#canadiancpa #taxtipscanada Your 2024 TFSA Update is here! 🇨🇦New room: $7,000
In this short reel, the speaker alerts Canadian taxpayers that the Canada Revenue Agency has raised the Tax-Free Savings Account (TFSA) contribution limit to $7,000 for 2026. He emphasizes that unused contribution room is a valuable, tax‑free gift that should not be ignored. Using a concrete example, he shows that someone who was 18 in 2009 could now have $109,000 of TFSA room; if that amount were invested at a modest 7% annual return, it would exceed $1 million in 30 years, all tax‑free. He contrasts this with the tax‑deferred nature of an RRSP and warns that keeping the money in a regular checking account could result in paying up to half a million dollars in taxes. The speaker urges viewers to check their TFSA contribution room and invest the available amount to maximize tax‑free growth.
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