TFSA Limit Calculator 2023: Never Wonder About Your Limit Again

Not sure how much you can contribute to your TFSA? You are probably searching for a Canada TFSA limit calculator. The calculator above can help you figure out how much money you can add to your TFSA.

I made this TFSA contribution room calculator for Canadians to figure out how much you can contribute to your TFSA, but there are a few other ways you can do it.

How do I Calculate my TFSA Contribution Room?

Your maximum contribution room depends on when you were born. If you turned 18 before or during 2009, you could contribute a max of $88,000 as of 2023. 

If you turned 18 after 2009, it’s best to use the TFSA room calculator above to figure out how much total you can contribute, as the calculations can get a bit tricky. 

After you figure out your maximum contribution room based on what year you were born, you subtract how much you have contributed to it to arrive at your current TFSA contribution room. 

TFSA Contribution Calculator Formula:

Max TFSA Room – Total Amount Contributed = Current TFSA Contribution Room. 

Note that even if you withdraw money from your TFSA in one year, you won’t be able to get that contribution room back until the following year. This is very important as it can lead to overcontribution for many people. 

TFSA Limits 2023

YearTFSA LimitTotal Limit if Qualified Since 2009

How to Check Your TFSA Contribution Limits with the CRA

Make sure you know your contribution limits because it can lead to steep penalties if you overcontribute. If you’re not sure, log in to your myCRA account and your limit will display in the TFSA section.

You can also give them a call at 1-800-959-8281, and the helpful phone agents at Canada Revenue Agency can help you out. 

What Happens if You Overcontribute to your TFSA

TFSA, piggy bank

You will have to pay the penalty for overcontributing to your TFSA. It’s a significant penalty also. For the amount you are over the contribution limit, you will be taxed 1% on the total amount every month. If you overcontribute, it can be easy not to notice it either as you don’t get any warning letter or anything that indicates you are receiving a penalty. 

If you over contribute by $1,000 in a year, it can lead to a $120 penalty. If you have received a penalty, you can try calling the CRA as you might be able to dispute the penalty. They may ask you to fill out this form. 

How Much Money Can You Take Out Of Your TFSA Each Year?

There are no limits to how much you can withdraw from your TFSA every year. But be aware that if you withdraw money in one year, you don’t get that contribution room back until the next year. 

6 Beginner TFSA Mistakes to Avoid

TFSA Limit Calculator infographic


If your limit is over, for every dollar you contribute over that amount, you will get a 1% penalty every month that it is over. Be very careful of over contributing!

2. Transfer between financial institutions in cash and not in kind

If you sell your investments in one TFSA from one bank, then transfer in cash to another financial institution, that cash will be deemed withdrawn, and you won’t have that room back until the following year. This can lead to substantial overcontribtion penalties if you’re not careful. 

3. Buying foreign dividend stocks 

When you buy a foreign dividend stock in your TFSA, the dividends issued by that company is subject to a 15% withholding tax. Something to be aware of when buying foreign stocks in your TFSA. 

4. Trading too much

Day trading in your TFSA could deem your investment account a business, and you could lose the tax-free status of your TFSA. The CRA might come calling for penalties and decide to tax you even though it’s in your TFSA. Be careful of this. 


This TFSA contribution limit calculator will come in handy for you when trying to figure out how much you can contribute to your TFSA. 
Check out this TFSA Ultimate Guide for any more questions you had about the TFSA and how it works.

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Read about how he quit his 6-figure salary career to travel the world here.

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4 thoughts on “TFSA Limit Calculator 2023: Never Wonder About Your Limit Again”

  1. Great content, so easy to read and to the point! I wish I knew these earlier in life! With regards to mistake number three “Buying foreign dividend stocks”, how can one determine if it is a foreign dividend stocks? I am on my way to opening an account on Wealthsimple and I look forward to using your videos as a guide.

    Thank you!

    • You can tell if it’s a foreign dividend stock, if it isn’t being traded on a Canadian exchange and it pays a dividend. For example, if you look up the ticker for Enbridge, it will have both a TSX and NYSE listed stock. If you buy the NYSE listed one, it will be a foreign dividend stock, but not if you buy the TSX one. Thanks for the compliments, I’m glad you enjoy my content!


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