Investment calculators

TFSA Calculator

Want to find out how much more you can save with a TFSA (tax-free savings account)? We'll calculate the potential benefit of investing in a TFSA compared to an account where income is taxed.

TFSA Calculator

Determine your tax rate

To estimate the potential tax on your investment income, we need to determine your anticipated tax rate. To do so, we need to know the province or territory where you live and your anticipated annual income.

Province or territory

Gross annual income

Plan on making a starting contribution?

Your TFSA contribution room is the maximum amount you can contribute to a TFSA without penalties. If your total contributions are less than your TFSA contribution room in a year, any unused room is carried forward to the next year.

Check your contribution room online at the Canada Revenue Agency Opens in a new window..

You can use some or all of your unused contribution room from previous years to make a starting investment.

Starting contribution

Enter a value between $0 and $81,500.

Plan on making ongoing contributions?

You can make a recurring annual contribution or split up your contribution into shorter intervals that start in the current year and go forward. The total amount each year should not exceed the TFSA dollar limit, which is $6,500 in 2023.

Potential future increases to the TFSA dollar limit are not included in calculations.

Ongoing contribution

Enter a value between $0 and $6,500.

Frequency

Investment term (in years)

Enter a value between 1 and 50.

Expected rate of return

Custom rate

Enter a value between 0 and 20.

How much you could save with a TFSA

Let's compare how your planned investment would grow in a TFSA instead of a taxable account.

Investment details

Province or territory

Gross annual income

Starting contribution

Enter a value between $0 and $81,500.

Ongoing contribution

Enter a value between $0 and $6,500.

Frequency

Investment term (in years)

Enter a value between 1 and 50.

Expected rate of return

Custom rate

Enter a value between 0 and 20.

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Your projected savings

Here's how much more you could save with a TFSA by the end of your -year investment, based on your inputs.

Additional savings

Taxable account

Tax-Free

Account	Starting	Ongoing	After-tax income	Total
Taxable
TFSA

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The maximum unused TFSA contribution room from previous years would be $81,500 in 2023 if you were at least 18 years old in 2009 and have been a resident of Canada since then but have never contributed to a TFSA. This is the total of all previous years' TFSA dollar limits.

If you contribute more than your TFSA contribution room, you'll face a penalty tax equal to 1% of the highest excess TFSA amount in the month, for each month that the excess amount remains in your TFSA.

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Benefits of a TFSA

Options: You can hold a variety of investments, including cash, stocks, bonds, mutual funds and managed portfolios.
Flexibility: You can access your money any time you need it.
Rollover: Your unused TFSA contribution room can be carried forward to the next year.

Learn more about TFSAs

What is a TFSA?

Check out this quick video of what TFSAs are and how they work.

Advantages of TFSAs

From tax benefits to flexible terms, here are 3 reasons to invest today.

TFSA or RRSP?

Understanding the differences between TFSAs and RRSPs may help you achieve your financial goals. Learn why one may be better than the other.

Explore your options

Have more questions about TFSAs? A CIBC advisor can help find the investment option that suits you best.

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TFSA investment options

GICs

You're guaranteed to keep what you invest while earning competitive interest on your money, tax-free.

Mutual funds

Choose from a wide array of CIBC mutual funds and find the right one for your TFSA.

Portfolio solutions

Bring professional investment management, diversification and a range of portfolios to your TFSA.