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

Feb 14th, 2018 12:54 am

#1

DealMaomi [OP]: Deal Guru; Oct 3, 2006; 10467 posts; 787 upvotes; Toronto

Feb 14th, 2018 12:54 am

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?

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Feb 14th, 2018 1:00 am

#2

MaxPower19: Deal Addict; Dec 22, 2008; 2162 posts; 966 upvotes; Victoria

Feb 14th, 2018 1:00 am

I can’t remember the exact date but it’s sometime around April 2018 that all 2017 transactions must be reported by.

Feb 25th, 2020 11:56 am

#3

ArchEnemy: Sr. Member; Aug 5, 2011; 653 posts; 392 upvotes

Feb 25th, 2020 11:56 am

Any idea when the 2019 TFSA information will be updated on the CRA website?

Feb 25th, 2020 12:08 pm

#4

haliwood: Deal Addict; Aug 3, 2009; 2122 posts; 585 upvotes; Nova Scotia

Feb 25th, 2020 12:08 pm

Anyone find questrade transactions never shown up to cra?

Feb 25th, 2020 3:59 pm

#5

elpaso: Deal Addict; Aug 15, 2009; 2145 posts; 1734 upvotes; Montreal

Feb 25th, 2020 3:59 pm

Should be around April of each year.

Feb 25th, 2020 5:27 pm

#6

callernamet: Deal Addict; Mar 10, 2018; 4864 posts; 1363 upvotes; does it matter?

Feb 25th, 2020 5:27 pm

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Any contributions that are made or withdrawn from a TFSA in the prior year may not be reflected in your available current year contribution room until after the end of February.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.

Feb 26th, 2020 11:44 pm

#7

HyperTech: Deal Addict; Dec 4, 2007; 4201 posts; 1865 upvotes; Quebec

Feb 26th, 2020 11:44 pm

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.

Feb 27th, 2020 10:15 am

#8

GoodFellaz: Deal Fanatic; Jun 24, 2015; 6619 posts; 2067 upvotes; 0 downvotes

Feb 27th, 2020 10:15 am

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

Say NO to the WAR!
PEACE is the answer!

Feb 27th, 2020 12:21 pm

#9

callernamet: Deal Addict; Mar 10, 2018; 4864 posts; 1363 upvotes; does it matter?

Feb 27th, 2020 12:21 pm

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.

Feb 28th, 2020 4:32 am

#10

cgtlky: Deal Fanatic; Jan 31, 2006; 7727 posts; 2131 upvotes; Toronto

Feb 28th, 2020 4:32 am

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.

Feb 28th, 2020 6:06 am

#11

VESTEGAARD: Sr. Member; Dec 28, 2010; 650 posts; 296 upvotes

Feb 28th, 2020 6:06 am

By the end of February

.

Feb 28th, 2020 7:21 am

#12

ArchEnemy: Sr. Member; Aug 5, 2011; 653 posts; 392 upvotes

Feb 28th, 2020 7:21 am

Thanks. I’m with questrade but my CRA account has not yet been updated. I’m guessing it should be updated today?

Mar 4th, 2020 10:10 am

#13

callernamet: Deal Addict; Mar 10, 2018; 4864 posts; 1363 upvotes; does it matter?

Mar 4th, 2020 10:10 am

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.

Mar 4th, 2020 7:34 pm

#14

HyperTech: Deal Addict; Dec 4, 2007; 4201 posts; 1865 upvotes; Quebec

Mar 4th, 2020 7:34 pm

my questrade tfsa transaction is not updated yet so far

+1

Mar 4th, 2020 11:05 pm

#15

ArchEnemy: Sr. Member; Aug 5, 2011; 653 posts; 392 upvotes

Mar 4th, 2020 11:05 pm

HyperTech wrote: ↑ my questrade tfsa transaction is not updated yet so far

Mine neither.

+1

Mar 12th, 2020 6:20 pm

#16

Messerschmitt: Banned; Jul 17, 2008; 11042 posts; 3864 upvotes

Mar 12th, 2020 6:20 pm

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

Mar 12th, 2020 7:58 pm

#17

HyperTech: Deal Addict; Dec 4, 2007; 4201 posts; 1865 upvotes; Quebec

Mar 12th, 2020 7:58 pm

i dont think they really enforce that rule.

Apr 9th, 2020 6:41 am

#18

HyperTech: Deal Addict; Dec 4, 2007; 4201 posts; 1865 upvotes; Quebec

Apr 9th, 2020 6:41 am

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.

Apr 12th, 2020 3:00 pm

#19

Octavius: Deal Fanatic; Apr 16, 2006; 6186 posts; 648 upvotes

Apr 12th, 2020 3:00 pm

Hubert Financial hasn't reported yet.

Apr 12th, 2020 3:36 pm

#20

dmehus: Deal Addict; Mar 25, 2012; 1870 posts; 1062 upvotes; Kelowna

Apr 12th, 2020 3:36 pm

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

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

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

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