I have TFSAs at two banks: what is my limit?
One room covers every TFSA you hold, at every bank: $10,000 at one and $8,500 at another, against $12,500, is $6,000 over.
TFSA over the limit
$6,000
See how
Room on 1 January$12,500
At the first bank, in March$10,000
At the second bank, in May$8,500
Over from May$6,000
Tax to December at 1% a month$480
Each bank sees only its own account, so neither warns you. CRA adds them up once both have reported, usually the next spring.
The excess costs $60 a month from May until it is withdrawn, or new room on 1 January covers it.
CRA asks people to keep their own list of every contribution and withdrawal, at every bank. Contribution Room is that list.
Sources
- CRA — Before you contribute to a TFSA
- CRA — How to contribute to a TFSA
- CRA — Tax payable on an excess TFSA amount
Checked against the CRA’s pages on .