raffadalbo
New member
Edit: on the mobile app, make sure to swipe right on the table to see all 7 columns
Given the recent post and confusion on how the TFSA dollar limit is calculated, I thought I would share the calculation in the table below, because CRA doesn't. Note that the CPI Average (third column) is based on the average CPI for Oct-Sep of the year before (e.g. for 2022, it is based on the average monthly CPI for October 2020 to September 2021, rounded to the thousandths) - this is per section 117.1 of the Income Tax Act. The adjustment factor is the CPI average of a year dividend by the prior year.
Based on this, if the average monthly CPI for Sep 2021 to Oct 2022 is at least 142.013 (representing about 1.5% inflation from the same period a year earlier) then the indexed dollar limit for 2023 will be $6,255.14 which would then be rounded to $6,500.
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
Given the recent post and confusion on how the TFSA dollar limit is calculated, I thought I would share the calculation in the table below, because CRA doesn't. Note that the CPI Average (third column) is based on the average CPI for Oct-Sep of the year before (e.g. for 2022, it is based on the average monthly CPI for October 2020 to September 2021, rounded to the thousandths) - this is per section 117.1 of the Income Tax Act. The adjustment factor is the CPI average of a year dividend by the prior year.
Based on this, if the average monthly CPI for Sep 2021 to Oct 2022 is at least 142.013 (representing about 1.5% inflation from the same period a year earlier) then the indexed dollar limit for 2023 will be $6,255.14 which would then be rounded to $6,500.
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