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CRA TFSA Summary
January 3, 2023
2:29 pm
Alexandra
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The new CRA TFSA summary is much easier to understand now. Maybe it is just me, but I think the format is better than years past?sf-confused

January 3, 2023
3:13 pm
Kirk
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But for regular TFSA investors, the numbers are never current - the delay in updating makes it pretty much useless in my opinion.

January 3, 2023
6:06 pm
Alexandra
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Kirk said
But for regular TFSA investors, the numbers are never current - the delay in updating makes it pretty much useless in my opinion.  

You are right. They haven't got my 2022 Contribution listed yet or my purchase in 2022 with funds which I cashed in the year before.

But I do like their format better.

January 3, 2023
9:34 pm
RetirEd
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I keep a TF spreadsheet and update it with every change. I verify it against the CRA info whenever they update, usually at the start of the year if I recall correctly.
RetirEd

RetirEd

January 4, 2023
5:22 am
savemoresaveoften
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RetirEd said
I keep a TF spreadsheet and update it with every change. I verify it against the CRA info whenever they update, usually at the start of the year if I recall correctly.
RetirEd  

I do the same PLUS I always assume CRA is upto 1 year behind in terms of updates on TFSA to be on the safe side. One must keep one's own record esp if moving funds in and out during the year.

January 4, 2023
5:31 am
iotama
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I have always wished the CRA would enforce its requirement of FIs sending TFSA data promptly.

I have FI accounts which at times didn't get updated to the CRA until June (yes, June!), when CRA's own rules require them to update it all by end Feb latest (the last I checked I think.) Thankfully I have my own TFSA tracker to not even need the CRA's page.

But I mean seriously, it's the CRA, not the banking industry. (That is, my naive assumption that CRA should work for the people's interest!) 😀

There should be heavy fines on the FIs for not updating by the due date.

January 4, 2023
5:37 am
dougjp
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This thread prompted me to login there, and a heads up to anyone about to do the same, they will be doing maintenance from January 6 - 9 that includes the TFSA and other personal tax sections.

Yes I like the layout now, but as always, the details they show baffle me and I just leave 🙁

As already mentioned, they don't show my early 2022 TFSA contribution either, but there is no way of knowing what other withdrawals are missing, ie; are the December 2021 TFSA withdrawals I did recorded or not in their calculations? My guess is no. And they show I have 2022 contribution room of $ 6,512.24 before my $ 6,000- early 2022 contribution that they don't record yet (12 months on ?), when I've contributed the max every year and therefore should show either $ 6,000- or (who knows) ?

Imagine if it was the other way around and they tried to penalize me, how could I logically talk to these people about that....

" We may never pass this way again " - Seals & Crofts

January 4, 2023
5:46 am
Norman1
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That's expected. TFSA issuers have until end of February to upload their TFSA transactions for 2022. So, any January 2022 contributions may not be uploaded until end of next month, over 12 months later.

CRA knows that and isn't going to assess overcontribution penalties while their 2022 TFSA data is still incomplete.

January 4, 2023
5:58 am
savemoresaveoften
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To CRA's defence, the TFSA savings account is meant to be a saving for retirement account, not meant to be actively "managed" such as december maneuver, rate chaser etc.
Why am I defending CRA ?? lol

January 4, 2023
8:03 am
Bill
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FI's report to CRA by end of Feb, it takes CRA some time to process everything, it could be CRA and not the FI that is responsible for things not showing up until June, etc.

Since TFSAs started I keep any ins and outs on a scrap piece of paper, 100% error-free so far. (By the way, just got a new laptop and it says I can't get Excel for free any more, anyone know a free downloadable, i.e. not cloud storage, basic spreadsheet program? Thanks.)

