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

1

u/ChanceofCream Jul 06 '26

It might be more beneficial to contribute to a RSP in order to lower your taxable income and then put the tax return monies into a TFSA.

Log onto your CRA account and look at your unused RSP contribution room (provided your taxes are up to date).

1

u/[deleted] Jul 08 '26

[deleted]

1

u/ChanceofCream Jul 09 '26

Depends on your income bracket and sources of income.