TFSA Contribution Room Calculator
Work out how much TFSA contribution room you actually have.
Why this is worth checking
Contribution room is the part of the TFSA people get wrong, and the penalty for getting it wrong is 1% a month on the excess. Room is not just this year’s limit. It is every year’s limit since you turned 18 or since 2009, whichever came later, minus what you have put in, plus everything you have ever withdrawn.
That last part catches people out. A withdrawal does not free up room immediately: it comes back on January 1 of the following year. Put it back the same year and it counts as a fresh contribution against room you may not have.
How this calculator works
The calculator uses the CRA’s published annual limits for every year since the TFSA was introduced in 2009. It works out your cumulative room from your birth year, subtracts contributions and adds back withdrawals in the year they become available again.
It cannot see your actual account. The CRA’s own figure in My Account is authoritative, and it lags: it reflects what your institution has reported, which can be months behind. If you have contributed recently, trust your own records over both.
Related
This calculator is for general information, not tax or financial advice. Rates and limits change. Verify anything that matters against the CRA or a qualified professional before acting on it.