January 4, 2023
8:16 am
Kirk
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savemoresaveoften said
To CRA's defence, the TFSA savings account is meant to be a saving for retirement account, not meant to be actively "managed" such as december maneuver, rate chaser etc.
Why am I defending CRA ?? lol  

Well, it's just semantics but it is called a savings account.... not TFRA. It can be used in any way a consumer desires as long as the rules are followed.
Why CRA can't insist on a deadline of December 31st or January 15th at the latest for FI's to report TFSA updates and in turn record the numbers to the CRA system say in late January or February is anyone's guess.

January 4, 2023
8:21 am
Kirk
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Bill said
FI's report to CRA by end of Feb, it takes CRA some time to process everything, it could be CRA and not the FI that is responsible for things not showing up until June, etc.

Since TFSAs started I keep any ins and outs on a scrap piece of paper, 100% error-free so far. (By the way, just got a new laptop and it says I can't get Excel for free any more, anyone know a free downloadable, i.e. not cloud storage, basic spreadsheet program? Thanks.)  

There are free alternatives for Excel and MS Office applications. I use LibreOffice.

January 4, 2023
8:21 am
Pirithous
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Bill said
... Since TFSAs started I keep any ins and outs on a scrap piece of paper, 100% error-free so far. (By the way, just got a new laptop and it says I can't get Excel for free any more, anyone know a free downloadable, i.e. not cloud storage, basic spreadsheet program? Thanks.)  

I've personally had a decent experience with OpenOffice. Installed that on a family member's new laptop as they were unwilling to pay for the basic MS Office pack. Worth a look: https://www.openoffice.org/

Pirithous

"Sometimes I do what I want to do. The rest of the time, I do what I have to."

January 4, 2023
8:23 am
dougjp
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Bill said
FI's report to CRA by end of Feb, it takes CRA some time to process everything, it could be CRA and not the FI that is responsible for things not showing up until June, etc.

Since TFSAs started I keep any ins and outs on a scrap piece of paper, 100% error-free so far. (By the way, just got a new laptop and it says I can't get Excel for free any more, anyone know a free downloadable, i.e. not cloud storage, basic spreadsheet program? Thanks.)  

Yes, I have been using OpenOffice for years. It includes multiple programs - Spreadsheet (called 'calc'), Writer (and ability to add templates for letters etc.), Drawing and Presentation. You can open and save files in numerous formats including xls and doc, although their default format is different.

http://www.openoffice.org/

" We may never pass this way again " - Seals & Crofts

January 4, 2023
8:26 am
Pirithous
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Kirk said

There are free alternatives for Excel and MS Office applications. I use LibreOffice.  

Yes, LibreOffice is another solid option. Installed that for someone who wasn't as thrilled with the OpenOffice layout. I've used both and both are fine alternatives if you don't want to provide Microsoft with more of your dollars.

Pirithous

"Sometimes I do what I want to do. The rest of the time, I do what I have to."

January 4, 2023
8:53 am
Bill
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Thanks so much, I will check out LibreOffice & OpenOffice, I'm grateful for the help.

January 4, 2023
9:00 am
Oscar
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LibreOffice has my vote as well. You need 64 bit version.
https://www.libreoffice.org/download/download-libreoffice/

January 4, 2023
10:26 am
savemoresaveoften
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Bill said
FI's report to CRA by end of Feb, it takes CRA some time to process everything, it could be CRA and not the FI that is responsible for things not showing up until June, etc.

Since TFSAs started I keep any ins and outs on a scrap piece of paper, 100% error-free so far. (By the way, just got a new laptop and it says I can't get Excel for free any more, anyone know a free downloadable, i.e. not cloud storage, basic spreadsheet program? Thanks.)  

google sheet is free but store on their cloud only I believe

January 4, 2023
12:36 pm
Y.S.
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Microsoft Office file formats can be read and saved by the free Apache OpenOffice. They share a base build. Therefore you can convert your old files if needed. The Apache presentation is just a tad less refined but it does the same things as Excel, with essentially the same icons and toolbars. There is no learning-curve.

January 4, 2023
5:49 pm
Bill
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Thanks, Y.S., that sounds promising as I know about 3 functions in Excel, that's all I need, and no learning curve appeals to me a lot.

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