Canadians are allowed to contribute a specific amount to their TFSA each year, and unused contribution room can be carried forward to the current year. TFSA contribution room accumulates beginning with the first calendar year in which you turn 18 and are a resident of Canada. So if you turned 18 in 2009 or before and haven't yet opened a TFSA, your total contribution room will be $69,500 as of January 1st, 2020.

We also have a simple contribution tracker feature that helps you better keep track of your contribution room. You'll have to answer a couple questions to set it up. Learn more about how to set up TFSA contribution tracking here.

The maximum contribution limits for each year are:

2009: $5,000
2010: $5,000
2011: $5,000
2012: $5,000
2013: $5,500
2014: $5,500
2015: $10,000
2016: $5,500
2017: $5,500
2018: $5,500
2019: $6,000
2020: $6,000

You can read more about contributions on the Canada Revenue Agency website.