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I have not yet created a TFSA, nor invested anything in it. I am looking to put some money in in 2011, what will my cap be?

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All the gory details are available here.

More specifically your personal limit will be listed on you last tax assessment notice, that you would have received last April-ish when you filed last year's taxes.

As a first approximation, your situation may differ, if you have never contributed anything, your limit is likely $15,000 (as the program has been running three years as of 2011).

  • That's my personal limit for 2010, correct? Once I file my 2011 taxes I'll find out my new personal limit? – blueberryfields Dec 10 '10 at 15:14
  • The (simplistic) math is basically $5,000 per year so far, so 2009 and 2010 give you $10k, and another $5k this year. – sdg Dec 10 '10 at 16:28
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    Additional info: Contribution room for TFSAs does not start until age 18. So, only individuals who were 18 or older in 2009 (when TFSAs started) would have a full $15,000 contribution room available today. – Chris W. Rea Dec 10 '10 at 18:24

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