Tax-Free Savings Account Limit Raised to $5,500

The annual tax-free savings account (TFSA) annual dollar limit has been raised to $5,500 per person, instead of the usual $5,000. You can also contribute any unused contribution room from the previous year and the amount you withdrew the year before.

This means that you can save $5,500 this year and not have to pay any taxes on your deposits or withdrawals.

Note: You must be 18 and older to have a tax-free savings account.

Click here for more information on Canadian tax-free savings accounts.