It's now official! The annual TFSA contribution limit will increase from $6,500 to $7,000 in 2024.
The Canada Revenue Agency made the announcement on November 24. The total contribution room available in 2024 for a person who has never contributed and who has been eligible for the TFSA since its introduction in 2009 will be $95,000.
Five key advantages of the TFSA
- The income earned on contributions to the TFSA is not taxable.
- Withdrawals can be made at any time, which makes it an excellent emergency fund.
- Withdrawals are tax-free, so they do not affect eligibility to income tested benefits and credits such as Old Age Security (OAS) benefits, the Canada Child Benefit (CCB) and the goods and services tax/harmonized sales tax (GST/HST) credit.
- Unused contribution room is carried over to the following year, which means that your client could contribute more than their annual limit in a given year.
- This is the ideal solution for your medium- and long-term savings projects, like a trip, renovations or purchasing a car.
Learn more about the TFSA.
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A chance to win $5,000 Our annual prize-draw provides an excellent opportunity to start a discussion with your clients. To enter, your clients must contribute to an iA Financial Group RRSP or TFSA by February 29, 2024. They’ll double their chances of winning if they contribute by January 31! |
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See or review all the tools available to launch your 2024 RRSP/TFSA campaign successfully. This campaign is designed to inspire people to take the leap and adopt effective financial strategies in a climate where saving is more difficult than ever. Check out the November 15, iA CONNECTED article. |
Have a great 2024 RRSP/TFSA campaign!
