Tax Free Savings Account – Watch your limit and stay within it!

CRA Information, CRA Tax Tips, What's new from CRA / By Tax Admin

Canadians have been contributing to tax-free savings accounts (TFSA) since 2009, enjoying tax-free investment growth. Did you know that it’s possible to overcontribute and be subject to tax?

Excess contributions can occur, for example, when your TFSA is set up for pre-authorized contributions and you make additional contributions without verifying the amount of room you have available. This can also be the case when you have multiple TFSAs with different financial institutions and you are not tracking the contributions you are making to all accounts. You can avoid taxes by staying within the TFSA contribution room available to you.

Your TFSA contribution room is made up of three things:
1) the annual TFSA dollar limit
2) any unused contribution room from previous years
3) any withdrawals you made during previous years (excluding direct transfers)

The annual TFSA dollar limit for 2024 was $7,000. For 2025, the limit is also $7,000.

Click here to learn more

Information source from Canada Revenue Agency (CRA)

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