The calculator will remember your choice. You may also change it at any time.
Clicking "Save changes" will cause the calculator to reload. Your edits will be lost.
Cash flow forecast...
Charts
Help
Message
Calculator Tips
Periodic Saving Amount :
Enter the amount that will be deposited into your saving account each month.
Number of Periods to Save:
Enter how many months you will deposit into your saving account. Example: If you are depositing for 2 years, enter the number 24.
Interest Rate :
Enter the expected rate of return (ROR). This is the ROR that you expect to receive from your portfolio.
Eligibility
Be a Canadian resident
If the client is a non-resident, the Company will refuse to issue the TFSA
Be age 18 or over
Have a social insurance number
When an individual is no longer a resident:
His TFSA can continue to exist
His investment income remains tax-free
No new TFSA contribution room accumulates during the years of non-residence
Any contributions made during years of non-residence are subject to taxation of 1% per month. Once the TFSA is issued, the Company no longer verifies residency status.
Withdrawals made during years of non-residence are not taxable and are added to the unused contribution room the following year. However, this recovered contribution room can only be used when the taxpayer returns to live in Canada.
Annual Contribution Room
The TFSA contribution ceiling is the same for everyone, regardless of earned income. This amount is indexed each year at the rate of inflation and the result is rounded off to the nearest $500.
