Canadian Money Forum banner

1 - 6 of 6 Posts

·
Registered
Joined
·
28 Posts
Discussion Starter #1
Hello,

I landed in Canada in Dec 27th, 2010 as temporary worker, and got my SIN on Dec 29th, 2010. Apparently, I did not file taxes for 2010.

My question is, what would be my TFSA contribution on Jan1st, 2012.

Thanks
 

·
Registered
Joined
·
3,197 Posts
I think you would be better to direct your question to CRA, and let us know what their answer is.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/cntrbtn-eng.html

But TFSA contribution room depends on your age and your status as a resident for tax purposes, not whether or not you filed an income tax return in any given year. So assuming you were a tax resident for 2011, you already have $5K of contribution room for 2011, and in Jan. 2012 you will get another $5K (unless it is increased to $5.5K - that hasn't been announced yet.)

I don't think you would be considered a resident for 2010 arriving so late in the year, but it can't hurt to ask.
 

·
Registered
Joined
·
3,423 Posts
I don't think you would be considered a resident for 2010 arriving so late in the year, but it can't hurt to ask.
That doesn't matter. Any contribution room for TFSA/RESP etc is based on any eligibility for a calendar year. A baby born on Dec 31 of 2010 would still get the full RESP grant-eligible contribution for 2010 for example.
 

·
Registered
Joined
·
3,197 Posts
That is interesting fact to share with the forum readers! I assume that this was based on the date of arrival? Not the date that you got your SIN?
From CRA Web Site: TFSA contribution room

Starting in 2009, TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older, have a valid Canadian social insurance number and are a resident of Canada.


According to OP, he landed Dec.27, 2010, received his SIN Dec. 29, 2010, and I presume was over 18. So he qualifies on all 3 conditions for 2010.

It would be an interesting question what CRA would have done if there had been an administrative delay in processing his SIN. I suspect they would stick to their rule and disqualify him for 2010, because it's a decision-making discriminator that is very easy to apply, and they wouldn't want to set precedents for exceptions.
 
1 - 6 of 6 Posts
Top