A free Canadian TFSA calculator that shows whether your monthly contribution is enough to catch up your Tax-Free Savings Account room — and exactly when — plus roughly what that account could be worth, and pay you, by the time you retire.
Fill in the fields below — your plan updates automatically as you go.
Based on the numbers you entered above — adjust anything up there and this updates instantly.
Projected TFSA balance at retirement (age 65)
$0
Estimated tax-free income for life
$0/mo
—
You've contributed an estimated $0 of your $0 lifetime TFSA room so far. Income assumes withdrawals are structured to last until age 95.
Years beyond what's on record assume the CRA keeps increasing the TFSA limit by about $0/year — the average pace of the last decade of real increases — rounded to the nearest $500.
| Year | Age | Monthly Contribution | Status |
|---|
Growth to retirement
Contributions vs. growth
This calculator is for illustrative purposes only and isn't personalized financial advice. It assumes a constant rate of return, and that your contribution never exceeds the TFSA room actually available in a given year. It doesn't account for fees, taxes on non-registered accounts, or future changes to TFSA rules. Actual results will vary. Book a meeting for a plan built around your actual numbers.
Send the plan you just built straight to me, along with the best way to reach you, and I'll follow up to talk through your options — no obligation.
Simple in theory, easy to under-use in practice. Here's why it's worth actually maxing out.
Every dollar of interest, dividends, or capital gains inside a TFSA grows without being taxed — not this year, not when you withdraw it.
Money you pull out of a TFSA in retirement isn't added to your taxable income for the year — not the contributions, not the growth.
TFSA withdrawals aren't counted as income, so they won't trigger Old Age Security clawback or reduce income-tested benefits.
Unused contribution room never expires — it just keeps accumulating year after year, waiting for you to use it.
There's no penalty for withdrawing early, and whatever you take out gets added back to your contribution room the following January.
An emergency fund, a house down payment, or a retirement account — a TFSA can be all three, and it changes roles as your life does.
It depends on your available contribution room and how much you can contribute each month, compared to how much new room the CRA adds each year. Enter your age, estimated contributions to date, and a monthly contribution amount into the calculator above — it tells you the exact year you'll be fully caught up, or lets you know if that pace won't fully catch up before retirement.
The TFSA dollar limit for 2026 is $7,000. If you were 18 or older in 2009 and have never contributed, your total lifetime TFSA contribution room by 2026 is $109,000.
The CRA sets a new annual TFSA dollar limit each year, usually indexed to inflation and rounded to the nearest $500. For 2026, that limit is $7,000. Unused room carries forward indefinitely, so your total available room is usually larger than just one year's limit.
The CRA charges a penalty tax of 1% per month on the excess amount for as long as it stays in the account. It's worth double-checking your available room in your CRA My Account before contributing if you're not sure.
Yes. Interest, dividends, and capital gains earned inside a TFSA are never taxed, and withdrawals — including all of that growth — are completely tax-free too, unlike money withdrawn from a taxable account.
Most TFSA calculators only tell you your current contribution room. This one estimates your available room from your age and what you've contributed so far, tells you whether your planned monthly contribution is enough to catch up (and exactly when), and projects your account's tax-free growth and retirement income.
This calculator estimates your available room from your age and what you've told it you've contributed. For the exact figure on record, log in to your CRA My Account and go to "RRSP and TFSA" — if the two numbers don't match, trust the CRA figure.
This calculator is a starting point — a real plan accounts for your whole picture. Call or text me at 780-868-0552 or email ethan@marchandwealth.ca — whatever's easiest for you.