Home > Calculators

Tax-free savings calculator - legal

The amounts in this Tax-Free Savings Account calculator are based on the figures provided, and are for illustrative purposes only.  

This report and all calculations in it are based on certain assumptions and the information you provided and are for illustrative purposes only.  Manulife Bank does not guarantee future results.  Since actual results will differ from this calculation,  you should consult your financial advisor and review your account on a regular basis to  make sure you are still meeting your financial goals.  This report is a calculation of potential Tax-Free Advantage Account benefits, assuming you were to open this account with us today.  However, to get started with a Manulife Bank Tax-Free Advantage Account, you must first apply and have Manulife Bank review your application.

Tax-Free Savings Accounts (TFSA's) are subject to each individual’s eligibility and contribution limits as determined by Canada Revenue Agency (CRA). Eligible Canadians have been allotted a fixed contribution room each year since 2009. The annual TFSA contribution room is made up of the TFSA dollar limit established by CRA (plus indexation, if applicable), any unused TFSA contribution room from the previous year, and any withdrawals made from the TFSA in the previous year, excluding qualifying transfers or specified distributions. More than one TFSA can be held at any given time, as long as the total amount contributed to all TFSAs during a year is not more than the available TFSA contribution room for that year. Only Canadian residents 18 years of age or older are eligible to open a TFSA or contribute to one. The account holder is the only person who can contribute to the TFSA. Please contact your financial advisor for more details.