Someone eligible since 2015 has $78,000 of TFSA room in total. After contributing $30,000 with no withdrawals, $48,000 is left. Saving $300 a month at 5% for 20 years grows to about $123,310, all tax free. Put your own details in above to see your figures.
How TFSA room builds
Room starts in 2009 and accrues each year from the year you turn 18 and live in Canada. The yearly limit has moved over time: $5,000 in 2009 to 2012, $5,500 in 2013 and 2014, $10,000 in 2015, $5,500 from 2016 to 2018, $6,000 from 2019 to 2022, $6,500 in 2023 and $7,000 from 2024. For 2026 it is $7,000.
The largest possible room
Anyone eligible since 2009 has $109,000 of room in total for 2026. Were you under 18 or living abroad in the early years? Then your total is lower. Enter the first year you were eligible and the calculator adds up the limits from that point.
Withdrawals and over-contributions
Money comes out at any time, tax free. But the amount returns to your room on January 1 of the next year, not straight away. Take money out and put it back in the same year, and you may over-contribute.
Excess contributions are taxed at 1% a month for as long as the excess stays. The warning above appears when your yearly savings would pass your room. Confirm your exact room in CRA My Account, since your own history may differ from the estimate.
What a TFSA can hold
Savings, GICs, funds and shares all fit. Growth and income inside are not taxed, and withdrawals do not count as income for benefits. That makes the account flexible for emergency savings, a home purchase or retirement.
Tax-free growth
The last rows show what monthly savings could become. In the example the gain is $51,310, which would be taxable outside a TFSA. Change the return to see how a lower or higher rate shifts the result.
TFSA and RRSP together
Both accounts can be used. Many people fill the RRSP first while income is high, then put the tax refund into a TFSA. Others start with the TFSA for its flexibility. Your tax rate, your goals and how soon you may need the money decide the order.
New to Canada
New residents earn room only from the year they become residents. Arrived in 2020? Use 2020 as the first eligible year. Time abroad before that adds nothing. CRA My Account shows the exact figure once your history is on file.
Building the habit and choosing holdings
Set up an automatic monthly contribution, even a small one. The calculator shows $300 a month reaching six figures over twenty years. With room but little cash, start with what you can and raise it when your pay rises.
A TFSA is only a container, and what sits inside decides the growth. Cash, GICs, funds and shares carry different returns and risks. Match the choice to how soon you need the money, and enter a lower return for safer holdings.
Where to go next
See the deduction side of saving in the RRSP calculator. Saving for a home? Try the FHSA calculator. To model growth on its own, use the compound interest calculator.
Frequently asked questions
What is the TFSA limit for 2026?
$7,000.
How much total TFSA room do I have?
It depends on the year you became eligible. Since 2009, the total is $109,000 for 2026.
When is withdrawn money added back?
On January 1 of the next year.
What is the penalty for over-contributing?
A tax of 1% a month on the excess.
Is TFSA growth taxable?
No. Growth and withdrawals are tax free.
Where can I check my exact room?
In CRA My Account.
Sources and updates
Last reviewed: . Full disclaimer. How we build calculators. Editorial policy.
Estimate only. This calculator gives general information for planning. It is not tax, legal or financial advice, and it is not affiliated with the City of Toronto, MPAC or the Canada Revenue Agency. Results depend on the numbers you enter and may differ from official amounts. Check official sources or a qualified professional before you decide.