raffadalbo
New member
Edit for clarity: confirmed by me, not the government.
Note: on the mobile app, you may need to swipe to the right on the table to see all 7 columns.
The average CPI for all items for October 2021 to September 2022 was 148.842 (source), representing an increase of 6.3% over the previous 12-month period. As a result, the indexed TFSA dollar amount is now $6,550.95, which is rounded to the nearest $500 to arrive at the $6,500 TFSA dollar limit for 2023. The lifetime limit for someone who was 18 in 2009 would be $88,000. See my calculations in the table below.
For those that are curious, there would need to be an increase of 3.1% for the following 12 months (October 2022 to September 2023) in order for the 2024 TFSA limit to be $7,000.
Edit for the source that September CPI is what’s used by the government: Income Tax Act section 117.1: “the Consumer Price Index for the 12 month period that ended on September 30 next before that year”; the definition of TFSA dollar limit in subsection 207.01(1) points to this.
Further edit before anyone asks: as of 2016, the dollar limit is indexed for inflation retroactively back to 2009, but until 2015 the amount was set by the government and not actually automatically adjusted for inflation.
Year
Base Amount
CPI Average
Adjustment Factor
Indexed Dollar Limit
Rounded to $500
Cumulative Room
2009
$5,000
113.558
-
N/A
N/A
$5,000
2010
$5,000
114.208
1.006
N/A
N/A
$10,000
2011
$5,000
115.817
1.014
N/A
N/A
$15,000
2012
$5,000
119.067
1.028
N/A
N/A
$20,000
2013
$5,500
121.392
1.020
N/A
N/A
$25,500
2014
$5,500
122.533
1.009
N/A
N/A
$31,000
2015
$10,000
124.567
1.017
N/A
N/A
$41,000
2016
$5,000 (indexed)
126.150
1.013
$5,559.31
$5,500
$46,500
2017
$5,000 (indexed)
127.933
1.014
$5,637.14
$5,500
$52,000
2018
$5,000 (indexed)
129.850
1.015
$5,721.70
$5,500
$57,500
2019
$5,000 (indexed)
132.717
1.022
$5,847.57
$6,000
$63,500
2020
$5,000 (indexed)
135.283
1.019
$5,958.68
$6,000
$69,500
2021
$5,000 (indexed)
136.692
1.010
$6,018.26
$6,000
$75,500
2022
$5,000 (indexed)
139.983
1.024
$6,162.70
$6,000
$81,500
2023
$5,000 (indexed)
148.842
1.063
$6,550.95
$6,500
$88,000
Note: on the mobile app, you may need to swipe to the right on the table to see all 7 columns.
The average CPI for all items for October 2021 to September 2022 was 148.842 (source), representing an increase of 6.3% over the previous 12-month period. As a result, the indexed TFSA dollar amount is now $6,550.95, which is rounded to the nearest $500 to arrive at the $6,500 TFSA dollar limit for 2023. The lifetime limit for someone who was 18 in 2009 would be $88,000. See my calculations in the table below.
For those that are curious, there would need to be an increase of 3.1% for the following 12 months (October 2022 to September 2023) in order for the 2024 TFSA limit to be $7,000.
Edit for the source that September CPI is what’s used by the government: Income Tax Act section 117.1: “the Consumer Price Index for the 12 month period that ended on September 30 next before that year”; the definition of TFSA dollar limit in subsection 207.01(1) points to this.
Further edit before anyone asks: as of 2016, the dollar limit is indexed for inflation retroactively back to 2009, but until 2015 the amount was set by the government and not actually automatically adjusted for inflation.
Year
Base Amount
CPI Average
Adjustment Factor
Indexed Dollar Limit
Rounded to $500
Cumulative Room
2009
$5,000
113.558
-
N/A
N/A
$5,000
2010
$5,000
114.208
1.006
N/A
N/A
$10,000
2011
$5,000
115.817
1.014
N/A
N/A
$15,000
2012
$5,000
119.067
1.028
N/A
N/A
$20,000
2013
$5,500
121.392
1.020
N/A
N/A
$25,500
2014
$5,500
122.533
1.009
N/A
N/A
$31,000
2015
$10,000
124.567
1.017
N/A
N/A
$41,000
2016
$5,000 (indexed)
126.150
1.013
$5,559.31
$5,500
$46,500
2017
$5,000 (indexed)
127.933
1.014
$5,637.14
$5,500
$52,000
2018
$5,000 (indexed)
129.850
1.015
$5,721.70
$5,500
$57,500
2019
$5,000 (indexed)
132.717
1.022
$5,847.57
$6,000
$63,500
2020
$5,000 (indexed)
135.283
1.019
$5,958.68
$6,000
$69,500
2021
$5,000 (indexed)
136.692
1.010
$6,018.26
$6,000
$75,500
2022
$5,000 (indexed)
139.983
1.024
$6,162.70
$6,000
$81,500
2023
$5,000 (indexed)
148.842
1.063
$6,550.95
$6,500
$88,000