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I finally checked my TFSA contribution room online and saw I was $6,500 over
I have been tossing $200 into my TFSA every payday since I opened it in 2019 without ever checking my limit. Last Tuesday I logged into CRA My Account just to grab a form and saw I was $6,500 over my room. I guess I forgot that room only comes back the next calendar year after a withdrawal, so when I pulled $4,000 out for new tires in 2022, I put it right back in like it never counted. Now I have to pull the extra out and I am worried about the 1% per month tax on the overage. Has anyone here dealt with a TFSA over contribution, and did the CRA actually charge you the penalty or let it slide if you fixed it fast?
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knight.felix14d ago
Did you know CRA sometimes waives the penalty if you write them a letter asking for relief?
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