Annual TFSA limits since the program started
The federal government sets a new annual TFSA dollar limit each year, indexed to inflation in $500 increments. The cumulative ceiling builds up from your eligibility year: $5,000 in 2009, jumping to $10,000 only in 2015 (Harper government one-time bump), back to $5,500, then a steady rise to $7,000 for 2024 and 2025. The total since 2009 is $102,000 for anyone eligible the whole way.
The withdrawal-replacement trap
Most TFSA over-contribution penalties come from people withdrawing money to use as a down-payment / car / wedding and then “putting it back” later in the same year. CRA rules are explicit: withdrawals add to room only on Jan 1 of the following year. If you put the money back in the same year and your account was already at the cumulative ceiling, you’re over-contributing the entire amount you re-deposited.
What the official number tells you
CRA’s My Account “TFSA contribution room” figure is authoritative but lags by a few months — it updates only once your TFSA issuer files the annual TFSA return (deadline end of February each year). For mid-year contribution decisions trust the calculator’s estimate. For end-of-year “maximize TFSA” decisions wait until February to confirm with CRA.