Financial Tools

TFSA Growth Helper — Tax-Free Savings Calculator

Wondering how steady TFSA contributions could grow over time? This calm TFSA calculator helps Canadian families see how tax-free growth and consistent saving can work together — without complexity or pressure.

How much you may contribute over time
How much of your TFSA balance could come from tax-free growth
What your TFSA might look like at your chosen time horizon

Want to explore related questions? Compare these results with the RRSP Growth Starter or see how to speed up your mortgage with the Mortgage Booster.

1. Enter Your TFSA Details

Years you plan to keep contributing

Current TFSA balance ($)

Extra lump-sum contribution now ($) Optional

Monthly TFSA contribution ($)

Expected annual return (% per year)

This is a simplified projection using steady contributions and a constant return. TFSA contribution limits and withdrawals are not modeled.

* This TFSA calculator is for educational purposes only and does not provide personalized financial or investment advice.

2. See Your TFSA Picture

A calm snapshot of how your TFSA could grow.

Enter your details to see your TFSA projection.

Time and projected value

⏱️ Years until goal

–

📦 Projected TFSA value

Contributions vs growth

💰 Total contributions

📈 Estimated growth

🌱 Share from growth

Enter your information to see the balance between saving and growth.

Enter your details to see how tax-free growth could support your plan.

How TFSAs work in Canada

A Tax-Free Savings Account (TFSA) is a registered account that allows Canadians to save and invest money without paying tax on investment growth or withdrawals. Unlike RRSPs, TFSA contributions are made with after-tax dollars — but all growth and withdrawals are completely tax-free.

Because withdrawals do not affect taxable income, TFSAs are often used for medium- and long-term goals, emergency savings, or as a flexible complement to RRSPs and employer pensions.

What drives TFSA growth over time

TFSA balances typically grow from two main sources:

Your contributions — including lump sums and monthly deposits
Investment growth — returns that compound tax-free over time

Because growth is never taxed, even modest long-term returns can have a meaningful impact on TFSA balances when combined with consistent contributions and time.

How much should you contribute to a TFSA?

There is no single “correct” TFSA contribution amount. Some Canadians aim to maximize their available TFSA room as early as possible, while others contribute gradually based on cash flow, income stability, and competing financial priorities.

This TFSA Growth Helper is designed to help you explore different contribution levels and time horizons — not to recommend a specific savings strategy.

TFSA vs RRSP vs paying down debt

TFSAs are often compared with RRSPs and mortgage prepayments when deciding where extra money should go. Each option serves a different purpose:

TFSAs offer tax-free growth and flexible withdrawals
RRSPs offer tax deductions and tax-deferred growth
Mortgage prepayments offer a guaranteed return equal to your interest rate

The best choice depends on income level, time horizon, expected future tax rates, and personal comfort with investment risk and debt.

How to use this TFSA calculator effectively

This tool works best when you:

Use conservative, realistic return assumptions
Explore different contribution amounts and timelines
Focus on long-term patterns rather than exact future dollar values

The goal isn’t to predict market performance — it’s to understand how tax-free growth, saving habits, and time can work together.

Reminder: This calculator provides simplified projections for educational purposes only. TFSA contribution limits, investment returns, fees, and withdrawal timing can all affect real-world outcomes. For personalized guidance, consider speaking with a qualified professional.