What happens if I contribute more than my contribution room to my Tax-Free Savings Account (TFSA)?
If you contribute more than your contribution room, you will be taxed each month by the Canada Revenue Agency (CRA).
Visit the CRA to learn more about TFSA contributions.
Last updated February 3, 2023
Related Articles
Can a non-resident of Canada open a Tax-Free Savings Account (TFSA)?
How do I contribute to my Tax-Free Savings Account (TFSA)?
What types of investments can I hold in my Tax-Free Savings Account (TFSA)?
How do I withdraw money from my Tax-Free Savings Account (TFSA)?
How can I find out what my Tax-Free Savings Account (TFSA) contribution room is for a given tax year?