TAX-FREE SAVINGS ACCOUNT (TFSA) CALCULATOR

Find out how much you can save with a TFSA

A tax-free savings account helps you grow your savings because you don't pay tax on interest or investment income.

Step 1 of 4

Where do you live?

Each province and territory has its own tax rate, which determines your potential tax savings.

Province or territory

No need to lock away your cash. TFSAs let you access your money any time you need it, and withdraw it tax-free.
Step 2 of 4

What's your annual income?

Your total income and where you live are used to estimate your marginal tax rate and help calculate how much you save with a TFSA.

Annual income in dollars.

A TFSA is good for all types of investors. It can hold a variety of investments, including cash, stocks, bonds, mutual funds and managed portfolios.
Step 3 of 4

How often and how much will you contribute?

You can contribute up to $6,000 a year and carry forward unused contributions from previous years. Take advantage of compound interest (interest paid on both the principal and on accrued interest) and grow your money faster by investing more often.

Frequency

Frequency is how often you contribute to your TFSA in a calendar year. Contribute up to $6,000 a year, $500 per month or $115 per week. Your contribution amount varies based on the frequency you choose.

Contribution amount in dollars.

Contribute up to $6,000 a year. You can carry forward any unused portion from previous years and add it to your annual contribution limit. Your contribution amount varies based on the frequency you choose.

Contribution amount slider. Minimum contribution amount: $0. Maximum contribution amount varies based on your contribution frequency, up to $6000 annually.

If you reach your contribution limit for the year, check if any family members (18 years or older) have room to invest. Consider giving them investment money to maximize your household's tax-free savings.
Step 4 of 4

How long will you invest and at what rate?

With compound interest, your money grows the longer you invest. Use the rate of return shown or enter a new one, up to 12%. Review TFSA rates and products.

Investment term in years

Investment term is the number of years you plan to invest your money. Choose a longer investment term to increase your compound interest savings.

Investment term slider. Minimum number of years to invest: 1. Maximum number of years to invest: 99.
Annual rate of return as a percentage

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 12%.

Annual rate of return slider. Minimum rate of return: 0%. Maximum rate of return: 12%.

A TFSA offers flexibility for short- and long-term financial goals. Use it to save for a car, a down payment on a home, an emergency fund or retirement.

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My information

Province or territory

Annual income

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My contributions

Frequency

Contribution amount

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Term and rate

Investment term

Annual rate of return

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Provide your information, contribution frequency and amount, investment term and rate of return. We'll calculate your estimated savings.

^*This calculator is for general illustration purposes only. The result is based on the information you provide and various other estimates. Actual returns, total annual income, marginal tax rate and other factors may vary. Calculation assumes: both accounts earn only interest income, compounded annually; tax is deducted annually from the taxable account at the estimated marginal tax rate; contributions are made at the start of each contribution period; and a 52-week year.

This calculation is approximate and for information purposes only. Actual savings may differ. Please do not rely solely on this information or result when making financial decisions; please visit your branch or speak to an investment advisor.