When it comes to your TFSA (Tax Free Savings Account) contribution room, many are confused. The formula for how much room you have in your tax free savings account is quite simple.
Previous years room + Last years withdrawals + New years room = TFSA contribution room
However, there are a few variables that may remain unknown, like how much previous room you do have. That is exactly why we have developed this TFSA contribution room calculator to help you identify exactly how much room you have moving forward.
This calculator is updated for 2021, and if you’re unaware of what the TFSA is, it is a savings account that Canadians over the age of 18 can gain access to to either save or invest money, tax free.
TFSA contribution room calculator for 2021
This TFSA contribution room calculator is going to allow you to calculate how much contribution room you have in a few clicks of your mouse. This takes into account the following:
- Your year of birth to start tracking how much accumulation TFSA room you have (Previous years room)
- Your total contributions you’ve made thus far to your TFSA
- Any money you withdrew out of your TFSA last year (Last years withdrawals)
- The new TFSA contribution limit for 2021 (New years room)
Keep in mind, this calculator is used for planning purposes only, and all numbers in this calculator should be verified with the Canada Revenue Agency.
TFSA Contribution room by year and cumulative room
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