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A higher contribution limit for tax-free savings accounts allows retirees to withdraw money from registered retirement plans or registered retirement income funds and moving it into a TFSA, lowering income-tax bills over the long term.

Leonid Yastremskiy/iStockphoto

The contribution limit rules for tax-free savings accounts have changed twice in 2015. We also saw the elimination of indexing the dollar limits to inflation over time, then a switch back to reinstating them.

In this video, Preet Banerjee explains the changes and breaks down how indexing works, so you know exactly how much you can put in your TFSA in 2015 and 2016.

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