Taxes on excess contributions and non-resident contributions

TFSA holders are liable for a 1% per-month tax on their excess contributions and non-resident contributions. For more information, see Guide RC4466, Tax-Free Savings Account (TFSA), Guide for Individuals.

The application of these taxes will be administered by us. You, the issuer, do not have to specifically identify any withdrawals made by the holder to avoid the continued application of these taxes. Any such withdrawals will be reported as regular withdrawals. You also do not have to report to us when a holder becomes a non-resident.

Date modified:

2016-02-05