TFSA contribution

Feb 5th, 2017 4:44 pm

#1

TomJoad [OP]: Newbie; Feb 4, 2017; 8 posts; 1 upvote

Feb 5th, 2017 4:44 pm

Hi

Until now I have only put 12500 in my TFSA account. Also I understand the cumulative amount is $52,000 for TFSA.

Suppose, I have $20,000, will I be allowed to put everything in my TFSA account?

Thanks.

Last edited by TomJoad on Feb 5th, 2017 4:44 pm, edited 1 time in total.

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Feb 5th, 2017 5:39 pm

#2

MikeZ13: Member; May 3, 2015; 377 posts; 154 upvotes; Toronto, ON

Feb 5th, 2017 5:39 pm

TomJoad wrote: ↑ Hi

Until now I have only put 12500 in my TFSA account. Also I under the cumulative amount is $52,000 for TFSA.

Suppose, I have $20,000, will I be allowed to put everything in my TFSA account?

Thanks.

If your cumulative room is currently $52,000, and you have contributed $12,500, you can put in $39,500 whenever you have the cash available. So yes, if you have $20,000 right now, you could put it all into your TFSA account. You would then have $19,500 of room left that you could add whenever you have the cash.

+1

Feb 5th, 2017 6:31 pm

#3

TomJoad [OP]: Newbie; Feb 4, 2017; 8 posts; 1 upvote

Feb 5th, 2017 6:31 pm

MikeZ13 wrote: ↑ If your cumulative room is currently $52,000, and you have contributed $12,500, you can put in $39,500 whenever you have the cash available. So yes, if you have $20,000 right now, you could put it all into your TFSA account. You would then have $19,500 of room left that you could add whenever you have the cash.

Thanks very much.

Feb 5th, 2017 6:41 pm

#4

MikeZ13: Member; May 3, 2015; 377 posts; 154 upvotes; Toronto, ON

Feb 5th, 2017 6:41 pm

TomJoad wrote: ↑ Thanks very much.

No problem. There are additional rules for when you withdraw money from your TFSA, so you should make sure you are aware of those before proceeding with withdrawing cash from this type of account. Best of luck!

Feb 6th, 2017 12:45 am

#5

ace604: Deal Guru; Aug 8, 2012; 10198 posts; 4015 upvotes; BC

Feb 6th, 2017 12:45 am

TomJoad wrote: ↑ Hi

Until now I have only put 12500 in my TFSA account. Also I understand the cumulative amount is $52,000 for TFSA.

Suppose, I have $20,000, will I be allowed to put everything in my TFSA account?

Thanks.

NOTE:
It only accumulates once you reach age 18, so not everyone has the same cumulative limit.

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+1

Feb 6th, 2017 8:09 am

#6

Thanh: Deal Addict; Oct 14, 2001; 1726 posts; 553 upvotes; GMA

Feb 6th, 2017 8:09 am

As ace604 pointed out, the max cap room is 52 000$ but that's for people who were over 18 in 2009.

Feb 6th, 2017 12:36 pm

#7

ace604: Deal Guru; Aug 8, 2012; 10198 posts; 4015 upvotes; BC

Feb 6th, 2017 12:36 pm

ace604 wrote: ↑ NOTE:
It only accumulates once you reach age 18, so not everyone has the same cumulative limit.

Thanh wrote: ↑ As ace604 pointed out, the max cap room is 52 000$ but that's for people who were over 18 in 2009.

Also, to be even further specific - you have to be a resident to earn room for that year. So if you were over 18 in 2009, but didn't move to Canada until 2010+, or you had an intervening year since where you were a non-resident, then you will not be at the max.

"An individual will not accumulate TFSA contribution room for any year during which the individual is a non-resident of Canada throughout the entire year."
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... n-eng.html

Hope this helps some random (younger-than-26 and/or part-time non-resident) person avoid penalties

POLL: How frequent is your RRSP-matching?
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Feb 7th, 2017 4:09 pm

#8

ukrainiandude: Deal Addict; Jun 15, 2012; 2837 posts; 1010 upvotes; Saskatoon

Feb 7th, 2017 4:09 pm

Hi guys,
I have a question that two Questrade representatives could not answer on chat session. And referred me to CRA for a specific amount.
Perhaps better luck here.
In 2016 my TFSA contribution room was 40 k, I contributed to it 27.5 k in 2016, then in January 2017 I withdrew 3.5 k ( transfer to RRSP) .
My question is how much I am allowed to contribute in 2017 ?
(If my math correct 12.5 k plus 5.5 k ).
Thanks comrades.

