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Message: Re: Caution
1
Nov 14, 2019 03:54PM
1
Nov 14, 2019 04:10PM

Overcontributions to TFSAs are not illegal or 'evasionary' but they are subject to the penalty of 1% per month.  For those that contribute at this time of year any excess contributions will be absorbed by the new contribution room that kicks in again on Jan 1/20.  At this point I suspect that by the time you get a letter from the CRA requesting that the excess be removed Jan 1/20 will already be upon us and all will be well.

4
Nov 14, 2019 06:00PM
2
Nov 14, 2019 06:23PM
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