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Discussion Starter #1
If you've made only sporadic contributtions to a TFSA since it became available in 2009, are you allowed to make a lump sum top-up payment at any time, to bring you up to the allowable total cumulative amount to that point?
eg. I think the total cum. amt up the end of 2019 was $63,500? (correct?)
If someoneone had contributed a total $47000 (all withinh the yearly contr. limits) ,, with the last contribution being made in 2017, could that person contribute $16500 in 2019, to bring his total to the $63500 max.?
 

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Since this is 2020 then the total TFSA limit is $69500 which includes the $6000 for 2020.

Whatever you haven't contributed up to that amount is allowed right now in a lump sum.

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Discussion Starter #3
yes, realize that. I was just reviewing this with a relative who got a notice that he had over-contribute in 2019 by $5000 & needed to take it out. His records show a total of the $47 k up 2017 so he contributed the$16500 in 2019. Tried calling CRA to see if he missed recording a contr., but of course impossible to get thru.
 

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His records show a total of the $47 k up 2017 so he contributed the$16500 in 2019. Tried calling CRA to see if he missed recording a contr., but of course impossible to get thru.

Attached pic from my spreadsheet on this shows $46,500 up to 2017 - not $47K. That's a $500 over-contribution.

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You can review TFSA deposit history on the CRA My Account website. The information can be outdated though as most banks only report transactions once a year. Usually around February if I recall.
 

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Probably not the case, but just to be sure... Was your relative at least 18 years old when TFSA started? That's one thing that would mess up how much he was allowed to contribute, and 5K is a nice round number that matches the yearly limits in the early days, when he might not have been 18.
 

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Perhaps there was a deposit, withdrawal and deposit again in the same calendar year. This would trigger an over-contribution alert.
 

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Discussion Starter #9
Perhaps there was a deposit, withdrawal and deposit again in the same calendar year. This would trigger an over-contribution alert.
no, there havent been any withdrawals.
we're trying to get thru to CRA ( no MyAccount set up) & to his bank, to compare records, but no luck yet.
 
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