||As of January 1 for a fiscal year and during the first 60 days of the following year
||January 1 to December 31 of current year
||The year of your 71st birthday
||18% of income earned the preceding year, up to $25,370 in 2016 and $26,010 in 2017
- 2009 to 2012: $5,000
- 2013 and 2014: $5,500
- 2015: $10,000
- Since 2016: $5,500
|Are contributions income tax deductible?
||Taxable when withdrawal at retirement
|Unused contribution room
||The unused portion of your maximum annual amount deductible since 1991
||The unused portion of your maximum allowable contributions since 2009
||Up to $2,000 above the maximum allowable annual contribution
|Impact of withdrawals on benefits from social programs
||Added to taxable income.
|Do withdrawals increase contribution room?
||Yes, equal to the amount withdrawn and added to the contribution room for the following year.
|Are spousal contributions allowed?
||Yes. The contributing spouse claims the tax deduction even if he or she is not the beneficiary.
||No. However, money you give your spouse to contribute to a TFSA is not subject to attribution rules.