April 21 Federal Budget | Page 5 | Tax Free Savings Accounts | Discussion forum

Bill C-59, Economic Action Plan 2015 Act, No. 1, was among the bills that received Royal Assent yesterday (June 23).

Section 19 of the bill amends the Income Tax Act as follows:

19. The definition “TFSA dollar limit” in subsection 207.01(1) of the Act is replaced by the following:

“TFSA dollar limit” for a calendar year means,

(a) for 2009 to 2012, $5,000;
(b) for 2013 and 2014, $5,500; and
(c) for each year after 2014, $10,000.