Use our TFSA contribution limit calculator to estimate how much contribution room you may have available based on your age, contribution history and withdrawals. Whether you're investing for retirement, a home, travel or building long-term wealth, understanding your TFSA limit helps you make more informed financial decisions.
Discover how a Tax-Free Savings Account (TFSA) works, who can open one and why it's one of Canada's most flexible and tax-efficient ways to save and invest. Learn the key rules, contribution limits and tax advantages to help you make the most of your TFSA.
A TFSA is one of the most effective ways to grow your investments tax-free, but simple mistakes can be costly. Learn how to avoid common pitfalls like overcontributing, replacing withdrawals too soon and misunderstanding contribution room, so you can maximize your tax-free savings with confidence.
Both TFSAs and RRSPs offer valuable tax advantages but choosing which account to contribute to first depends on your income, financial goals and when you'll need access to your savings. Learn how these registered accounts differ and discover strategies to help you make the most of your investments.
It’s over a decade since TFSAs were introduced, but some people still don’t fully understand them. Here are six TFSA advantages that you need to know about, including its flexibility, tax-free growth and large contribution room.
TFSAs were introduced in 2009, and the contribution room has continued to grow each year since then, with unused contributions rolling over to subsequent years. You can calculate your TFSA contribution room by taking the annual limit, then adding any unused contribution room and eligible withdrawals from previous years. Use the calculator above to help you.
You’ll pay a monthly tax of 1% on the excess contributions until you’ve withdrawn the excess amount.
Withdrawals are added back to your contribution room on January 1 of the following calendar year.
No. Investment growth is tax-free and does not change your contribution limit.
Need help deciding how much to contribute or whether a TFSA or RRSP should be your priority? An IG Advisor can help you build a tax-efficient investment strategy tailored to your goals.