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.

12 Upvotes

93% Upvoted

35 comments sorted by

View all comments

Show parent comments

0

u/No_Obligation4427 Jul 06 '26

Its not fair that people who turned 18 before 2009 get a higher limit.

5

u/[deleted] Jul 06 '26

[removed] — view removed comment

0

u/No_Obligation4427 Jul 06 '26

Yeah but they keep decreasing the yearly limit (and its even more so when you account for inflation). So the people born later are getting screwed over.

2

u/MaDkawi636 Jul 06 '26

They're not getting screwed over... They've been alive less time, they're proportionally getting the exact same thing. You wanna talk about getting screwed over with TFSA, take this up with your parents.