TFSA Calculator
Calculate your Canadian Tax-Free Savings Account growth. Track contribution room, investment returns, and tax savings over time.
TFSA Details
TFSA available from age 18
2025 annual limit: C$7,000
Total you've contributed historically
Your TFSA Contribution Room
Tax-Free Growth Breakdown
TFSA Growth Over Time
Tax Savings
Final TFSA Balance
C$420K
Tax-Free Investment Gains
C$270K
100% tax-free forever
Tax Saved (est. 30% rate)
C$81K
vs taxable account
Tax-Free Growth
All investment gains — interest, dividends, capital gains — are 100% tax-free forever.
Contribution Room Tracker
Automatically calculates your lifetime contribution room based on birth year.
Flexible Withdrawals
Withdraw anytime for any reason. Withdrawn amounts added back to contribution room next year.
How to Use
Enter Birth Year
Calculator determines when you became TFSA eligible (age 18).
Set Contributions
Enter monthly contribution and previous contributions.
Current Balance
Add existing TFSA balance if you already have one.
View Growth
See tax-free growth, contribution room, and tax savings vs taxable account.
The Formula
Contribution Room = Σ(Annual Limits from Age 18) - Previous Contributions + WithdrawalsFrequently Asked Questions
What is a TFSA?
Tax-Free Savings Account. Despite the name, it's an investment account where ALL gains (interest, dividends, capital gains) are 100% tax-free. You can invest in stocks, ETFs, bonds, GICs, mutual funds. Available to Canadian residents 18+ since 2009.
How much can I contribute?
2025 limit: C$7,000. If you've never contributed and turned 18 before 2009, your total room is C$95,000 (cumulative since 2009). Unused room carries forward forever. Check your exact room on CRA My Account.
Can I withdraw from TFSA?
Yes, anytime, for any reason, with no tax or penalty! Withdrawn amounts are added back to your contribution room the FOLLOWING year. Example: Withdraw C$10,000 in 2025, you get that C$10,000 back in contribution room on Jan 1, 2026.
TFSA vs RRSP?
TFSA: Tax-free growth, tax-free withdrawals, flexible. RRSP: Tax deduction now, taxed on withdrawal, locked till retirement. For most Canadians: Max TFSA first (especially if under 30 or lower income), then RRSP. Both if you can!
What happens if I over-contribute?
CRA charges 1% penalty PER MONTH on the excess amount. Example: Over-contribute by C$5,000 = C$50 penalty per month until fixed. Avoid this by tracking contributions carefully!
Best TFSA investments?
Depends on goals. Long-term (10+ years): Canadian equity ETFs (XEQT, VEQT). Medium-term (3-10 years): Balanced portfolios. Short-term (under 3 years): HISA (High Interest Savings) or GICs. Popular platforms: Wealthsimple, Questrade, TD, RBC.