Canada TFSA Calculator
Project your tax-free TFSA balance and track your contribution room against the annual limit.
Projected tax-free balance
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Total contributed —
Tax-free growth —
CAD amounts. Verify your exact contribution room via CRA My Account before contributing — over-contributions are penalized 1%/month.
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How it works
FV = balance × (1+r)ᵗ + yearly contribution × ((1+r)ᵗ−1)/r, all growth tax-free foreverFrequently Asked Questions
How much TFSA room do I have?
Room accumulates every year you're 18+ and a Canadian resident, using each year's annual limit (which has varied, commonly $6,000–$7,000 in recent years), plus any withdrawn amounts added back the following year. The CRA's My Account shows your exact cumulative room.
Is TFSA growth really tax-free forever?
Yes — unlike an RRSP, TFSA withdrawals are never taxed, at any age, and withdrawing doesn't reduce future contribution room permanently (the amount is added back the next calendar year).
What happens if I over-contribute to a TFSA?
The CRA charges a 1% per month penalty on the excess amount until it's withdrawn — track your room carefully, especially after making a withdrawal, since the room isn't restored until the following year.