A deposit landed in my partner’s TFSA by mistake. What now?
It counts against their room, whoever’s money it was: $3,000 into a TFSA with $1,000 left is $2,000 over, $20 a month.
Your partner, over the limit
$2,000
See how
Their room left$1,000
The deposit$3,000
Over$2,000
1% a month$20
Room belongs to the person whose name is on the account. Yours is untouched, so the $3,000 is still yours to contribute.
Withdrawing it from their TFSA stops the tax the month after, and the withdrawal is their room again on 1 January.
Moving it into your own TFSA afterwards is a new contribution from your room, once their withdrawal is done.
Sources
Checked against the CRA’s pages on .