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What happens if I contribute more than my contribution amount to a TFSA?

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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.

"SIMPLII FINANCIAL" and the SIMPLII FINANCIAL DESIGNS are trademarks of CIBC. "Simplii Financial" is a division of CIBC. Banking services are not available in Quebec.
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