Do you have a TFSA open? Most people are not aware that you don't need a TFSA open to have room. Your contribution room has been building every year since you turned 18, whether you've opened the account or not. Also, if you moved to Canada after turning 18, your accumulation would start then. Here's how to check how much room you actually have, right now: 1. Log into your CRA My Account (or create one if you don't have it takes about 2 minutes) 2. Go to the "RRSP and TFSA" section 3. Look for your TFSA contribution room That number is exactly how much you can contribute this year without any penalty even if you're opening your very first TFSA today. However, if you already have an account and made contributions and withdrawals, the number there would only update at the start of the year.