How much Tax-Free Savings Account room might I have?

The annual TFSA dollar limit is set for each calendar year, but your personal available room can be much larger because unused room accumulates and prior withdrawals are added back in the following year.

Start with the annual limits for every year you were an eligible Canadian resident age 18 or older, add unused room carried forward and prior-year withdrawals, then subtract contributions already made. Immigration, emigration and prior overcontributions can complicate the calculation.

Unused room generally carries forward indefinitely while the TFSA rules remain applicable. This allows someone who could not contribute in earlier years to use accumulated room later.

Withdrawals are generally added back on January 1 of the following calendar year, not immediately. Re-contributing a withdrawal in the same year can cause an overcontribution if you do not already have enough unused room.

CRA’s figure can lag because financial institutions report TFSA transactions after year-end. You should track current-year contributions and withdrawals yourself before relying on the displayed amount.