TFSA Limit Increased for 2024
December 13, 2023

CRA has announced an increase in Tax Free Savings Account (TFSA) from $6,000 per year to $6,500 for 2024. The $500 increase is a reflection of the current inflationary environment of rising commodity prices, geopolitical tensions, red hot gas prices, and supply chain disruptions which have all contributed to inflation.

 

The TFSA is an extremely flexible registered account, the benefits of which can be leveraged to create massive wealth over the long-term. Any withdrawals from the TFSA in the form of capital gains, interest, and even dividends are exempt from CRA taxes, making it the most convenient account to invest within. 

 

This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $88,000. 

 

Reach out to our team today to make sure you and your loved ones are utilizing the new limit to its full potential! 

Navigating the Ups and Downs: Your 2025 Mid-Year Market Review

By Laura Chanin • July 23, 2025
Mid-Year Market Check-In: What's Happened & What's Ahead

Maximizing Your CPP & OAS

By Laura Chanin • July 23, 2025
Understanding CPP and OAS: Claiming Benefits at the Right Time

The Reality of Being “House Rich, Cash Poor” in Retirement

By Laura Chanin • June 12, 2025
The Reality of Being “House Rich, Cash Poor” in Retirement

The State of Caregiving Among Canadians 50+: A Nation of Unseen Heroes

By Leslie Sommer • June 12, 2025
The State of Caregiving Among Canadians 50+: A Nation of Unseen Heroes

June 2025 Market Update: Resilience Meets Geopolitical Tension

By Laura Chanin • June 12, 2025
As we move through June, markets are navigating a landscape shaped by steady economic data, cautious central banks, and rising geopolitical risks—particularly around trade and tariffs. Here's what's shaping investor strategy this month.

Estate Planning: Swedish Death Cleaning

By Leslie Sommer • May 16, 2025
Imagine walking into your childhood home, only to find it frozen in time—every drawer brimming with old receipts, closets packed with outdated clothes, and shelves lined with knickknacks from decades past.

The Importance of Diversification in Investing

By Laura Chanin • May 16, 2025
Why Diversification Matters: A Key to Financial Success

May Market Update

By Laura Chanin • May 16, 2025
What was it all for?

March Market Turmoil

By Laura Chanin • March 13, 2025
Hopes for a quick rebound from the worst bout of market volatility in years were dashed as the specter of a spiraling global trade war pummeled equities while Canada’s dollar was hammered.

Protecting Yourself From Financial Scams

By Laura Chanin • March 13, 2025
Protecting Yourself from Financial Scams in Canada: Tips for 2025