How the TFSA Calculator works
Estimate tax-free investment growth. Adjust the inputs above, then use the calculate button to generate a fresh estimate based on the numbers you entered.
The result is designed to give you a quick planning number, plus a short breakdown of the major figures behind it. You can reset the form at any time and try a different scenario.
When to use this calculator
Use this TFSA calculator to estimate tax-free account growth from current savings and annual contributions. It is useful for planning long-term savings where investment growth and withdrawals may be tax-free under TFSA rules.
Formula
Future TFSA value = current balance compounded over time plus compounded annual contributions
- Current TFSA balance is the starting account value.
- Annual contribution is added each year in the estimate.
- Annual return is the assumed growth rate.
- Years is the projection period.
Worked example
For a $30,000 TFSA balance, $7,000 annual contribution, 6% return and 20 years, the calculator estimates future TFSA value.
Common mistakes
- Contributing more than available TFSA room.
- Assuming investment returns are guaranteed.
- Forgetting that withdrawals and recontributions have timing rules.
FAQs
Are TFSA withdrawals taxable?
TFSA withdrawals are generally tax-free, subject to account rules.
Does this check TFSA room?
No. Confirm your available contribution room before contributing.
Can a TFSA hold investments?
Yes. TFSAs can hold eligible savings or investments depending on the account provider.