In 2024, Canadians paid $166.2 million in penalties for going over their TFSA limits.

– 133,000 people overcontributed

– Average penalty: $1,252 (3x higher than 2015)

– 4x more Canadians penalized than a decade ago

TFSAs should grow your wealth—not fund CRA penalties. The 1% monthly tax on overcontributions adds up fast.

✅ Track your contribution room carefully

✅ Double-check before moving money between TFSAs

✅ Work with an advisor to avoid costly mistakes

At Gardhouse Financial Counsel, we help you maximize tax-free growth while steering clear of unnecessary penalties.