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Email this6:04 am
June 10, 2020
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My Account on the CRA website still does not show the contributions and withdrawals I made in December.
I phoned RBC Direct Investing. CRA shows my TFSA transactions for the whole year except for December. RBC DI told me that they have sent all the info to CRA, and to give it a month.
I also noticed that none of my EQ TFSA transactions (which were only from September to December) are not on My Account at CRA.
Anyone else have similar issues?
6:05 am
March 30, 2017
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Laertes said
My Account on the CRA website still does not show the contributions and withdrawals I made in December.I phoned RBC Direct Investing. CRA shows my TFSA transactions for the whole year except for December. RBC DI told me that they have sent all the info to CRA, and to give it a month.
I also noticed that none of my EQ TFSA transactions (which were only from September to December) are not on My Account at CRA.
Anyone else have similar issues?
CRA website is known to have massive delay in updating TFSA info since day 1. Can be up to 12 months. Keep your own record to be on the safe side.
7:19 am
January 3, 2009
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savemoresaveoften said Keep your own record to be on the safe side.
I cannot agree enough. I've never paid attention to what the CRA website says and keep my own records.
9:21 pm
November 18, 2017
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I keep my own records, but always check with CRA to insure their records are correct. Otherwise it might take months to clear an erroneous record - and get penalties reversed!
RetirEd
RetirEd
12:15 am
June 10, 2020
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Thanks everyone, I had no idea.
RetirEd said
I keep my own records, but always check with CRA to insure their records are correct. Otherwise it might take months to clear an erroneous record - and get penalties reversed!
RetirEd
So what do you do if the records are incorrect? And how long to you wait, Ed? For instance, in my case, I've already phone RBC Direct Investing. The CRA site says to phone the financial institution if the records look wrong. RBC DI told me to wait a month because RBC DI already sent all the info to CRA.
If CRA's information isn't correct, how long go I give them to correct the info? More than a month? (Save more, above, says it could be a year). Do I call CRA? RBC DI already said they've done what they can.
2:59 am
September 11, 2013
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Banks have to report previous year's tfsa activity by end of February, then it takes CRA weeks or longer to post to My Account, so it's way too early to spend time on this. If the bank has told you all is well from their end I'd wait until maybe June or so to contact CRA if My Account is still incorrect. You're already keeping your own records, you're aware My Account is incomplete, keep relying on your data. Would be what I'd do.
I've heard CRA might go on strike soon so that could extend timelines further.
4:29 am
March 30, 2017
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Laertes said
Thanks everyone, I had no idea.So what do you do if the records are incorrect? And how long to you wait, Ed? For instance, in my case, I've already phone RBC Direct Investing. The CRA site says to phone the financial institution if the records look wrong. RBC DI told me to wait a month because RBC DI already sent all the info to CRA.
If CRA's information isn't correct, how long go I give them to correct the info? More than a month? (Save more, above, says it could be a year). Do I call CRA? RBC DI already said they've done what they can.
For TFSA, my experience has been it will take a least few months for CRA to update their end. I always contribute first day/week of the new year and by the time I file my tax which is end of April, they have never updated my TFSA balance by then.
As long as you are sure you are NOT overcontributing, I won't worry about it.
Do keep in mind the penalty for overcontribution is very stiff and you can not use "I contribute according to the online record" as an excuse. They even have a disclaimer on their site saying use your own record as reference, not theirs, something like that.
8:54 am
September 11, 2013
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If you contribute to TFSA first day or week of the year you probably won't see it on your CRA account for about 16 - 18 months.
9:00 am
April 6, 2013
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That's because the TFSA issuer has until the last day of February next year to upload the TFSA contribution details to CRA.
10:48 am
September 30, 2017
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It is Mar 9th, I still waiting for 2022 EQ TFSA records to be posted. T5 is already there … so CRA is the hold up?
7:02 pm
June 10, 2020
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Thanks, everyone. I had no idea...
5:38 am
November 18, 2017
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Laertes: I call CRA and the institution as soon as I detect any anomaly. Even though CRA may not have updated yet, they will have a note in my file for reference - and perhaps they will even figure things out at the end of their cycle. (not holding my breath!)
RetirEd
RetirEd
8:16 am
June 10, 2020
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Thanks, Ed and everyone else. I did call CRA and ask them to put a note re the anomaly.
I can report that the TFSA contribution room info at CRA and my spreadsheet now agree!!! EQ was the hold up, and on the CRA website, the EQ information is dated March 14!!! So who held it up? Was EQ late in reporting, or CRA late in posting?
I really don't care all that much right now!
Thanks again, everyone.
9:11 am
September 30, 2017
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Got mine as well. Looks like CRA have no knowledge regarding FI to FI TFSA direct transfer activities.
10:27 am
April 6, 2013
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CRA doesn't know because direct TFSA transfers are not reported to CRA.
10:51 am
September 30, 2017
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Norman1 said
CRA doesn't know because direct TFSA transfers are not reported to CRA.
Very good info buried deep in an very old thread. Excellent. I confess I judge the thread by its title. 
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