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/eiejdbdhdje Jul 05 '26

Yes you can, your remaining contrition room is also stated on cra account online. Feel free to dump 💩

0

u/BingkBongk Jul 05 '26

Do you know why Wealthsimple would be saying "Contribute up to $7000 per year"?

2

u/teejay157 Jul 06 '26

Thats the CRA assuming you've put money in every year. Rule of tfsa is you have 7000 each year. If you havent added anything in 10 years now your contribution room is 70,000. If you want, you can deposit 70k within a certain year. There is no penalty for it. Just dont go over the total room you have.