Good Monday Morning,
I get so many clients asking how much TFSA room they have available. If you were over 18 years of age when TFSAs were introduced in 2009, have never made a withdrawal and contribute nice round numbers, this is an easy task. However for any other scenario, it can be really difficult to confirm just how much TFSA room you really have. While your personal TFSA information on My Account through the CRA is excellent, it is not at all current.
My web search for a simple, easy to use TFSA contribution room calculator came up empty, so I decided why not create my own calculator and share it with all of you!
Penalties for TFSA over contributions are really high (1% per month on excess amounts) and I would not want anyone to get themselves in that position. I hope you will find this TFSA calculator helpful. Comments are welcome!
TFSA Contributions Worksheet (Google sheets will open)