The Intra-Year Re-Contribution Trap
If your room is maxed and you withdraw $5,000 in June, you CANNOT put it back in July. Doing so triggers a 1%/month penalty until January 1 of the following year!
PRO TAX TOOL
Lifetime TFSA & Roth IRA Contribution Room Tracker
The Canada Revenue Agency imposes a brutal 1% per month penalty tax on over-contributions, and CRA My Account records often lag by months. Calculate your exact lifetime cumulative contribution room and protect your tax-free status.
AVAILABLE SAFE CONTRIBUTION ROOM
$43,000
Safe capacity available to deposit today without penalty.
LIFETIME CUMULATIVE ROOM ACCUMULATED
$88,000
Statutory limits granted since you turned 18.
MONTHLY CRA PENALTY STATUS
$0.00 (Safe)
1% per month penalty tax on excess contributions.
Personal Eligibility Details
TFSA room begins the year you turn 18.
Room does NOT accumulate for non-resident years.
Sum of all deposits made into all your TFSA accounts combined.
Withdrawals made before Jan 1 of this current calendar year.
Cannot be re-contributed until January 1 of next year!
Contribution Standing
Historical Statutory TFSA Room Limits
| Tax Year | Annual Limit | Status | Cumulative |
|---|
CRA Pitfalls to Avoid
The 3 Most Costly TFSA Mistakes
Protecting your tax-free shelter from audits and penalties.
Holding U.S. Dividend Stocks
Unlike RRSPs, TFSAs are NOT recognized as retirement accounts under the U.S.-Canada tax treaty. The IRS withholds 15% on all U.S. dividends automatically.
CRA My Account Delay
Financial institutions only report TFSA transactions to the CRA once a year in March. Never rely exclusively on the CRA portal number—maintain your own record.