The Federal Government announced today that they have increase the Tax-Free Savings Account (TFSA) annual contribution limit from $5,000 to $5,500, effective January 1, 2013. TFSAs are a valuable savings tool for many Canadians. When the TFSA was introduced in 2009, the plan was to index the annual funding limit to inflation in $500 increments. The first inflation increase kicks-in in 2013.
For more information about the TFSA increased limit and how you can take advantage of it contact us.