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April 25, 2022
Question

Where do I file TFSA over contributions in turbo tax?

  • April 25, 2022
  • 1 reply
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I have over contributed to my TFSA and where do I need to claim it?

    1 reply

    TurboTaxSusan
    April 27, 2022

    You don't need to enter this information on your tax return. If you have over-contributed to your TFSA, the CRA will ask you to remove the excess amount. If you don't do this, then they will contact you again to let you know that you must pay a penalty. 

     

    Please see this Canada Revenue Agency (CRA) page for more information on the Tax-Free Savings Account (TFSA): Tax-Free Savings Account (TFSA), Guide for Individuals