tax will be equal to 1% of the highest excess TFSA 
1 Over-contributions – If you contribute too much to your TFSA, you'll pay a penalty of 1% per month on the excess amount until you remove it. 2  If you over-contribute deliberately, you'll pay a 100% tax on any gains or income you make on the excess amount. If you withdraw money yourself from one TFSA and contribute that amount to another TFSA, it will be considered a separate contribution – not a transfer. That contribution will reduce, and may even exceed, your TFSA contribution room for the year. If you over-contribute you’ll pay a penalty. Here’s what you do when you over contribute to your TFSA. 1) Get that excess amount out of there as soon as possible (and Taxtips.ca concurs). The longer you have it in there the more penalty you get. Even if you have it in their for 3 days of that month, you are still dinged for that month. This tax is similar to the tax of 1% per month on excess RRSP contributions except that in the case of a TFSA, there is no $2,000 grace amount. The tax of 1% on an excess TFSA amount applies from the first $1 of excess contributions. You are considered to have an excess TFSA amount “at any time in a year as soon as the total of all TFSA contributions you made in the year exceeds the total of your TFSA contribution room at the beginning of the year plus any qualifying portion of a withdrawal made in the year up to that time” (Canada Revenue Agency). There is no limit on how much contribution room you can accumulate. For example, if you contribute $3,000 to your TFSA in 2009, your contribution room for 2010 will be $7,000 ($2,000 carried forward from 2009 plus $5,000 for 2010). Contributions. The maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room. All TFSA contributions made during the year, including the replacement or re-contribution of withdrawals made from a TFSA, will count against your At any time in the year, if you contribute more than your allowable TFSA contribution room, you will be considered to be over-contributing to your TFSA and you will be subject to a tax equal to 1% of the highest excess TFSA amount in the month, for each month you are in an excess contribution position. The TFSA over-contribution penalty is 1% per month, levied on the amount of excess TFSA contributions. If you have over-contributed to your TFSA by $1,000, then the penalty will be $10 per month until you have removed the excess amount, or more contribution room becomes available.
http://www.getsmarteraboutmoney.ca/en/managing-your-money/investing/tax-free-savings-accounts/Pages/tfsa-basics.aspx http://www.getsmarteraboutmoney.ca/en/managing-your-money/investing/tax-free-savings-accounts/Pages/tfsa-basics.aspx http://youngandthrifty.ca/contributed-tfsa/ http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/txtn/txtn-eng.html http://blog.turbotax.ca/dont-over-contribute-to-your-tfsa/ http://www.rbcinsurance.com/tfsa/tax-free-savings-account-faq.html http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/cntrbtn-eng.html http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/cntrbtn-eng.html http://www.moneysmartsblog.com/tfsa-over-contribution-penalty-fix/
what happens if you over contribute to tfsa