The deadline for contributing to a TFSA is December 31, but unused contributions are carried forward to the next year, so if you miss the deadline one year, you can always make up for it later. That said, there’s a reason people who love cliches are always saying “time is money.” (In this case that reason is compound interest.)
The annual contribution limit for 2025 is $7,000. If you’re a Canadian resident who has never contributed to a TFSA and were at least 18 in 2009 (the year TFSAs were introduced), that means you have $102,000 in unused TFSA room at the end of 2025. If you’re not starting fresh, however, and you’re unsure of how much room your TFSA has, you can check your TFSA contribution limit with the CRA.
Knowing about the TFSA deadline is only one important step in appreciating this special tax-advantaged account. You may want to read up on some of their extraordinary attributes, like tax-free investment growth and super flexible withdrawals and deposits. You can also find answers to your questions about whether it’s better to contribute to a TFSA, RRSP, or FSHA.
The only way you can go wrong with a TFSA is if you over-contribute. In that case, the CRA will assess a 1% monthly tax on any amount over the contribution limit. But don’t freak out if you made a mistake: here are instructions on how to fix an over-contribution.
