Did You Know? TFSA Contribution Room

Did you know? - Excess contributions to your TFSA will result in an over-contribution penalty of 1% per month, levied on the amount of excess TFSA contributions?

The best way to find out your TFSA Contribution Room is to use the Canada Revenue Agency’s My Account tool.

To use My Account, all you need is:

• Your social insurance number
• Your income tax return, specifically to access line 101 of the previous year’s tax return
• Your birth date
• Your postal code

If you would rather speak to someone in person, calling the Canada Revenue Agency’s Tax Information Phone Service (TIPS) can also provide you with the same information. The phone number for TIPS is 1-800-267-6999.

If you should have any questions please do not hesitate to contact any member of our team.