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TFSA contribution has increased after I become a permanent resident. Is it a blip?

1K views 5 replies 4 participants last post by  DayDreamer 
#1 ·
Hello Everyone,

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.

Cheers,
DD
 
#3 ·
I suspect the PR date is a red herring.

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.


Cheers
 
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