This TFSA calculator shows what your tax-free savings account could be worth in Canada from your current balance, a monthly contribution, a number of years and an expected return. The result updates as you type, along with how much you put in, how much came from tax-free growth and the gap versus a taxed account. Further down, the contribution room helper and the withdrawal examples show how much you can actually put in. This page is general education, not financial advice.
How do you use this TFSA calculator?
Enter four numbers and the projection updates immediately: your current TFSA balance, what you plan to add each month, how many years the money stays invested, and the annual return you expect.
- Current TFSA balance: what the account holds today, including past growth
- Monthly contribution: what you plan to add each month (the 2026 limit of $7,000 works out to about $583 a month)
- Years to invest: how long the money stays in the TFSA
- Expected annual return: the yearly return before inflation and fees; the moderate preset is 7%, with conservative and aggressive presets on either side
The calculator compounds monthly and assumes the same contribution every month. The “vs. non-registered” line assumes about 30% of each year’s return is lost to tax outside a TFSA, which is a simplification: your real tax depends on your bracket and on whether the return is interest, dividends or capital gains.
TFSA calculator at a glance
| Item | Current figure | Source |
|---|---|---|
| TFSA annual dollar limit (2026) | $7,000 | canada.ca Verified October 7, 2026 |
| Total TFSA room 2009–2026 for someone 18+ and resident since 2009 (sum of annual limits) | $109,000 | canada.ca Verified October 7, 2026 |
| When a TFSA withdrawal is added back as contribution room | on January 1 of the next calendar year | canada.ca Verified October 7, 2026 |
| Tax on a TFSA over-contribution (excess amount) | 1% per month for as long as the excess stays in the account | canada.ca Verified October 7, 2026 |
| Newest year on the CRA TFSA dollar-limit table (checked September 29, 2026) | 2026, at $7,000 (the CRA table has no 2027 row yet) | canada.ca Verified October 7, 2026 |
| Investment growth and losses do not change TFSA room | earnings do not use up room and losses do not add room back | canada.ca Verified October 7, 2026 |
The 2026 TFSA dollar limit is $7,000, and someone who has been eligible since 2009 and never contributed has $109,000 of room in 2026. A withdrawal is added back as room on January 1 of the next calendar year, and an over-contribution is taxed at 1% per month for as long as the excess stays in the account. The newest year on the CRA’s limit table is 2026, at $7,000 (the CRA table has no 2027 row yet). Growth inside the account never affects room: per the CRA, earnings do not use up room and losses do not add room back.
How much will your TFSA be worth?
At an assumed 7% annual return, $500 a month for 30 years grows to about $609,985, of which $180,000 is your own money and about $429,985 is tax-free growth. The table below uses the same math as the calculator (monthly compounding, no starting balance, 7% a year).
| Monthly contribution | 10 years | 20 years | 30 years |
|---|---|---|---|
| $100 | $17,308 | $52,093 | $121,997 |
| $250 | $43,271 | $130,232 | $304,993 |
| $500 | $86,542 | $260,463 | $609,985 |
| $583 (the 2026 limit) | $100,966 | $303,874 | $711,650 |
| $1,000 | $173,085 | $520,927 | $1,219,971 |
Because TFSA growth is tax-free, these figures are what you would have to spend, not a pre-tax number. At a lower assumed return of 5%, the $500-a-month row ends at about $416,129 after 30 years, which is why testing more than one return rate matters.
How is TFSA growth calculated?
TFSA growth is calculated with the compound interest formula: each month, the balance earns one-twelfth of the annual return, and the new contribution is added on top.
Future value = PV × (1 + r/12)^(12n) + PMT × ((1 + r/12)^(12n) − 1) ÷ (r/12)
- PV = current TFSA balance
- PMT = monthly contribution
- r = annual return as a decimal (0.07 for 7%)
- n = number of years
Worked example: the calculator’s default inputs are a $5,000 balance, $500 a month, 30 years and 7%. The $5,000 grows to about $40,582 and the monthly deposits to about $609,985, for a total of about $650,568. With the calculator’s 30% tax-drag assumption (an effective return of 4.9%), the same deposits in a non-registered account end near $430,200.
