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TFSA Calculator – Help Guide

The Tax-Free Savings Account (TFSA) calculator helps Canadians determine how much they can contribute to their TFSA each year. Contributions grow tax-free and withdrawals are not taxed. Unused room carries forward indefinitely, and withdrawn amounts are re-added to your room the following year.

How to Use This Tool

  1. 1

    Select your tax year

    Choose the year you want to calculate contribution room for (2025 or 2026).

  2. 2

    Enter the year you turned 18

    Room accumulates starting the year you turned 18 and became a Canadian resident. Enter this year to calculate your cumulative lifetime room.

  3. 3

    Enter previous withdrawals

    Any amounts you withdrew in prior years are added back to your room the following January 1st. Enter your total past withdrawals here.

  4. 4

    Enter contributions already made

    Input any deposits you have already made in the current year to see your remaining room.

  5. 5

    Review your results

    The calculator shows your total available room and remaining room after contributions. A warning appears if you are over-contributed.

Helpful Tips

  • •Check your exact TFSA room on CRA My Account. It reflects actual transactions reported by your financial institution.
  • •Withdrawals in the current year do NOT free up room until January 1st of the following year.
  • •Over-contributions are penalized at 1% per month on the excess amount.
  • •New residents accumulate TFSA room starting from the year they became a Canadian resident (minimum age 18).

Frequently Asked Questions

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