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Frequently Asked Questions
The TFSA Calculator estimates how your savings may grow over time based on factors such as your contribution amount, contribution frequency, expected rate of return, time horizon and other assumptions.
Depending on the account type, a TFSA may hold cash, Guaranteed Investment Certificates (GICs), mutual funds, ETFs, stocks, bonds, and other qualified investments.
Yes. TFSA withdrawals are generally tax-free. The amount you withdraw will only be added back as available contribution room on January 1 of the next calendar year.
The excess amount in your TFSA is taxable at a rate of 1% per month, calculated on the highest excess amount in your account for each month that an excess remains. Review your available contribution room before making contributions. Check your available contribution room through your Canada Revenue Agency (CRA) account and review your own TFSA records before contributing.
Your available contribution room generally includes the current year's limit, any unused contribution room from previous years, and eligible withdrawals made in prior calendar years. Confirm your available room with the CRA before contributing.
No. The TFSA Calculator provides estimates based on the assumptions you enter. Actual investment returns and account growth may differ and are not guaranteed.
The rate of return entered in the calculator should reflect your personal assumptions. Actual investment performance will vary and may be higher or lower than the rate used in your estimate.
Several factors may influence TFSA growth, including your starting balance, contribution amount, contribution frequency, investment returns, and the length of time your money remains invested. Small changes to these assumptions can have a meaningful impact over time.
Yes. The TFSA Calculator estimates how your TFSA savings may grow over time and compares the potential results with a non-registered investment account.
To avoid using any of your available TFSA contribution room, it's best to transfer your TFSA directly to the new institution.
If you withdraw funds from your TFSA and then contribute them to another TFSA, the amount contributed counts as a new contribution. Since the withdrawn amount is not restored to your contribution room until the following year, this could result in exceeding your TFSA limit.