What return rate should you use in a TFSA calculator?
Use a return that matches what the TFSA actually holds, and run at least two rates, because the return you enter changes the result more than any other input.
- Cash and GICs have a known rate today. Wealthsimple Savings pays 2.5% (available to every client, no tiers), and EQ Bank’s TFSA savings account pays 1.50%. Savings rates can change at any time.
- Stock ETFs have no guaranteed return. XEQT returned 13.94% a year over the five years to September 30, 2026, an unusually strong stretch that says little about the next 30 years.
- Inflation eats into every rate. Entering a lower “real” return (after inflation) shows the result in today’s dollars, which is more useful for long-term goals.
Running the same inputs at 5% and at 7% shows a range of outcomes, not a forecast. The TFSA does not change the return itself; it only removes the tax on it.
How much TFSA contribution room do you have?
Your TFSA room is the sum of every annual limit since you became eligible, minus what you have contributed, plus what you withdrew in earlier years. The CRA’s formula is: this year's TFSA dollar limit + unused room from previous years + withdrawals made the previous year − contributions already made this year. Room starts in the year you turn 18, if you're a resident of Canada (and no earlier than 2009).
| Year | Annual limit | Cumulative room |
|---|---|---|
| 2009 to 2012 | $5,000 each year | $20,000 by 2012 |
| 2013 to 2014 | $5,500 each year | $31,000 by 2014 |
| 2015 | $10,000 | $41,000 |
| 2016 to 2018 | $5,500 each year | $57,500 by 2018 |
| 2019 to 2022 | $6,000 each year | $81,500 by 2022 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
| 2026 | $7,000 | $109,000 |
| 2027 | not published yet | 2026 total plus the 2027 limit |
Source for the annual limits: the CRA, 2009–2012 $5,000; 2013–2014 $5,500; 2015 $10,000; 2016–2018 $5,500; 2019–2022 $6,000; 2023 $6,500; 2024–2026 $7,000.
Example: someone who turned 18 in 2018 and has lived in Canada since then has $57,000 of total room in 2026. If that person has contributed $30,000 and never withdrawn, $27,000 of room is left for 2026.
The CRA account figure is updated once a year, in the spring, with the previous year's transactions, so it does not show this year’s contributions or withdrawals. Your own records, or the CRA’s Form RC343 worksheet, are more current.
How does a TFSA withdrawal change your room and your projection?
A withdrawal never reduces your room, but it only comes back as new room on January 1 of the next calendar year, and money left out stops growing tax-free. A simple growth projection shows neither effect, so the examples below work through both.
Withdrawal scenario (2026 into 2027): Maya starts 2026 with $10,000 of unused room. She contributes $4,000 in March, leaving $6,000. In August she withdraws $5,000 for a car repair. Her room for the rest of 2026 stays at $6,000, because the withdrawal does not count until the new year. On January 1, 2027, her room becomes $6,000 + $5,000 + the 2027 dollar limit, which is not announced yet (CRA normally publishes the next year's TFSA limit in November). If the 2027 limit matched 2026’s $7,000, she would have $18,000 of room.
A withdrawal also has a long-run cost in the growth calculator. Taking $20,000 out after 10 years of $500-a-month deposits at 7%, and never putting it back, leaves about $529,211 at year 30 instead of $609,985. Re-contributing the $20,000 a year later, once the room returns, narrows that gap to about $5,446.
What does re-contributing a TFSA withdrawal too soon cost?
With no unused room left, putting a withdrawal back in the same year is an over-contribution, taxed at 1% per month for as long as the excess stays in the account. The CRA allows you to replace a withdrawal when allowed only if you have available contribution room; the withdrawn amount itself comes back as room the next calendar year.
Over-contribution scenario: Daniel has used all his room by March 2026. In April he withdraws $3,000, then puts the $3,000 back in May. With no room left, the full $3,000 is an excess amount, taxed at 1% a month: $30 for each month it stays. If he leaves it in until new room arrives on January 1, 2027, May through December is 8 months, or about $240 of tax. Waiting until January to re-contribute would have cost nothing.
