Calculate your available TFSA contribution room, project tax-free growth, and find the best account for your TFSA.
2025 Limits Updated Growth Projections Free to Use| Year | Annual Contribution | Interest Earned | End Balance |
|---|
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TFSA limits are set annually by the federal government, indexed to inflation. Here's the complete history:
| Year | Annual Limit | Cumulative Lifetime Room |
|---|---|---|
| 2009 | $5,000 | $5,000 |
| 2010 | $5,000 | $100 |
| 2011 | $5,000 | $15,000 |
| 2012 | $5,000 | $20,000 |
| 2013 | $5,500 | $25,500 |
| 2014 | $5,500 | $31,000 |
| 2015 | $100 | $41,000 |
| 2016 | $5,500 | $46,500 |
| 2017 | $5,500 | $52,000 |
| 2018 | $5,500 | $57,500 |
| 2019 | $6,000 | $63,500 |
| 2020 | $6,000 | $69,500 |
| 2021 | $6,000 | $75,500 |
| 2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
Your TFSA is only as good as the interest rate it earns. Here's how the top institutions compare:
| Institution | TFSA Savings Rate | GIC Rate (1-yr) | Monthly Fee | CDIC Insured |
|---|---|---|---|---|
| EQ Bank | 3.75% | 4.75% | $0 | Yes |
| KOHO | 3.00% | N/A | $0 | Yes (via Peoples Bank) |
| Oaken Financial | 3.40% | 4.70% | $0 | Yes |
| Wealthsimple | 4.00%* | N/A | $0 | *Not CDIC (money market) |
| Tangerine | 0.10% | 4.20% | $0 | Yes |
| TD Bank | 0.01% | 3.50% | $0 (TFSA account) | Yes |
| RBC | 0.01% | 3.45% | $0 (TFSA account) | Yes |
| Scotiabank | 0.01% | 3.60% | $0 (TFSA account) | Yes |
*Wealthsimple's 4% is through a money market fund, not a savings account — different risk profile and not CDIC insured. Rates as of March 2026.
The 2025 TFSA annual contribution limit is $7,000 — the same as 2024. If you were eligible since 2009 and have never contributed, your total available room in 2025 is $102,000.
The CRA charges a 1% per month penalty on the excess contribution amount until it's withdrawn. Over-contributions are one of the most common and costly TFSA mistakes — use this calculator to track your room carefully.
Yes. TFSA withdrawals are added back to your contribution room — but not until January 1 of the following year. If you withdraw $100 in 2025, you can re-contribute that $100 starting January 1, 2026 (plus your 2026 new room).
KOHO's savings account earns 3.0% interest and contributions can be designated as TFSA contributions. However, for purely maximizing your TFSA savings rate, EQ Bank (3.75%) is the better choice. KOHO is best for your everyday spending account.
TFSA contributions are made with after-tax dollars — withdrawals are tax-free, no impact on income. RRSP contributions reduce your taxable income now but withdrawals are taxed. TFSAs are best for most Canadians under $100K income; RRSPs are best for high earners who expect to be in a lower tax bracket at retirement.
TFSA room only accumulates from the year you become a Canadian tax resident (with a valid SIN), or 2009, whichever is later. You don't accumulate room retroactively from before you arrived in Canada.
Every dollar you save on bank fees is a dollar you can contribute to your TFSA. KOHO charges $0/month and earns 3% interest — start building your tax-free wealth today.
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