Find out how much TFSA room you have accumulated and how much your savings could be worth, completely tax-free.
TFSA annual limits
| Year | Limit |
|---|---|
| 2009 to 2012 | $5,000 |
| 2013 to 2014 | $5,500 |
| 2015 | $10,000 |
| 2016 to 2018 | $5,500 |
| 2019 to 2022 | $6,000 |
| 2023 | $6,500 |
| 2024 to 2026 | $7,000 |
Someone who was 18 or older and a resident of Canada in 2009 and has never contributed has $109,000 of room in 2026.
Rules to remember
- Room starts the year you turn 18 and accumulates even if you never open an account.
- Withdrawals are added back to your room on January 1 of the following year, not immediately.
- Over-contributions are taxed at 1% per month.
- Investment growth and withdrawals are never taxed and do not affect benefits like OAS or the GIS.
FAQ
What can I hold in a TFSA?
Savings, GICs, stocks, ETFs, mutual funds and bonds. A TFSA is an account, not an investment.
TFSA or RRSP first?
See our RRSP calculator to compare your tax savings.