Help centre
Use the search bar to write keywords without giving out any of your personal information.
What happens if I overcontribute to my TFSA?
If you make contributions that exceed the authorized limit, you will be required to pay 1% tax per month on that amount.
Note: If you withdraw funds then make another deposit the same year, you may exceed the contribution limit and be required to pay a penalty.
Related questions
-
Are RESP withdrawals taxed? Learn about withdrawing from an RESP. -
Are TFSA contributions tax deductible? Learn the tax benefits of a TFSA. -
Are TFSA withdrawals taxed? Learn if TFSA withdrawals are taxable. -
By what age must a child withdraw funds from an RESP? Learn the maximum age to withdraw funds from an RESP. -
Can I carry forward my unused FHSA contribution room? Once you open an FHSA, you can carry forward your unused contribution room. Check out the details.
Chat with our virtual assistant
Ask a question for immediate answers to your questions, available 24/7