What will the 2014 TFSA limit be? Anyone from CRA here?

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  • $5000

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Thread: What will the 2014 TFSA limit be? Anyone from CRA here?

  1. #1
    Senior Member the-royal-mail's Avatar
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    Question What will the 2014 TFSA limit be? Anyone from CRA here?

    CRA's website has still not been updated and is not clear about the 2014 TFSA limit:

    http://www.cra-arc.gc.ca/tx/ndvdls/t...trbtn-eng.html

    "The TFSA contribution room is made up of:
    •your TFSA dollar limit ($5,000 per year plus indexation, if applicable)"


    I know it was $5500 in 2013 and $5000 in 2012 but I believe official inflation is "lower" this year.

    And logging in to my web account does not help because I usually max out on Jan 2 every year and I do not want to wait until they update their database 3-4 months from now to find out for sure.

    Does anyone know for sure (please do not speculate) what the TFSA limit for 2014 will be?


  2. #2
    Senior Member Jon_Snow's Avatar
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  3. #3
    Senior Member pwm's Avatar
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    I doesn't ratchet down. It only increases by $500 increments based on inflation. It will be $5,500 this year.

  4. #4
    Senior Member pwm's Avatar
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    This is from the CRA Website:

    The annual TFSA dollar limit increased to $5,500 on January 1, 2013, for the 2013 contribution year, and remains at that amount for the 2014 contribution year.

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    Senior Member My Own Advisor's Avatar
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    My Own Advisor - My blog about saving and investing my way to financial freedom.

  6. #6
    Senior Member the-royal-mail's Avatar
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    pwm, can you supply a link to where you found that passage on CRA's site?

  7. #7
    Senior Member MoneyGal's Avatar
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    Quote Originally Posted by the-royal-mail View Post
    pwm, can you supply a link to where you found that passage on CRA's site?
    http://news.gc.ca/web/article-en.do?nid=791099

    The contribution limit is not set by CRA, but by Finance.

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  9. #9
    Senior Member pwm's Avatar
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    Look at "What's new for this tax-filing season?":

    http://www.cra-arc.gc.ca/nwsrm/txtps...9-eng.html?rss

  10. #10
    Senior Member 6811's Avatar
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    Quote Originally Posted by the-royal-mail View Post
    pwm, can you supply a link to where you found that passage on CRA's site?
    This isn't pwm's link, but using the info from the CRA site (quoted below) it calculates to $5500 for 2014.

    TFSA dollar limit for 2013 http://www.cra-arc.gc.ca/tx/rgstrd/t...li/bt-eng.html

    In 2009 and subsequent years through 2012, the TFSA dollar limit was $5,000 per year. When the 2013 indexation increase of 2% is applied to the cumulatively indexed (since 2010) TFSA dollar limit and the result is rounded to the nearest $500, the TFSA dollar limit for 2013 increases to $5,500.

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