Pretty sure I've over contributed to TFSA, but not sure what exactly needs done.
Born in 2001. As of December 31st, 2025 I had contributed $47500 and withdrawn $2661.86 (all prior to 2025). So I've over contributed by $338.14.
Obviously I need to call the CRA, submit whatever forms, and pay the penalty, but given that it is now 2026 and I've gained the additional contribution room, do I still need to withdraw the $338.14 that was over contributed or has that been absorbed by the contribution room increase? I assume I can continue to contribute as usual, but only up to $6661.86 this year?
Edit: Corrected the over contribution amount from 3000 to 338.14. Forgot to deduct the withdrawals I've made.
u/DrywallCompound — 13 days ago