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TFSA 2015-2016 update
January 4, 2016
7:07 pm
kanaka
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Bill said

I believe if you go into your account via My Account on CRA site you can access your TFSA history of contributions, limits, etc., though it's often not completely up to date as the institutions don't have to report to CRA until some time after year-end.

Correct from what I was advised it is only updated annually by end of Feburary or March.

January 4, 2016
7:09 pm
kanaka
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Loonie said

I agree with Bill re: kanaka's TFSA. But we would miss him!sf-cry

sf-surprised As far as I know I am good for an unknown length of time into the future.

January 4, 2016
7:24 pm
kanaka
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The reason behind the questions is...as part of my pension I had a Life Insurance policy fully paid by the company and I was offered a buy out for it....I took it. I also had an Endowment Life Insurance Policy that I bought when I was 16 and it paid out last year. I put aside money from the two policies for either wife or I funeral expenses. I use the interest from the 5 year ladder to pay for the only Life Insurance Policy that I have left and it pays out to beneficiary or to me at age 100. So I thought I should convert it every year to a TFSA and then my first thought was....if I die first and my wife uses those funds from TFSA she will loose that amount from being sheltered. Thus my question.

January 7, 2016
7:31 pm
Norman1
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Good that you've been thinking ahead.

I haven't found an explicit statement from CRA. But, so far, it doesn't look like there's any distinction between the TFSA's that one is the original holder of and any "pre-owned" TFSA's that one is now the holder of, as the result of being the successor. Amounts withdrawn from any of them will be added to the current holder's unused TFSA contribution room next year.

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