You don’t want to go over your annual TFSA contribution limit because over-contributions are taxed. You’ll be penalized at a rate of 1% of the excess amount for every month it’s in your account. If you contributed $7,000 to a TFSA in a year where your limit was $6,000, for ...
If you contribute more than your contribution limit in the current year, you may be subject to a penalty tax of 1% per month, every month the excess amount stays in your account, based on the highest excess TFSA amount in that month. In the case of over-contribution, please consult...
We’ll even look at how to incorporate multiple accounts, such as your TFSA, RRSP, and a non-registered account into your safe withdrawal rate – as well tax rules surrounding the withdrawal of investments from those accounts. And finally, we’ll seek to answer the question you probably real...