Calculators are made available to you as tools for independent use and are not intended to provide advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.
TFSA Calculator
See how tax-free growth adds up compared to saving in a taxable account.
Tax-free savings
How much more will a TFSA earn?
Investment income in a TFSA is never taxed. Compare it with keeping the same savings in a taxable account.
Your savings plan
Starting balance
What's already in your TFSA today, if anything.
Contribution frequency
Contribution amount
How much you put in at the start of each period.
Contribution years
Rate of return
Expected annual growth of the investments — both accounts grow at this same rate before tax.
Marginal tax rate
Your combined federal + provincial rate on the NEXT dollar you earn — this is what a taxable account's investment income loses each year. Find your bracket on canada.ca.
Your TFSA grows to
That's
more than the same savings in a taxable account, which would grow to
.
Tax savings
The TFSA total minus what the identical contributions would reach in a taxable account, where each year's investment income is taxed at your marginal rate.
Taxable account total
Total contributed
Growth earned
Where the total comes from
Contributions vs growth
TFSA total
TFSA vs taxable account
By year
TFSA
Taxable account
Year by year
| Year | Contribution | Return | Balance | Tax savings How far ahead the TFSA is of the same savings in a taxable account by the end of each year. |
|---|---|---|---|---|