No need to type thank you; upvote=thanks.
Buffett, investors are focusing “not on what an asset will produce but rather on what the next fellow will pay for it.”

“Because gold is honest money it is disliked by dishonest men.” – R. Paul

Feb 7th, 2017 5:51 pm

#9

KanataKG: Deal Fanatic; Nov 22, 2015; 6378 posts; 6213 upvotes

Feb 7th, 2017 5:51 pm

ukrainiandude wrote: ↑ Hi guys,
I have a question that two Questrade representatives could not answer on chat session. And referred me to CRA for a specific amount.
Perhaps better luck here.
In 2016 my TFSA contribution room was 40 k, I contributed to it 27.5 k in 2016, then in January 2017 I withdrew 3.5 k ( transfer to RRSP) .
My question is how much I am allowed to contribute in 2017 ?
(If my math correct 12.5 k plus 5.5 k ).
Thanks comrades.

If your original numbers were correct, then yes, $12500 + $5500 would be your contribution limit. The $3500 your withdrew last month can only be re-contributed Jan 2018.

Did you already contribute $6500 previously to get a $40000 limit in 2016?

+2

Feb 7th, 2017 5:57 pm

#10

ukrainiandude: Deal Addict; Jun 15, 2012; 2837 posts; 1010 upvotes; Saskatoon

Feb 7th, 2017 5:57 pm

superfresh89 wrote: ↑ If your original numbers were correct, then yes, $12500 + $5500 would be your contribution limit. The $3500 your withdrew last month can only be re-contributed Jan 2018.

Did you already contribute $6500 previously to get a $40000 limit in 2016?

Yes sir,
I also have TFSA with RBC .

No need to type thank you; upvote=thanks.
Buffett, investors are focusing “not on what an asset will produce but rather on what the next fellow will pay for it.”

“Because gold is honest money it is disliked by dishonest men.” – R. Paul

Feb 7th, 2017 6:29 pm

#11

irislf: Jr. Member; Oct 5, 2014; 197 posts; 76 upvotes; Madden, AB

Feb 7th, 2017 6:29 pm

ukrainiandude wrote: ↑ Hi guys,
I have a question that two Questrade representatives could not answer on chat session. And referred me to CRA for a specific amount.
Perhaps better luck here.
In 2016 my TFSA contribution room was 40 k, I contributed to it 27.5 k in 2016, then in January 2017 I withdrew 3.5 k ( transfer to RRSP) .
My question is how much I am allowed to contribute in 2017 ?
(If my math correct 12.5 k plus 5.5 k ).
Thanks comrades.

that two Questrade representatives probably do not want to answer you the question as it would create big trouble to them if they said certain # but wrong...it is not something related to trading or their platform...this kind of question should be answered by CRA

+1

Feb 7th, 2017 6:44 pm

#12

ukrainiandude: Deal Addict; Jun 15, 2012; 2837 posts; 1010 upvotes; Saskatoon

Feb 7th, 2017 6:44 pm

irislf wrote: ↑ that two Questrade representatives probably do not want to answer you the question as it would create big trouble to them if they said certain # but wrong...it is not something related to trading or their platform...this kind of question should be answered by CRA

I agree. Also they could have said, something like withdrawal contribution room only becomes available next tax year.
Thanks for your assistance comrades.

No need to type thank you; upvote=thanks.
Buffett, investors are focusing “not on what an asset will produce but rather on what the next fellow will pay for it.”

“Because gold is honest money it is disliked by dishonest men.” – R. Paul

Feb 7th, 2017 6:59 pm

#13

Thanh: Deal Addict; Oct 14, 2001; 1726 posts; 553 upvotes; GMA

Feb 7th, 2017 6:59 pm

Your 2017 withdrawal will only be added to your contribution room for the next year. So for 2017, you're correct that you can only contribute 12.5 + 5.5.

+1

Feb 8th, 2017 2:39 am

#14

ace604: Deal Guru; Aug 8, 2012; 10198 posts; 4015 upvotes; BC

Feb 8th, 2017 2:39 am

'OP' and several answers in but nobody did "the math"

12.5k + 5.5k = ...

$18k!

LOL

POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)

TFSA contribution

TFSA contribution

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