Your room, year by year
Room starts in the calendar year you turn 18. For someone born in 2000 (and resident in Canada), that is 2018:
| Year | Your age that year | Annual limit | Cumulative room |
|---|---|---|---|
| 2018 | 18 | $5,500 | $5,500 |
| 2019 | 19 | $6,000 | $11,500 |
| 2020 | 20 | $6,000 | $17,500 |
| 2021 | 21 | $6,000 | $23,500 |
| 2022 | 22 | $6,000 | $29,500 |
| 2023 | 23 | $6,500 | $36,000 |
| 2024 | 24 | $7,000 | $43,000 |
| 2025 | 25 | $7,000 | $50,000 |
| 2026 | 26 | $7,000 | $57,000 |
Worked example
Let’s say you contributed a total of $30,000 between 2018 and 2025, never withdrew anything, and have put in $7,000 so far in 2026.
- Total limits 2018–2026: $57,000.
- Minus contributions before 2026: $57,000 − $30,000 = $27,000. That was your room on January 1, 2026.
- Minus 2026 contributions: $27,000 − $7,000 = $20,000 left for the rest of 2026.
Only deposits count against room. If your investments grew from $37,000 to $45,000, that growth does not use any room and is yours tax-free.
What if you took money out?
Withdrawals give room back, just one year later. Say you also withdrew $5,000 in 2025 for a trip or a deposit on an apartment. That $5,000 came back on January 1, 2026, so your room this year would be $25,000 instead of $20,000. Enter past withdrawals in the “Total withdrawn before 2026” box and the calculator adds them back for you.
And next year?
On January 1, 2027 you will get the 2027 annual limit on top of whatever room you have left. CRA has not announced the 2027 figure yet (as of 5 November 2026); it is usually published in late November. Until then, plan with what you know: $20,000 now, plus the new limit in January.
Tips for your twenties
- TFSA or RRSP? When your income is modest, a TFSA is often a good first choice: you keep flexibility and the withdrawals are tax-free. An RRSP deduction is worth more once you are in a higher tax bracket.
- Saving for a first home? Look at the First Home Savings Account (FHSA) too. It has its own separate limit of $8,000 a year and does not use TFSA room.
- Automate small amounts. $300 a month adds up to $3,600 a year. Room you do not use this year is not lost.
- Keep a simple record of deposits and withdrawals, or check CRA My Account once a year.
This is an estimate from your own numbers. Your official figure is on the TFSA Room Statement in CRA My Account (note that it shows room as of January 1 and may not include this year’s transactions yet).
FAQ
How much TFSA room do I have if I was born in 2000?
$57,000 in total by 2026 if you have been resident in Canada since 2018 and never contributed. Subtract your contributions and add back past withdrawals to get your current room.
When did my TFSA room start if I was born in 2000?
On January 1, 2018, the year you turned 18. The 2018 limit was $5,500.
I put in $30,000 before 2026 and $7,000 this year. How much room is left?
$20,000. Your room on January 1, 2026 was $57,000 − $30,000 = $27,000, minus the $7,000 contributed in 2026.
Sources (checked 5 November 2026): Canada Revenue Agency – “MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE” (TFSA dollar limits 2009–2026; no 2027 figure listed) and “Calculate your TFSA contribution room” (canada.ca); CRA examples of tax payable on excess TFSA amounts; cross-checked with TaxTips.ca TFSA limits table.