TFSA CALCULATOR

Tax refund: It can pay off even more
if you reinvest it!

Calculate how much you need to save in a tax-free savings account (TFSA) to reach your goals. You’ll get an illustration of savings growth and a comparison of returns between investing in a TFSA and investing in a non-registered account. Find out more about the TFSA.

Postal Code

Annual income

Time horizon for your project

yrs

Do you know the amount you need for your project?

Yes No

Amount you need for your project

Contribution you wish to make right now

Frequency of contributions

Annually Monthly Every two weeks Weekly

Amount of your contribution

Contribution you wish to make right now

Calculation assumptions

Return rate

Marginal tax rate

This calculator is offered for informational purposes only.
It is important to check your TFSA contribution limit and respect this limit. Annual contributions are restricted to the annual limit ($6,000 for 2022, $6,500 for 2023 and $7,000 for 2024). Check the limit for the current year.
Since the introduction of the TFSA in 2009, the total contribution limit must not exceed $95,000 in 2024. You may carry forward any unused portion from previous years and add it to your annual contribution limit.
The rate of return used for this simulation is 5% by default. Real returns may vary.
The marginal rate is rounded based on income and province of residence. If no income is entered, the marginal rate is set to 40% by default.

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Your TFSA savings results

for years

Your goal is not attained with the current parameters With the TFSA, you will reach your goal early! With the TFSA, you will reach your goal before the end of your time horizon!

Additional tax-sheltered growth

Non-registered growth

Your contribution

This result is for information purposes only and is calculated based on the information you have provided and one certain assumptions.

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