How much could your TFSA actually be worth?
The Tax-Free Savings Account is one of Canada's most powerful savings tools. Every dollar of growth inside a TFSA is 100% tax-free — forever. Move the sliders and see what yours could look like.
Your TFSA Profile
Savings & Contributions
Lifetime max is $95,000 as of 2024
Max ~$583/mo (based on $7,000 yearly limit)
Timeline & Growth
Years to grow: 35 years
Used to estimate tax savings vs taxable account
TOTAL TAX-FREE VALUE
Projected TFSA balance at age 65
TOTAL CONTRIBUTIONS
$220,000
Your total invested money
TAX-FREE GROWTH
$525,470
Total compound interest earned
ESTIMATED TAX SAVINGS
$243,184
Compared to a taxable account
The Power of Tax-Free Compounding
By utilizing your TFSA, you are protecting $525,470 in growth from taxes. In a taxable account at a 30% marginal tax rate, you would lose $243,184 to taxes over 35 years.
Growth Projection: TFSA vs Taxable
No tax on growth
In a regular investment account, you pay tax on your gains every year. In a TFSA, your investments grow 100% tax-free, allowing your money to compound much faster.
Flexible withdrawals
Unlike an RRSP, you can withdraw from your TFSA at any time for any reason without paying a cent in tax. Plus, the amount you withdraw is added back to your contribution room the following year.
Room accumulates
If you haven't maximized your TFSA in previous years, that unused room carries forward forever. Most Canadians born before 1991 have nearly $100,000 in total available room as of 2024.
