How much will my TFSA grow, and how much room do I have?
Enter the year you were born, what you have put in and taken out before 2026, and what you plan to add. The calculator sums the Canada Revenue Agency's dollar limits for every year since your room began, takes off your past contributions, adds back past withdrawals, and keeps each year's contribution within the room it finds.
On the defaults, someone born in 1995 turned 18 in 2013. The limits from 2013 to 2026 add up to $89,000, and after $20,000 of contributions in earlier years, $69,000 is available in 2026. Putting in $7,000 leaves $62,000, and the 2026 limit brings it back to $69,000 on January 1, 2027.
With $25,000 in the account today and $7,000 added at the start of every year for 20 years, growth at an assumed 5% a year reaches $309,367.21. You contribute $140,000, and growth adds $144,367.21. The CRA says interest, dividends and capital gains earned in a TFSA are generally tax-free, even when you withdraw them, so the calculator takes no tax off.
How is TFSA contribution room calculated?
The CRA's page on calculating your contribution room, modified 20 February 2026, lists the parts: this year's TFSA dollar limit, any unused room from earlier years, and any withdrawals made in the previous year, less contributions already made this year. Its page on contributing says a resident's room starts to accumulate when they turn 18, and that the limits apply only for years you were resident in Canada. Room starts with the full limit for the year you turn 18: in the CRA's example, Brayden turned 18 on December 21, 2024 and had $14,000 of room when he opened a TFSA in January 2025, the limits for 2024 and 2025 together.
The CRA also works an example. Alex had used all room to the end of 2024 and started 2025 with $7,000. Contributing $1,000 in June and withdrawing $4,000 in October left $6,000 unused, and on January 1, 2026 their room became $17,000: $6,000 unused, $4,000 withdrawn and the $7,000 limit for 2026.
The calculator follows those rules, working in totals. Because past withdrawals all came back by January 1, 2026, the room for 2026 is the sum of the limits since your start year, plus everything withdrawn before 2026, minus everything contributed before 2026.
TFSA limits by year, 2009 to 2026
These are the yearly dollar limits from the CRA's table of limits, modified 28 October 2026. The last column is your total room if it began in that year and you have never contributed.
| Year | Dollar limit | Total from that year to 2026 |
|---|---|---|
| 2009 to 2012 | $5,000 a year | $109,000 from 2009 |
| 2013 and 2014 | $5,500 a year | $89,000 from 2013 |
| 2015 | $10,000 | $78,000 |
| 2016 to 2018 | $5,500 a year | $68,000 from 2016 |
| 2019 to 2022 | $6,000 a year | $51,500 from 2019 |
| 2023 | $6,500 | $27,500 |
| 2024 to 2026 | $7,000 a year | $21,000 from 2024 |
Anyone born in 1991 or earlier turned 18 by 2009 and has $109,000 of total room if they have never contributed. Born in 1992, the total is $104,000, because room starts in 2010. Someone born in 2008 turns 18 in 2026 and has $7,000. The CRA has not published a TFSA limit for 2027 in that table, so the calculator holds later years at $7,000.
When do TFSA withdrawals come back as room?
On January 1 of the next calendar year. The CRA's page on withdrawing from a TFSA says a withdrawal is added back as room on January 1 of the next calendar year, and advises against putting it back in the same year you take it out unless you still have unused room.
Enter a withdrawal under Withdrawn so far in 2026 to see the effect. On the defaults, $5,000 taken out in 2026 leaves 2026 room at $69,000 but lifts room on January 1, 2027 from $69,000 to $74,000. If you put that $5,000 back before then, it uses room you already have, and if you have none, it is an excess.
What is the TFSA over-contribution penalty?
The CRA taxes an excess at 1% a month for as long as it remains in the account. With $85,000 contributed before 2026 on the default birth year, only $4,000 of room is left. Contributing $7,000 creates a $3,000 excess, which costs $30 a month, or $180 if it stays for six months.
