Following the TFSA rules can save you grief and money

A tax-free savings account (TFSA) is supposed to let you completely avoid paying tax on investment income. Unfortunately, some Canadians receive letters telling them to pay tax on their TFSAs — either for contributing too much or for earning business income.
The TFSA rules explain how excess contributions will be penalized at the rate of one per cent of the excess per month.
Suppose, for example, that you made a cumulative total of $46,500 TFSA contributions by early 2016. Next, you made a