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Home/Calculators/TFSA Calculator

TFSA Calculator

Project your Tax-Free Savings Account growth. See how compound returns and tax-free investing can build your wealth.

Updated March 2026 · Current SARS rates

Growth Projections

See how your TFSA grows year by year with compound interest and monthly contributions up to the R36,000 annual limit

Limit Tracking

Track your R500,000 lifetime contribution limit and get warnings before you exceed it and trigger the 40% penalty

Tax Savings Estimate

Calculate how much tax you save by investing in a TFSA versus a regular taxable investment account

TFSA Calculator

Enter your contribution details to project TFSA growth

R

Max R3,000/month (R36,000/year)

R

Leave blank if starting fresh

%
R

For R500,000 limit tracking

Ready to Calculate

Enter your contribution details to see projected TFSA growth and tax savings

TFSA Limits & Rules

Key limits and rules for Tax-Free Savings Accounts in South Africa

Annual Contribution Limit

R 36 000,00 per tax year (1 March to end of February). Unused allowance cannot be carried over to the next year.

Lifetime Contribution Limit

R 500 000,00 total across all TFSA accounts. Withdrawals do not restore your lifetime limit.

Over-Contribution Penalty

40% penalty tax on any amount exceeding the annual or lifetime limit. This is deducted directly from your account.

Tax-Free Returns

All interest, dividends, and capital gains earned within the TFSA are completely exempt from tax. No need to declare on your tax return.

Withdrawals

You can withdraw from your TFSA at any time with no penalty. However, the withdrawn amount still counts towards your lifetime limit and cannot be re-contributed.

TFSA Calculator FAQs

Common questions about Tax-Free Savings Accounts in South Africa

A TFSA is a savings or investment account where all returns - interest, dividends, and capital gains - are completely tax-free. Introduced in South Africa in 2015, TFSAs are designed to encourage saving. You can invest in unit trusts, ETFs, fixed deposits, or other approved products within your TFSA.
The annual TFSA contribution limit is R36,000 per tax year (1 March to 28/29 February). You cannot carry over any unused portion of the annual limit to the following year. If you contribute less than R36,000 in one year, you lose that unused allowance.
The lifetime TFSA contribution limit is R500,000. This is the total amount you can ever contribute across all your TFSA accounts combined. Importantly, withdrawals do not restore your lifetime limit - if you contribute R100,000 and then withdraw R50,000, your remaining lifetime allowance is still R400,000, not R450,000.
You can open a TFSA at any SARS-approved financial services provider, including banks (e.g. FNB, Standard Bank, Nedbank, Absa, Capitec), investment platforms (e.g. EasyEquities, Satrix, Allan Gray, Coronation), and stockbrokers. Compare fees and investment options before choosing a provider.
If you exceed the annual limit (R36,000) or lifetime limit (R500,000), SARS imposes a penalty tax of 40% on the excess amount. This penalty is severe and can significantly erode your returns. Always track your contributions carefully to avoid exceeding the limits.

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Important Disclaimer

Accounter does not provide accounting, tax, business or legal advice. This calculator has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business.