Between 2015 and 2024, the number of TFSA holders grew to 19.3 million from 12.7 million — a 52% increase. The CRA assessed $166.2 million in excess TFSA taxes in 2024, up from $130.8 million the year before. As his income grew, he shifted focus to his RRSP and let his TFSA contribution room accumulate. Since financial institutions don’t submit TFSA data to the CRA until December, the contribution room displayed on My Account might not be updated until April, Erin added. TFSA contribution room doesn’t increase while a Canadian lives outside the country, so accurate information is especially important for Wruk’s clients.