How I Avoided a TFSA Over-Contribution Using the Room Calculator

My situation

I'd been contributing to my TFSA for a few years but hadn't kept a perfect spreadsheet. When I got a bonus in early 2026, I wanted to put $7,000 into my TFSA. Before doing that, I used TrackMoola's TFSA Contribution Room Calculator and entered my birth year, year I became a resident, total past contributions, withdrawals, and what I'd already contributed in 2026.

What the calculator showed

It turned out I had already contributed $3,500 earlier in the year. My remaining room for 2026 was only $3,500—not $7,000. If I'd contributed the full $7,000, I would have over-contributed by $3,500 and been subject to the CRA's 1% monthly penalty on the excess. The calculator also showed my cumulative lifetime room and a year-by-year breakdown so I could see how much room I'd had each year.

What I did

I contributed only $3,500 and set a reminder to top up again in January 2027 when new room would be added. I also bookmarked the How-To Guide so I could quickly look up what each field means (e.g. why withdrawals add back to room the next year). The calculator didn't give me tax advice—it gave me the numbers I needed to stay within my limit.

Try it yourself

Your situation is different. Use the TFSA Room Calculator with your birth year, residency, and contribution history. Always verify your official room in CRA My Account when in doubt. This tool is for educational purposes only; we are not liable for any over-contribution or tax decisions.

Related: RRSP Room Calculator, FHSA Room Calculator, Best TFSA Brokerage Promotions.