The Canada Revenue Agency (CRA) confirmed that the TFSA contribution limit for 2024 has increased from $6,500 to $7,000. The TFSA program began in 2009. It is a way for individuals 18 years of age or older who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed, and any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.

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