TFSA
Last updated
A tax-free savings account is a registered account. You do not deduct contributions. Growth inside the account is not taxed, and a withdrawal is not added to your taxable income. The amount you withdraw is added to next year’s contribution room, along with that year’s dollar limit and any unused room.
The 2026 dollar limit is $7,000. See the TFSA calculator and the contribution-room guide.
Methodology
This entry defines the account. It does not calculate room beyond pointing at the CRA rules and the calculator.