Program legislation means any other Act of Parliament or any instrument made under it, or any part of such an Act or instrument Minister means the Minister of National Revenue, appointed to serve at pleasure by commission under the Great Seal. ( ministre) program legislation AgencyĪgency means the Canada Revenue Agency continued by subsection 4(1). ( Agence) Boardīoard means the Board of Management of the Agency established by section 14. ( conseil) CommissionerĬommissioner means the Commissioner of Revenue appointed under section 25. ( commissaire) Minister Other indexed amounts include the threshold for reimbursement of old age security, which will be $81,761 in 2022, and the lifetime capital gains exemption for qualified farm or fishing property and qualified small business corporation shares, which will be $913,630 in 2022.2 The definitions in this section apply in this Act. Thus, as soon as the indexed annual contribution limit reaches $6,250, the annual limit will increase to $6,500. In December 2015, the federal government announced that for 2016 onward, the annual limit on TFSA contributions would be set at $5,000, indexed to inflation for each year after 2009, and rounded to the nearest $500.
Statistics Canada reported that inflation hit an 18-year high of 4.7% in October, which will count toward next year’s adjustment. 30 to determine the indexation adjustment. The CRA uses inflation figures over the 12 months from Oct. He further calculated that if the annual adjustment figure is 2% in 2023 onward, the annual TFSA limit would reach $7,000 in 2027. Laverdière calculated that the indexation adjustment would have to exceed 9.5% for the limit to rise to $7,000, which is unlikely.
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