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Email this3:58 pm
The information on my tax return in regards to my allowable contribution to a TFSA is incorrect (overstated) along with the information on the CRA website. I have been advised by my financial institution that CRA is behind in updating the system. :frown:
6:07 pm
December 12, 2009
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You do realize FIs only report TFSA transactions annually in December right?
Cheers,
Doug
5:06 am
Absolutely. None of our 2010 contributions show and my financial institution has confirmed that CRA is behind.
12:16 pm
December 12, 2009
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Who is your institution? I wonder if they were late in filing as the CRA reports my withdrawals from my HSBC Advance TFSA in December 2010.
Cheers,
Doug
5:19 am
I can confirm this as well. I've had a TFSA with Questrade since 2009 into which I've contributed $5000 yearly for a total of $15,000 (not including investment gains). There have been no withdrawals from the account. When I log into my online CRA account, they have a record of the 2009 contribution, but not the 2010 or 2011 contributions. As far as the CRA is concerned, I have contribution room of $10,000, when in fact I have no contribution room at all. I have no intention of trying to exploit this (e.g. contribute another $10K because "CRA said I could"), but there are probably people out there who might try to do so and create a lot of headaches for the CRA.
6:58 pm
December 12, 2009
Offline
The CRA would just say, "you're responsible for tracking your contributions and withdrawals. The 'My Account' feature is a reference point and we don't verify its authenticity and assume no liability," knowing them. 😛
Cheers,
Doug
4:43 pm
Doug said:
Who is your institution? I wonder if they were late in filing as the CRA reports my withdrawals from my HSBC Advance TFSA in December 2010.
Cheers,
Doug
ooops sorry for the late reply. Outlook Financial in Winnipeg
4:44 pm
guest said:
I can confirm this as well. I've had a TFSA with Questrade since 2009 into which I've contributed $5000 yearly for a total of $15,000 (not including investment gains). There have been no withdrawals from the account. When I log into my online CRA account, they have a record of the 2009 contribution, but not the 2010 or 2011 contributions. As far as the CRA is concerned, I have contribution room of $10,000, when in fact I have no contribution room at all. I have no intention of trying to exploit this (e.g. contribute another $10K because "CRA said I could"), but there are probably people out there who might try to do so and create a lot of headaches for the CRA.
I am sure CRA would pass the headache back to you as a migraine!!!
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