TFSA overcontributions led to $166.2M in penalties in 2024: CRA

['Jonathan Got', 'Body --Teal', '--Light-Teal', '--Blue', '--Red', '--Yellow', '--Black', '--White', 'Fff --Dark-Gray', '--Mid-Gray'] Advisor.ca 2025-09-23 14:44:35

iStockphotoThe Canada Revenue Agency (CRA) assessed $166.2 million in tax-free savings account (TFSA) excess taxes in 2024, up from $130.8 million in 2023, the agency said in an email to Investment Executive. 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 .