Personal Finance

When does the CRA update its TFSA contribution room page?

  • Last Updated:
  • Feb 16th, 2021 10:25 pm
[OP]
Deal Addict
Aug 19, 2005
1755 posts
663 upvotes
Toronto

When does the CRA update its TFSA contribution room page?

Hi all,

I logged into the CRA website and noticed that the 2021 contribution room they're showing for me doesn't include any TFSA contributions or withdrawals from 2020 (a combination of Tangerine and Questrade). Does it normally take a while for them to update their records? Wondering what others have experienced in the past.


Thanks in advance.
21 replies
Newbie
Sep 5, 2011
85 posts
96 upvotes
Toronto
TFSA issuers are only required to update transactions with the CRA once a year. They have until the end of February to submit transactions from the preceding year. There is no guarantee you'll see any 2020 transactions until those are filed and processed.
Newbie
May 9, 2018
72 posts
37 upvotes
Best way I found to look at this was to go to mycra and look at the detailed transactions on your TFSA account, so you can see exactly what contributions are taking away from your balance. Personally, I made my 2020 TFSA contribution early last year and it still doesn't show, hence according to CRA I have room, yet I know I made the contribution so anything else would eventually have been an over contribution.
Deal Addict
User avatar
Dec 4, 2007
3998 posts
1663 upvotes
Quebec
last year and the year before, some of us had their tfsa updated on cra only at the end of april...depend on your financial institution when they send the info to cra.

the best way is to keep a personal tracking of it by yourself.
Deal Addict
User avatar
Sep 19, 2013
2441 posts
873 upvotes
Winnipeg
In the past, my TFSA page on CRA has been updated by end of April. But remember to keep your own records. Use the CRA page only as a secondary check.
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Deal Addict
Sep 14, 2012
1425 posts
1006 upvotes
Montreal, QC
Sephora wrote: Hi all,

I logged into the CRA website and noticed that the 2021 contribution room they're showing for me doesn't include any TFSA contributions or withdrawals from 2020 (a combination of Tangerine and Questrade). Does it normally take a while for them to update their records? Wondering what others have experienced in the past.


Thanks in advance.
I agree with the others who posted in your thread that you should keep track of your TFSA limit yourself and use what appears on the CRA website as a guide.

In my experience, the only time that the CRA website is accurate is if someone didn't contribute to their TFSA account (or withdraw from the TFSA account) for the entire year. My TFSA contribution limit has always been off by the current year (so last year when I checked, it was "always" showing $6k).

I didn't check what it shows as of today but know that I will be making my TFSA 2021 $6k contribution next week to bring my available contribution room back to $0. I don't go by what is stated on my CRA account since it can be updated at any point in time during the year.
Deal Addict
User avatar
Dec 4, 2007
3998 posts
1663 upvotes
Quebec
from 1st of jan 2021, if you make any withdraw or contribution, it will NOT appear on CRA this year.

by the end of april 2021, cra will only have an up to date data for all the transaction you made from 1st jan 2020 - 31 dec 2020 + they will add the 6k contribution for 2021. from that, you will required to make your own calculation until cra receive the updated next year.
Deal Addict
Oct 24, 2010
1499 posts
1268 upvotes
Ottawa
HyperTech wrote: from 1st of jan 2021, if you make any withdraw or contribution, it will NOT appear on CRA this year.

by the end of april 2021, cra will only have an up to date data for all the transaction you made from 1st jan 2020 - 31 dec 2020 + they will add the 6k contribution for 2021. from that, you will required to make your own calculation until cra receive the updated next year.
This is correct.
Deal Addict
User avatar
Jun 23, 2017
1255 posts
756 upvotes
Toronto, ON
i checked today . it does not record any of my 2020 in's and out's so the contribution limit for 2021 cannot be calculated for me.
Deal Addict
Mar 8, 2013
2700 posts
1400 upvotes
HyperTech wrote: last year and the year before, some of us had their tfsa updated on cra only at the end of april...depend on your financial institution when they send the info to cra.

the best way is to keep a personal tracking of it by yourself.
End of February is really the earliest that you can expect the CRA site to be up to date. You are right on to track it yourself.
Deal Addict
Oct 24, 2010
1499 posts
1268 upvotes
Ottawa
905P4N6 wrote: i checked today . it does not record any of my 2020 in's and out's so the contribution limit for 2021 cannot be calculated for me.
As others have said, it won't show your 2020 contributions and withdrawals until the banks have sent the information (deadline: end of February) and CRA has processed it. Expect your CRA account to reflect your 2020 activity by the end of April.

Your CRA account won't reflect any of your 2021 activity, including contributions and withdrawals made from Jan 1 to when CRA updates your account in April, until April 2022.
Newbie
Jan 19, 2021
21 posts
13 upvotes
As others have said, don't rely on the CRA numbers to be up-to-date. I made a mistake several years ago and over contributed to my TFSA. The CRA didn't inform me about it for 2 years, yet they charged me monthly penalties for the mistake and did it all behind my back without informing me of it. I was floored when I got this bill 2 years after the fact. Can you imagine if your credit card company did this behind your back without informing you of what you owe them, for 2 years and then presented you a bill? This is blood money the CRA gets away with. And they wonder why they have life long enemies who take every opportunity to work under the table.
Sr. Member
Jan 13, 2016
536 posts
287 upvotes
Vancouver, BC
My hubert financial transactions didn't show up until may last year. Hubert swore they sent it to CRA so it appears CRA was delayed.
Sr. Member
Jan 13, 2016
536 posts
287 upvotes
Vancouver, BC
My hubert financial transactions didn't show up until may last year. Hubert swore they sent it to CRA so it appears CRA was delayed.
Deal Addict
User avatar
Jun 23, 2017
1255 posts
756 upvotes
Toronto, ON
Today is Feb 16, 2021, my CRA doesn't show my 2020 input and outputs yet!

.. and for tax slips ...
only one TFSA reporting in ... many more to go
Last edited by 905P4N6 on Feb 16th, 2021 5:21 pm, edited 1 time in total.
Member
May 24, 2018
460 posts
291 upvotes
Ontario
Mine Tangerine 2020 TFSA records were there dated Feb 8th on CRA
Deal Addict
User avatar
Oct 7, 2007
2466 posts
1153 upvotes
Edmonton
Mines updated showing withdrawl amounts late Dec2020 plus 2021 allowable but NOT deposits back in on Jan2, 2021!
Deal Fanatic
User avatar
Apr 16, 2006
6134 posts
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frankmp wrote: Mines updated showing withdrawl amounts late Dec2020 plus 2021 allowable but NOT deposits back in on Jan2, 2021!
Those won't show up until next year.
Sr. Member
Jun 19, 2007
780 posts
742 upvotes
Halifax
It's easy enough to calculate. On the CRA site, it shows how much room you have, including 2020's. At least TD, they released the year end TFSA thing. So just take the CRA #, subtract off the contributions from 2020, add back any withdraws, and that should be it.

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