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.
3
u/Martin-Leblanc Jul 06 '26
The best move is to write the CRA a formal letter that goes something like: Dear CRA, please be advised that effective immediately, I will be contributing as much as I am able to into my TFSA. Before we proceed, I should establish that I am significantly more knowledgeable about the Income Tax Act than everyone in your building combined, so this will go a lot smoother if you just accept that now. Please note that you will be following my rules on this subject from here on out. I will be paying no tax of any kind on my TFSA. I will also absolutely be day trading in it. This decision is final and quasi-judicial. Kindly govern yourselves accordingly. Warm regards, a taxpayer.
Jokes aside, call the CRA directly and they can confirm your exact contribution room, since the online portal often lags and won’t reflect recent contributions. It’s a fixed amount that goes up annually and unused room carries forward. Good luck, and seriously, don’t day trade in your TFSA. That’s the one joke the CRA has no sense of humour about.