Excess contributions

If, at any time in a calendar month, there is an excess TFSA amount in your account, you will be subject to a tax of 1% per month on the highest excess amount, for each month that the excess remains in the account.

So if you put in an extra $3,000 on Aug. 3rd, another $3,000 on the 15th and another $3,000 on the 29th, then my understanding is that you would taxed at 1% of $9,000 for the month. Then in September you purchase another excess $10,000 and you're taxed at 1% of $19,000. I would think has established a limit, but I cannot find it anywhere on their site.

I'm gonna call CRA on Tues. AM to confirm all this, but that's the way I see it.

strato