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What to do about TFSA Over-Contributions

TFSAs, also known as tax free savings accounts, are a great way to save money. You can earn some interest on your money while avoiding paying any taxes on the money. Unlike an RRSP account or even mutual funds, with a TFSA, you can take money out of your account whenever you want to. That being said, there is a limit to how much you can put into your TFSA. That does include the money that you take out as well. Once you have reached that limit, then you start having to pay a penalty.

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