Short answer: log in to CRA My Account and open the TFSA section. It shows your contribution room as of January 1 of this year. Subtract everything you've contributed since January 1, and what's left is what you can still put in this year. Withdrawals you make this year don't count until next January 1.
How TFSA room works
You start building TFSA room in the year you turn 18, as long as you're a Canadian resident with a SIN. Room has existed since 2009, and unused room never expires. Your room each January 1 is:
- this year's new limit ($7,000 in 2026), plus
- any unused room from past years, plus
- everything you withdrew last year.
Room is per person, not per account. If you have TFSAs at two banks, they share the same room.
TFSA limits by year
| Year | Annual limit |
|---|---|
| 2009 to 2012 | $5,000 |
| 2013 and 2014 | $5,500 |
| 2015 | $10,000 |
| 2016 to 2018 | $5,500 |
| 2019 to 2022 | $6,000 |
| 2023 | $6,500 |
| 2024 to 2026 | $7,000 |
If you were 18 or older and living in Canada in 2009 and have never contributed, your total room in 2026 is $109,000.
Three ways to check your room
- CRA My Account. The TFSA section shows your room on January 1 and a list of the contributions and withdrawals your banks reported.
- Call the CRA. The individual tax enquiries line (1-800-959-8281) can tell you the same number.
- Keep your own record. This is the only way to know your room on any day of the year, not just January 1.
Why the CRA number can be wrong
Banks and brokerages only report your TFSA activity to the CRA after the year ends, usually by the end of February. That means:
- the CRA figure never includes contributions you've made this year, and
- early in the year, it may not even include last year's activity yet.
Many over-contributions happen because someone checks My Account in January, sees a big number and doesn't realize it doesn't include a contribution they made last month.
Example: Priya, 24
Priya turned 18 in 2020. Her total room from 2020 to 2026 is $45,500. She contributed $20,000 in 2024 and withdrew $5,000 in 2025.
- Room on January 1, 2026: $45,500 − $20,000 + $5,000 = $30,500. The 2025 withdrawal came back on January 1.
- She contributes $3,000 in January 2026, so she has $27,500 left for the rest of the year.
Hypothetical example for illustration only.
The 1% penalty
If you contribute more than your room, the CRA charges a tax of 1% per month on the highest excess amount in each month, for as long as it stays in the account. Being $2,000 over for five months costs $100, and you'll usually have to file a TFSA return to pay it. Withdraw the excess as soon as you notice it.
Common mistakes
- Putting a withdrawal back in the same year. The room only comes back on January 1 of the next year, unless you already have enough unused room.
- Withdrawing to switch banks. Ask the new institution for a direct transfer instead. A transfer doesn't use any room.
- Counting room per account. All your TFSAs share one limit.
Common questions
Does unused TFSA room expire?
No. It carries forward every year with no limit.
Do investment losses give me room back?
No. Only withdrawals add room back, and only the amount you actually withdraw. If you put in $10,000 and it drops to $8,000, withdrawing everything gives you back $8,000 of room, not $10,000.
Does growth inside my TFSA use up room?
No. Gains, dividends and interest don't count as contributions. If your $10,000 grows to $15,000 and you withdraw it all, you get $15,000 of room back next year.
The full plan
The Investing Starter Guide, Canadian Edition explains the TFSA, FHSA and RRSP and what to buy inside them. The Portfolio Tracker keeps a running total of your TFSA room as you contribute, so you never have to guess.
Educational content only, not financial, tax or legal advice. Limits are 2026 figures; confirm current numbers with the CRA (canada.ca).