Canada TFSA Calculator
Calculate TFSA (Tax-Free Savings Account) growth and contribution room for Canada.
Calculate
Historical S&P 500 average: ~7-10%
Used to calculate your lifetime contribution room
🍁 TFSA Contribution Limits
2024
$7,000
2023
$6,500
Lifetime Max
$95,000
Since 2009
Tax-Free
Ready to Calculate?
Enter your investment details to see how your TFSA could grow tax-free.
📖 What is a TFSA?
A Tax-Free Savings Account (TFSA) is a registered account where investment income and capital gains are tax-free. Contributions are made with after-tax dollars, but all growth and withdrawals are completely tax-free.
No Tax on Growth
Investment earnings grow completely tax-free
Tax-Free Withdrawals
Take money out anytime without paying tax
Room Carries Forward
Unused contribution room accumulates
📅 TFSA Contribution Limits by Year
2019
$6,000
2020
$6,000
2021
$6,000
2022
$6,000
2023
$6,500
2024
$7,000
TFSA
Tax-Free Savings Account
- ✓ No tax on withdrawals
- ✓ Flexible - use for any goal
- ✓ No impact on government benefits
- ✗ No tax deduction for contributions
RRSP
Registered Retirement Savings Plan
- ✓ Tax deduction on contributions
- ✓ Great for high income earners
- ✓ Home Buyers Plan eligible
- ✗ Withdrawals are taxed as income
✅ TFSA Eligibility Requirements
Canadian Resident
Must be a resident of Canada
Age 18 or Older
Must be at least 18 years old
Valid SIN
Need a Social Insurance Number
📋 Important TFSA Rules
Over-Contribution Penalty
1% per month on excess amounts
Withdrawal Re-contribution
Room restored on Jan 1 of following year
Investment Options
Stocks, bonds, mutual funds, GICs, ETFs
No Benefit Impact
Won't affect OAS or GIS eligibility
Frequently Asked Questions
TFSA vs RRSP - which is better?
It depends on your income and goals. TFSA is better if you expect higher income in retirement or need flexible access. RRSP is better for high earners who want immediate tax deductions.
What happens when I withdraw from my TFSA?
Withdrawals from a TFSA are completely tax-free. The amount you withdraw is added back to your contribution room on January 1 of the following year.
Can I have multiple TFSA accounts?
Yes, you can have multiple TFSAs at different financial institutions. However, your total contributions across all accounts cannot exceed your available contribution room.
What can I hold in a TFSA?
You can hold cash, GICs, bonds, stocks, mutual funds, and ETFs. Avoid excessive trading that could be considered business income.