The tax-free savings account (TFSA) is a way for Canadians to set money aside tax-free throughout their lifetime. This TFSA contribution limit calculator helps determine how much you can add to your account. You do not need to have earned income to contribute to a TFSA and the maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room.
The TFSA contribution limit calculator helps determine your limit, based on a number of factors. The TFSA contribution room is the total amount of all of the TFSA dollar limit of the current year, plus any unused TFSA contribution room from previous years and includes any withdrawals made from the TFSA in the previous year.
As the TFSA contribution limits change, it is important to understand all the allowable room you may have to help sae for your future.
This calculators works well with the following: