Quote:
Originally Posted by 4X4
What happens if you put too much money into a TFSA? Just asking. Trust me, I don't have this 'problem'.
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Well now its a 1% per month penalty on the excess. Interesting story though, when the TFSA first came out in 2009, the markets were very low (at the bottom in hindsight) and the penalty was 1% per year IIRC. Some people were sinking in big money, say $100k and reaping the rewards, paying the $1000 penalty or whatever. Unsurprisingly, CRA wasn't quite as fond of this as the investors and changed the penalty to make it more punitive.