How much can I contribute?
You can contribute up to $6,000 annually towards your TFSA. If you have never contributed to a TFSA account and have been eligible since its inception in 2009, as of 2021, your lifetime contribution limit is $75,500.
The CRA will track all of your TFSA contributions and update your contribution amounts at the beginning of every calendar year.
Your available TFSA contribution room can be found on your Tax Assessment, or online, through MyAccount with the CRA.
What if I over-contribute?
In case you over-contribute to your TFSA, you will be subject to a tax equal to 1% of the highest excess TFSA amount in the month, for each month the funds remain in your TFSA.