The full rules, including how the CRA calculates and waives this tax, are in the TFSA over-contribution guide and the TFSA withdrawal rules.
Which TFSA limit should the calculator use for 2027?
Use the 2026 limit of $7,000 until the CRA publishes the 2027 limit, which is not announced yet (CRA normally publishes the next year's TFSA limit in November). When YieldMaple checked the CRA’s limit table on September 29, 2026, its newest entry was 2026, at $7,000 (the CRA table has no 2027 row yet).
The limit is indexed to inflation and rounded to the nearest $500, and it is the same for all TFSA holders and set every January 1. Because of the rounding, the limit stays flat in some years and rises by $500 in others. The TFSA contribution limit guide will carry the 2027 limit once the CRA publishes it.
TFSA projection examples
All three use the calculator’s math at an assumed 7% return with monthly compounding.
Example 1: starting at 25
- Age 25 in 2026, turned 18 in 2019, never contributed
- Room in 2026: $51,500
- $500 a month for 30 years: about $609,985 at age 55
Example 2: catching up at 40
- Age 40, eligible since 2009, has contributed $20,000
- Room in 2026: $89,000
- $1,000 a month for 25 years: about $810,072 at age 65, from $300,000 of contributions
Example 3: a full catch-up lump sum
- Eligible since 2009, contributes the full $109,000 in 2026
- Then adds the 2026-level limit of $7,000 a year for 20 years
- Result: about $744,096, from $249,000 of contributions
What can you hold in a TFSA?
A TFSA can hold cash, GICs, bonds, mutual funds and exchange-listed stocks and ETFs, so the return in the calculator depends entirely on what you buy inside it. Common choices and their costs:
- All-in-one global ETFs such as XEQT (MER 0.19%) or VEQT
- US index ETFs such as VFV (MER 0.08%)
- Canadian dividend ETFs such as VDY (MER 0.22%)
- Savings and GICs for short time frames, such as the EQ Bank TFSA savings account at 1.50%
A fund’s MER comes out of its return, so subtract it from the rate you enter in the calculator. Where to open the account is covered in the best TFSA accounts in Canada and the Wealthsimple TFSA guide. For how the account itself works, see what a TFSA is and its rules, and for the full Wealthsimple lineup, the complete Wealthsimple guide.
Common TFSA calculator mistakes
- Treating the result as a promise. Markets do not return the same amount every year; a fall early or late in the period changes the ending balance even when the average is the same.
- Mixing nominal and real returns. A nominal return includes inflation. If you want the answer in today’s dollars, enter a lower, after-inflation return.
- Planning deposits above your room. The calculator does not check your room. Monthly deposits above $583 exceed the 2026 limit unless you have unused room from earlier years.
- Re-contributing a withdrawal too soon. Withdrawn money only counts as room on January 1 of the next calendar year.
- Ignoring fees. Subtract the fund’s MER from the return you enter.
- Relying on the CRA account balance mid-year. It is updated once a year, in the spring, with the previous year's transactions.
The verdict
A TFSA calculator is most useful for comparing scenarios: more years versus more money, 5% versus 7%, or the long-run cost of a withdrawal you never replace. The limits that cap those scenarios are fixed by the CRA: $7,000 for 2026, up to $109,000 in total, and the 2027 limit still to come. Time in the account does most of the work, which is why the 30-year rows in the table above are several times larger than the 10-year rows.
Open a TFSA with Wealthsimple
Invest tax-free in a self-directed or managed TFSA.
New clients get a $25 cash bonus when they open a Wealthsimple account through our referral link and deposit at least $100 from another institution within 30 days.
Affiliate link: YieldMaple may earn a referral bonus if you open an account. It costs you nothing. Not financial advice.
Related TFSA guides
- TFSA contribution limit: annual limits and the 2027 update
- TFSA withdrawal rules: when withdrawn money counts as room again
- Best TFSA account in Canada: where to open one
- TFSA vs RRSP: which account to fund first
- RRSP calculator: the same projection for an RRSP
- How to invest in Canada: a beginner’s walkthrough