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Quick Question
August 6, 2018
8:29 am
Forum Posts: 1
Member Since:
August 6, 2018
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I arrived in March 2015 on a two-year working holiday visa and became a permanent resident in 2017. I've just opened a TFSA - what is the most I can contribute? $26,500 or $11,000

thank you so much 🙂

August 6, 2018
11:12 am
Forum Posts: 427
Member Since:
November 7, 2014
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No contributions allowed for non residents.
As a new resident, you are allowed $5500 x 2 years of residency = $11,000.

For full set of rules go to:

From CRA website: (edited)

"no TFSA contribution room will accrue for any year throughout which you are a non-resident of Canada"

"The annual TFSA dollar limit is not pro-rated in the year of emigration or immigration"

August 6, 2018
11:24 am
Forum Posts: 3927
Member Since:
April 6, 2013
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Permanent residency is an immigration status. That's separate from being a resident for Canadian income tax purposes.

TFSA contribution room is earned in years when one is a resident for tax purposes.

Did one become a resident, for tax purposes, on arrival in March 2015, or some time after that?

August 6, 2018
1:58 pm
Forum Posts: 7005
Member Since:
October 21, 2013
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Norman's distinction is a valid one.
Did you pay income tax in Canada in 2015?
If so, then you must have been deemed a Canadian resident for tax purposes, and would thus qualify for the larger amount of TFSA.
However, a mistake is costly, so don't go by me.


Check your CRA profile online. It's supposed to tell you how much contribution room you have. It may or may not be up to date completely but it should be obvious if 2015/16 are included. What does it say?

Phone CRA and ask directly. I recommend calling at least 3 times to check that you always get the same answer because they are prone to misinformation.

Keep the documents related to your initial entry into Canada for the rest of your life, in a safety deposit box. Your executor might need them.

August 9, 2018
5:30 pm
Forum Posts: 2344
Member Since:
September 11, 2013
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