The calculator keeps the projection inside your room, puts the excess in the note and shows the monthly tax. An excess can happen by accident. The CRA says the TFSA information in your CRA account is updated only once a year, in the spring, because financial institutions send a year's transactions at the end of February of the following year. It asks you to keep your own records and track your contributions closely.
How growth, contributions and time move a TFSA
Holding $25,000 today and $7,000 at the start of each year:
- Assumed growth. After 20 years the TFSA reaches $238,888.18 at 3%, $309,367.21 at 5% and $403,798.35 at 7%. Contributions total $140,000 in each case.
- Time. At 5% it holds $133,169.88 after 10 years, $309,367.21 after 20 and $596,374.09 after 30.
- Room. Unused room carries forward, so later contributions above $7,000 are possible until it is used. After that, each year adds only the new limit.
- Birth year. It changes room, not growth. Moving from 1995 to 1990 raises the total limits from $89,000 to $109,000.
The table under the calculator shows each year's contribution, growth, room left at the end of the year and the value.
TFSA or RRSP: how the arithmetic differs
The CRA puts the difference in one line: unlike an RRSP, contributions to a TFSA are not tax deductible. In return, money taken out of a TFSA is generally not taxed, while RRSP payments generally are. So a TFSA starts with after-tax dollars and stays tax-free; an RRSP starts with a deduction and is taxed at the end.
Room is built differently too. TFSA room is a flat dollar amount each year from age 18, whatever you earn. RRSP room depends on last year's earned income. The RRSP calculator works out the refund and the after-tax value on the other side.
How to work out a TFSA in Excel or Google Sheets
For room, list the yearly limits in one column with the years beside them, then use =SUMIFS(limits, years, ">="&start_year) + past_withdrawals - past_contributions, where start_year is the later of 2009 and your birth year plus 18. Born in 1995 with $20,000 contributed and nothing withdrawn, it returns 69,000.
For growth with a contribution at the start of each year, use FV with a type of 1 and today's value as the present value: =FV(0.05, 20, -7000, -25000, 1) returns 309,367.21. Both work the same in Google Sheets.
What this TFSA calculator leaves out, and common mistakes
It assumes you were resident in Canada for every year since your room started; years as a non-resident add no room. It holds the dollar limit at $7,000 for years after 2026, uses one growth rate, and puts each contribution in at the start of its year. It does not track withdrawals in future years, transfers between TFSAs, or income that is taxable inside a TFSA in unusual cases.
- Re-contributing a withdrawal in the same year. The room returns on January 1 of the next year.
- Counting years before 18. Room starts in the year you turn 18.
- Relying only on the CRA account. It can lag behind your own transactions.
- Leaving an excess in. The 1% tax runs every month until it is removed.
- Expecting a deduction. TFSA contributions do not reduce your taxable income.
Glossary
TFSA: a tax-free savings account; contributions are not deductible and income earned in it is generally tax-free. Dollar limit: the room added each year, $7,000 for 2026. Contribution room: the most you can put in without an excess. Unused room: room from earlier years that you have not used, which carries forward. Excess TFSA amount: contributions above your room, taxed at 1% a month. Resident: someone resident in Canada for tax purposes, who accumulates room.
Frequently asked questions
What is the TFSA limit for 2026?
$7,000, according to the CRA. It is added to any unused room from earlier years and to withdrawals made in 2025.
How much TFSA room do I have if I have never contributed?
It depends on the year you turned 18. Anyone who was 18 or older in 2009 and resident every year since has $109,000 in 2026. Turning 18 in 2013 gives $89,000, and turning 18 in 2026 gives $7,000.
When does TFSA room start?
In the year you turn 18, or in 2009 when TFSAs began if you were already an adult. You get the full limit for the year you turn 18, as the CRA's own example shows.
When do TFSA withdrawals get added back?
On January 1 of the next calendar year. Money taken out in 2026 becomes room again on January 1, 2027, so putting it back in 2026 uses existing room.
What is the penalty for over-contributing to a TFSA?
