your savings plan for 2025 and beyond. Two important numbers to keep in mind are the Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) contribution amounts for the year. I’ve reported them here, along with some thoughts on the limits throughout the years.
2025 Contribution Limits
🔑RRSP: $32,490 (deduction limit)
🔑TFSA: $7,000
If you’ve been eligible for a TFSA since its inception in 2009, the cumulative contribution room is now $102,000 (assuming you’ve been 18 years of age or older and a Canadian resident since 2009. Ensure you check your available room through your CRA portal.)
TFSA Contribution Limits Over the Years
Here’s a little breakdown of how the TFSA limits have evolved since 2009.
- 2009-2012: $5,000/year
- 2013-2014: $5,500/year
- 2015: $10,000/year
- 2016-2018: $5,500/year
- 2019-2022: $6,000/year
- 2023: $6,500
- 2024-2025: $7,000/year
Why This Matters
I recently talked about overcontributions and the potential penalty fees you could incur, and that’s why ensuring you’re staying within your available contribution room is so important. You can reference your available room each January, once it’s calculated by the Canada Revenue Agency (CRA), on your online portal.
You can reference the full blog here explaining what a TFSA overcontribution is and how to prevent it—it’s a must-read. Make sure to note 2025’s limits down and keep track of your contributions throughout the year. Make sure to consult your financial professional if you have any questions or need any guidance. You’ve got this. 💪🏼
