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The TFSA is a tax-free, flexible account that allows you to save for any goal. In addition to offering a tax-free environment, the TFSA offers the flexibility to hold a wide variety of investments including cash, GICs, bonds and stocks. Learn more about how much your money can grow in a TFSA compared to a savings account where earnings are taxable.

This TFSA Calculator elps you understand how your investments can grow in a TFSA. The calculator takes into account several factors that impact your investment returns. These include your province of residence, the initial contribution amount, and your annual contributions. It also calculates your expected rate of return, which will help you visualize how your investments might grow over time.

TFSA Contribution Limit

If you have unused TFSA contribution room from previous years, you can add it back to your account. However, withdrawals from a TFSA count against your contribution room. Qualifying transfers, exempt contributions and specified distributions don't count against your contribution room.

The TFSA is an excellent tool for saving for retirement, buying a home or any other long-term goal. It is important to know how your TFSA will perform compared to a non-registered plan to determine if it is the best option for you. This calculator is meant to provide general guidance and should not be relied upon to make financial decisions. Actual results may vary based on various uncontrollable factors. For more information on the TFSA, see our Tax-Free Savings Account Guide.