The 2024 TFSA dollar limit is, or is not, possibly maybe confirmed, but not really, at $7,000, by me and not the CRA

[tnvolfirefighter]

@justdoug Crap. Do they tell you when this once per year is because obviously I could run into issues

 

[traciethered]

@tnvolfirefighter Depends on when the banks you hold tfsa with report. Sometimes it's not until March or April.

It's not impossible at all to track your room, just use a spreadsheet.

 

[saraphrased]

@traciethered Or check YTD Deposits into the account. I know Questrade has that option

 

[losteve19]

@saraphrased Wealthsimple too at least in their statements.

 

[justdoug]

@tnvolfirefighter Generally available just after tax time, I think

 

[alan]

@tnvolfirefighter You can track your deposits online with your bank.

 

[kohelet]

@tnvolfirefighter You should, as there are penalties to overcontributing. TFSA room increases every year. If you have automatic transfers from your bank to a brokerage account just look at the history of transfers and add them up. You don't have to wait for the CRA as it only updates that number once a year after you do your taxes.

 

[dummies01]

@kohelet

You should, as there are penalties to overcontributing.

While this is likely true I do find it infuriating that the CRA could give you an incorrect total on their website but also penalize you for over contributions. Especially when you have used their number.

 

[andrewmc1992]

@dummies01 CRA gives you the most accurate information based on what they know.

Only you have all the information needed for an accurate calculation of your TFSA limit in real-time: not CRA, not your bank.

 

[rockgurl1965]

@dummies01 They don't purposely give you an incorrect number.. it's correct at the point that they post it based on the information your bank gives them. They don't control the banks.

Especially when you have used their number.

This is why nobody uses the CRA number lol get with the times

 

[kilala300]

@dummies01 They give you an opportunity to move funds out. So just over contribute, wait for the letter or email from CRA on how much you are over limit and move that amount over to some other account.

 

[rockgurl1965]

@kilala300 This is such a brain dead stupid comment

 

[tnvolfirefighter]

@kohelet I guess I should have looked at that before it contributed $30,000 because that's what the cra website said

Maybe I can get my bank to look into it for me so I don't miss anything they probably have better filtering parameters

 

[rockgurl1965]

@tnvolfirefighter

Maybe I can get my bank to look into it for me

Dude take some control over your life and track it yourself a 10 year old could do it with ease

 

[tnvolfirefighter]

@rockgurl1965 I have to go through how many years of transfers and money moving around

Maybe if that 10-year-olds only has his paper route allowance coming in

If i mess up even one $5,000 transfer that I didn't see....

 

[rockgurl1965]

@tnvolfirefighter

I have to go through how many years of transfers

Lots of people do this.. I did it myself..

By mess up even one $5,000 transfer

So don't mess up lol your bank makes these transfers very clear just don't half ass it and you'll be fine I promise

 

[endsoftheearth]

@tnvolfirefighter Check your last tax return. It tells you specifically how much room in RRSP and TFSA you have.

And they tell you the value for the tax year.

Then just do the math.

Also, even though you CAN move money out of the TFSA easy, that does not mean you should do that a lot.

 

[tnvolfirefighter]

@endsoftheearth But isn't that reported from the CRA which everyone one is saying is inaccurate

 

[endsoftheearth]

@tnvolfirefighter I was not aware that it's inaccurate.

So maybe?