Tuesday, 27 November 2012

Good-ish News: TFSA Limit Rising to $5500 in 2013

Caught this item on Investment Executive saying the government has raised the TFSA annual contribution limit for 2013 to $5500, up from the $5000 it has been for each year since TFSAs started in 2009 (here's the official press announcement). It's only good-ish news since it isn't an increase in real terms, only compensation for past inflation. As the Department of Finance backgrounder shows, we've been behind inflation through 2012 and now the rounding method will push the limit slightly ahead of inflation for a year, perhaps two. Of course, if you didn't use the $5000 limit from any previous year it has carried over and accumulated but the new annual amount only applies going forward, not also backwards to previous years (see the CRA TFSA info page). Roll on January 1st when the 2013 contribution can be made, I'll be doing it.

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