Is this you?
- I withdrew and recontributed in the same year
- I assumed room reset right away
- No warning appeared
"Withdrawals reset TFSA room instantly."
TFSA contribution room resets on January 1 of the following year. Recontributing early triggers penalties.
Why guessing is risky
- 1% penalty applies per month
- CRA tracks TFSA room automatically
- Calendar-year errors compound quickly
Safe to ignore if
- Room was verified
- No recontributions occurred
Stop and check if
- Withdrawals and recontributions happened
- Room wasn't verified
Resolve the doubt
Check my TFSA penalty risk (2 minutes)We'll tell you if this needs reporting and what to do next.
"Most people correct TFSA issues before penalties escalate."