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3 TFSA Mistakes the CRA Is Actively Watching for [Globe and Mail, The (Toronto, Canada)]
Last microsoft corporation earnings: 4/29 04:06 pm
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US:NASDAQ Investor Relations: microsoft.com/en-us/investor
But the Canada Revenue Agency (CRA) is closely watching how you invest in this popular registered account. Make a few common mistakes, and you could face stiff penalties, an unexpected tax bill, or worse. My view is clear: the TFSA remains one of the most powerful wealth-building tools available to Canadians, but only if you use it correctly. Microsoft NASDAQ:MSFT ) is one example of the kind of long-term holding that belongs in a TFSA. But more on that in a moment. The cumulative TFSA contribution room reached $109,000 in 2026, and the account has never been more valuable. Notably, the CRA has collected millions in penalties and back taxes from TFSA holders who made violations. Here are the three mistakes you need to avoid. Overcontributing to your TFSA can cost you every single month This is the most common mistake, and the rules are less forgiving than most people assume. Unlike the Registered Retirement Savings Plan (RRSP), which gives you a $2,000 lifetime buffer befo
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