A tax of 1% a month on the excess for as long as it stays in the account. A $3,000 excess costs $30 a month.
How much will $7,000 a year in a TFSA be worth?
Starting from $25,000 and adding $7,000 at the start of each year, about $309,367 after 20 years at an assumed 5% a year. At 3% it is $238,888 and at 7% it is $403,798. The growth rate is an assumption you enter.
Is TFSA growth taxed?
The CRA says interest, dividends and capital gains earned in a TFSA are generally tax-free, even when you withdraw them. Contributions are not tax deductible.
Does unused TFSA room carry forward?
Yes. Room you do not use stays available in later years and is added to each new yearly limit.
Do non-residents get TFSA room?
The CRA says the dollar limit applies only for years you were resident in Canada. The calculator assumes residency in every year, so reduce the total if that is not your case.
Why does my CRA account show different TFSA room?
The CRA updates the TFSA details in your account once a year, in the spring, after financial institutions report the previous year's transactions at the end of February. Until then it can miss recent contributions and withdrawals, so the CRA suggests working out room from your own financial records.
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Last reviewed 14 November 2026 by the NIFM Academy editorial team. Next review by 15 January 2027.
Canada, tax year 2026. Next review by 15 January 2027.
- Canada Revenue Agency, MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE (modified 28 October 2026), RRSP dollar limit 33,810 dollars for 2026 and 35,390 for 2027; TFSA dollar limit 7,000 for 2026 and each yearly limit from 2009. Checked 14 November 2026.
- Canada Revenue Agency, How contributions affect your RRSP deduction limit (modified 29 January 2026), the deduction limit is unused room from earlier years plus the lesser of 18 percent of the previous year's earned income and the annual limit, minus the pension adjustment; a tax of 1 percent a month applies to contributions more than 2,000 dollars over the limit. Checked 14 November 2026.
- Canada Revenue Agency, RRSP options when you turn 71 (modified 29 January 2026), December 31 of the year you turn 71 is the last day you can contribute to your RRSPs. Checked 14 November 2026.
- Canada Revenue Agency, T4040 RRSPs and Other Registered Plans for Retirement, Rev. 25, income earned in an RRSP is usually exempt while it stays in the plan; you generally pay tax when you receive payments from it. Checked 14 November 2026.
- Canada Revenue Agency, Before you contribute to a TFSA (modified 20 February 2026), room starts to accumulate when a resident turns 18; the dollar limit applies only for years of residence; example: Brayden turned 18 on December 21, 2024 and had 14,000 dollars of room in January 2025; yearly limits of 5,000 dollars for 2009 to 2012, 5,500 for 2013 and 2014, 10,000 for 2015, 5,500 for 2016 to 2018, 6,000 for 2019 to 2022, 6,500 for 2023 and 7,000 for 2024 to 2026. Checked 14 November 2026.
- Canada Revenue Agency, Calculate your TFSA contribution room (modified 20 February 2026), room is the current year's dollar limit plus unused room from earlier years plus withdrawals made in the previous year; example: Alex starts 2025 with 7,000, contributes 1,000, withdraws 4,000 and has 17,000 of room on January 1, 2026; the TFSA information in your CRA account is updated once a year in the spring, after financial institutions report at the end of February. Checked 14 November 2026.
- Canada Revenue Agency, Withdrawing from a TFSA (modified 20 February 2026), a withdrawal is added back as room on January 1 of the next calendar year; unless you have unused room, do not re-contribute in the same year; an excess is taxed at 1 percent a month for as long as it stays in the account. Checked 14 November 2026.
- Canada Revenue Agency, If you over-contribute to a TFSA (modified 6 January 2026), any excess amount is taxable at 1 percent a month for as long as it remains in the account; keep your own records and track contributions closely. Checked 14 November 2026.
- Canada Revenue Agency, What is a TFSA (modified 17 September 2026), contributions are not tax deductible; interest, dividends and capital gains earned in the account are generally tax-free, even when withdrawn. Checked 14 November 2026.