High Inflation Pushes TFSAs Higher
High inflation rates could push the TFSA (Tax-Free Savings Account) dollar limit for 2023 to $6,500, up from $6,000 this year. This makes the total contribution room available in 2023 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 at $88,000. The Canada Revenue Agency will officially announce the 2023 indexation rate for personal income tax and government benefits in the coming weeks. That indexation rate applies to the annual TFSA dollar amount as well as tax brackets.