Canadian TFSA Limit for 2018

The TFSA contribution limit for 2018 will remain $5,500.

With the TFSA limit at $5,500 for 2018, the total room available in 2018 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $57,500.

Penalized Amounts: 

When an individual exceeds his TFSA contribution limit for the year, the excess, referred to as a “TFSA excess amount,” is subject to a penalty tax of 1% per month. If one owes TFSA penalty taxes, one must file a special TFSA return (Form RC243) to calculate and report the taxes. The return must be filed by June 30 of the following year, and any taxes owed must be paid by that date. If the return is filed late, additional penalties and interest may apply.