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Free tool · 2026
TFSA Calculator
See how much your tax-free savings can grow, how much you save versus a taxable account, and how much you can contribute this year.
Your TFSA year by year
Projection based on your inputs. Hover over the chart to see each year.
| Year | Balance at start of year | Contributions this year | Balance + contributions | Interest this year | Total TFSA | Tax savings |
|---|
Illustrative projection; not financial advice. Assumes a constant return, contributions at the end of each period and, in the taxable account, tax paid every year on the return at your current marginal rate. Actual returns vary and can be higher or lower. Check your exact room in CRA My Account and your statements.
Official sources: CRA: limits and room · CRA: calculate your room · CRA: withdrawals · CRA: opening a TFSA · CRA: TFSA and benefits · Revenu Québec: non-taxable income · Revenu Québec: Shelter Allowance · FP Canada / IQPF: 2026 Projection Guidelines
Age of majority by province: AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, QC, SK, YT
Quick guide
TFSA essentials
The Tax-Free Savings Account is the most flexible way to save and invest without paying tax on the growth. Here is what you need to know.
Eligibility
Canadian residents aged 18 or older with a Social Insurance Number (SIN); no earned income is required. In British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Yukon, the Northwest Territories and Nunavut, the age of majority is 19: you open the account at 19 but keep the room from the year you turned 18. If you moved to Canada as an adult, your room starts the year you became a resident.
Annual contribution limit
$7,000 for 2026. Unused room carries forward: someone who was 18 and living in Canada in 2009 has $109,000. The limit is indexed to inflation in $500 increments. Over-contributions are taxed at 1% per month.
Tax impact of contributions
Unlike an RRSP, contributions are not deductible. The advantage is the growth: you never pay tax on what your investments earn. The higher your marginal rate and the longer your horizon, the bigger the savings; check it above with your income.
Impact of contributions on withdrawals
You withdraw tax-free, at any time and for any reason. The amount you withdraw is added back to your contribution room on January 1 of the following year. Investment losses do not create room.
Contribution deadline
There is no yearly deadline like the RRSP: room is added every January 1 and never expires. There is no maximum age either: you can keep contributing as long as you are a resident with available room. Careful: if you withdraw, do not re-contribute in the same year unless you have room.
Impact on government benefits
TFSA income and withdrawals do not affect federal benefits: Old Age Security (OAS), the federal supplement for low-income seniors (GIS), Employment Insurance, the Canada Child Benefit, the Canada Workers Benefit or the GST credit. In Quebec they are not reported as income either. Note: some provincial programs based on your assets, such as Quebec’s Shelter Allowance (a $50,000 limit), do count your TFSA balance.
Things to consider before withdrawing
No tax is withheld on withdrawals. If you plan to top up your TFSA again, withdraw in December to regain the room in January. Check whether your investments have terms or withdrawal fees (for example, a GIC). If you stop being a Canadian resident, do not contribute: contributions made while you are a non-resident are taxable.
Official sources: CRA: limits and room · CRA: withdrawals · CRA: TFSA and benefits · Revenu Québec: Shelter Allowance
TFSA, RRSP or both?
The best mix depends on your income today, your goals and your retirement. Book a free consultation and let’s design your strategy together.
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