Why is my plan not allowing me to contribute to my TFSA beyond a certain amount?

You can contribute up to $6,500 towards your TFSA in 2023. The platform calculates how much you will be contributing towards your TFSA per paycheque depending on your pay cycle (e.g. semi-monthly, biweekly, etc.). If the total amount exceeds the annual TFSA limit, the plan restricts you from contributing more. In addition to the annual $6,500, you may have contribution room from previous years, in which case you can set up a lump sum contribution from your bank account.