It’s official. Finance Minister Bill Morneau announced yesterday that for 2016, the TFSA limit will be brought back to $5500. The 2015 limit will remain at $10,000.

If you have already signed a form to process your contributions in January, we will adjust the contribution amount to $5500 to ensure that you stay within the limit.

If you have not made your 2015 TFSA contribution, $10,000 will be added to your TFSA carry forward amount. You can maximize that limit or past years, anytime in the future.

Please remember that you can invest your TFSA as a long-term investment or save it for the short-term depending on your needs and personal situation.

Please contact us if you have any questions regarding your TFSA contributions and personalized planning.

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