How do I check my TFSA contribution room?

Log into CRA My Account at canada.ca/my-cra-account and look under "TFSA" → "Contribution room." This shows your current available room as of January 1 of the current year. It does not include contributions or withdrawals made since January 1, so you need to manually subtract any contributions you have made this year and add back any 2025 withdrawals (which re-open room on January 1, 2026).

What is the total TFSA contribution room for 2026?

If you have been a Canadian resident over 18 since 2009, your cumulative TFSA room as of January 1, 2026 is $102,000. The 2026 annual limit is $7,000. Each year the limit is indexed to inflation in $500 increments. If you turned 18 after 2009, your room started accumulating the year you turned 18.

What happens if I over-contribute to my TFSA?

CRA charges a 1% per month penalty tax on the excess amount until it is withdrawn. For example, if you over-contribute by $5,000 for 3 months, the penalty is $150. CRA issues a letter (usually 12–18 months after the tax year ends) and files a T1OVPS return showing the penalty. You should withdraw the excess immediately once you realize the error. CRA can waive the penalty in first-time situations with a reasonable excuse, but this is not guaranteed.

Why does CRA My Account show a different TFSA room than I expected?

CRA updates TFSA room based on contribution reports from financial institutions, which can be delayed 1–6 months. As a result, My Account may not reflect contributions made recently. CRA also only updates your room as of January 1, not in real time. You must manually track contributions and withdrawals through the current calendar year to know your exact available room today.

Do TFSA withdrawals create new contribution room?

Yes — but not until January 1 of the following year. If you withdraw $10,000 from your TFSA in June 2026, that $10,000 of room opens back up on January 1, 2027. You cannot re-contribute the same amount in the same calendar year unless you had room available beforehand. This is the most common cause of accidental over-contributions.

Does moving money between TFSA accounts count as a contribution?

It depends on how you move it. A direct transfer between financial institutions (institution-to-institution) does not count as a withdrawal and re-contribution, so it does not affect your room. But if you withdraw the money yourself and then deposit it to a different TFSA, it counts as both a withdrawal (room opens next January) and a new contribution (counts against your 2026 room right now). Always use a direct transfer form to move TFSA funds.

Can I have more than one TFSA?

Yes. You can hold TFSAs at multiple financial institutions simultaneously. Your combined contribution room applies across all accounts. CRA aggregates all contributions and withdrawals reported by all institutions to calculate your total room. Having multiple accounts increases the tracking complexity and the risk of accidental over-contributions.

How Do I Know If My TFSA Is Maxed Out?

Your TFSA contribution room accumulates every year whether or not you use it, and withdrawals add room back — but only on January 1 of the following year. Knowing exactly where you stand takes a few minutes of checking.

Your cumulative TFSA room at a glance

If you have been a Canadian resident and 18+ since 2009, your total room grew as follows:

Year	Annual Limit	Running Total
2009	$5,000	$5,000
2010	$5,000	$10,000
2011	$5,000	$15,000
2012	$5,000	$20,000
2013	$5,500	$25,500
2014	$5,500	$31,000
2015	$10,000	$41,000
2016	$5,500	$46,500
2017	$5,500	$52,000
2018	$5,500	$57,500
2019	$6,000	$63,500
2020	$6,000	$69,500
2021	$6,000	$75,500
2022	$6,000	$81,500
2023	$6,500	$88,000
2024	$7,000	$95,000
2025	$7,000	$102,000
2026	$7,000	$109,000

If you turned 18 after 2009, your cumulative room starts in the year you turned 18. For example, someone who turned 18 in 2015 has $95,000 of total room as of January 1, 2026 (starting from 2015’s $10,000).

How to check your exact available room

Step 1: Check CRA My Account

Go to canada.ca/my-cra-account and sign in
Select “TFSA” from the left menu
Click “Contribution room”

CRA shows your available room as of January 1 of the current year. This figure already accounts for:

All contributions reported by your financial institutions in prior years
All withdrawals made in prior years (which restored room on January 1)

Step 2: Adjust for the current calendar year

CRA’s figure does NOT account for anything that happened after January 1 this year. You need to adjust manually:

Your current room = CRA’s figure − contributions made in 2026 + withdrawals made in 2025

Adjustment	Direction
2026 contributions you have made	Subtract
2025 withdrawals (opened room Jan 1, 2026)	Already in CRA’s number — do not add again
2026 withdrawals you have made this year	Add back Jan 1, 2027 (not now)
New 2026 annual limit ($7,000)	Already in CRA’s number

Step 3: Check your financial institution statements

Log into each institution holding a TFSA and review your contribution history for the current year. Most bank and brokerage platforms show year-to-date TFSA contributions in the account details page.

Why CRA’s number may be wrong (or out of date)

CRA relies on financial institution reporting, which has a known lag:

Issue	Explanation
Delayed reporting	Institutions report TFSA activity by June 30 of the following year; CRA may not reflect recent data
Transfer reported as withdrawal/deposit	An in-kind transfer done incorrectly can appear as a contribution
Multiple TFSAs	CRA aggregates all institutions, but newer accounts may not yet be reflected
Deceased account holder TFSA continued	Room calculations can show errors in estate situations

If CRA’s number looks wrong, call 1-800-959-8281 and ask for a TFSA room review. Provide your T1028 (TFSA annual information return) if your institution gave you one.

Signs you may have over-contributed

You received a letter from CRA about TFSA excess amounts (usually a T1OVPS assessment)
Your TFSA room in My Account shows as $0 or a negative number
You contributed without accounting for same-year re-contributions after a withdrawal

What to do if you over-contributed

Withdraw the excess immediately — the penalty is 1% per month on the excess amount
Do not re-contribute the withdrawn amount until you have confirmed room
File Form RC243 (TFSA Return) if CRA has not automatically assessed you — or wait for CRA to send the T1OVPS
Write to CRA requesting penalty cancellation if this is your first offence and you acted quickly; include a letter of explanation

TFSA room by age (born 2000–2008)

Birth year	First year of room	Total room as of Jan 1, 2026
2000	2018	$57,500
2001	2019	$51,500
2002	2020	$45,500
2003	2021	$39,500
2004	2022	$33,500
2005	2023	$27,000
2006	2024	$20,500
2007	2025	$13,500
2008	2026	$7,000