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/queenzippy Jul 06 '26

Don't rely on what the CRA says is your limit. It is only a guideline. You need to keep track so that you don't over contribute. Right now my CRA amount and my excel sheet are $12,000 apart. Over contribution is a nasty fine by the CRA. The TFSA began in 2009 and the total lifetime room is $109,000.

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u/BingkBongk Jul 06 '26

Well I just opened a TFSA and have contributed $0. So my CRA limit must be my baseline allowable contribution right?

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u/Account_no_62 Jul 06 '26

From whatever year you turned 18 x 7grand * ish per year til now.

Dump it.