Introduced in 2009, tax-free savings accounts have become an essential wealth-building tool for all Canadians. We created this calculator to demonstrate the importance of making the maximum contribution to your TFSA every year if you're able to. Regardless of how much you contribute, this calculator also shows how much money you're on track to make over the years. For 2017, the maximum is $5,500.
Fill out the fields below to see your savings potential.
Interest is compounded annually.
TFSA contribution limits are increased over time in increments of $500 to account for inflation. We based our estimates of future TFSA increases on a 2 per cent annual inflation rate.
Returns are shown on an after-fee basis.
When applicable, the maximum value applies unused contribution room over the next five years.