Calculate your TFSA contribution room
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How to calculate your contribution room
Calculate your room before you contribute
The most reliable way to know how much you can contribute to your Tax-free Savings Account (TFSA) is to calculate how much available contribution room you have. Your available room is the total you can contribute whether you have one TFSA or several.
To calculate your available room, use your own financial records to complete the contribution room worksheet or calculator.
Your contribution room can change
When you contribute to your TFSA, it reduces your available contribution room immediately by the same amount that you contributed. (However, this not immediately updated in your CRA account.)
When you withdraw from your TFSA, you will regain the same amount as new available contribution room on January 1 of the following year. The annual dollar limit will also be added to your available room at the same time.
If you contribute more than your available room, you will be taxed on the excess amount.
For more information:
Use your own financial records
Use your own financial records to calculate your available contribution room, not the information in your CRA account.
The TFSA information in your CRA account is only updated once per year in the spring with your transactions of the previous year. This update occurs after your TFSA issuer reports your transactions to us for that year.
Example: Your CRA account may not have your complete TFSA information
Moira, a resident of Canada, turns 18 in August 2020.
In July 2021, she opens a TFSA and contributes $12,000, which is the maximum she was allowed to contribute based on the annual TFSA dollar limit for 2020 ($6,000) and 2021 ($6,000).
2021
The new annual limit for 2022 is $6,000 and is included in Moira’s CRA account on January 1. Moira checks her CRA account that day to confirm her contribution room, and the amount displayed is $18,000.
In February 2022, thinking she has $18,000 available room, Moira makes a $10,000 contribution. Unfortunately, this leads to a $4,000 excess that is is subject to the tax on excess amounts.
2022
When Moira accesses her CRA account on January 1, she does not realize that the TFSA contribution room does not yet reflect all the transactions she made the year before. This is because her financial institution has not yet submitted information about her transactions.
Financial institutions only send transaction information for a given calendar year at the end of February of the following year. Moira should have compared her transaction history from her financial institution with the transaction summary in her CRA account to verify her available contribution room.
If you have more than one TFSA, be sure to consider all the financial statements you receive from all issuers to get your complete TFSA information.
If you disagree with the TFSA information in your CRA account
If you disagree with any of the information the CRA has on file, including dates or amounts of contributions or withdrawals that your TFSA issuer has provided to us, contact your TFSA issuer.
If any information provided by the issuer about your account is incorrect, the issuer must send us an amended report so that we can update our records.
How your room is calculated
Your TFSA contribution room is the total of the following:
Qualifying transfers, exempt contributions and specified distributions have no effect on your available contribution room.
Example: How to calculate contribution room
From 2014 until the end of 2023, Alex contributes the maximum TFSA dollar limit each year. As a result, their unused TFSA contribution room at the end of 2023 is zero.
Alex’s available contribution room at the beginning of 2024 is $7,000 (the 2024 TFSA dollar limit).
On June 15, 2024, they contribute $1,000. This counts immediately against their available room.
2024
On October 26, 2024, they withdraw $4,000. This will count towards next year’s contribution room, but does not affect this year’s room. Alex does not make any other transactions that year. Their unused TFSA contribution room at the end of 2024 is $6,000.
At the beginning of 2025, Alex correctly calculates their TFSA contribution room as follows:
2025
Use the CRA worksheet or calculator
To calculate your contribution room for the current year, use one of the following options:
PDF worksheet: Option 1
Fill out the TFSA contribution room worksheet (fillable or printable)
Worksheet - TFSA Contribution room (Form RC343)My Account calculator : Option 2
Sign in to your CRA account and use the contribution room calculator
- Sign in to your CRA account
- Select your Individual account
- Select Savings and pension plans
- Select View TFSA details
- Select Contribution room
- Select Calculation of your TFSA contribution room using your own records (in the warning message box)
- Scroll down and select the button Do your own calculation