The TFSA Room Check I Do Every November

Every November I do a small, unglamorous check on my TFSA. Nothing fancy, but it has saved me from confusion more than once, so I figured I'd write down how I go about it.

Where I find my room

The number I trust most is the one in my CRA My Account, under the TFSA section. The thing I've noticed is that it can lag: contributions and withdrawals made recently, or by my financial institution late in the year, don't always show up right away. So I also keep a simple tally of my own deposits and withdrawals for the current year, and I compare the two instead of relying on just one.

The withdrawal rule I keep forgetting

The part that trips me up is timing. As I understand the CRA's rules, money I withdraw from a TFSA gets added back to my contribution room, but only on January 1 of the following year, not right away. In my case that means that if I pulled money out earlier this year and then put it back before December 31, I may have used up room I thought I still had. That's the situation I'm checking for in November, while there's still time to adjust.

Why the penalty makes me careful

Going over the limit is taxed at 1% per month on the excess, according to the CRA, and it keeps counting until the excess is gone or the room opens up again. It's not a huge amount on a small overage, but it's the kind of avoidable annoyance I'd rather not deal with, so a ten-minute check feels worth it to me.

What I actually do

• Pull up my CRA My Account number and my own tally, and see whether they agree.
• List every TFSA withdrawal I made this year, since those only free up room next January.
• Look at how much I planned to contribute in the final weeks of the year and whether it still fits.
• Note the new annual limit when it's announced, so I can plan January contributions ahead of time.

For the record, the annual TFSA limit for 2026 is $7,000, but your own room depends on your age and your history, which is exactly why I look at my personal number instead of the headline one.

If you're thinking about opening a TFSA of your own, the card above has the offer I used when I signed up. I'm just sharing my routine, not telling anyone what to do with their money.