How to Use This Calculator

1. Enter your year of birth: This helps determine the first year you became eligible for TFSA contributions (the year you turned 18).
2. Enter your first year of Canadian residency: Your contribution room starts to accumulate only when you become a Canadian resident.
3. Enter the current year: The calculator will tally your room up to this year.
4. Click 'Calculate': The tool will show your total cumulative contribution room since your first eligible year.
5. View your results: The result section will display your total estimated room and a chart showing how it has accumulated over the years.

This calculation assumes you have not yet made any contributions or withdrawals and were a resident of Canada in all eligible years.

A Brief History of the TFSA

The Tax-Free Savings Account (TFSA) was introduced by the Canadian federal government in the 2008 budget and became available to Canadians on January 2, 2009. It's a registered savings plan that allows you to set money aside in eligible investments and watch your savings grow tax-free.

Unlike an RRSP, contributions to a TFSA are not tax-deductible, but all investment income, including capital gains and dividends, earned within the account is not taxed. Withdrawals are also tax-free, making it a powerful tool for short-term and long-term financial goals.

Annual TFSA Contribution Limits

The TFSA dollar limit is indexed to inflation and rounded to the nearest $500. This table shows the annual contribution room for each year.

*The cumulative limit assumes a person was at least 18 years old and a resident of Canada in 2009.