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How much TFSA room do you have?

Your room builds up every year from the year you turned 18 (or 2009, whichever came later), even in years you didn't have an account. Put in your numbers for an estimate of what you can still contribute.

This is an estimate. The official number is on your CRA My Account, and it's the one to trust before you contribute, since CRA's figure can lag your most recent activity by a few months. This assumes you've been a Canadian resident since you became eligible.

Your estimated room available $0 that you can still contribute

Room built up $0 Your total lifetime limit

You've contributed $0 Lowers your room

Added back $0 Past withdrawals restore room

How this works. Every year you're 18 or older and a resident of Canada, the government gives you a set amount of TFSA room. It started in 2009, and the yearly amount has ranged from $5,000 to $10,000. We add up every year's room from the year you turned 18 (or 2009, whichever is later) up to today, subtract what you've contributed, and add back withdrawals you made in earlier years.

One detail that trips people up: a withdrawal doesn't free up room right away. It's added back on January 1 of the following year. So don't count anything you took out this year, only withdrawals from previous years.

If your number comes out negative, you may have put in more than your room allows, which the CRA charges a penalty on (1% per month on the excess). Check your CRA My Account and consider taking the excess out.

This is general education, not personal financial or tax advice. Your own room and situation will differ, and CRA My Account is the official source.

Wondering whether to fill your TFSA or RRSP first? Read more on the blog.

Read the blog