2024 TFSA Contribution | Tax Free Savings Accounts | Discussion forum

I only have this one in CRA My Account, out of all FIs I have TFSA with:

2024 TFSA record (original) from EQUITABLE BANK/BANQUE EQUITABLE

Also, my TFSA contributing room is incorrect. CRA has warning message before the login that it may be not up to date and that avoiding TFSA overcontribution is taxpayer responsibility.

I logged int MyCRA early this week for same reason (my TFSA's from Questrade) and on the website it says they didn't receive the account details needed to update the TFSA contribution limit.

So, I called Questrade, they assured me that they submitted all details on February 28th (which is also confirmed on Questrade website).

So, I used the chat feature on MyCRA and they confirmed this year they extended some reporting dates (I don't remember for whom) and as such have not yet updated the TFSA account yes and to try back again next week on their site.

So, give it another week, but you should also be using a spreadsheet with dates of all your deposits/withdraws so you know how much. Right now, it shows I have a higher contribution limit, but I know its less bc I keep track.

I just logged into MyCRA account and the CRA has now updated my TFSA 2025 contribution limit, so I imagine yours will too!

You can calculate yourself.
I think all banks and brokerages do this, in Monthly Statement, there is SUMMARY for your TFSA contribution and Withdraw, like:

Year to Date,
Total Contribution for TFSA
Total Withdrawal for TFSA

You can look at your Monthly Statement for December 2024.

fabafter50 said
CRA shows that I have $21,000 contribution room which I do not. I have literally $10 contribution room.
You have to keep your own records.
They are totally in the weeds with TFSA’s and T-5’s.  

Yes, years ago, I found CRA TFSA Summary was not Updated on time. I always keep my own record how much contribution room I have.

Even CRA did not have correct TFSA record, but CRA is tracking TFSA over-contribution, my friend did not know after withdrew TFSA, the contribution room will be added Jan 1 next year, and he re-contributed in the same year. CRA charged interest about $1000 for his over-contribution.

fabafter50 said

My husband also went by the CRA record and had to pay $750 interest this year. Amazing how they can keep accurate tracking of your contributions when it benefits them.  

Go to this web page:
https://www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/complaints-disputes/cancel-waive-penalties-interest.html

Explain the reason, which will help your husband to waive the penalties.
Try to give a good reason.

Some of CRA agents are nice, they may waive for your husband.

You husband should pay the interest charged as soon as possible, the later , the more interest to pay. After pay, fill out the CRA form to request cancel-waive-penalties-interest.

fabafter50 said

My husband also went by the CRA record and had to pay $750 interest this year. Amazing how they can keep accurate tracking of your contributions when it benefits them.  

Yea, that's why it's important to keep your own records.

I created my own spreadsheet and it keeps track of all deposits and withdrawals and this is especially important if you have multiple TFSA accounts and even more so if held at different financial institutions.

Then compare with MyCRA and use the more conservative number to be safe until it gets worked out with CRA.

I would at least attempt to apply for that forgiveness request "use phrase" provided because at worst they will say no, so you have nothing to lose.

Your husband can login CRA online account, submit the request document.
Then he can save $2 for mail stamp.