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Contribution limit showing as $0
February 1, 2021
5:11 pm
russel5
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Vatox said
I’m curious as to whether you should also get the $5500 from 2016 as well. That would total $34,500  

I have used my contribution limit for the years 2016 - 2020 .

This year I have 6000 , I have not used it because the stock prices have become high.

February 1, 2021
5:13 pm
russel5
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hwyc said

No. There will be no 2021 RRSP deduction limit until you file for 2020 tax.
If you filed for 2019 tax, then your 2020 RRSP deduction limit will be up-to-date.
Are you saying the $18,586 amount you see on CRA is not the amount you expected ?

Regarding your TFSA numbers, you should call CRA to inquire about missing 2021 $6,000 contribution limit. It can be a sign of some underlying issues.  

I came to Canada as a PR in 2016 Feb.

February 1, 2021
5:16 pm
Vatox
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Loonie said
OP does say clearly, #1 above, that s/he "came to Canada in 2016".
If s/he was not 18 at that time or did not remain a resident or the government somehow doesn't believe they are still a resident (e.g. didn't file taxes?), there could be a problem with TFSA room.

I suspect the most likely thing is that this person didn't exist from the point of view of TFSA contribution tracking until they made one. The process for onboarding new SINs from new residents could be slow unless triggered by a contribution.  

That was my first thought back in post 11. We need more info from OP. Was he a resident in 2016 and all years up until now or only some years? But I definitely think the same as you, that the first contribution just last year, isn’t in the records yet. But then one would expect TFSA contribution totals would be accumulating since 2016 and that the CRA would report those available contribution room every tax year. We need to know if the CRA prints the TFSA room on tax returns for those that have never opened a TFSA before. If they do, then OP isn’t a resident. Otherwise is just a lack of CRA updating because there was no prior TFSA accounts.

The lack of OP responding makes me think he realized he isn’t a resident and has gone to clean his mistake ASAP.

February 1, 2021
5:19 pm
russel5
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Loonie said
OP does say clearly, #1 above, that s/he "came to Canada in 2016".
If s/he was not 18 at that time or did not remain a resident or the government somehow doesn't believe they are still a resident (e.g. didn't file taxes?), there could be a problem with TFSA room.

I suspect the most likely thing is that this person didn't exist from the point of view of TFSA contribution tracking until they made one. The process for onboarding new SINs from new residents could be slow unless triggered by a contribution.  

I came in 2016 as a landed immigrant in Feb, I was a resident throughout this period and right now I am Citizen.

From reading all the comments here I think maybe they have not updated my page , I guess I have to wait and see it.

February 1, 2021
5:21 pm
russel5
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russel5 said

I came in 2016 as a landed immigrant in Feb, I was a resident throughout this period and right now I am Citizen.

From reading all the comments here I think maybe they have not updated my page , I guess I have to wait and see it.  

I responded I came online right now.

February 1, 2021
5:26 pm
Bill
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russel5, when did you get your SIN? Did you file tax returns for 2016 - 2019?

February 1, 2021
5:29 pm
russel5
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Bill said
russel5, when did you get your SIN? Did you file tax returns for 2016 - 2019?  

Yes , I got the SIN after two days of landing, and I have paid for all those years since I have been here

February 1, 2021
6:16 pm
Vatox
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If you lived here all those years, I would say you have $34,500 contribution room in total. Subtract out what contributions you have made, that’s what’s left for more contributions. The CRA simply hasn’t updated your data yet because your first TFSA account and contributions aren’t in their database yet.

Did previous tax filings reveal your TFSA room? I’m guessing no because you stated that you added it up.

February 1, 2021
6:22 pm
Bill
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russel5, if you're saying you've filed 4 tax returns since 2016 - 2019 then I'm stumped. I've no idea why My Account doesn't show your TFSA room at least as of Jan 1/20. Guess you can wait for a few months and if your initial (2020) contribution hasn't triggered an update by then you'll have to call them. In any event I would go ahead and put in another $6500, if that's what you'd like to do.

February 1, 2021
11:03 pm
Loonie
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It seems most likely to me, then, that CRA is just slow in adding new SIN numbers to its TFSA listings or this one was somehow missed.

The only other thing I can think of is if OP's SIN was somehow entered incorrectly into the database or if he was mistakenly assigned two different SINs. I know nothing about immigration, but might there have been a sort of temporary number and later a permanent one?

I would contact them now and see what they say. The problem exists now, because you are not being given room for the 2021 contribution. It will only get busier there in the coming months and harder to get things resolved.

February 2, 2021
5:22 pm
russel5
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Vatox said
If you lived here all those years, I would say you have $34,500 contribution room in total. Subtract out what contributions you have made, that’s what’s left for more contributions. The CRA simply hasn’t updated your data yet because your first TFSA account and contributions aren’t in their database yet.

