TFSA contribution room calculator

Quick facts about the TFSA contribution room calculator

What is your Tax Free Savings Account contribution room?

Your TFSA contribution room represents the maximum amount of funds you can contribute to your Tax Free Savings Account. You can open and begin contributing to your TFSA at any time provided you’re at least 18 years of age and have a valid social insurance number.

If you’re new to TFSAs, you may not be aware that you’ve already been building contribution room without even opening an account. Canadians who were 18 or older in 2009 (the year the program started) began growing their limit from that year forward, while those who turned 18 can track their progress starting on the year of their 18th birthday. The total lifetime contribution room for 2026 is $109,000. Here’s a breakdown of TFSA contribution limits over time:

How to check your TFSA contribution room, withdrawals, and contributions

Aside from using a TFSA contribution room calculator, there are two ways to check your TFSA contribution room, withdrawals, and contributions.

1. Check your CRA account

You can log in to your CRA account and navigate to the “TFSA” section on the home page. There, you’ll find a transaction summary that shows your contributions and withdrawals. You can also call the CRA and request a TFSA room statement. Keep in mind that CRA records are typically only up to date as of January of the current year. Contributions or withdrawals made after January may not be reflected until the following year.

2. Calculate TFSA contribution room on your own

There are three factors that determine your TFSA contribution room:

• The TFSA contribution limit for the current year
• Any unused TFSA contribution room from previous years
• Any withdrawals from your TFSA in the previous year

Example: calculating your TFSA contribution room for 2026

Let’s say you became eligible for a TFSA in 2011 and have been a Canadian resident since then. As of 2026, your total lifetime TFSA contribution room is $99,000.

Over the years, you’ve contributed $50,000 to your TFSA. In 2025, you withdrew $8,000. Because TFSA withdrawals are added back to your contribution room at the beginning of the following year, that withdrawal affects your available room for 2026.

Here’s how your TFSA contribution room would be calculated:

With this example, as of January 2026, your available TFSA contribution room would be $57,000.

It’s worth noting, however, that you will have to confirm contribution and withdrawal details yourself by checking statements and investment activity through any banks, brokerages, or robo-advisors you keep TFSA accounts with.

How do TFSA withdrawals impact contribution room?

Withdrawals typically don’t have any long-term impact on your TFSA contribution room, but timing matters. 

If you withdraw money from your TFSA, that amount cannot be re-contributed in the same calendar year unless you already have available room. The withdrawn amount is added back to your TFSA contribution room at the beginning of the following year.

Example: impact of withdrawal on TFSA limit in the same calendar year

Let’s say you have $60,000 in available contribution room for the current calendar year and you withdrew $5,000 for a vacation. Your available contribution room for this year would remain at $60,000. If your vacation plans suddenly got canceled and you decided to re-contribute the $5,000 back to your TFSA in the same year, your available room would now fall to $55,000.

In other words, withdrawing your funds from a TFSA doesn't change the total amount of room you have available for the current year and your limit won't increase to offset any withdrawals made in the same year. 

Here’s another example to help further illustrate: let’s say you maxed your TFSA every year and now have $0 in available contribution room for the current calendar year. If you withdrew $10,000 from your TFSA this year, your total contribution room would still be $0 and you can't re-contribute any amount of money back to your TFSA this year without going over the limit.

The impact of TFSA over-contributions

In the event that you over-contribute to your TFSA, the CRA will typically first send a letter (Excess TFSA Amount letter) to notify you. If the issue isn’t corrected, a 1% penalty tax will then be applied for every month the extra money stays in your account. The good news, however, is that this penalty only affects the over-contributed amount and not your entire balance.

If you’ve over-contributed, the best course of action is to withdraw the excess amount from your TFSA as soon as possible. If the over-contribution was a genuine mistake, you can send a letter to the CRA clarifying your error.

What to know when opening a TFSA

TFSAs offer flexibility, but there are several important rules to keep in mind.

Multiple TFSAs are allowed

Keeping multiple TFSAs open with different financial institutions is completely fine, but be aware that they’ll all be part of the same contribution limit.

Withdrawing when your TFSA is down will cost you contribution room

While one of the great things about TFSAs is their flexibility around withdrawals, it's important to note that draining your account when it's operating at a loss will cost you future contribution room. 

For instance, if you invested $12,000 and saw your TFSA balance dip to $8000, you may be tempted to withdraw all of it to prevent any more damage. Although you’re free to do this, only $8,000 will be added to your contribution limit next year as a result. With this in mind, it’s often wiser in the long run to wait things out until they improve.

Avoid paying back withdrawals during the same year

Once you’ve hit your TFSA contribution limit, you can’t pay back any withdrawals you made from your TFSA in the same year. That repayment will be seen as an over-contribution and be subject to a 1% monthly tax as long as it stays in your account.

TFSAs are (almost) exempt at tax time

Because TFSAs are tax-free, you usually don’t have to do anything with them when it comes time to file your taxes. However, if you’ve over-contributed or since become a non-resident of Canada, you’ll need to file an RC243 form and pay any taxes owed by June 1st of the following year.

As an aside, it’s also worth noting that because TFSAs are tax-free, any capital losses suffered aren’t deductible.

Transferring your TFSA

You can transfer your TFSA from one financial institution to another if the transfer is completed by the institutions themselves. In cases where you’ve personally withdrawn money from one TFSA and invested it into another, however, you’ll be subject to a penalty if you’ve already met your yearly contribution.

Administrative fees don’t count as withdrawals

Money taken from your TFSA for things like transfer fees or investment fees aren’t considered proper withdrawals. As such, they won’t be added back into your contribution room the following year.