Owing tax on a TFSA

Updated TFSA contribution room available in CRA account starting April 2026

TFSA records from 2025 will be processed by April 2026. This is the best time to check your TFSA contribution room in your CRA account. Always verify your contribution room with your financial institution records to avoid over-contribution. Refer to: Calculate your TFSA contribution room.

Services and information

If you have to pay tax on a TFSA

Why you may owe tax, how to pay it, what to do if you disagree

Tax on excess amounts

How excess amounts are taxed and how to report them to the CRA

Tax on non-resident contributions

How non-resident contributions are taxed and how to report them to the CRA

Tax on non-permitted investments

How non-permitted investments are taxed and how to report them to the CRA

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2026-01-06