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TFSA Calculator
Calculate Tax-Free Savings Account growth in Canada
TFSA Details
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2024 limit: $7,000
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For comparison with taxable account
TFSA Projection
Enter your TFSA details
Calculate tax-free growth
TFSA Guide
TFSA Contribution Room
- 2024 limit: $7,000
- Cumulative room since 2009: $95,000 (if 18+ since 2009)
- Unused room carries forward
- Withdrawal room restored next year
TFSA Benefits
- All growth is completely tax-free
- Withdrawals are tax-free
- No impact on government benefits
- Flexible - withdraw anytime
- Re-contribute withdrawn amounts next year
TFSA vs RRSP
- TFSA: Contribute after-tax, withdraw tax-free
- RRSP: Contribute pre-tax, withdraw taxed
- TFSA better for lower income or emergency fund
- RRSP better for high earners expecting lower retirement tax
TFSA Investment Options
- Savings accounts (HISA)
- GICs
- Stocks and ETFs
- Mutual funds
- Bonds
Common Mistakes to Avoid
- Over-contributing (1% monthly penalty)
- Re-contributing in same year as withdrawal
- Using TFSA for business/trading (CRA may tax)
- Holding US dividend stocks (15% withholding)
Contribution History
- 2009-2012: $5,000/year
- 2013-2014: $5,500/year
- 2015: $10,000
- 2016-2018: $5,500/year
- 2019-2022: $6,000/year
- 2023: $6,500
- 2024: $7,000
Disclaimer: This calculator is for informational purposes only and should not be considered financial, tax, or legal advice. Results are estimates based on the information provided and current tax laws. Consult a qualified professional for advice specific to your situation.
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