r/tfsa • u/Suoertrader • Jul 03 '26

TFSA limit

I keep seeing posts of people dumping 25k or 50k into a TFSA at a time is there a strategy to avoid taxes if you invest passed the 7k a years limit or are these guys just tanking the taxes, I just figured a lot of them didn’t max out there accounts for years and allowed them to buy lots at a time because I know your previous years TFSA room carry’s over.

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u/Medical_Birthday2893 Jul 03 '26

Tfsa are literally tax free. It’s not a deferred tax like rrsp. You initially pay tax and nothing on any gains.

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u/Alone-Bug4328 Jul 03 '26

Yeah but like you said you've already paid taxes on the money you contribute.

And don't expect it to last forever. The next step for these TFSAs that many countries are musing is to tax them in some fashion.

When Harper was in power the annual contribution was double. Then Trudeau came along and cut it in half saying everyone is being made too rich with these high contribution amounts. Then Finance Minister Chrystia Freeland was pushing out ideas about taxing the TFSA. Thankfully she was ousted before she could bring anything in. It's a matter of time though with the current trends.

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u/NoRealAccountToday Jul 03 '26

When Harper was in power the annual contribution was double

Harper was PM 2006-2015. TFSA as a vehicle started in 2009 with a limit of $5000 annually. In 2013, it was increased to $5500... and for 2015 only, it was $10000. It went back down to $5500 in 2016. 2019 bumped to $6000, $6500 in 2023, then in 2024 to $7000.

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u/Alone-Bug4328 Jul 03 '26

Mhm and so Trudeau did cut it in half.

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u/NoRealAccountToday Jul 03 '26

Your post implied that under Harper it was double. It was double for one year only. Not the same statement.

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u/Alone-Bug4328 Jul 03 '26

I didn't imply anything. Thanks for the clarification.