Contribution limit showing as $0 | Page 2 | Tax Free Savings Accounts | Discussion forum

Loonie said
OP does say clearly, #1 above, that s/he "came to Canada in 2016".
If s/he was not 18 at that time or did not remain a resident or the government somehow doesn't believe they are still a resident (e.g. didn't file taxes?), there could be a problem with TFSA room.

I suspect the most likely thing is that this person didn't exist from the point of view of TFSA contribution tracking until they made one. The process for onboarding new SINs from new residents could be slow unless triggered by a contribution.  

That was my first thought back in post 11. We need more info from OP. Was he a resident in 2016 and all years up until now or only some years? But I definitely think the same as you, that the first contribution just last year, isn’t in the records yet. But then one would expect TFSA contribution totals would be accumulating since 2016 and that the CRA would report those available contribution room every tax year. We need to know if the CRA prints the TFSA room on tax returns for those that have never opened a TFSA before. If they do, then OP isn’t a resident. Otherwise is just a lack of CRA updating because there was no prior TFSA accounts.

The lack of OP responding makes me think he realized he isn’t a resident and has gone to clean his mistake ASAP.

russel5, if you're saying you've filed 4 tax returns since 2016 - 2019 then I'm stumped. I've no idea why My Account doesn't show your TFSA room at least as of Jan 1/20. Guess you can wait for a few months and if your initial (2020) contribution hasn't triggered an update by then you'll have to call them. In any event I would go ahead and put in another $6500, if that's what you'd like to do.

I agree it looks like some info is missing but we've asked every possible question and he's answered them consistently.
Something may have gone wrong in the database. We don't really know anything about how this is tracked. A certain batch maybe didn't get added or whatever.

Although unlikely, odd things do happen. My library, which has a huge database, periodically loses some of its catalogue entries and they are never seen again. Once every couple of years, one of them disappears while I actually have the item checked out and it's not overdue. Once, I literally saw a screen go by very quickly, after which the entry I was looking at vanished permanently. They can't find the bug.

You can either wait til end of Feb to see if anything shows up, or call them now, I would call them now because something ought to be showing now and they will be very busy later.

If he overcontributed, which he says he didn't, CRA would have been after him before now for the fine they impose on that. I've seen it happen, within 3 or 4 months of the end of the year in question.

In its abuse of my then-98-year-old mother's situation, RBC not only sold her an inappropriate investment for an inappropriate amount into a TFSA she didn't understand, they ALSO overcontributed her. We got the notice of the fine for that quite speedily, and had to pay it.

Bill said
I assume russel5 has filed tax returns, though he hasn't explicitly said it. He said "I have paid for all those years", which could also refer to source deductions at place of employment.  

Filing tax returns isn’t required to gain TFSA contribution room, only a SIN and residency. He has a SIN since early 2016, but has he lived here all those years? He hasn’t answered that yet!

EDIT: OP is not forthcoming with necessary details. He may not live here and figures the SIN is all he needs to get the TFSA contribution room.

EDIT: and since residency isn’t required to open a TFSA, he may have done exactly that and put in $28,000. We need to know if he lived here all those years, before we can be assured that the Zero contribution is just lag time in database updating.

He did say "I came in 2016 as a landed immigrant in Feb, I was a resident throughout this period and right now I am Citizen". I took "throughout this period" to mean from Feb/16 to now.

I know you don't have to file tax returns to open and contribute to TFSA but I thought if he hasn't filed tax returns it might explain why CRA's not up to date on his contribution room. But he does have My Account access, so that suggests he's filed at least once, I'd think. Could be as Norman1 says, he's forgotten he's already contributed.