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Clients ask me this constantly: “Isn’t there a place where I can just check my TFSA balance?”
Short answer: kind of, but don’t trust it blindly.
In 2024 alone, I dealt with multiple cases where CRA’s TFSA figures were off by a lot. One client? CRA said they had room, but in reality, they were $8,000 over the limit and ended up with penalty notices for three years in a row.
CRA’s numbers come from banks. Banks send the info once a year. So if you contributed or withdrew mid-year, there's a good chance it’s not reflected yet.
Start from your first TFSA contribution year and check your account statements. Track all deposits and withdrawals. If you switched banks, grab those older statements too.
People trip up on this one: when you withdraw from your TFSA, you don’t get that room back until January 1st of the next year. If you withdraw $10,000 in June and recontribute in August, you’ve just overcontributed.
Once you have your history, plug the numbers into a tool like this one from MoneySense:
TFSA Contribution Room Calculator
It gives you a ballpark estimate based on your age and history, which is usually more accurate than what you see in your CRA account.
Yes, really. Nothing fancy. Just a simple list of deposits, withdrawals, and what year you did them. Update it every time you move money in or out. Relying on memory or CRA is how mistakes happen.
Your TFSA room is your responsibility. If you overcontribute, even by accident, CRA doesn’t waive penalties just because their portal was behind.
CRA charges 1% per month on the excess until it’s removed. You won’t know until months later, often when you get a surprise letter in the mail.
There’s no live, up-to-date TFSA tracker. And yes, that’s frustrating. But the best way to protect yourself is to keep your own records. CRA will still send you forms and updates, but don’t assume they’re correct.
If you’re unsure or dealing with TFSA penalties already, reach out. I help with this all the time.
Let me know if you want to add a downloadable TFSA tracking sheet or turn this into a printable guide for your clients.
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Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without a specific consultation. Lucas CPA Professional Corporation will not be held liable for any problems that arise from the usage of the information provided on this page.
