TFSA Limit Rises to $6,000 for 2019
12/6/2018
| SHARE
Posted in Financial Health by Vanguard Realty| Back to Main Blog Page
The TFSA contribution limit for 2019 is $6,000, up from $5,500 in 2018.
With the TFSA limit at $6,000 for next year, the total room available in 2019 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $63,500.
The annual TFSA dollar limit is indexed to inflation and rounded to the nearest $500. The Canada Revenue Agency’s indexation increase for 2019 is 2.2%.
For clients who have withdrawn from TFSAs, their crystallized gains and losses from withdrawals are factored in to their TFSA room. Here’s the formula:
Unused TFSA contribution room to date + Total withdrawal made in this year + next year’s TFSA dollar limit = TFSA contribution room at the beginning of next year
Tax bracket thresholds for 2019 have also been released. The federal 33% tax bracket will begin at $210,371 in 2019, up from $205,842 in 2018. On the low end, the basic personal amount for 2019 is $12,069, up from $11,809 in 2018.
Canada, Personal Finance, TFSA
To Prospective Clients
At Vanguard Realty, we look forward to demonstrating our passion for our industry and superior level of excellence in selling, leasing and marketing your properties. Fill out the form below and we'll get back to you promptly.