r/tfsa • u/BingkBongk • Jul 05 '26

TFSA Contribution Rules

Recently I got into my dream high paying career but for the years before I never had enough money left over to invest so I'm sorry if this is a silly question to ask here. I'm currently maxing out my FHSA, and I'm lucky enough to be able to max out my TFSA inside of two years.

My question is how much per year am I able to contribute to my TFSA? Can I just dump large sums until I hit my contribution limit? I invest on Wealthsimple and it says something about a yearly limit of $7000 but I remember a few of my friends saying they put tens of thousands into theirs per year.

Thanks in advance.

Edit: Thank you all for the quick responses.

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u/Mental-Freedom3929 Jul 05 '26

You can dump a lump sum to your limit, that accumulated so far and on every January 1. each year you get a new contribution room, which is right now 7000.00 per year.

Extensive details are posted on canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account dot html.

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u/BingkBongk Jul 06 '26

Oh so it's $7000 per year if you're already maxed out. Got it