Did previous tax filings reveal your TFSA room? I’m guessing no because you stated that you added it up.  

Yes that is what I did, i calculated the contribution limit myself.

February 2, 2021
5:43 pm
Bill
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The TFSA Guide says "If you were 18 or older in 2009, your TFSA contribution room grows each year even if you do not file an Income Tax and Benefit Return or open a TFSA. If you turned 18 after 2009, your TFSA contribution room starts in the year you turned 18 and your TFSA contribution room accumulates every year after that year."

I still think we might be missing some info here. If russel5 filed a tax return for 2016 in 2017 with his SIN entered then CRA knows of his existence, his residency status, his age, etc to know he started building contribution room in 2016.

February 2, 2021
7:37 pm
Loonie
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I agree it looks like some info is missing but we've asked every possible question and he's answered them consistently.
Something may have gone wrong in the database. We don't really know anything about how this is tracked. A certain batch maybe didn't get added or whatever.

Although unlikely, odd things do happen. My library, which has a huge database, periodically loses some of its catalogue entries and they are never seen again. Once every couple of years, one of them disappears while I actually have the item checked out and it's not overdue. Once, I literally saw a screen go by very quickly, after which the entry I was looking at vanished permanently. They can't find the bug.

You can either wait til end of Feb to see if anything shows up, or call them now, I would call them now because something ought to be showing now and they will be very busy later.

February 2, 2021
10:31 pm
Norman1
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Bill said
russel5, when did you get your SIN? Did you file tax returns for 2016 - 2019?

russel5 said

Yes , I got the SIN after two days of landing, and I have paid for all those years since I have been here

The CRA site says your 2021 TFSA contribution room is now $0. Does the site say your starting 2019 and starting 2020 TFSA contribution rooms were $0 too?

If all three 2019, 2020, and 2021 starting TFSA contribution rooms are $0, then you either made a large TFSA overcontribution before 2019 or CRA isn't bestowing your yearly TFSA contribution room.

February 3, 2021
2:07 am
Loonie
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If he overcontributed, which he says he didn't, CRA would have been after him before now for the fine they impose on that. I've seen it happen, within 3 or 4 months of the end of the year in question.

In its abuse of my then-98-year-old mother's situation, RBC not only sold her an inappropriate investment for an inappropriate amount into a TFSA she didn't understand, they ALSO overcontributed her. We got the notice of the fine for that quite speedily, and had to pay it.

February 3, 2021
5:29 am
Bill
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I assume russel5 has filed tax returns, though he hasn't explicitly said it. He said "I have paid for all those years", which could also refer to source deductions at place of employment.

February 3, 2021
8:58 am
Vatox
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Bill said
I assume russel5 has filed tax returns, though he hasn't explicitly said it. He said "I have paid for all those years", which could also refer to source deductions at place of employment.  

Filing tax returns isn’t required to gain TFSA contribution room, only a SIN and residency. He has a SIN since early 2016, but has he lived here all those years? He hasn’t answered that yet!

EDIT: OP is not forthcoming with necessary details. He may not live here and figures the SIN is all he needs to get the TFSA contribution room.

EDIT: and since residency isn’t required to open a TFSA, he may have done exactly that and put in $28,000. We need to know if he lived here all those years, before we can be assured that the Zero contribution is just lag time in database updating.

February 3, 2021
10:29 am
Norman1
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It's also possible what happened to Loonie's mother also happened.

Possibly went into the bank branch a while back and was talked into buying some mutual funds to be held in a TFSA account and forgot about it. Part of the accumulated TFSA contribution room was used up.

So, the $28,000 TFSA contribution last year used up the remaining room along with the room credited for this year. A bill from CRA will show up in a few months, if that was the case.

Not much can be done if the OP is not forthcoming with the residency details. If person was not resident in Canada for some of those years, then the person won't have as much TFSA contribution room as the simple calculations indicate.

February 3, 2021
11:30 am
Bill
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He did say "I came in 2016 as a landed immigrant in Feb, I was a resident throughout this period and right now I am Citizen". I took "throughout this period" to mean from Feb/16 to now.

I know you don't have to file tax returns to open and contribute to TFSA but I thought if he hasn't filed tax returns it might explain why CRA's not up to date on his contribution room. But he does have My Account access, so that suggests he's filed at least once, I'd think. Could be as Norman1 says, he's forgotten he's already contributed.

February 3, 2021
12:34 pm
Vatox
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“Through this period” could simply mean he came he saw, got a SIN and left! OP’s responses are horribly incomplete and evasive.

russel5, did you have a Canadian address in 2016 and have lived there, constantly, until today?

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