How TFSA contribution room is calculated
- Your TFSA contribution limit increases every year after you turn 18 and can be carried forward indefinitely
- The yearly increase can be found here (currently it's $6000.00/year, indexed to inflation)
- If you withdraw money from your TFSA you do not lose the contribution room, however you can only recontribute the withdrawn amount after January 1st of the next calendar year
- Overcontributing to your TFSA carries harsh penalties found here
- This calculator only deals with withdrawals from the past year, if you have withdrawals from previous years you can recontribute this amount as well
Note: this calculator is now updated for 2019! If you want to find your remaining room for 2018 use the calculator as normal and subtract $6000.00 from the room available in 2019.