TFSA Calculator
Tax-Free Savings Account (Canada)
Future Value
$0
Total Contributions
$0
Tax-Free Growth
$0
TFSA Benefits
- Contributions are not tax-deductible
- All investment growth is tax-free
- Withdrawals are tax-free
- Unused contribution room carries forward
- Withdrawals add to next year's contribution room
Maximize Your Savings with the TFSA Calculator
Overview
The TFSA (Tax-Free Savings Account) Calculator helps you estimate how your savings can grow within a TFSA. This tool considers your contributions, the interest rate, and the compounding period to give you an idea of how much your investment can grow tax-free.
Key Features
- Tax-Free Growth: Estimate how your savings grow without being taxed on the interest earned.
- Contribution Tracking: Monitor your annual contributions to avoid exceeding the TFSA limit.
- Future Value Projection: See how much your TFSA can be worth over time with regular contributions.
How to Use
- Enter Initial Contribution: Input the amount you plan to contribute to your TFSA initially.
- Set Annual Contributions: Specify how much you plan to contribute each year.
- Choose Interest Rate: Provide the annual interest rate your savings will earn.
- Calculate: Click the "Calculate" button to project your TFSA balance over time.
Tips
- Know Your Limits: Keep track of your contributions to avoid exceeding the annual TFSA limit.
- Start Early: The sooner you start contributing, the more time your investments have to grow tax-free.
- Maximize Contributions: Try to contribute the maximum amount each year to maximize your tax-free growth.