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Tax-free savings
A tax-free savings account (TFSA) pays no tax on interest, dividends or gains. You can put in up to the yearly limit and R500,000 in your lifetime. Over either, SARS charges 40% of the excess.
Value after 15 yearsR1,101,511R500,000 paid in · R601,511 tax-free growth
- Yearly limitR46,000
- Lifetime limitR500,000
- Going in this tax year · R10,000 room leftR36,000
- Months until the lifetime limit167 (13.9 years)
How it works, with your numbers
- This year: R0 already + R3,000 × 12 = R36,000 against the R46,000 limit.
- Growth: 9% a year, added monthly, with contributions stopping at the R500,000 lifetime limit.
Good to know
- Contributions to all your TFSAs at different providers count together.
- Money taken out can't be put back without using up new room.
Uses SARS rates for the 2027 tax year. For illustration only. This is a guideline to help you plan, not tax advice: a registered tax practitioner must review and approve the final figures before you file.