RE:RE:RE:RE:RE:RE:RE:TFSA EXPLAINEDI believe the 1% per month (i.e. 12% per full year) penalty charge applies only if you had INADVERTENTLY over contributed to your TFSA for one reason or another. This is actually quite common due to all of the confusing rules and contradictory correspondance you get from them sometimes.
If you INTENTIONALLY go over your TFSA contribution limit, I believe they will nail you to the wall and make you pay 100% taxes on your gains as they will be treated as regular income. Especially if you have the balls to go say $100,000 over your contribtion limit (and assuming your financial institution allows its) in the hopes of making huge gains that will more than offset the 12% annual penalty which you would have to pay.
After all, I highly doubt they would simply let you pay a 12% penalty knowing that you was intentionally trying to shelter a tax-free gain of 200% to 500%on MJ holdings. LOL
Shazam75 wrote: If I'm not mistaken one can have more in it but it will be taxed 1 percent each month. Of course there will be possible implications.
https://www.moneysmartsblog.com/tfsa-over-contribution-penalty-fix/