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TD DI TFSA deposit limit?

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  • Nov 28th, 2019 8:03 pm
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[OP]
Deal Addict
Apr 22, 2014
3093 posts
458 upvotes
Oshawa, ON

TD DI TFSA deposit limit?

My parents haven't used any TFSA contribution room ever. Now they have money to put in. They are in process opening their accounts now but were told they could only put in $5000 the first month. True? I can't find anything saying that on their site.
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11 replies
Deal Addict
Aug 17, 2008
3505 posts
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eldeejay wrote: My parents haven't used any TFSA contribution room ever. Now they have money to put in. They are in process opening their accounts now but were told they could only put in $5000 the first month. True? I can't find anything saying that on their site.
I'm not a retail bank person, but did look this up if it helps. Otherwise ask for the manager for the reason.

https://www.td.com/ca/en/personal-banki ... wal-rules/
Member
User avatar
Dec 2, 2017
239 posts
151 upvotes
Just call CRA and ask about your contribution room. TD advisers normally dont know anything beside very basic tasks and upsales.
You can contribute accordingly.
[OP]
Deal Addict
Apr 22, 2014
3093 posts
458 upvotes
Oshawa, ON
EuRaFree wrote: Just call CRA and ask about your contribution room. TD advisers normally dont know anything beside very basic tasks and upsales.
You can contribute accordingly.
Contribution room is $63,500 today. Question is why only allowed to do 5000 per month? It will take more than a year to reach the contribution limit if that's the case.
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Deal Expert
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Nov 15, 2004
18183 posts
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Toronto
eldeejay wrote: Contribution room is $63,500 today. Question is why only allowed to do 5000 per month? It will take more than a year to reach the contribution limit if that's the case.
Eurafree is saying they don't know what they're talking about and are giving you incorrect information, which I agree with. I put $30k into mine in the first month with no issues via online banking. Nobody froze my account or said anything to me about it, and I haven't had any CRA trouble.
Could HAVE, not could OF. What does 'could of' even mean?
[OP]
Deal Addict
Apr 22, 2014
3093 posts
458 upvotes
Oshawa, ON
Piro21 wrote: Eurafree is saying they don't know what they're talking about and are giving you incorrect information, which I agree with. I put $30k into mine in the first month with no issues via online banking. Nobody froze my account or said anything to me about it, and I haven't had any CRA trouble.
I was thinking just push the funds in and ask questions later. If it's inside CRA limits, there's not reason they can't just put the funds in. It doesn't seem logical to me as taking money is the business. I get the AML BS they have to go through but that's their problem, not the client.
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Member
Feb 13, 2008
462 posts
179 upvotes
Edmonton, AB
EuRaFree wrote: Just call CRA and ask about your contribution room. TD advisers normally dont know anything beside very basic tasks and upsales.
You can contribute accordingly.
Based on my experience CRA is not up to date with my contributions. You have to keep good records. For example, CRA said I have over eleven thousand dollars in contribution room when I have zero. I called CRA but I could not get a straight answer. There have been articles written about the CRA issue in our news media.

Forget TD and go to another bank. I just requested a transfer of my TFSA from TD to RBC. I have been dealing with both banks for decades and RBC is better.
Member
Jan 6, 2015
343 posts
57 upvotes
eldeejay wrote: Contribution room is $63,500 today. Question is why only allowed to do 5000 per month? It will take more than a year to reach the contribution limit if that's the case.
I asked TD before, but apparently the guys ( I phoned 3 times) have no clue at all, same question 3 different answers..................Sorry I was mainly worried about over contribution.
I believe that if your parents are canadian resident since 2009 and do not have any TFSA at all, they have 63500 contribution each, they can put 63500 when open the account. I put 30k when I opened it last year, no one said anything.
I believe CRA contribution room update annually, if you have CRA account, you can see it, commonly update in March. If there is error, at least you know where they come. On CRA website after you login, you can see which bank(s) submit the files
Deal Fanatic
Feb 4, 2015
5240 posts
1927 upvotes
Canada, Eh!!
About 3 years ago sister contributed first time to TD tfsa... all contribution room amount. No issues.
[OP]
Deal Addict
Apr 22, 2014
3093 posts
458 upvotes
Oshawa, ON
The reason is much stupider than me. It's because they money was just deposited by cheque and they hold available balance for 5 days. In a few days all will be good. The $5000 is just the available overdraft on the chequing account. I'm the 3rd party to a conversation between a teller and a senior who didn't know they could be invested tax free for the last 10 years,
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Dec 4, 2007
3809 posts
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Quebec
cocotheparrot wrote: Based on my experience CRA is not up to date with my contributions. You have to keep good records. For example, CRA said I have over eleven thousand dollars in contribution room when I have zero. I called CRA but I could not get a straight answer. There have been articles written about the CRA issue in our news media.

Forget TD and go to another bank. I just requested a transfer of my TFSA from TD to RBC. I have been dealing with both banks for decades and RBC is better.
CRA TFSA data is updated once a year...sometime in march or even april. Don't rely on that info to make ur contributions or you might end up over contributing and it's pita to fix afterwards

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