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TFSA contribution room for 2023

  • Last Updated:
  • Jan 5th, 2023 3:50 pm
[OP]
Deal Addict
Oct 28, 2015
2013 posts
1170 upvotes
Vaughan, ON

TFSA contribution room for 2023

I logged into my CRA account and notice this:


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Does that mean I can now contribute this much ($12575.13) for this 2023? Odd thing is that it seems I had missed contribution for one year prior, but I didn't recall I had missed any time of it.... (Had a withdrawal back in 2019 but remembered I had contributed back...)
10 replies
Jr. Member
Oct 13, 2011
188 posts
425 upvotes
OTTAWA
Your FI probably has not reported your 2022 contributions to the CRA yet, therefore their website is showing your room as 2022+2023.
[OP]
Deal Addict
Oct 28, 2015
2013 posts
1170 upvotes
Vaughan, ON
emdubya wrote: Your FI probably has not reported your 2022 contributions to the CRA yet, therefore their website is showing your room as 2022+2023.
oh, thanks! I remembered that my CIBC will likely report it in Mar, thus making the right contribution amount.
Member
User avatar
Dec 31, 2018
248 posts
381 upvotes
You can calculate it yourself before the CRA updates: 2023 contribution room = 2022 contribution room - 2022 contributions + 2022 withdrawals + $6,500
Deal Addict
Aug 18, 2003
2271 posts
1182 upvotes
YVR
del
Last edited by Charles on Jan 3rd, 2023 10:22 am, edited 1 time in total.
Patience comes to those who wait
Newbie
May 20, 2006
3 posts
1 upvote
Has anyone come across any promotions for opening a new TFSA at one of the Canadian financial institutions? I am aware of the one at TD, but was looking for another.
Deal Addict
Nov 26, 2014
1302 posts
2362 upvotes
Calgary, AB
MrFred wrote: Has anyone come across any promotions for opening a new TFSA at one of the Canadian financial institutions? I am aware of the one at TD, but was looking for another.
Tangerine is offering 5% until the end of I think April.
Penalty Box
Dec 26, 2013
524 posts
170 upvotes
Ottawa
TDDI has no option to switch from mutual funds to ETFs in a TFSA, it seems like I will have to sell them first. If I sell and purchase an ETF today, this will be considered an over contribution?
Deal Addict
Jan 11, 2020
4056 posts
3322 upvotes
wilyam wrote: TDDI has no option to switch from mutual funds to ETFs in a TFSA, it seems like I will have to sell them first. If I sell and purchase an ETF today, this will be considered an over contribution?
If it's inside the same TFSA account, no one cares. Gov only cares what you stick in per year, contributions from outside the TFSA into the TFSA.
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Deal Addict
Jan 11, 2020
4056 posts
3322 upvotes
Questrade f'ed up CRA reporting, and I always seem to have $6000 more than I should. I track it every year. Track it on your own and make sure you have an audit trail. Financial institutions are notoriously lazy updating this one trust your own records. For me, I just jam it full every New Years, keeps life simple. Same with RESP, jam $2500 Jan 01st.
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Deal Fanatic
User avatar
Mar 10, 2018
5129 posts
1596 upvotes
does it matter?
just throwing out there about the contribution or honest mistake in contribution.

https://financialpost.com/personal-fina ... crosshairs
Tried new coffee and doughnut. Found same old stale thing. expected bill of six bucks but it was 600 million. Big mistake so the guy said don't worry it is on the house. going back to McD.

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