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Email this8:01 am
February 1, 2012
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What do you guys think about an indicator from financial institution (Banks) for the remaining contribution limit in TFSA account. The banks such us ING, Canadian Tire, etc. This would significantly made life easier if one could simply look up the indicator and not have to calculate or over contribute to TFSA. This is provided that you have One TFSA account. If you have many then you have to calculate yourself the total limit.
8:51 am
May 15, 2007
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I like the idea, but banks probably wouldn't do it on an individual basis because of the fear that they would get into trouble -- customers who have TFSAs at multiple institutions would rely on one number and then complain that they got misleading information. However, this does bring up the discussion again that there could be a central record for this; the one provided by Revenue Canada is often wrong.
8:51 am
Remi W said:
What do you guys think about an indicator from financial institution (Banks) for the remaining contribution limit in TFSA account. The banks such us ING, Canadian Tire, etc. This would significantly made life easier if one could simply look up the indicator and not have to calculate or over contribute to TFSA. This is provided that you have One TFSA account. If you have many then you have to calculate yourself the total limit.
Remi, I don't see it being an option that financial institutions would offer, as you do not have to invest your TFSA dollars in one institution (and they know that). Since you can invest and re-invest any where that offers TFSA investing like banks, CU's, investment dealers, and brokerage accounts I can only see that financial institutions would advertise their rates hoping that you will invest this years allotment with them. It is your responsibility to keep track of your TFSA investments and re-investment although the CRA My Account for Individuals does track it for you on an annual basis but in some cases it does not reflect properly and cannot be relied on. So it is all back on our shoulders to track. I have an excel program that I use to track it with, if you want I could email to you.
9:14 am
May 15, 2007
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88kanaka — I could post your spreadsheet on this site if you'll allow me to. If so, please e-mail me.
9:44 am
February 1, 2012
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The spreadsheet is great. Thank you for that in advance. ... As to the CRA TFSA limit under "MyAccount" I personally find it useless as it states that I have almost all of 20K contribution limit left, which is certainly not the case. I guess the Institution that I hold it at does not do their part or CRA... Yes there should be centralized record ie. "MyAccount" but reliable. Perhaps updated quarterly if not monthly. Not updating it Annually is absurd. Just wrote email to the bank requesting that as a "great to have" feature we shall see what they write back.
10:42 am
Peter said:
88kanaka — I could post your spreadsheet on this site if you'll allow me to. If so, please e-mail me
Done!
Hi, Peter. Fantastic and helpful website for sure.
I have attached my spreadsheet which is a very small section of my financial tracking.
The TFSA tracking could be copied to another worksheet to allow tracking for 2 or more people ie. Husband, wife, children, grandma, grandpa, etc. with out making any changes. I have either highlighted yellow cells or yellow entries as being the ONLY cells that there should be entry in. I left my edited entries in the sheet so someone can see how it works. If there are suggestions I will try to accommodate. I did stay away from protecting the cells or worksheets. Also, my email address is in the footer of the worksheet.
10:55 am
Remi W said:
The spreadsheet is great. Thank you for that in advance. … As to the CRA TFSA limit under "MyAccount" I personally find it useless as it states that I have almost all of 20K contribution limit left, which is certainly not the case. I guess the Institution that I hold it at does not do their part or CRA… Yes there should be centralized record ie. "MyAccount" but reliable. Perhaps updated quarterly if not monthly. Not updating it Annually is absurd. Just wrote email to the bank requesting that as a "great to have" feature we shall see what they write back.
Remi, I would suggest to you and others to email your Federal Member of Parliament and advise them that the annual updating of My Account is inaccurate. Mine wanted to correct my personal issue (but I reneged on the offer) but did not indicate any concern to correct it over all. From checking My Account it was not an error on behalf of any of the financial institutions that I deal with ….it is the folks that update My Account.
Hopefully Peter will post my spreadsheet for you and others.
ps. If there are any other spreadsheets here....where are they???
11:46 am
May 15, 2007
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Here is 88kanaka's spreadsheet:
https://www.highinterestsavings.ca/wp-content/uploads/2012/tfsa_tracking.xls
Thanks for sharing! We don't have any other tools on this site at the moment, but I could create a special "Tools" page.
Please write your comments in the forum.