Why Tracking Matters
Over-contributing to your TFSA triggers a 40% penalty tax on returns from the excess. This penalty applies even if the over-contribution was accidental.
With proper tracking, you'll:
- Never exceed the R36,000 annual limit
- Know exactly where you stand against the R500,000 lifetime limit
- Have records if SARS ever queries your contributions
- Make informed decisions about lump sum contributions
What You Need to Track
For Each Contribution
- Date of contribution
- Amount contributed
- Which TFSA (if you have multiple)
- Tax year it falls into
Running Totals
- Current tax year contributions (resets 1 March)
- Lifetime contributions (never resets)
- Remaining annual allowance
- Remaining lifetime allowance
Important: Withdrawals
Track withdrawals separately, but remember: withdrawals do NOT restore contribution room.Method 1: Spreadsheet Tracking
Create a simple spreadsheet with these columns:
| Date | Description | Amount | Tax Year | Annual Total | Lifetime Total | |------|-------------|--------|----------|--------------|----------------| | 2024-04-15 | Monthly contribution | R3,000 | 2024/25 | R3,000 | R150,000 | | 2024-05-15 | Monthly contribution | R3,000 | 2024/25 | R6,000 | R153,000 | | 2024-06-15 | Monthly contribution | R3,000 | 2024/25 | R9,000 | R156,000 |
Spreadsheet Tips
- Use formulas to auto-calculate running totals
- Add conditional formatting to warn when approaching limits
- Create a new section for each tax year
- Back up your spreadsheet regularly
Tax Year Reference
| Tax Year | Start Date | End Date | |----------|------------|----------| | 2024/25 | 1 Mar 2024 | 28 Feb 2025 | | 2025/26 | 1 Mar 2025 | 28 Feb 2026 | | 2026/27 | 1 Mar 2026 | 28 Feb 2027 |Method 2: Use Our Contribution Tracker
Our free online Contribution Tracker does the math for you:
- Enter each contribution as you make it
- See your annual and lifetime totals instantly
- Get warnings when approaching limits
- Export your history anytime
Method 3: Calendar Reminders
Set up reminders to check your contributions:
Monthly Reminder
"Check TFSA contribution total"- Log your monthly contribution
- Verify it matches your bank statement
Quarterly Reminder
"Review TFSA against limits"- Calculate your annual total so far
- Project if you'll hit the annual limit
Annual Reminder (February)
"Final TFSA limit check"- Ensure you haven't exceeded R36,000
- Decide if you want to top up before year-end
Method 4: Bank Statement Review
Your TFSA provider statements show contributions, but:
Limitations
- May not distinguish between contributions and growth
- Doesn't track across multiple TFSAs
- Doesn't show lifetime totals
Best Practice
Download statements quarterly and reconcile with your own records.Handling Multiple TFSAs
If you have more than one TFSA (not recommended, but allowed):
The Challenge
Each provider only sees their own TFSA. Neither tracks your combined limit.The Solution
- Maintain a master spreadsheet combining all TFSAs
- Add contributions from ALL accounts
- Remember: R36,000 annual and R500,000 lifetime are combined totals
Example
| TFSA Provider | Annual Contributions | Running Lifetime | |---------------|---------------------|------------------| | EasyEquities | R20,000 | R300,000 | | Satrix | R16,000 | R180,000 | | Combined | R36,000 | R480,000 |Special Situations
Lump Sum Contributions
Before making a large contribution:- Check your annual total so far
- Check your lifetime total
- Calculate remaining room
- Only contribute what fits within limits
Switching Providers
When transferring between TFSAs:- Direct transfers don't count as new contributions
- Only new money added counts
- Keep records of the transfer date and amount
Returning Money You Withdrew
If you withdrew R10,000 and want to "put it back":- This counts as a new R10,000 contribution
- It uses R10,000 of your annual and lifetime limits
- Previous withdrawal doesn't create new room
Record Keeping Requirements
SARS can query TFSA contributions going back years. Keep:
Permanently
- All contribution records
- TFSA statements
- Transfer confirmations
For 5 Years Minimum
- Bank statements showing transfers to TFSA
- Debit order confirmations
Storage Options
- Cloud storage (Google Drive, Dropbox)
- Email yourself copies
- Physical filing (less recommended)
Warning Signs You're Approaching Limits
Annual Limit
- You've contributed R30,000+ this tax year
- You're making a lump sum in January/February
- You have multiple TFSAs with separate debit orders
Lifetime Limit
- Your total contributions exceed R450,000
- You've maxed out R36,000 for 14+ years
- You're considering a large lump sum
What If You've Lost Track?
Step 1: Gather Statements
Contact each TFSA provider for historical statements.Step 2: Identify Contributions
Look for deposits (not growth, dividends, or transfers between accounts).Step 3: Assign Tax Years
Match each contribution to its tax year based on the date.Step 4: Calculate Totals
Sum up annual and lifetime totals.Step 5: Verify with SARS
Your ITA34 tax assessment may show TFSA contribution information reported by providers.Quick Reference Card
Print this and keep it handy:
``` TFSA LIMITS 2026 ================ Annual: R36,000 (Mar 1 - Feb 28) Lifetime: R500,000 (never resets)
MY TRACKING =========== This tax year contributed: R_______ Lifetime contributed: R_______ Annual remaining: R_______ Lifetime remaining: R_______
Last updated: ___/___/______ ```
Action Items
- Today: Start a tracking spreadsheet or use our Contribution Tracker
- This week: Gather all historical TFSA statements
- Monthly: Log each contribution within a day of making it
- Quarterly: Reconcile your records with statements
- Annually: Verify lifetime total and plan next year's contributions
Tools on This Site
- Contribution Tracker: Log and monitor your contributions
- Growth Calculator: Project your TFSA value over time
- Over-Contribution Guide: What to do if you've exceeded limits