TFSA Contribution Room Calculator for Canada
Use this TFSA contribution room calculator to find your exact TFSA contribution limit for 2026. Whether you're checking your total TFSA contribution room, calculating after withdrawals, or determining your TFSA max contribution, this tool accounts for your age, residency year, and all previous contributions.
How TFSA Contribution Room Calculator Works
A Tax-Free Savings Account (TFSA) allows Canadians to grow investments without paying tax on investment income or withdrawals. Your unused TFSA room accumulates every year — even if you don't file a return or haven't opened a TFSA yet.
TFSA Contribution Limits by Year (2009-2026) - Total Cumulative Room
These are the official TFSA annual limits since the program was introduced in 2009. The cumulative column shows how much total room someone would have if they were a Canadian resident and age 18+ for all of these years.
| Year | Annual TFSA limit | Cumulative TFSA room |
|---|---|---|
| 2009 | $5,000 | $5,000 |
| 2010 | $5,000 | $10,000 |
| 2011 | $5,000 | $15,000 |
| 2012 | $5,000 | $20,000 |
| 2013 | $5,500 | $25,500 |
| 2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016 | $5,500 | $46,500 |
| 2017 | $5,500 | $52,000 |
| 2018 | $5,500 | $57,500 |
| 2019 | $6,000 | $63,500 |
| 2020 | $6,000 | $69,500 |
| 2021 | $6,000 | $75,500 |
| 2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
| 2026 | $7,000 | $109,000 |
Your Current TFSA Contribution Limit
Your TFSA contribution room represents the maximum amount you are allowed to contribute without paying over-contribution penalties. It consists of:
- Unused room from previous years
- New annual TFSA limits added every January 1
- Withdrawn funds from prior years (added back the following January)
Your total available room continues to grow even if you do not file taxes, have not opened a TFSA yet, or have not contributed for several years. The calculator above estimates your personal TFSA room based on your residency status, age, and past contributions.
Tracking Your TFSA: How to Check Limits, Withdrawals, and Contributions
The most accurate way to verify your TFSA limits is through the Canada Revenue Agency (CRA). You can check your official TFSA contribution room using:
- CRA My Account - shows all TFSA contributions, withdrawals, and available room
- CRA mobile app
- Your financial institution statements (contributions and withdrawals only)
Banks report TFSA activity to the CRA, but reporting can be delayed by several weeks, especially early in the year. If you contribute across multiple TFSA accounts, keeping your own spreadsheet or notes helps avoid accidental over-contributions.
The Impact of TFSA Withdrawals on Future Contribution Room
When you withdraw from a TFSA, that amount is added back to your contribution room on January 1 of the next calendar year. This is one of the most flexible features of the TFSA system.
Example: You withdraw $8,000 in 2025 → that $8,000 becomes new TFSA room on January 1, 2026.
Withdrawals made in the current year do not immediately free up room. If you re-contribute the withdrawn amount in the same year, you may trigger an over-contribution.
Handling TFSA Over-Contributions
If your contributions exceed your available TFSA room, the CRA charges a penalty of 1% per month on the excess amount. Penalties continue until the excess is removed or until new contribution room becomes available on January 1.
To fix an over-contribution:
- Withdraw the excess funds as soon as possible
- Contact the CRA if you receive a TFSA penalty letter
- Do not re-contribute the withdrawn amount until the following year
Over-contributions caused by late reporting or bank delays are still your responsibility, so monitoring your own contribution totals is essential.
TFSA Contribution Room for New Immigrants to Canada
If you immigrate to Canada, TFSA room begins accumulating on January 1 of the year after you become a tax resident and are at least 18 years old.
Example:
You arrive in Canada in October 2023 → first TFSA room starts January 1, 2024.
Even if you opened a TFSA at your bank immediately upon arrival, you cannot contribute until TFSA room is officially available. Over-contributing as a new immigrant is a common beginner mistake.
Understanding Spousal TFSA Options
There is no formal “spousal TFSA” like the RRSP system, but spouses can support each other's contributions:
- You may gift money to your spouse for their TFSA with no attribution rules
- Each spouse has their own independent TFSA limit
- TFSA income does not affect family benefits or joint tax filings
Couples often maximize total family savings by contributing to whichever spouse has unused TFSA room.
TFSA Eligibility: Residents vs. Non-Residents
Eligible to contribute if:
- You are a Canadian tax resident
- You are age 18 or older
- You have a valid SIN
Not eligible if:
- You become a non-resident of Canada
- You contribute while abroad — this results in a penalty
You continue to earn TFSA room only while resident in Canada. If you move abroad temporarily, you must pause TFSA contributions until you re-establish residency.
Key Considerations When Opening a TFSA
- You must be 18 or older and a Canadian resident for tax purposes
- You need a valid SIN (Social Insurance Number)
- You can hold multiple TFSAs at different institutions, but the total room stays the same
- Investment options vary: savings accounts, GICs, ETFs, stocks, bonds, mutual funds
- TFSA income and withdrawals do not affect EI, CPP, OAS, or GIS
Many Canadians open a TFSA to shelter long-term investments such as ETFs or dividend stocks, but it also works well for emergency funds or short-term savings.
Frequently Asked Questions (FAQs)
Does TFSA room grow automatically even if I don't open an account?
Yes. Your TFSA contribution room accumulates every year starting from age 18, even if you never open a TFSA account or file taxes. This unused room carries forward indefinitely and never expires.
How is TFSA contribution room calculated?
Your TFSA contribution room is calculated as:
- Annual TFSA limits since the year you turned 18
- Plus unused contribution room from previous years
- Plus withdrawals made in prior calendar years
- Minus contributions already made
Do TFSA withdrawals increase next year's contribution room?
Yes, but only starting January 1 of the following calendar year. If you withdraw $5,000 in 2025, that amount is added back to your contribution room on January 1, 2026. You cannot re-contribute withdrawn amounts in the same year without risking an over-contribution.
Can I have multiple TFSA accounts at different banks?
Yes, you can open TFSAs at multiple financial institutions. However, your total contribution room remains the same and is shared across all accounts. Contributing the maximum to each account would result in severe over-contribution penalties.
Is TFSA investment income taxable?
No. All investment gains, interest, dividends, and withdrawals from a TFSA are completely tax-free. You also don't need to report TFSA income or withdrawals on your tax return.
Can non-residents of Canada contribute to a TFSA?
No. TFSA contributions while you are a non-resident of Canada are subject to a 1% per month penalty on the contribution amount. Non-residents also stop accumulating new TFSA room. You can keep your existing TFSA open, but should not make new contributions until you re-establish Canadian residency.
Can I lose my unused TFSA contribution room?
No. Unused TFSA room never expires and carries forward indefinitely. If you didn't contribute in previous years, that room remains available to you forever, as long as you remain a Canadian resident.
Do banks calculate my total TFSA contribution limit?
No. Banks only track transactions within their own institution. They cannot see your contributions at other banks or calculate your total available room. Only the CRA tracks your complete TFSA history across all institutions. Always verify your total room through CRA My Account.
Can I contribute to my spouse's TFSA?
You can gift money to your spouse to contribute to their TFSA, and there are no attribution rules. However, each person must contribute to their own TFSA account using their own contribution room. There is no joint TFSA or spousal TFSA like there is with RRSPs.
How long does it take for my bank to report TFSA contributions to the CRA?
Financial institutions typically report TFSA transactions by the end of February for the previous calendar year. However, CRA records may not update immediately. It's recommended to keep your own records and not rely solely on CRA My Account, especially early in the year.