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TFSA Calculator

TFSA Calculator

Determine your tax rate


Not all provinces and territories have the same income tax rates. Knowing the province or territory where you live helps us calculate how much tax you could potentially save by investing in a TFSA.

Plan on making a starting contribution?


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

Plan on making ongoing contributions?


Frequency is how often you will make ongoing contributions to your TFSA. The maximum contribution amount (based on the TFSA dollar limit) varies based on the frequency you choose.

Investment term is the number of years you plan on making ongoing contributions.

The rate of return is how much you gain or lose on an investment. It's expressed as a percentage. Use the default rate shown or enter a new one, up to 20%. We've provided three suggested rates based on different investment strategies. Rates of return can vary due to many different factors. If you have any questions, please reach out to a CIBC advisor who can help you understand realistic return expectations based on your investment holdings.

How much you could save with a TFSA


Investment details

Not all provinces and territories have the same income tax rates. Knowing the province or territory where you live helps us calculate how much tax you could potentially save by investing in a TFSA.

Frequency is how often you will make ongoing contributions to your TFSA. The maximum contribution amount (based on the TFSA dollar limit) varies based on the frequency you choose.

Investment term is the number of years you plan on making ongoing contributions.

The rate of return is how much you gain or lose on an investment. It's expressed as a percentage. Use the default rate shown or enter a new one, up to 20%. We've provided three suggested rates based on different investment strategies. Rates of return can vary due to many different factors. If you have any questions, please reach out to a CIBC advisor who can help you understand realistic return expectations based on your investment holdings.

Your projected savings

Additional savings


Taxable account

Tax-Free

Account Starting Ongoing After-tax
income
Total
Taxable        
TFSA        

CIBC TFSA Tax Advantage Savings Account®

Earn competitive, guaranteed interest on your deposits right away

Access your money anytime

Learn more about CIBC TFSA Tax Advantage Savings Accounts. Opens in a new window.
Purchase or contribute to a CIBC TFSA Tax Advantage Savings Account. Opens in a new window.

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.

Benefits of a TFSA

  • Options:
  • Flexibility:
  • Rollover:

Learn more about TFSAs

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

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.