TFSA Overcontribution Penalty Calculator

Estimate the monthly tax and see why removing the excess quickly limits the cost.

Available contribution room

Total contributions

Month excess began (1–12)

Month excess was removed (1–12)

Estimated TFSA penalty tax

$300

1% × 6 taxable months

Monthly taxable excess

$5,000

No statutory cushion

CRA return

RC243

Confirm the filing deadline and relief options

The 1% tax generally applies for every month in which an excess exists, including the contribution and removal months. This single-event estimate does not reconstruct multiple deposits, withdrawals or a CRA waiver.

What this estimate includes

This models one contribution and one removal. Multiple accounts still share one personal TFSA contribution limit.

Official sources

Questions this calculator answers

Is there a TFSA overcontribution cushion?

No. The 1% monthly tax generally starts on the highest excess amount in the month.

Does withdrawing in the same month avoid tax?

Not necessarily. The month can still be taxable because CRA uses the highest excess amount in that month.

Related Calculators

RRSP excess amount tax

Apply the usual $2,000 overcontribution cushion

FHSA excess amount tax

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TFSA contribution room

Rebuild available room before contributing again

RRSP contribution room

Check the Notice of Assessment room calculation

Overcontribution decision centre

Find the account-specific form and correction path