Work out your room from CRA's yearly limits, your contributions and your withdrawals. No sign-up, and what you type stays in your browser.
Across all your TFSAs, including this year. Leave out direct transfers between your TFSAs, and don't count investment growth.
Contributions made while you were a non-resident are taxed separately, and CRA's pages differ on when withdrawals made then come back. Check this figure with CRA.
This is an estimate from what you entered. CRA My Account shows CRA's own figure, though it may not include this year's activity yet.
| Year | Limit |
|---|
CRA charges 1% a month on the highest amount you're over in that month, for each month it stays in your account.
Enter an amount to see the tax.
This covers one amount within one calendar year, and the month it comes out is charged in full. CRA says excess amounts from a deliberate over-contribution may be taxed at a 100% rate. If you owe this tax, CRA says to file Form RC243 by June 30 of the following year. CRA's page on excess amounts
Connect Wealthsimple and VestLens works out your TFSA year move by move: each deposit, withdrawal and transfer, the room it used, and the day you went over, if you did. It starts with your room on January 1 from CRA My Account, and you add anything from other institutions yourself.
See how VestLens worksRead-only: VestLens can't trade or move money. You sign in to your brokerage on SnapTrade's page, never on VestLens.
Your room is this year's limit, plus any room you didn't use in earlier years, plus what you withdrew last year, minus what you've contributed this year. Gains, losses and fees don't change it.
It starts the year you turn 18, and that year's full limit counts even if your birthday is in December. It keeps adding up whether or not you've opened a TFSA. In some provinces you have to be 19 to open one, but you keep the room from the year you turned 18. New residents start from the year they became a resident.
On January 1 of the next year, not right away. Putting money back in the same year uses this year's room, and if you don't have enough, it's an over-contribution even if it was a mistake. The exception is a withdrawal made while you're over: it lowers the excess right away, and only the rest comes back on January 1.
A direct transfer between your own TFSAs doesn't change your room. If you withdraw the money and deposit it yourself, it counts as a withdrawal and a new contribution.
| Year | Limit |
|---|---|
| 2009 | $5,000 |
| 2010 | $5,000 |
| 2011 | $5,000 |
| 2012 | $5,000 |
| 2013 | $5,500 |
| 2014 | $5,500 |
| 2015 | $10,000 |
| 2016 | $5,500 |
| 2017 | $5,500 |
| 2018 | $5,500 |
| 2019 | $6,000 |
| 2020 | $6,000 |
| 2021 | $6,000 |
| 2022 | $6,000 |
| 2023 | $6,500 |
| 2024 | $7,000 |
| 2025 | $7,000 |
| 2026 | $7,000 |
From CRA, read November 2, 2026. This table gets a new row once CRA publishes the next year's limit. Rules: calculating your room, before you contribute, withdrawals.