The federal government announced today that the annual contribution limit for the TFSA is being increased from $5,000 to $5,500, starting in 2013. A feature of the TFSA is that the annual contribution limit is indexed to inflation, in $500 increments. 2013 will be the first year in which the increment takes effect. The full release is available here.
The TFSA is a great savings vehicle and all eligible Canadian investors should have an account. For a refresher on their attributes and benefits, click here.
Related reading:
My TFSA Strategy
TFSA Overcontribution Nightmares
Tax-Free Savings Accounts – The RRSP for the Facebook Generation?
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