How much can I contribute?
You can contribute up to $7,000 annually to your Tax-Free Savings Account (TFSA) in 2024. You can see the Annual TFSA dollar limit and any updated information on the CRA website here.
If you have never contributed to a TFSA and have been eligible to do so since its inception in 2009, your lifetime contribution limit could be $75,500 as of 2021. The Canada Revenue Agency (CRA) tracks your TFSA contributions and updates your contribution room at the beginning of each calendar year.
You can check your available contribution room through your Tax Assessment or online via MyAccount with the CRA.
What Happens If I Over-Contribute?
If you contribute more than your available TFSA contribution room, you will be subject to a tax of 1% on the highest excess amount in the month, for each month the excess funds remain in your TFSA.
It is important to monitor your contribution limits carefully to avoid penalties.
For personalized advice or more information about how TFSA contributions may impact your tax situation, we recommend consulting with a tax professional.
Disclaimer:
*This article does not represent a tax or investment strategy recommendation. You should consult with a tax advisor or financial professional to ensure this is the right move based on your personal financial situation.
**OneVest Management Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Alberta, Ontario, Newfoundland and Labrador, and Quebec. Assets in your OneVest accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (“CIPF”). OneVest is a wholly-owned subsidiary of OneVest Technologies Inc. All trademarks are the property of their respective owners. Copyright @ 2025, OneVest Technologies Inc. All rights reserved.
