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Email this9:21 am
April 6, 2013
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The difference between the CRA indexation and the annual CPI inflation is not material.
Income Tax Act indexation is for October-to-September years. The annual CPI inflation numbers are for calendar January-to-December years.
9:43 am
June 26, 2022
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Let's not forget that next year is allegedly the start of the new FHSA, which will give you an additional $8k tax free room for savings. Even if you're not buying a home, you can transfer the money out to your RRSP after 15 years (without counting against your RRSP limit).
It's not clear yet if current home owners can open an account and take advantage of the 15 years tax free.
6:50 am
September 30, 2017
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Nope, not eligible. Just TFSA contribution in 2023
To open an FHSA, an individual must be a resident of Canada and at least 18 years of age. In addition, an individual must be a first-time home buyer, meaning that they have not owned a home in which they lived at any time during the part of the calendar year before the account is opened or at any time in the preceding four calendar years.
10:45 am
October 21, 2013
Offline1:08 pm
September 30, 2017
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2023 annual TFSA dollar limit $6500 is posted on this Canada.CA site here Many other sources already crystal balling the number long before.
1:54 pm
February 7, 2019
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hwyc said
2023 annual TFSA dollar limit $6500 is posted on this Canada.CA site here Many other sources already crystal balling the number long before.
An easy calculation once the October CPI is known ...
| CGO |
2:17 pm
September 30, 2017
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cgouimet said
An easy calculation once the October CPI is known ...
... October CPI remains an unknown to me until next Wednesday, Nov 16th
... I am too old for that kind of calculation ... instead I'll try to keep up & follow other people's … #2 poster in the thread 
3:28 pm
April 6, 2013
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Don't need the October 2022 CPI for this year.
The Income Tax Act indexation is based on the CPI for twelve months ending September of each year, not ending October of each year.
What is needed has been published by Statistics Canada:
| 143.9 | October 2021 |
| 144.2 | November 2021 |
| 144.0 | December 2021 |
| 145.3 | January 2022 |
| 146.8 | February 2022 |
| 148.9 | March 2022 |
| 149.8 | April 2022 |
| 151.9 | May 2022 |
| 152.9 | June 2022 |
| 153.1 | July 2022 |
| 152.6 | August 2022 |
| 152.7 | September 2022 |
| 148.842 | Average |
The previous October-September twelve-month period had CPI of 139.983.
Indexation is then
148.842 / 139.983 - 1 = 0.06329 = 6.3%
3:55 pm
September 11, 2013
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I believe that takes the adjusted limit to $6551 ($6163 X 1.063) so only need about 3% CPI increase for Oct/22 - Sept/23 period to make 2024 TFSA limit be $7000.
4:20 pm
February 7, 2019
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Norman1 said
Don't need the October 2022 CPI for this year.The Income Tax Act indexation is based on the CPI for twelve months ending September of each year, not ending October of each year.
What is needed has been published by Statistics Canada:
143.9 October 2021 144.2 November 2021 144.0 December 2021 145.3 January 2022 146.8 February 2022 148.9 March 2022 149.8 April 2022 151.9 May 2022 152.9 June 2022 153.1 July 2022 152.6 August 2022 152.7 September 2022 148.842 Average The previous October-September twelve-month period had CPI of 139.983.
Indexation is then
148.842 / 139.983 - 1 = 0.06329 = 6.3%
Sorry. Yes September published in October ...
| CGO |
4:22 pm
November 8, 2021
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CRA's indexation tables are out.
TFSA 2023 limit is $6500.
The full story here.
Please write your comments in the forum.