On your Canada Revenue Agency (CRA) Notice of Assessment from your 2010 tax return the Tax-Free Savings Account (TFSA) contribution room listed may be incorrect. It may show more contribution room than you might have available. If you are unsure of your TFSA contribution room, you can check with your TFSA issuer (the financial institution holding the TFSA) or your financial advisor before making additional TFSA contributions. TFSA over contributions are subject to a penalty of 1% per month on the excess.
More info from CRA on TFSA contributions
Toronto Star Article on inaccurate TFSA limts
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