Tax-free saving account limit to increase

OTTAWA – Savers will get a little extra room to sock away cash in their tax-free savings account (TFSA) next year, as the feds increase the $5,000 annual contribution limit for inflation.

Minister of State for Finance Ted Menzies is expected to confirm Monday that the built-in indexation for TFSAs will kick in for the first time in 2013, taking the maximum contribution to $5,500.

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