Tax Free Savings Accounts limits going back to the beginning of the program with Canada Revenue Agency.
If you have never contributed anything you are able to retro-actively catch up $52,000.
You don’t get a tax deduction for contributing to your TFSA.
Any investment income grows tax free within and there is no tax upon withdrawals.
The best way to use a TFSA account (either set up at your bank, with your financial advisor or self-directed) is with longer term investments rather than just a low interest savings account.
You want to save claiming income and having tax on higher rate earning capital gain, dividend or high interest type investments.
Another benefit is you can name a beneficiary on your account and upon your death the account gets paid directly to you beneficiary completely by-passing probate.
2009 $ 5,000
2010 $ 5,000
2011 $ 5,000
2012 $ 5,000
2013 $ 5,500
2014 $ 5,500
2016 $ 5,500
2017 $ 5,500