Best TFSA Contribution Limit Calculator - Comparewise

TFSA Contribution Limit Calculator

Do you want to know how to calculate your TFSA contribution limit? Read to the end to find out how Canada’s TFSA contribution room works.

You can use many resources and calculators on the internet to find out your current tax-free savings account (TFSA) contribution limit.

Whether you are a Canadian citizen by naturalization, a born citizen of Canada, or a recent immigrant, use our contribution limit calculator to determine how much you can contribute to your TFSA.

What Is A TFSA Contribution Limit Calculator

A TFSA Contribution Limit Calculator is an inline resource used to calculate and determine the limit on what you can contribute to the TFSA each year. The TFSA Contribution Limit Calculator is not a basic calculator that can do somewhat regular addition, subtraction, multiplication, and division.

The TFSA contribution limit is the annual maximum amount of money a Canadian citizen or legal resident can contribute. The process of opening a TFSA account is straightforward.

So, if you’re 18 years of age or older and have been issued a valid social insurance number, you can open it immediately and start contributing to your TFSA.

A Tax-Free Savings Account (TFSA) is a 2009 investment fund that allows individuals who are legally residing in Canada and have a valid social insurance number (SSN) to invest their money in a tax-free investment account.

This account lets you invest in financial instruments like stocks, bonds, exchange-traded funds (ETFs), mutual funds, and many other assets.

Tfsa Interest Calculator - Comparewise

How Does Canada’s TFSA Contribution Limit Work?

Your TFSA contribution limit is the yearly maximum amount of money you can contribute to your TFSA. Your current age as of when you started and your contribution room determine how much contribution room you have.

Even if you did not file income taxes or open a TFSA during that year, you begin collecting the year you turn 18 (and become a Canadian resident).

Your contribution allowance is the sum of the following:

  1. The amount or dollar limit for TFSAs for the current year
  2. Any remaining contribution space from previous years.
  3. Expenses deducted from your TFSA in the prior year.

The TFSA contribution limit for 2022 is $6,000. For those who turned 18 before 2009, the maximum lifetime TFSA contribution limit is $81,500. If you withdraw funds from your TFSA, you receive the space back on January 1 of the following year. Do not exceed your limit.

The TFSA Contribution Limits From 2009 To 2022

S/NoYears In ReviewAmount
12009 to 2012$5,000 CAD
22013 to 2014$5,500 CAD
32015$10,000 CAD
42016 to 2018$5,500 CAD
52019 to 2022$6,000 CAD

If you look closely at the numbers in the table above, you can see that the total lifetime contribution limit for 2022 is $81,500CAD.

Tfsa Contribution Room Calculator - Comparewise

Checking Your TFSA Contribution Room on CRA

In addition to our online calculator up top, you can also check your TFSA contribution room by withdrawing or making a contribution.

First, go to CRA’s homepage, log in, and click “TFSA.

You can see information about your deposits and withdrawals in the transaction summary of an account. You can also call them and ask for a TFSA room statement.

As a short aside, though, keep in mind that the CRA will only be current as of the most recent January. Donations made in February of the current year will not be counted.

How Do Withdrawals From A TFSA Affect The Contribution Limit?

Your TFSA contribution limit will typically not be affected due to withdrawals. The account balance may temporarily decrease in the year of the withdrawal. Still, the amount will be reinstated at the start of the following year, restoring the account to its pre-withdrawal level.

If you have $60,000CAD in the contribution room but withdraw $5,000CAD this year, your total contribution space will be $55,000CAD until January 1, when the withdrawn amount will be reinstated.

However, if you withdrew $5,000CAD the year before, that sum would be reinstated to your contribution limit in the new year.

Tfsa Contribution Limit Calculator - Comparewise

TFSA Contribution Limit Calculator Conclusion

The TFSA contribution limit calculator is a helpful tool that helps you know the exact amount you can contribute to your TFSA at most. Apart from the flexibility of the TFSA. It also has many benefits, such as tax-free growth on investments and tax-free withdrawals for any reason.

Ensure you do not over-contribute by regularly monitoring your contributions and withdrawals. If you end up giving too much, you should take out the extra money right away to avoid overpayment. Thanks for checking out our TFSA Contribution Limit Calculator.

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Were you a resident of Canada before 2010?

Year you became a Canadian Resident

Birth Year

Total TFSA Contributions

Have you ever made a withdrawal from your TFSA?

This Year's Withdrawals

Previous Year's Withdrawals

Result

You must be 18 or older to open a TFSA
TFSA Room

TFSA Contribution Limit Calculator

Do you want to know how to calculate your TFSA contribution limit? Read to the end to find out how Canada’s TFSA contribution room works.

You can use many resources and calculators on the internet to find out your current tax-free savings account (TFSA) contribution limit.

Whether you are a Canadian citizen by naturalization, a born citizen of Canada, or a recent immigrant, use our contribution limit calculator to determine how much you can contribute to your TFSA.

What Is A TFSA Contribution Limit Calculator

A TFSA Contribution Limit Calculator is an inline resource used to calculate and determine the limit on what you can contribute to the TFSA each year. The TFSA Contribution Limit Calculator is not a basic calculator that can do somewhat regular addition, subtraction, multiplication, and division.

The TFSA contribution limit is the annual maximum amount of money a Canadian citizen or legal resident can contribute. The process of opening a TFSA account is straightforward.

So, if you’re 18 years of age or older and have been issued a valid social insurance number, you can open it immediately and start contributing to your TFSA.

A Tax-Free Savings Account (TFSA) is a 2009 investment fund that allows individuals who are legally residing in Canada and have a valid social insurance number (SSN) to invest their money in a tax-free investment account.

This account lets you invest in financial instruments like stocks, bonds, exchange-traded funds (ETFs), mutual funds, and many other assets.

Tfsa Interest Calculator - Comparewise

How Does Canada’s TFSA Contribution Limit Work?

Your TFSA contribution limit is the yearly maximum amount of money you can contribute to your TFSA. Your current age as of when you started and your contribution room determine how much contribution room you have.

Even if you did not file income taxes or open a TFSA during that year, you begin collecting the year you turn 18 (and become a Canadian resident).

Your contribution allowance is the sum of the following:

  1. The amount or dollar limit for TFSAs for the current year
  2. Any remaining contribution space from previous years.
  3. Expenses deducted from your TFSA in the prior year.

The TFSA contribution limit for 2022 is $6,000. For those who turned 18 before 2009, the maximum lifetime TFSA contribution limit is $81,500. If you withdraw funds from your TFSA, you receive the space back on January 1 of the following year. Do not exceed your limit.

The TFSA Contribution Limits From 2009 To 2022

S/NoYears In ReviewAmount
12009 to 2012$5,000 CAD
22013 to 2014$5,500 CAD
32015$10,000 CAD
42016 to 2018$5,500 CAD
52019 to 2022$6,000 CAD

If you look closely at the numbers in the table above, you can see that the total lifetime contribution limit for 2022 is $81,500CAD.

Tfsa Contribution Room Calculator - Comparewise

Checking Your TFSA Contribution Room on CRA

In addition to our online calculator up top, you can also check your TFSA contribution room by withdrawing or making a contribution.

First, go to CRA’s homepage, log in, and click “TFSA.

You can see information about your deposits and withdrawals in the transaction summary of an account. You can also call them and ask for a TFSA room statement.

As a short aside, though, keep in mind that the CRA will only be current as of the most recent January. Donations made in February of the current year will not be counted.

How Do Withdrawals From A TFSA Affect The Contribution Limit?

Your TFSA contribution limit will typically not be affected due to withdrawals. The account balance may temporarily decrease in the year of the withdrawal. Still, the amount will be reinstated at the start of the following year, restoring the account to its pre-withdrawal level.

If you have $60,000CAD in the contribution room but withdraw $5,000CAD this year, your total contribution space will be $55,000CAD until January 1, when the withdrawn amount will be reinstated.

However, if you withdrew $5,000CAD the year before, that sum would be reinstated to your contribution limit in the new year.

Tfsa Contribution Limit Calculator - Comparewise

TFSA Contribution Limit Calculator Conclusion

The TFSA contribution limit calculator is a helpful tool that helps you know the exact amount you can contribute to your TFSA at most. Apart from the flexibility of the TFSA. It also has many benefits, such as tax-free growth on investments and tax-free withdrawals for any reason.

Ensure you do not over-contribute by regularly monitoring your contributions and withdrawals. If you end up giving too much, you should take out the extra money right away to avoid overpayment. Thanks for checking out our TFSA Contribution Limit Calculator.

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FAQs about our TFSA Contribution Limit Calculator

How To Calculate Your TFSA Contribution Limit

Calculating your TFSA contribution limit manually is an essential and straightforward process. The most challenging aspect is compiling your previous contributions and withdrawals.

Step 1: Get the total unadjusted contribution room by adding up the annual limit for each year and being at least 18 years old by using the contribution limits table.

Step 2: Subtract any past contributions to your account. Even if the funds were later withdrawn, including them here will simplify the calculation.

Step 3: Include any TFSA withdrawals made before 2021. Adding what was taken out in Step 2 and then subtracting your total contributions and withdrawals makes sure nothing is missed.

Step 4: Only to determine your 2022 TFSA contribution room, add your 2021 withdrawals. This amount cannot be contributed again in 2021.

How To Calculate TFSA Contribution Limit

If you were already 18 years old before or in 2009, in such a case, the maximum contribution amount for 2022 will be$81,500.

However, if you turned 18 years of age shortly after 2009, it is recommended that you use the TFSA room calculator to figure out how much you can contribute in total, as the calculations can be somewhat complex.

After calculating your maximum contribution room based on your birth year, you subtract the amount you’ve already contributed to determine your current TFSA contribution room.

What Is My Unused TFSA Contribution Limit Calculator

For 2022, the yearly TFSA contribution maximum is $6,000? Your contribution limit begins when you reach 18, and TFSAs were established in 2009. If you were at least 18 in 2009 and did not contribute to a TFSA between 2009 and 2022, your total contribution limit maybe $81,500.

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