Resources
Plain-English Canadian finance writing.
Situation answers, blog pieces, and the contribution limit guides, every figure stated beside the canada.ca page it came from.
Explainers, by situation
Three questions people arrive with
When your number looks wrong
You suspect the contribution room figure you are working from is not the one that counts.
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When the CRA says your TFSA contribution room is something else
The figure in a CRA account is updated once a year in the spring, from what issuers report for the previous year. The CRA tells you to calculate from your own records instead, and names who to contact when the reported data is wrong.
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New to Canada: how much TFSA room you actually have
TFSA contribution room starts accumulating in your year of residency, not the year you turned 18. A newcomer who arrived in 2026 has the 2026 dollar limit and nothing carried forward, whatever their age.
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RRSP deduction limit vs contribution room: the distinction that costs money
The RRSP deduction limit is the most you can deduct this year. What you can put in without the 1% monthly tax is that limit plus $2,000. The two numbers are different, and only one of them appears on your notice of assessment.
When the contribution already happened
The money is in, it may be too much, and the question is what it costs and how it is put right.
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You got a CRA letter about a TFSA over-contribution
The CRA monitors TFSA contributions annually and notifies people in late spring, through a CRA account or by mail. The letter is a notification, not the end of the process, and the order of the steps changes what it costs.
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Asking the CRA to waive a TFSA penalty: what the request has to show
The CRA may waive or cancel TFSA tax if it decides that is fair. It reviews three things: whether the tax arose from a reasonable error, whether another tax also applies, and how much has been withdrawn to correct it.
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FHSA over-contribution: the penalty and the 15-year clock
An excess FHSA amount is taxed at 1% per month on the highest excess in that month, with no $2,000 cushion. Separately, the account has a maximum participation period that ends 15 years after you open your first FHSA.
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RRSP over-contribution: the $2,000 cushion and what sits past it
The CRA taxes an excess above your RRSP deduction limit plus $2,000 at 1% per month. The cushion is not deductible, it is not automatic before age 18, and the return is due 90 days after year end.
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RC243 or T1-OVP: which form your situation needs
An over-contributed TFSA is reported on Form RC243 by June 30. An over-contributed RRSP is reported on Form T1-OVP within 90 days of year end. An FHSA uses Form RC728. Three accounts, three forms, three deadlines.
When the money is moving
Withdrawing, transferring, or inheriting, where the timing decides the answer.
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Can you use the FHSA and the Home Buyers Plan together?
Yes. The CRA states you can withdraw from your RRSPs under the HBP and make a qualifying withdrawal from your FHSAs for the same qualifying home, as long as you meet all the conditions at the time of each withdrawal.
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TFSA successor holder vs beneficiary: what each does to the room
A successor holder takes over the TFSA itself and keeps it sheltered. A designated beneficiary receives the money and the account ends. Neither one inherits the deceased holder's unused contribution room.
Free calculators
One question each, stateless, cited to the CRA
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TFSA penalty cost
FreeWhat a TFSA excess costs: 1% a month on the excess, for each month it stays.
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Total TFSA contribution room calculator
FreeIf you never contributed, your lifetime TFSA room is the sum of every year’s limit since you turned 18.
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RRSP tax refund
FreeWhat one contribution gives back on this year’s federal and provincial brackets.
Contribution limit guides
The four registered accounts
One account per page: the current limit, where it comes from, and how to track your own number. Ongoing tracking across accounts is the app’s job.
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TFSA contribution limit
2026This year’s limit, what counts against your room, and what doesn’t.
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RRSP contribution limit
2026Where this year’s dollar limit comes from and how yours is computed.
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FHSA contribution limit
2026The annual limit, the one-year carry-forward, and the lifetime cap.
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RESP contribution limit
2026The lifetime limit per child and how the government grant matches.
Read
From the blog
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TFSA withdrawal rules: when the room you took out comes back
TFSA room comes back January 1 of the next year, not on the withdrawal date. The CRA's two worked examples, and the one case where same-year re-contribution is fine.
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How to check your TFSA contribution room when the CRA figure is behind
The CRA says to calculate TFSA room from your own records, not your CRA account. Here is the formula it publishes and where each input comes from.
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Your TFSA over-contribution: what the penalty actually costs
The TFSA over-contribution penalty is 1% a month on the highest excess in your account. Here is the CRA's own arithmetic, and the deadline that follows.
About this site
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FAQ
Five questions about this site, answered.
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Certification record
What the certification claim on the calculation engine means, and where it stops.