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CRA confirms TFSA contribution limit for 2018
December 6, 2017
11:49 am
Rick
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December 7, 2017
1:17 pm
Benjames35
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So the grand total will be $57,500 starting January 1st. $52,000 + $5,500 according to the article.

December 8, 2017
7:20 am
Yatti420
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We can thank Justin for the reduced limit sf-cry

December 8, 2017
8:26 am
SavingIsGood
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Come on man; you have to understand that pretty boy need money for his vacations, chopper rider to see aga khan or whoever and all other perks his position has. Do you really think politicians CARE for us???

December 8, 2017
11:17 am
Bill
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Benjames35, yes, $57,500 is your 2018 limit assuming you've never contributed before.

December 8, 2017
12:24 pm
Benjames35
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I had my TFSA maxed out in April 2017 but I ended up moving it all to PC for the promo rate, so now on Jan.1 2018 I can move it all back to my TFSA, correct?

December 8, 2017
12:35 pm
Rick
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Bill said
Benjames35, yes, $57,500 is your 2018 limit assuming you've never contributed before.  

AND you were at least 18 in 2009.

Benjames35 said
I had my TFSA maxed out in April 2017 but I ended up moving it all to PC for the promo rate, so now on Jan.1 2018 I can move it all back to my TFSA, correct?

Correct. Was it worth taking it out of a tax sheltered account for 8 months for you?

Yatti420 said
We can thank Justin for the reduced limit sf-cry

He just put it back on the original track after Harper tried to buy your vote with your own money.

December 8, 2017
12:37 pm
Bill
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Correct, so in your case your 2018 limit is whatever you took out of your TFSA in 2017 plus $5500.

December 8, 2017
12:43 pm
Top It Up
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Rick said

He just put it back on the original track after Harper tried to buy your vote with your own money.  

ALWAYS better than the age old ploy of the Liberal / Socialists and their redistribution of wealth by stealing from the rich and giving to the poor, NO questions asked.

December 12, 2017
1:05 pm
Yatti420
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SavingIsGood said
Come on man; you have to understand that pretty boy need money for his vacations, chopper rider to see aga khan or whoever and all other perks his position has. Do you really think politicians CARE for us???  

Ahahahaha.. Don't forget Hillary's (foundation) wallet now.. and he gave the money after all the news came out....

December 26, 2017
8:00 am
rfdm4g4g9
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The annual TFSA dollar limit for the years 2009, 2010, 2011 and 2012 was $5,000.

The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.

The annual TFSA dollar limit for the year 2015 was $10,000.

The annual TFSA dollar limit for the year 2016 was $5,500.

The annual TFSA dollar limit for the year 2017 is $5,500.

The annual TFSA dollar limit for the year 2018 is also $5,500.

TFSA cumulative amount come January 1, 2018 will be $ 57,500 if you have NEVER contributed before.

Of course if you have contributed & withdrawn money from TFSA - different scenarios & contribution rooms could exist depending on contribution, withdrawal, recontribution etc.

January 13, 2018
6:35 pm
dingbat
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If you have the ability to access your CRA account online have a look at what it has indicated your max TFSA contribution is for 2018. I looked at mine, my wife's and my father's and ALL THREE say $11,000. That forced me to go back to 2009 in my accounting records (which tie in to my discount broker) and work forward making sure I'd contributed the $52,000 max to 2017. I was OK. Checked my wife and she was OK. Same with father.

Appears to me that CRA has a glitch. I wonder what its reaction would be if one contributed the $11,000 and then when the fit hit the shan a year or so later provided their web page as support for making the payment???sf-laugh

January 16, 2018
5:34 am
Bill
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dingbat, if you look at MyAccount TFSA data today it may only reflect your activity to the end of 2016 as the deadline for fi's to report 2017 activity is not here yet. Did you withdraw anything in 2016 or prior, as that may account for the $11K figures? Also I believe you can check your yearly detailed activity, did you review it to see if any contributions along the way appear not to have been reported by the fi?

In any event, if you contribute too much for any reason that's on you, CRA takes no responsibility for whether or not you've met the requirements of the Income Tax Act. That's not saying they might not show you some mercy if you show they misled you but at the end of the day it's on you.

January 16, 2018
9:10 am
Bill
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If you go into MyAccount in the TFSA section click on Transaction Summary and all your ins and outs, by institution, will be shown since day one if you select the full date range. As of today, my 2017 activity, both the January in and the December out, are not yet shown.

January 16, 2018
4:24 pm
Norman1
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TFSA issuers still have over a month before their annual TFSA returns are due. CRA won't have everyone's 2017 TFSA transactions until then:

Due Date

You have to file the TFSA annual information return by the last day of February following the calendar year to which the TFSA annual information return applies. If the last day of February is a Saturday or Sunday, your TFSA annual information return is due the next business day.

If you discontinue your business or activity, you have to file a return for the year or part-year no later than 30 days after the date the business or activity ended.

January 16, 2018
6:30 pm
2of3aintbad
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dingbat said
If you have the ability to access your CRA account online have a look at what it has indicated your max TFSA contribution is for 2018. I looked at mine, my wife's and my father's and ALL THREE say $11,000. orward making sure I'd contributed the $52,000 max to 2017. I was OK. Checked my wife and she was OK. Same with father.
That forced me to go back to 2009 in my accounting records (which tie in to my discount broker) and work f
Appears to me that CRA has a glitch. I wonder what its reaction would be if one contributed the $11,000 and then when the fit hit the shan a year or so later provided their web page as support for making the payment???sf-laugh  

Until about the end of February, CRA thinks you made no contributions or withdrawals in 2017. So if all 3 of you maxed out your contributions to the end of 2016, CRA calculates your room as $5500 for 2017 plus $5500 for 2018. When an FI sends in your 2017 data, the $11,000 will change.

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