TFSA Contribution Room Calculator & Tracker (with Excel Sheet)

TFSA Contribution Room Calculator & Tracker

Free Resource
TFSA Contribution Room Calculator & Tracker (Excel .xlsx)

Do you find it difficult to keep track of your TFSA contribution room?

Managing your TFSA contribution room can be a challenge, especially considering that the CRA (Canadian Revenue Agency) does not maintain real-time records of one’s available contribution room.

The responsibility to keep track of your contribution room and ensure that you do not overcontribute therefore falls on the individual, and without a reliable tool, the process can be time-consuming and anxiety-inducing.

Enter our solution: the TFSA Contribution Room Calculator & Tracker. This free and easy-to-use tool is designed to simplify the way you monitor and manage your TFSA contribution room.

To get started, download the sheet and enter in your TFSA contribution or withdrawal amounts, along with the dates that you made them.

The result is an up-to-date view of your TFSA contribution room that looks something like this:

TFSA Contribution Room Calculator Spreadsheet Example

How to Use TFSA Contribution Room Calculator

The calculator is easy to use – simply fill in the highlighted yellow cells on the sheet.

  • Start with entering your date of birth. This is necessary to calculate your cumulative contribution limit, which begins the year turn 18.
  • Next, input the TFSA contributions and withdrawals you’ve made across all your TFSA accounts. Each row should represent a contribution or withdrawal made on a specific date. Enter in the month, day, and year, followed by the dollar amount.
  • Contributions should be entered as positive dollar values, while withdrawals should be negative dollar values. Note that the “Type” column fills in automatically.
  • Whenever you make a new contribution or withdrawal to your TFSA, add it as a new row. The contribution room calculations are automatically updated as you enter these details, accompanied by a visual graph breaking down your TFSA contribution room.
  • For users with a high volume of transactions, consider grouping amounts by month or by year. The calculator only uses the year of the contributions and withdrawals.
  • Remember to add the new yearly annual limit to the TFSA annual limits table at the start of each year.

You’re now all set up to maintain updated calculations and records of your TFSA contribution room.

Want to Learn More About TFSAs?
Read our how-to guide on the Tax-Free Savings Account (TFSA).

How Is My TFSA Contribution Room Calculated?

Your TFSA contribution room increases each year by the annual limit starting from the year you turn 18. This applies to all Canadians, even if you don’t a TFSA account yet.

The annual TFSA contribution limits are as follows:

Year TFSA Annual Limit
2024 $7,000
2023 $6,500
2022 $6,000
2021 $6,000
2020 $6,000
2019 $6,000
2018 $5,500
2017 $5,500
2016 $5,500
2015 $10,000
2014 $5,500
2013 $5,500
2012 $5,000
2011 $5,000
2010 $5,000
2009 $5,000

Your available TFSA contribution room is calculated by taking your cumulative TFSA contribution limit, then subtracting all of your TFSA contributions and adding all withdrawals made in previous years.

Current year withdrawals do not add to your contribution room until the start of the next year. That’s why current year withdrawals are represented as a light red bar on the TFSA contribution room calculator.

Recent Canadian Residents

For recent permanent residents of Canada, there’s an additional consideration: you only receive the annual TFSA contribution limit for the years that you are a Canadian resident.

To adjust for this, modify the annual limits table in the calculator by replacing the annual limits with $0 values in the years that you were not a Canadian resident. This change will adjust the total contribution limit accordingly.

Calculate Your TFSA Contribution Room At Any Time

The TFSA Contribution Room Calculator & Tracker serves as a simple, yet effective solution for those who want to focus on harnessing the full potential of their TFSAs instead of worrying about overcontributions and tedious manual calculations.

By keeping ongoing records of your TFSA contribution room using an Excel sheet instead of a web-based calculator, this tool empowers you with easy access to an up-to-date, personalized summary of your TFSA contribution room that you can refer to at any time.

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1 Response
  1. Phil

    Great tool! Is there a way to add additional columns to the spreadsheet without breaking the formatting? I am hoping to add: i: Account #, ii) Currency and iii) Notes (for now).

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