PSA: checking my TFSA contribution room on the CRA site saved me from a $1,400 tax bill

Victor Robinson · 2026-09-17T19:45:04.503098+00:00

I always figured I was fine as long as I stayed under the yearly limit, until my accountant in Mississauga pointed out I had been overcontributing by small amounts since 2021 and owed tax on it. Sat down and logged into CRA My Account, and the real number was nearly 9 grand lower than what I had in my head. Took me an hour to sort out and I dodged a penalty that would have stung. Anyone else get blindsided by their actual room once they finally looked?

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PSA: checking my TFSA contribution room on the CRA site saved me from a $1,400 tax bill | Canadian Finance Chat - Thought Shares