Calculate your total 2024/2025 TFSA contribution room based on your age, the year you turned 18, and your contribution & withdrawal history. Includes a full year-by-year breakdown.
Choose what you want to calculate
TFSA room only starts accumulating from the year you turned 18 (and were a Canadian resident)
Sum of all TFSA contributions you have ever made (lifetime, not just this year)
Withdrawals are added back to room starting the following calendar year
You do not accumulate TFSA room for years you were not a Canadian resident
Your existing TFSA investment value — enter 0 if starting fresh
Amount you plan to contribute each year going forward
How many years into the future you want to project
Maximum cumulative room since 2009 (if 18+ that year): $95,000 as of 2024
ℹ️ This calculator uses official annual TFSA limits from 2009–2024. Your exact available room should always be verified on CRA My Account.
Total TFSA Contribution Room
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🗓️ Lifetime Cumulative Limit--
💵 Total Contributed--
↩️ Withdrawals Added Back--
✅ Available Room (2024)--
Contributed vs Lifetime Limit
$0.00 contributedLimit $0.00
Available Room Now
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As of 2024
Lifetime Limit
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Since you turned 18
2025 Room (After New Limit)
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Adds $7,000 on Jan 1, 2025
⚠️ Over-Contribution
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1%/month penalty applies
📊 Detailed TFSA Room Breakdown
Year You Became Eligible
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Years of Eligibility (2009–2024)
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Non-Resident Years Excluded
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Cumulative Lifetime Limit
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Total Contributed (lifetime)
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Total Withdrawn (added back)
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Available Room (2024)
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🗓️ TFSA Annual Limits by Year
Year
Annual Limit
Counted?
📈 TFSA Growth Projection
Current TFSA Balance
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Annual Contribution
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Expected Annual Return
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Projection Period
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Total Contributions Made
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Tax-Free Investment Growth
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Projected TFSA Value
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📅 Projected Balance Milestones
In 5 Years
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In 10 Years
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Final Year
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How the Canada TFSA Contribution Room Works
The TFSA (Tax-Free Savings Account) is a registered account where investment income, capital gains, and withdrawals are completely tax-free — for life. Unlike an RRSP, TFSA contributions are not tax-deductible, but the simplicity and flexibility make it one of the most popular savings vehicles in Canada.
📋 TFSA Annual Limits Since 2009
Year(s)
Annual Limit
2009 – 2012
$5,000/year
2013 – 2014
$5,500/year
2015
$10,000
2016 – 2018
$5,500/year
2019 – 2022
$6,000/year
2023
$6,500
2024
$7,000
If you were 18 or older in 2009 and a Canadian resident every year since, your cumulative lifetime TFSA limit as of 2024 is $95,000.
🔑 Key TFSA Rules
Room Accumulates Automatically: You don't need to file anything — TFSA room accrues every year you are 18+ and a Canadian resident, even if you never open an account.
Withdrawals Are Added Back: Any amount withdrawn is added back to your room — but only starting January 1 of the following year, not immediately.
No Age Limit: Unlike RRSPs, there is no maximum age for TFSA contributions — you can contribute for life as long as you're a Canadian resident.
Over-Contribution Penalty: There is no buffer for TFSAs. Any excess contribution is taxed at 1% per month until withdrawn.
💡 Example: Turned 18 in 2015, Contributed $25,000, Withdrew $5,000
1. Eligible starting 2015 → 10 years of room (2015–2024)
2. Cumulative limit for 2015–2024: $66,000
3. Total contributed: $25,000
4. Withdrawal of $5,000 added back (following year): +$5,000
5. Available Room (2024): $66,000 − $25,000 + $5,000 = $46,000
This room is automatically tracked by CRA and shown on My Account.
⚠️ Important Notes
— Always confirm your exact room on CRA My Account, since it reflects your real contribution history.
— You do not accumulate TFSA room for years you were a non-resident of Canada.
— Income earned inside a TFSA does not affect your eligibility for income-tested benefits like GST/HST credit or OAS.
— For official guidance, visit CRA's TFSA guide at canada.ca.
Frequently Asked Questions
A TFSA (Tax-Free Savings Account) is a registered Canadian account where all investment growth — interest, dividends, and capital gains — and all withdrawals are completely tax-free. Unlike an RRSP, TFSA contributions are made with after-tax dollars and are not deductible, but you never owe tax on the money again once it's inside the account.
Your TFSA room is the sum of every annual limit from the year you turned 18 (or 2009, whichever is later) through the current year, minus any contributions you've made, plus any withdrawals added back. If you were 18+ in 2009 and have never contributed, your 2024 cumulative limit is $95,000.
No — withdrawals are added back to your contribution room, but only starting January 1 of the following calendar year. For example, if you withdraw $5,000 in 2024, that $5,000 becomes available room again on January 1, 2025 — not immediately.
Unlike RRSPs, TFSAs have no buffer for over-contribution. Any amount you contribute beyond your available room is subject to a 1% per month penalty tax on the excess, charged every month it remains over-contributed. It's important to track your room carefully before contributing.
It depends on your tax situation. RRSPs are generally better when your current marginal tax rate is higher than what you expect in retirement, since you get an upfront deduction. TFSAs are more flexible — no tax on withdrawal, no impact on income-tested benefits, and no mandatory withdrawal age — making them ideal for lower-income earners, short-term goals, or as a supplement once RRSP room is maximized.
You do not accumulate new TFSA room for any year you were a non-resident of Canada for tax purposes. If you contribute while a non-resident, you'll also face a special 1% per month tax on those contributions until withdrawn. Room resumes accumulating once you become a resident again.
⚠️ Disclaimer: This calculator provides estimates for informational purposes only, based on official TFSA annual limits from 2009–2024. Actual contribution room depends on your complete contribution and withdrawal history as tracked by the CRA. For your exact TFSA room, check CRA My Account. Consult a certified financial planner or tax professional for personalized advice.