TFSA contributions

Contribution limit
$5,000 per year, beginning 2009 (the TFSA dollar limit will be indexed to inflation and rounded to the nearest $500 in later years). Unused contribution room can be carried forward to future years. Any amounts withdrawn will also be added to contribution room in the following year.
Over-contribution penalty
The Canada Revenue Agency will charge a penalty of 1% per month based on the actual monthly over-contribution amount.
Contributions to a TFSA cannot be deducted for income tax purposes.