Have a Question?
Enter your question in sentence form (e.g., How do I contact Simplii Financial?).
Do not include any confidential information, such as card or account numbers.
We matched your question to:
What happens if I contribute more than my contribution amount to a TFSA?
Rate this response
For excess contributions, you’ll pay a 1% penalty tax per month on the excess amount for each month the excess remains. Deliberate over-contributions may also be subject to more penalty taxes.
- How much can I contribute to a TFSA per year?
- What’s my contribution room for a TFSA?
- What's a TFSA?
- Where can I get more information on TFSAs?
- Who can contribute to an RRSP?
- What’s the difference between my online password, telephone password and PIN?
- How can I apply for a credit limit increase?
- How can I apply for a line of credit?
- Do I earn cash back when my additional cardholders make a purchase?
- How do I add additional cardholders to my Simplii Financial credit card?
![powered by [24]7](img/pwrdbyir.gif){kind=small}