TFSA Calculator

The Tax-Free Savings Account (TFSA) was introduced in 2009 to help Canadians save for retirement without incurring tax on the earnings inside the TFSA.

The contribution limit started off at $5,000 per year and the amounts vary year to year.

If you have never set up a TFSA investment, then your lifetime contribution limit is $95,000.

The interesting part is when the investment inside your TFSA increases dramatically, like when a real estate investment is sold inside a private mutual fund trust, and the profit is distributed back into the TFSA account, your investment limit increases to the amount inside your TFSA plus the annual contribution limit. 

This is one wealth building strategy through optimizing your TFSA.

This video explains TFSA contribution and what happens when you withdraw money.