Use the TFSA Calculator below to see how your savings could grow.
See how your savings could grow
A Tax-Free Savings Account (TFSA) is a type of tax-sheltered account that you can use for saving or investing, or both. It’s a versatile account you can use to save for any kind of future goal.
Use the calculator below to see how your TFSA savings could grow.
You can improve the accuracy of your results by gathering any or all of the following:
- Account statements showing your average rate of return for the last year or five years
- Estimate of how many years you will need to hold your TFSA savings before using it
- Estimate of how much contribution room you have available, which can be found in your CRA MyAccount
Remember, TFSA contribution room is indexed for inflation and annual limits vary by year. If you don’t contribute the full amount each year, you can carry forward the unused amounts, based on the contribution limits for each year.