April 24, 2015 - Ottawa, Ontario - Canada Revenue Agency
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and the Honourable Joe Oliver, Minister of Finance, are advising Canadians that the Canada Revenue Agency (CRA) is allowing individuals to immediately benefit from the proposed increase to the Tax-Free Savings Account (TFSA) annual contribution limit announced in Economic Action Plan 2015.
Economic Action Plan 2015 proposes to increase the TFSA annual contribution limit from $5,500 to $10,000, effective January 1, 2015. Canadians can immediately start contributing to their TFSA up to the proposed $10,000 annual contribution limit.
This proposed measure is subject to parliamentary approval. Consistent with its standard practice, the CRA is administering this measure on the basis of the Budget announcement. Financial institutions may immediately allow existing and new account holders to contribute up to the proposed maximum. The CRA will continue to work with financial institutions to ensure a smooth implementation of this new proposed measure.
The TFSA is a popular means of saving for Canadians at all income levels. Individuals with annual incomes of less than $80,000 accounted for more than 80 per cent of all TFSA holders and about 75 per cent of TFSA assets as of the end of 2013. About half of TFSA holders had annual incomes of less than $42,000.
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Rebecca Rogers
Director of Communications
Office of the Minister of National Revenue
613-995-2960
Melissa Lantsman
Director of Communications
Office of the Minister of Finance
613-369-5696
Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269
