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Email this10:23 am
jacks said:
Sean said:
Did anyone get a receipt for their TFSA contributions yet? I haven't got anything.
I guess CRA can keep track of the accounts as each TFSA is "registered" with them.
I'm wondering if it is the same as regular interest accounts. Institutions don't have to send off a (t5?) investment interest form if the funds are under $50. Basically meaning, if you make under $50 interest a year on any one account, it's not taxed anyway.
If you make income, you have to declare it, even if you don't get a tax form.
I think they got rid of the interest exemption years ago. If they didn't, I'd like a link.
11:07 am
Sean said:
Did anyone get a receipt for their TFSA contributions yet? I haven't got anything.
I guess CRA can keep track of the accounts as each TFSA is "registered" with them.
My Account for Individuals.....has not had up to date information on my TFSA's for a year now. I have contacted the financial institution from which I have the missing TFSA information and they reassure me that they sent the information to CRA. They advised me that CRA was behind in updating. I contacted my MP and they asked me to come into the office to sign a disclosure statement...of which I will NOT do. So I guess I will not rely on My Account for Individuals and will use my own records.
1:36 pm
December 7, 2011
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88kanaka said:
…I will not rely on My Account for Individuals and will use my own records.
I also do not rely on My Account records.
In March 2011 CRA added $5000 extra to my TFSA limit, making it $10000.
I already contributed $5000 in Jan 2009, $5000 in Jan 2010 and $5000 in Jan 2011.
I simple decided not to use that $5000 bonus limit and wait until they will discover thier mistake –
it's not a good idea to play games with CRA.
6:44 am
88kanaka said:
…I will not rely on My Account for Individuals and will use my own records.
I think it's possible that My Account is just another waste of taxpayer dollars. It's run by a third party and it disclaims repsonsiblity for inaccuracies. I think it's just a source of misinformation and confusion, making it easier for CRA to get away with more 'mistakes' in their favour, but that's hardly an objective point of view.
Incidentally the information on my My Account was inaccurate last time I checked as well.
6:25 pm
Just keep track of how much you have contributed and taken out yourself.. It's much easier and you wont over contribute..
Edit -
TFSA to TFSA transfers here on CRA.. http://www.cra-arc.gc.ca/tx/nd.....s-eng.html
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