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The TFSA limit for 2026 is $7,000. That number is only part of the story, because unused room from past years carries forward.
Here are the official figures from the Canada Revenue Agency (CRA), how to work out your own room, and the mistakes that trigger a monthly tax.
Key takeaways
- The 2026 TFSA dollar limit is $7,000, the same as in 2024 and 2025.
- Unused TFSA contribution room carries forward with no expiry.
- Over-contributing, even by mistake, costs 1% of the highest excess each month.
TFSA 2026: official dates and values
| Item | Official value | Source |
|---|---|---|
| 2026 dollar limit | $7,000, added January 1, 2026 | CRA |
| Total limits, 2009 to 2026 | $109,000 (sum of yearly limits) | CRA |
| Withdrawn amounts return | January 1 of the next year | CRA |
| Tax on excess amounts | 1% per month | CRA |
| TFSA Return (RC243) due | June 30 of the following year | CRA |
TFSA dollar limits by year
| Years | Limit per year | Room added |
|---|---|---|
| 2009 to 2012 | $5,000 | $20,000 |
| 2013 and 2014 | $5,500 | $11,000 |
| 2015 | $10,000 | $10,000 |
| 2016 to 2018 | $5,500 | $16,500 |
| 2019 to 2022 | $6,000 | $24,000 |
| 2023 | $6,500 | $6,500 |
| 2024 to 2026 | $7,000 | $21,000 |
Yearly limits from the CRA’s published table, as of September 2026. The $109,000 total is our sum of those limits and applies only if you were eligible in every year since 2009.
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Who gets TFSA room, and from when
The CRA says you need to be a resident of Canada, at least 18 years old, with a valid social insurance number. Your room starts to build in the year you turn 18. Newcomers start from the year they become residents.
The account itself is set up under the Income Tax Act. Interest, dividends and capital gains earned inside it are generally tax-free, even when you withdraw. Unlike an RRSP, contributions are not tax-deductible.
What changed vs last year
- The limit did not move. 2026 is the third year in a row at $7,000.
- Your CRA account caught up in the spring. The CRA said 2025 TFSA records would be processed by April 2026. Before that update, the room shown online can be out of date.
How to calculate your 2026 room
- Start with every yearly limit since you turned 18 (or 2009, if later).
- Subtract everything you have contributed, across all your TFSAs.
- Add back what you withdrew before 2026. Withdrawals made in 2026 return on January 1, 2027.
- Compare with the CRA’s RC343 worksheet and your CRA account.
Costly mistakes to avoid
- Putting a withdrawal back the same year. The CRA warns that re-contributing without room is taxable, even in error.
- Trusting an old online figure. Contributions from this year are not in your CRA account yet.
- Forgetting a second account. Your limit covers all TFSAs combined, at every bank or broker.
- Contributing while non-resident. Those contributions are taxed at 1% for each month they stay in.
How the tax works: a $1,000 excess left in for four months costs 1% × $1,000 × 4, or $40. You must also file Form RC243 and Schedule A by June 30 of the next year. Withdraw the excess as soon as you notice it.
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Where to hold your TFSA
The CRA describes three types: a deposit account at a bank or credit union, an annuity with an insurer, and a trust arrangement, such as a self-directed account at a broker. Cash, GICs, stocks, bonds, mutual funds and ETFs can all qualify.
For low-risk savings, compare high-interest savings accounts in Canada and today’s GIC rates. For long-term growth, see our list of ETFs for beginners and long-term investors and our comparison of investment apps in Canada.
Checklist
- Note the year you turned 18 or became a resident.
- Add up every yearly limit since then.
- Wait until January 1 before re-contributing a withdrawal.
- Remove any excess right away.
How we compared
- Sources: every limit, date and rule was checked on September 23, 2026 on canada.ca (CRA).
- Order: no ranking; this is a reference page, not a product list.
- Providers: the TFSA products in our brief (Wealthsimple, Questrade, EQ Bank) are left out here because this page cites government sources only. They are covered in our product guides.
- Independence: no provider paid for placement.
FAQ
Is there an official TFSA calculator?
Yes. The CRA offers a contribution room calculator and the RC343 worksheet. The CRA says to base them on your own records.
How does a TFSA contribution limit calculator work?
It adds each yearly limit since you became eligible, subtracts contributions, and adds back withdrawals from earlier years. The result is your available room today.
What is the TFSA limit in 2026?
The annual dollar limit is $7,000. Your personal room can be much higher if you have unused room from earlier years.
What happens if I over-contribute?
You owe 1% of the highest excess amount for each month it stays in the account. You file Form RC243 by June 30 of the following year.
Can I withdraw and put the money back in the same year?
Only if you have unused room. The amount you take out is added back on January 1 of the next year.
For the full picture, see our hub TFSA / RRSP / FHSA Guide 2026 (CA), our guide to RRSP deadlines and limits for 2026 and how the FHSA helps you save for a first home.
Sources
- CRA — Calculate your TFSA contribution room
- CRA — MP, DB, RRSP, DPSP, ALDA, TFSA limits and the YMPE
- CRA — Before you contribute to a TFSA
- CRA — What is a TFSA
- CRA — Withdrawing from a TFSA
- CRA — Tax on excess TFSA amounts
- CRA — If you have to pay tax on a TFSA (Form RC243)
- CRA — RC343 Worksheet, TFSA contribution room
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