About 133,000 out of 19.3 million account holders (0.7%) were found to have overcontributed to their TFSA, with an average tax of $1,252.22 assessed per person. That compares with 117,000 overcontributors in 2023, with an average excess tax of $1,118.39. The number of TFSA holders who overcontributed has far outpaced overall account growth. Likewise, the total TFSA excess tax assessed ballooned more than tenfold, to $166.2 million in 2024 from $15.2 million in 2015. The average tax assessed rose to $1,252.22 last year from $457.75 in 2015 .