TFSA Calculator Canada

What the TFSA calculator does

The calculator answers two questions about a Tax-Free Savings Account: how much can you put in, and what could it grow into? It works out your cumulative and available room and projects the tax-free growth of your account. Getting the room right avoids a penalty; the projection shows why sheltering investments from tax matters over the long run.

How contribution room works

Each year you are eligible, the annual limit, $7,000 for 2026, is added to your room. The calculator adds up those limits from the year you became eligible and subtracts what you have contributed.

• Unused room carries forward: skip a year and the room stacks onto later years.
• Withdrawals restore room, but only from 1 January of the following year.

Two people of the same age can therefore have very different room depending on their history.

A worked example

Someone eligible since 2009 has $109,000 of cumulative room for 2026. Having contributed $30,000, they have $79,000 available. With a $35,000 balance and $7,000 added each year at 6% for 20 years, the account is projected to reach about $369,749, about $194,749 of it tax-free growth.

Projecting tax-free growth

The projection grows your balance and planned contributions at your expected return without deducting tax, because investment income in the account is generally sheltered. In a taxable account, tax on interest, dividends and realized gains leaves the account each year instead of compounding; in a TFSA it stays invested, and over decades the difference is large.

The expected return is an assumption and markets move unevenly, so treat the figure as one plausible path, try a lower return beside an optimistic one, and remember regular contributions matter as much as the return, especially early on.

Making the most of the shelter

• Contribute early in the year when you can, so money spends longer growing tax-free.
• Hold growth-oriented investments where the tax saving is largest, rather than leaving the account in cash by default. A TFSA can hold cash and investments, and cash alone limits the growth it can shelter.
• Avoid dipping in and out for short-term spending, which interrupts the compounding.

When to use it

• Before contributing, to confirm you have room.
• When setting a savings target toward a goal.
• After a withdrawal, to see when the room returns.
• When comparing the TFSA with a taxable account.

Residency, provinces and the TFSA

A TFSA is a federal account, so your province does not change your room or the tax treatment. Room accumulates for each year you are a resident of Canada and at least 18; years as a non-resident add no room. Growth and qualifying withdrawals are tax-free anywhere in Canada.

Common mistakes and how to avoid a penalty

• Contributing more than your available room.
• Re-contributing a withdrawal in the same year.
• Moving money between your own TFSAs by withdrawing and redepositing. That counts as a withdrawal and a new contribution; use a direct institution-to-institution transfer instead.

Where to confirm your room

Your official available room is tracked by the CRA and shown in CRA My Account, based on reports from your financial institutions. Those reports can lag, so the CRA figure may not show a very recent transaction; keep your own record too. There is no deduction to claim or form to file for a TFSA contribution. If this estimate and the CRA figure differ, check both against your own history before contributing. Limits and rules are set by the government and can change; the calculator uses maintained figures.

This information is general in nature and is not financial advice.

About This TFSA Calculator

Use this TFSA calculator to get an instant, accurate estimate. The figures follow official CRA guidance and every rate and threshold is kept up to date for 2026. Adjust the inputs above to match your situation, or browse all our calculators to plan your next step.