Over contributed to TFSA
Hey everyone,
I’m embarrassed to admit this but i significantly over contributed to my TFSA in 2025. I made a huge error, mostly due to my own ignorance and negligence as I should have contacted someone about my transactions.
In short, I maxed out my TFSA in 2025 with my bank (TD). I then withdrew said amount into my chequing account and then deposited the amount into my wealthsimple TFSA. It sat in wealthsimple for roughly 9 months and I was notified in 2026 during my yearly bank check with a financial advisor that I made a grave error. The money has since been withdrawn but I believe it is little too late as I took it out in 2026.
I have yet to be notified by CRA for any penalties I likely have incurred (my guess is around 9k)
I am deeply embarrassed by this transaction and I posted this in hopes that someone can tell me what I am inevitably going to endure and hoping someone can give me some advice or be nice to me lol I know Reddit isn’t the best place to look for help but I have searched other posts and most people have been decent and helpful to other posts.
If someone can give me guidance or something it would be greatly appreciated