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Can I contribute more to my TFSA than my limit in a particular year?

If you contribute more to your TFSA than your contribution limit, you will pay a penalty of 1% per month on the excess amount. The penalty will continue to apply until the entire excess amount is withdrawn; or when the entire excess amount has been absorbed by additions to unused contribution room in future years.

The annual contribution limit for 2020 is $6,000: Any unused contribution room is carried forward. If you’ve never contributed to a TFSA before but have been accruing contribution room every year since 2009, you can contribute up to $69,500 in 2020.

 

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