Canadian taxpayers can top up their Tax-Free Savings Accounts (TFSAs) effective immediately, without waiting for the federal government’s proposed expansion of the TFSA limit to become law, the Canada Revenue Agency confirms.

As part of the federal budget tabled on Tuesday, the Conservative government announced that it would be raising the annual TFSA contribution limit to $10,000 a year, beginning for the 2015 tax year, up from a $5,500 limit for 2014.

See: Feds increase TFSA room

The indexation of the TFSA by increments of $500 rounded for inflation has been eliminated.

The announcement to expand the TFSA program largely fulfills a 2011 Conservative campaign process to double the program’s annual contribution amount.

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