TFSA Calculator
Calculate your TFSA contribution room and tax-free growth — Canada's Tax-Free Savings Account with $7,000 new room in 2024.
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How to use this calculator
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Every Canadian resident 18+ accumulates $7,000 of new TFSA room each year (2024 amount, indexed to inflation).
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Total room since 2009: $95,000. If you've never opened a TFSA, you can contribute the full $95,000 immediately.
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Withdrawals are added back to your contribution room on January 1 of the following year.
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Unlike RRSP, TFSA contributions are not tax-deductible — but all growth and withdrawals are completely tax-free.
Frequently asked questions
What is the 2024 TFSA contribution limit?
The 2024 TFSA annual contribution limit is $7,000. Cumulative lifetime room since 2009 is $95,000 for someone who has been a resident since age 18+. The annual limit is indexed to inflation in $500 increments: 2009–2012: $5,000; 2013–2014: $5,500; 2015: $10,000; 2016–2018: $5,500; 2019–2022: $6,000; 2023–2024: $6,500/$7,000.
What can I hold in a TFSA?
A TFSA can hold most investments: cash, GICs, stocks (Canadian and foreign), ETFs, mutual funds, bonds, and options. US dividends paid inside a TFSA are subject to 15% US withholding tax (the Canada-US treaty doesn't apply to TFSA). For this reason, US dividend-paying stocks are often better held in an RRSP (where the treaty applies).
What happens if I over-contribute to a TFSA?
Over-contributions are taxed at 1% per month on the excess amount until withdrawn. The CRA tracks TFSA contribution room and will send a letter if you over-contribute. To avoid over-contribution errors, wait until January 1 to re-contribute withdrawn amounts (the room returns on Jan 1, not immediately after withdrawal).
TFSA or RRSP: which is better for me?
TFSA is generally better when: you're in a low tax bracket now, you expect higher income/taxes in retirement, you're retired and don't need RRSP deductions, or you want flexible access to funds. RRSP is better when: you're in a high tax bracket now, you expect lower income in retirement, or you're buying a first home (Home Buyers' Plan). Ideally, maximize both.
TFSA Calculator 2024 — $7,000 limit, contribution room & tax-free growth
TFSA cumulative room history: 2009 to 2024
TFSA annual limits by year: 2009–2012: $5,000; 2013–2014: $5,500; 2015: $10,000; 2016–2018: $5,500; 2019–2022: $6,000; 2023: $6,500; 2024: $7,000. Total 2009–2024: $95,000. The limit is indexed to CPI inflation in $500 increments, announced by CRA each November for the following year.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →