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.
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:
- The amount or dollar limit for TFSAs for the current year
- Any remaining contribution space from previous years.
- 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/No | Years In Review | Amount |
| 1 | 2009 to 2012 | $5,000 CAD |
| 2 | 2013 to 2014 | $5,500 CAD |
| 3 | 2015 | $10,000 CAD |
| 4 | 2016 to 2018 | $5,500 CAD |
| 5 | 2019 to 2023 | $6,000 CAD |
If you look closely at the numbers in the table above, you can see that the total lifetime contribution limit for 2023 is $81,500CAD.
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 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 TFSATFSA 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.
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:
- The amount or dollar limit for TFSAs for the current year
- Any remaining contribution space from previous years.
- 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/No | Years In Review | Amount |
| 1 | 2009 to 2012 | $5,000 CAD |
| 2 | 2013 to 2014 | $5,500 CAD |
| 3 | 2015 | $10,000 CAD |
| 4 | 2016 to 2018 | $5,500 CAD |
| 5 | 2019 to 2023 | $6,000 CAD |
If you look closely at the numbers in the table above, you can see that the total lifetime contribution limit for 2023 is $81,500CAD.
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 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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