# CRA TFSA Contribution Room Issue



## amitdi (May 31, 2012)

I logged in to CRA My Account to find out my TFSA contribution room for 2015. The contribution room is incorrect. So I went to their calculation, it does not show my 2014 contributions, nor the end of year withdrawal that I did (around 10 Dec so definitely part of 2014).

My contributions and withdrawals are from my ESOP TFSA account. One thing to note is that my SIN # changed in 2014 (got a PR).

Same with my wife, although her contribution was with Questrade TFSA account. Even her SIN changed and her Questrade account was opened with new SIN. Does CRA update this sometime later?


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## Spudd (Oct 11, 2011)

I think they update it around tax time.


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## Barwelle (Feb 23, 2011)

Best thing IMO is to keep a ledger of your contributions and withdrawals, since the CRA website is never up-to-date. That way, you always know how much room is left, and you can compare what they've recorded to what you have tracked, in case one of your institutions makes an error when reporting your transactions.


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## axelis (Jan 13, 2015)

I had a similar situation with my Questrade TFSA where some contributions were not taken into account. I called CRA at the time and they said it is dependent on the info provided by the financial institution (Questrade in my case) and that there could be a delay in receiving it. I followed-up with Questrade at the time (over a year ago I think), but since I track in on a separate spreadsheet I know what the numbers are, and I have not checked in the past year or so to see if it was adjusted... but I should (so thanks for reminding me in a way)


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## amitdi (May 31, 2012)

thanks for the info....


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## My Own Advisor (Sep 24, 2012)

Barwelle said:


> Best thing IMO is to keep a ledger of your contributions and withdrawals, since the CRA website is never up-to-date. That way, you always know how much room is left, and you can compare what they've recorded to what you have tracked, in case one of your institutions makes an error when reporting your transactions.


+1

Trust yourself.

Also, definitely follow-up with Questrade about your SIN. I don't think it would be obtained automatically or timely from CRA.


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## ensanimal (Sep 28, 2014)

Financial institutions are only required to file your 2014 TFSA info by end of Feb this year, similar to your T4 issuer. The then cannot calculate correctly yet your 2015 TFSA limit, which is why it normally tells you that it is based on the info they currently have.

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/tfsa-celi/flng/nnlrtrn/dts-eng.html


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## newfoundlander61 (Feb 6, 2011)

Mine is the same, too early yet for it to be current. I ending up logging in to my Brokerage account online and just went through the estatements, the montly total was on each one and even easier the total for the year was on the last one.


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## GalacticPineapple (Feb 28, 2013)

Just confirming what other posters are saying: the CRA only updates TFSA info around tax time. The line in your CRA account that says "TFSA contribution room on January 1" is misleading because they never actually have the info by January 1.


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## gibor365 (Apr 1, 2011)

CRA is always wrong , for example for my mother they show more than 10K+ contribution room that she doesn't have... Long time ago I stopped checking their wrong numbers and doing my own calculations. CRA is ridiculous! :biggrin:


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## fraser (May 15, 2010)

I have never bothered to look. We max it out every year and that is the end of it. Nothing else really matters to me...other than our TFSA ROI.

At the end of the day it is garbage in garbage out. So, if some institutions fail to report, or report incorrectly, then the CRA number may be incorrect. Then there are CRA errors to contend with as well.

It must be nice for some who seem to live in a perfect world.


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## ValueTime (Feb 26, 2016)

*Could a CRA mistake go un-noticed ...*

Since 2009 opened 3 separate TFSAs at different financial institutions starting with ING. Yes ING is now Tangerine but GIC rates went down the toilet so you understand why I would move on. Looking at my contribution transactions and room on the CRA site there are errors. Transactions are missing from several years ago. My TFSA room is $30K overstated. So do I use the room and if I'm caught out say "hey I don't know my room that's your job ... sorry ... I'll take it back" or do I wait 7 years when those transactions are not required to be stored for CRA and then top off? Do I want to screw the CRA? Stupid question.


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## Eclectic12 (Oct 20, 2010)

LOL ... you didn't read the printing on the paper tax form that says "CRA is not bound by the advice CRA or it's agent's give"? 

Or that a tax preparer's mistake can be the responsibility of the tax payer as it is the tax payer's return?
http://www.cga-canada.org/en-ca/Abo...ov-Dec/Pages/ca_2007_11-12_prof_taxforum.aspx


If CRA's advice or mistakes can result in penalties/interest being charged to the tax payer, where it is up to the tax payer to *prove* they don't owe, why would you want to set yourself up for headaches by intentionally breaking the rules?

Having had to fix the CRA data clerk's mistake that resulted in thousands of interest/penalty charges for "over" contributing to my RRSP by adjusting something like five tax returns - it won't be worth it, IMO.


Far better to track it yourself and stick to the rules then try to argue against assessed penalities/interest charges, IMO. 

Bear in mind that the TFSA penalties were changed to allow charging more than the 1% per month penalty. I believe that top penalty is 100% of any gain so any benefit can potentially be wiped out, should CRA decide it was more than an honest mistake.

From what I have read, tax court assumes one is guilty until the tax payer proves they are innocent.


Cheers


*PS*

I would rather spend my energy looking for ways to make money tax free or find ways to reduce my taxes than hope it is not noticed.

Then too, there is what CRA follows in the usual circumstances but they can also apply to have the time limitations waived.



> However, there are circumstances in which the CRA can reassess a statute-barred year ...
> If these circumstances apply, there is no time limit on a CRA reassessment for that year.


http://www.taxdisputehelp.ca/reassessments/how-far-back-can-the-cra-go-to-reassess-me/


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## OhGreatGuru (May 24, 2009)

From other posts on similar question, it appears that CRA is chronically behind in calculating remaining TFSA room. You have to keep your own records.


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