TFSA Contribution Room Calculator
The Tax-Free Savings Account (TFSA) is a powerful registered account available to Canadians aged 18+.
Unlike an RRSP, contributions are not tax-deductible, but all investment growth (interest, dividends, capital gains) and withdrawals are 100% tax-free. Use this calculator to track your room and avoid penalties.
The annual limit for 2026 is $7,000.
Check your CRA My Account for this amount.
Withdrawals from the previous year are added back.
Your Available Contribution Room
Your TFSA contribution room is the total of:
Stop guessing your limits
Avoid penalties and maximize your tax-free savings. BalanceWise tracks your exact carry-forward room so you never over-contribute.
Sign UpSign UpWhen to use it?
The TFSA is incredibly flexible depending on your financial stage.
- Short-term goalsIdeal for emergency funds, vacations, or a car since withdrawals are penalty-free.
- Long-term investingAggressive investments (stocks/ETFs) can grow tax-free for decades.
Pitfalls to Avoid
Even though it's "tax-free," there are rules that can cost you money.
Withdrawals sit in a "waiting period" until Jan 1st of the next year. If you replace withdrawn money too early without *existing* room, you will be penalized.
The CRA charges 1% per month on any excess amount in your TFSA. An over-contribution of $2,000 costs you $20/month until fixed.
Invest, Don't Just Save
Despite the name "Savings Account," you should think of it as a "Tax-Free Investment Account." You can hold cash, GICs, bonds, stocks, and ETFs. Using it just for a low-interest savings account wastes its tax-free growth potential!
Official Sources & Disclaimer
Disclaimer: The information provided on this page and by this calculator is for educational and informational purposes only and does not constitute financial, legal, or tax advice. We make no representations, warranties, or guarantees, whether express or implied, regarding the accuracy, completeness, or timeliness of the information.
Rules and limits can change. Always verify your specific contribution room and eligibility directly with the Canada Revenue Agency (CRA) via your My Account portal or by consulting a qualified financial professional.