Best TFSA Calculator - Comparewise

TFSA Calculator

With many people worried about paying taxes in retirement, Tax-Free Savings Account (TFSA) is a great way to save money while reducing your tax burden. 

A TFSA calculator is a great tool that can help lower your taxes, especially when you are planning to retire. By following the steps in this calculator, you can have an excellent foundation for your tax planning and reduce the taxes you must pay every year.

What is a TFSA calculator?

The Tax-Free Savings Account Calculator is an online tool that assists Canadians in calculating the financial advantages of investing via a Tax-Free Savings Account, where the investment income is exempt from taxation.

This calculator helps to estimate the value of the investments that will be available for withdrawal from your TFSA when the time comes. It also allows you to compare the estimated amount to the value of your investments in a non-registered plan to determine the amount of tax savings you can expect.

Tax Free Savings Account Calculator - Comparewise

What exactly is a TFSA?

A Tax-Free Savings Account (TFSA) is an account that allows you to keep qualifying for assets such as cash, stocks, bonds, and mutual funds.

You can withdraw contributions, as well as interest, capital gains, and dividends generated in the account, at any time, without being subject to taxation (or reporting the withdrawals as income when you file your taxes).

The annual maximum contribution to a Tax-Free Savings Account is set by the Canadian government every year. The word “limit” comes from the term “contribution,” which describes this maximum amount.

In the year when a Canadian resident turns 18, the contribution room clock starts ticking. If you put in less than you did during a given year, the leftover funds will be added to your total allowed contribution amount for the next year(s).

Tfsa Calculator - Comparewise

How does a TFSA calculator work

Using a TFSA calculator may help you determine how much more you could put away in your TFSA as opposed to a traditional savings account, where profits are subject to taxation. For a TFSA calculator to be able to give you an estimated result, you have to provide various information such as;

  • Contribution amount (starting and ongoing amount)
  • Contribution years
  • Current Contribution room
  • Your Annual Income
  • The expected yearly rate of return
  • The duration you wish to save for

Thanks for checking out our TFSA calculator.

You might also like…

Current TFSA Balance (Max. $250,000)

Available Contribution Room (Max. $100,000)

Investment Horizon (Max. 50 years)

 Years          

Regular Contributions (Max. $1,000)

Expected Annual Rate of Return (Max. 7%)

Marginal Tax Rate

Result

Final Value
Tax Savings
Non-Registered Account

Based on the given information, you will have saved in taxes from in your TFSA.

TFSA Calculator

With many people worried about paying taxes in retirement, Tax-Free Savings Account (TFSA) is a great way to save money while reducing your tax burden. 

A TFSA calculator is a great tool that can help lower your taxes, especially when you are planning to retire. By following the steps in this calculator, you can have an excellent foundation for your tax planning and reduce the taxes you must pay every year.

What is a TFSA calculator?

The Tax-Free Savings Account Calculator is an online tool that assists Canadians in calculating the financial advantages of investing via a Tax-Free Savings Account, where the investment income is exempt from taxation.

This calculator helps to estimate the value of the investments that will be available for withdrawal from your TFSA when the time comes. It also allows you to compare the estimated amount to the value of your investments in a non-registered plan to determine the amount of tax savings you can expect.

Tax Free Savings Account Calculator - Comparewise

What exactly is a TFSA?

A Tax-Free Savings Account (TFSA) is an account that allows you to keep qualifying for assets such as cash, stocks, bonds, and mutual funds.

You can withdraw contributions, as well as interest, capital gains, and dividends generated in the account, at any time, without being subject to taxation (or reporting the withdrawals as income when you file your taxes).

The annual maximum contribution to a Tax-Free Savings Account is set by the Canadian government every year. The word “limit” comes from the term “contribution,” which describes this maximum amount.

In the year when a Canadian resident turns 18, the contribution room clock starts ticking. If you put in less than you did during a given year, the leftover funds will be added to your total allowed contribution amount for the next year(s).

Tfsa Calculator - Comparewise

How does a TFSA calculator work

Using a TFSA calculator may help you determine how much more you could put away in your TFSA as opposed to a traditional savings account, where profits are subject to taxation. For a TFSA calculator to be able to give you an estimated result, you have to provide various information such as;

  • Contribution amount (starting and ongoing amount)
  • Contribution years
  • Current Contribution room
  • Your Annual Income
  • The expected yearly rate of return
  • The duration you wish to save for

Thanks for checking out our TFSA calculator.

You might also like…

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Get 50 Free Trades on Canada's #1 trading platforms.
Min Investment
$0
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Earn passive income, start investing in real estate.
Min Investment
$1
Target Return
Varied
Use code KKZH8A when you sign up to get 2 free stocks
Min Investment
$1
Target Return
Varied
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Buying and seucring gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
Get a $25 bonus when you sign up and trade.
Min Investment
$10
Target Return
Varied
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%

comparewise

September 12, 2022
Fact Checked

Browse calculators by type

Check out business loan calculators on Comparewise...

Check out car loan calculators on Comparewise to s...

Check out date and time calculators on Comparewise...

Check out health calculators on Comparewise to see...

It's never been easier to calculate your monthly p...

Check out our investment calculators to see how mu...

Check out mathematics calculators on Comparewise t...

Check out mortgage calculators to see what you can...

Our personal finance calculators help you compare ...

Check out our personal loan calculators to see wha...

Check out student calculators to check your GPA an...

Check out tax calculators to see different income ...

FAQs about our TFSA Calculator

How to calculate TFSA contribution room

You can calculate your contribution room through the use of a TFSA calculator. But you have to put three factors in mind. These factors are;

  • Present year’s TFSA contribution limit
  • If you have any spare contribution room from previous years
  • The total amount of money withdrawn from your TFSA in the previous year
How to calculate your TFSA contribution limit

Your TFSA contribution limit is the amount of money you may put into your tax-free savings account, and the TFSA contribution limit calculator helps you to estimate this amount.

How to calculate TFSA room

The TFSA contribution limit can be determined using a TFSA contribution calculator, or it can be determined manually by considering some variables. Your withdrawal from your Tax-Free Savings Account accumulated unused contribution room from prior years, and current contribution limit are all potential considerations.

What is a TFSA contribution room calculator?

TFSA contribution room calculator is an online tool that you can use to estimate your TFSA contribution room for the year.

What is TFSA?

A Tax-Free Savings Account (TFSA) is a registered investment account that enables investment income growth and capital gains from assets maintained inside the account free from taxation. TFSAs were first made available to Canadians by the federal government, which also established annual contribution limits.

You may also like:

Algebra is an area of mathematics that involves the application of calculations and for...
To increase your chances of conceiving a child, becoming familiar with your unique mens...
Do you have excessive auto insurance costs? The majority of Canadian drivers ponde...
In Canada, there are quite a number of things to take into consideration when deciding ...
One of the most important aspects of a course is understanding and setting the grading ...
Car loan?
Personal Loan?

Top deals await you just a short
application away!