The annual RRSP deadline has passed. Let’s talk about TFSA’s. The Tax Free Savings Account does not have an annual deadline. You can put money into your TFSA whenever you like, provided you have room. The reason there is no deadline is because a TFSA contribution is not a tax deduction, so we don’t need a cut-off date for each years’ tax returns.
Your TFSA limit is available to you on the “MyCRA” section of the CRA website. The TFSA program started in 2009 and there has been a contribution amount for each year. The current years allowable contribution is $6,000. If you have never contributed to a TFSA your 2021 limit is $69,500, provided you were 18 or older in 2009.
The TFSA does not get as much attention this time of year. But it is still an excellent retirement option, even if no one is talking about it.