Personal Finance

When do financial institutions typically report TFSA activity to the CRA?

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  • Apr 12th, 2020 3:36 pm
[OP]
Deal Guru
Oct 3, 2006
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Toronto

When do financial institutions typically report TFSA activity to the CRA?

I was looking at my 2018 TFSA contribution room and it thinks I still have $11k ($5.5k from 2017 + $5.5k for 2018). The truth is, I maxed out my TFSA already, so I was expecting to see 0 left from 2017, but it still shows I have 5.5k. I used it up in the first few months of 2017, so it wasn't like I contributed late in the year or anything. So I'm just wondering when do financial institutions typically report TFSA activity to the CRA and when can we expect to see our TFSA contribution rooms updated?
19 replies
Deal Addict
Dec 22, 2008
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Victoria
I can’t remember the exact date but it’s sometime around April 2018 that all 2017 transactions must be reported by.
Sr. Member
Aug 5, 2011
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Any idea when the 2019 TFSA information will be updated on the CRA website?
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Aug 3, 2009
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Anyone find questrade transactions never shown up to cra?
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Aug 15, 2009
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Montreal
Should be around April of each year.
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Mar 10, 2018
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Aznsilvrboy wrote: I was looking at my 2018 TFSA contribution room and it thinks I still have $11k ($5.5k from 2017 + $5.5k for 2018). The truth is, I maxed out my TFSA already, so I was expecting to see 0 left from 2017, but it still shows I have 5.5k. I used it up in the first few months of 2017, so it wasn't like I contributed late in the year or anything. So I'm just wondering when do financial institutions typically report TFSA activity to the CRA and when can we expect to see our TFSA contribution rooms updated?
Any contributions that are made or withdrawn from a TFSA in the prior year may not be reflected in your available current year contribution room until after the end of February. All issuers have until the last day of February to electronically submit a TFSA record to the CRA for each individual who has a TFSA. Any transactions made in the current year will not be included.

From CRA
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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Dec 4, 2007
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haliwood wrote: Anyone find questrade transactions never shown up to cra?
if its really the case, then you really should contact qt.

btw, qt will not report every single trade you made in your tfsa account, only deposit and withdrawal.

also all the deposit or withdrawal you made in 2019 will not appear before april, even end of april.
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Jun 24, 2015
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i transferred some tfsa from one institution to another and my transaction showed up on cra already, it was there for like 2 weeks i also did a deposit and it shows up on cra tax page. so yes you dont gotta wait till april
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Mar 10, 2018
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jackrabbit000 wrote: I did a withdrawal by mistake out of my TFSA in January 2019 and I checked yesterday and still nothing is posted on my CRA account.
same here. My room still shows almost 30K. And none of my 2019 transaction have showed up yet.
As I said before I always wait till March or even 1week of April for checking/reporting this.
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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Jan 31, 2006
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ArchEnemy wrote: Any idea when the 2019 TFSA information will be updated on the CRA website?
Mine is already updated, it shows the exact contribution room i have for 2020.
Sr. Member
Aug 5, 2011
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Thanks. I’m with questrade but my CRA account has not yet been updated. I’m guessing it should be updated today?
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Mar 10, 2018
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ArchEnemy wrote: Thanks. I’m with questrade but my CRA account has not yet been updated. I’m guessing it should be updated today?
mine appeared today. And that was what I have posted before that by 1week of March all TFSA will show up.
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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Dec 4, 2007
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my questrade tfsa transaction is not updated yet so far
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Jul 17, 2008
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At least 1 brokerage and 1 credit union has not updated the TFSA transfers from 2019 with CRA. And CRA says pretty clearly that it must be done by end of February
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Dec 4, 2007
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i dont think they really enforce that rule.
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Dec 4, 2007
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i know that we are in particular situation right now, but usually by this date, other financial institution already reported tfsa transaction to cra, but my 2019 transactions in my questrade tfsa account, the transaction doesnt show up in cra yet. anyone else?

tang and nb already sent them, questrade only sent t5008 so far.
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Apr 16, 2006
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Hubert Financial hasn't reported yet.
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Mar 25, 2012
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Noting OP's likely question, having only read the thread title for expediency, financial institutions may have a deadline to notionally report TFSA transactions and activity, but my understanding is the reports are not automatically uploaded and imported into the CRA's systems. There is almost certainly a semi-manual batch upload and conversion process. With COVID-19, I.T. and other staff of the CRA have been redeployed to work on the CERB. Thus, I suspect CRA is (a) behind on its part of processing data returns and (b) granting generous leeway to FIs to report TFSA data. As such, don't expect 2019 information to show up until the end of 2020.

As to what information they report, they report contributions, withdrawals, and transfers, as well as your TFSA balance information as at the year end. They also report the number of internal transactions within your TFSA.

Cheers,
Doug

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