I am checking my available room for TFSA contribution on myCRA and I am surprised by the increase in the available contribution. The only thing has changed this year is I have become a permanent resident. I am unable to find the related article on the official site. Am I correct about the reason.
If you are a Can Citizen from birth, you get $6k for the part of the year when you turn 18 and then $6k for he next full calendar year. I suspect if you are now PR, your PR date might kind of be like the year a native born turns 18?
CRA as well as the TaxTips.ca web site say "Canadian resident" so AFAICT, being a PR and/or a citizen make no difference. What matters is when one became a resident, which it sounds like it happened before becoming a PR.
When was the myAccount numbers checked?
How does it differ from your tracking of what it should be?
The times I am aware of that these numbers have been updated for myAccount are Jan for the annual allotment and anywhere from Jan to late March for previous year's withdrawals. The financial institutions (FIs) have until end of Feb the following year to report the numbers, where withdrawals also adds contribution room. I've seen two updates to the contribution room in previous years ... though more recently, my FIs have reported earlier as mid-Jan has both contribution numbers included.
The TFSA manual for FIs has a mechanism for changing the numbers so another possibility is that the FI made a mistake that was later fixed.
Finally, the myAccount numbers are not updated as one makes transactions so depending the timing of one's transactions and when CRA receives all the required info - the amount shown could be accurate or wrong.
I don't think I've ever logged into CRA and seen the correct number. This is due to the lag time for FI to report the numbers. I've only ever relied on my own accounting to track this.
thank you everyone. I will rely on myCRA and calculate my contribution by myself.
Cheers,
DD.
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