A Tax-Free Savings Account (TFSA) can be used to save for any goal. You put after-tax dollars into a TFSA, but your investments grow tax-free and you won’t pay any tax on withdrawal. You can hold a wide variety of investments in a TFSA, for example cash, GICs, bonds, stocks, mutual funds and ETFs.

Using this calculator

Use this calculator to estimate the value of the investments in your TFSA when you’re ready to withdraw them, and compare this amount to the value of your investments in a non-registered plan to see your overall estimated tax savings.

$ Help with "Current balance"

Enter the amount you currently hold in your TFSA. This includes any contributions you’ve made as well as investment gains or losses.

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Make sure the value you enter in the "Available contribution room" field takes into consideration what you have already contributed to your TFSA. For information on how to determine your available TFSA contribution room, click the icon next to "Available contribution room" below.

Everyone's available contribution room is different, depending on your age and whether you have made withdrawals in previous years. If you are unsure of your available contribution room, check your CRA MyAccount, or contact the Canada Revenue Agency (CRA).

$ Help with "Available contribution room"

TFSA contribution room carries forward each year if you have not used your full contribution allowance, or if you make a withdrawal. Enter your unused contribution room, including the contribution limit for the current year. The default value of $7,000 is the annual contribution limit for 2024. If you are unsure of the amount of unused contribution room you have, you can find it through the Canada Revenue Agency using one of these services:

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Help with "Years to grow" years

Enter how long you plan to hold your investment. This could be based on the term of your investment (e.g. with a GIC or bond), or based on the time you plan to save before withdrawing money (e.g. when you plan to buy a home or car, retire, etc.).

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$ Help with "Regular contributions and frequency"

Decide how much money you will add, and how often. The maximum for this field is based on the unused contribution amount you entered.
The calculator will automatically adjust this amount if the amount you enter will take you over the allowable contribution limit during the investment period.
The annual limit is based on the 2024 contribution limit of $7,000.
The calculator assumes a monthly compounding period.

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Help with "Expected annual rate of return" %

Enter the expected annual rate of return on your investment over the investment period. Some investments have a set rate of return (e.g. a GIC), but others vary (e.g. stocks). If the rate may change, enter an estimated average annual rate of return.

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Help with "Marginal tax rate" %

Marginal tax rate is the tax you pay on each extra dollar of income earned. The rate is based on your income level, and different rates apply to interest, dividends and capital gains.

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Results:

Estimated value:

$29,690.16

Tax savings:

$7,504.89

At the end of the investment period, your TFSA will have an estimated value of $29,690.16. Your savings in a non-registered plan would be $22,185.26, meaning that by using a TFSA, your tax savings will be approximately $7,504.89.

+ LEARN MORE ABOUT TFSAs.
  • TFSA
  • Non-registered
YEAR TFSA NON-REGISTERED DIFFERENCE
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
0 $0,000,000.00 $0,000,000.00 $0,000,000.00
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Any results or calculations displayed on this site are made available for information purposes only, and do not constitute financial or legal advice. By using this calculator, you agree to our Website and Social Media Terms of Use and Privacy Policy .

Assumptions
  1. For the purpose of this calculation, we assume that the contributions are made at the beginning of each period, the interest is calculated at the end of each period and is paid out at the end of each year.
  2. It is assumed that the starting balance is the same in your non-registered account as your TFSA.
  3. Results are displayed by year.
  4. The marginal tax rate you enter is assumed to remain consistent over the investment term.
  5. The maximum annual TFSA contribution limit of $7,000 is current as of January 1, 2024. Learn more about TFSA contribution limits. The annual contribution limit is assumed to remain the same over the investment term.

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Year 00

TFSA: Default

Non-registered: Default