November 2021 – Be aware that Tax Free Savings Account overcontributions are on the CRA’s radar. If you are offside on how much TFSA room you have available, and contribute more than allowed, CRA is actively monitoring this and will penalize you 1% every month on the excess. The bottom line is that you have to be cognizant of the rules and be in compliance.
TFSA overcontributions
by Heidi Pullem | Jan 25, 2022 | Tips