# TFSA Increase Question



## newfoundlander61 (Feb 6, 2011)

Can the $4,500 increased put in today or is their an effective date for this?


----------



## Userkare (Nov 17, 2014)

There seems to be a lot of confusion around whether or not the new limit is effective now. I'm erring on the safe side, and will not move more $$$ into my TFSA until I see this page change... http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/menu-eng.html

It still says $5500.00


----------



## newfoundlander61 (Feb 6, 2011)

Good idea, thanks.


----------



## AltaRed (Jun 8, 2009)

I agree. Internet talk has it that most? institutions do not have plans to recognize the limit increase until the legislation is passed (the Ways and Means motion being insufficient). For the minimal tax efficiency between now and when the increase becomes 'formal' versus the penalties for overcontribution, it seems to be a no-brainer to wait. I am not even going to think about the additional contribution until the ink is dry.


----------



## none (Jan 15, 2013)

You're in the clear. Stuff that TFSA.

http://business.financialpost.com/p...ce=dlvr.it&utm_medium=twitter&__lsa=80ae-1230

“We have received confirmation from the Canada Revenue Agency that, while the legislation is subject to Parliamentary approval, consistent with its general approach for proposed income tax changes, it is administering the measure on the basis that $10,000 is the new TFSA annual contribution limit. Clients may therefore proceed to contribute to their TFSA based on this proposed law,” said Golombek.


----------



## cainvest (May 1, 2013)

I'll wait until there is something about it on the CRA website.


----------



## jamesbe (May 8, 2010)

http://tfsa.gc.ca/


----------



## AltaRed (Jun 8, 2009)

That is a contradiction if I ever saw one whereby the banks are allowing it based on CRA input while CRA itself is saying 'proposed'. The banks are probably right based on past experience but talk about confusion!


----------



## gardner (Feb 13, 2014)

This is the page I want to see updated: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/cntrbtn-eng.html

If the expansion is/becomes real, it will be updated within a few days. Meanwhile paying the tax on a week's yield on $4,500 is not going to send me to the poor house.


----------



## pwm (Jan 19, 2012)

Latest news from the Financial Post: Jamie Golombek, managing director of estate and tax planning at CIBC, said that bank has sought clarification from the Canada Revenue Agency and been told the money can go in right away.

http://business.financialpost.com/p...ks-now-letting-canadians-top-up-tfsa-for-2015


----------



## cainvest (May 1, 2013)

gardner said:


> This is the page I want to see updated: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/cntrbtn-eng.html
> 
> If the expansion is/becomes real, it will be updated within a few days. Meanwhile paying the tax on a week's yield on $4,500 is not going to send me to the poor house.


Exactly, no big rush to get the extra money in ... rather not deal with potential problems for such a minimal gain.



jamesbe said:


> http://tfsa.gc.ca/


Even the link above says "proposes to increase".


----------



## AltaRed (Jun 8, 2009)

Some newspaper article and second hand information from a vested interest (financial institution) is not good enough for me. Like others, I want to see something official on a gov't site such as CRA.


----------



## humble_pie (Jun 7, 2009)

^^

ooh the thunder of those stampeding dollars

best not to try phoning brokers any time soon

a few have smartly pre-set-up online TFSA contribution platforms, though?


----------



## pwm (Jan 19, 2012)

Latest from ROB: 

Canadians don’t need to delay taking advantage of the near doubling of annual contribution limits for the tax-free savings account, the Finance Department and the Canada Revenue Agency confirmed Thursday in the wake of the budget measure.

“While the legislation is subject to Parliamentary approval, consistent with its general approach for proposed income tax changes, the Canada Revenue Agency is administering the measure on the basis that $10,000 is the new TFSA annual contribution limit. Clients may therefore proceed to contribute to their TFSA based on this proposed law,” a spokeswoman from Finance Minister Joe Oliver’s office said.

TD Canada Trust, CIBC, Scotiabank, Bank of Montreal and Royal Bank of Canada all confirmed they are allowing clients to contribute the new proposed limit to their TFSA.

http://www.theglobeandmail.com/glob...ra-tfsa-contributions-ottawa/article24088860/


----------



## Xoron (Jun 22, 2010)

http://canadianmoneyforum.com/showt...oubling-to-11k?p=663505&viewfull=1#post663505


----------

