As the year winds down, it’s a great time to make the most of your TFSA. First, log into your online Canada Revenue Agency account to check how much lifetime contribution room you have as of the end of 2023. Next, try to hit the 2024 contribution limit of $7,000, plus any remaining lifetime room. That way, you’ll be able to make the most of your contribution space and start earning those tax-free gains as soon as possible. Just be careful not to over-contribute, since there’s a 1% penalty on the excess amount for every month you’re over the limit. If you haven’t set up a successor for your TFSA yet, it’s worth doing that now too. It’ll make things easier for your loved ones if anything were to happen to you. Lastly, think ahead for next year. The 2025 contribution limit is again $7,000, so now’s a good time to figure out how much you’ll need to contribute each payday. Setting up automatic contributions can help you stay on track without having to think about it.