As a reminder, a TFSA allows any Canadian over the age of 18 to save or invest money in a tax-free account. “Tax free” means that you don’t pay taxes on the money you make inside your TFSA. That means things like interest payments, stock dividends or capital gains. (Don’t get us started about the name. Yes, it’s called a savings account, but it’s designed to hold investments).
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Every year more room gets added to the contribution limit for everyone 18 and older—and it’s cumulative meaning your contribution room builds each year. Assuming the TFSA contribution limit for 2022 will be $6,000, same as for this year, if you turned 18 before the year 2009, your maximum lifetime TFSA contribution limit will be $81,500.
If you take money out of the TFSA, you get that room back on January 1 the following year. Just don’t go over your limit. Doing so will invite stiff penalties.
So how much room do you have? Try our tool to find out. (Note that in the second box below, you should not “double count” contributions that you have withdrawn and then legitimately re-contributed in the following calendar year or beyond, as this could lead to a false over-contribution warning.)
TFSA contribution room calculator
Available TFSA contribution room:
- This Year:
- Next Year:
* Note that the calculator assumes next year's contribution limit will be the same as this year’s.
This tool is designed for future planning purposes only and cannot account for past adjustments to contribution room due to withdrawals (other than those made within the past year). If you think you might be close to your allowable contribution room limit please contact the Canada Revenue Agency to verify this information.
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Updated May 2021.
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