The new limit for 2013 contribution has been increased to $5500.
Whether you use the Tax-Free Savings account (TFSA) for short-term savings or for your long-term investments, it will be good news to you to be able to shelter another $500 from the tax man. Overtime, it can save you significant taxes especially if you use the TFSA for investments.
If you are not sure whether you should make TFSA or RRSP contribution, visit our blog or drop us a note here. We can help!