How Hard is it To Find Out my TFSA Limit on My CRA Account?
There has been a lot of electronic ink written about TFSA limits, and how Canadians are depositing over their limits (and paying a dear price in penalties), but just how hard is it to actually find out your credit limit?
(picture courtesy Microsoft ClipArt)
It is not that hard, if you use on- line banking. First you need to get a MyCRA account, so do that one before you do the next few steps.
Let me walk you through the steps here:
- Go to the CRA’s My Account Page (yes that is the link for it). From there you can either try to create a CRA user id, if you wish, or you can use your On Line Banking Credentials (if you trust the CRA with them). This is your CRA login.
- Click on Continue to Sign-In Partner
- Click on your current bank (BMO Credit, BMO Access Card, Choice Rewards Mastercard, Scotiabank, TD, or Tangerine)Â or the one you wish to use (if you have multiple accounts to choose from).
- You will need your log in credentials on the login page, type them in (on a safe computer, not in an Internet Cafe or a library) and “Log In” to your CRA MyAccount.
- You are now at a CRA page with all the info you need, but you wanted your TFSA room right? Click on RRSP and Savings Plans tab near the top of the page.
- You then choose on the next page Tax-Free Savings Account (TFSA) and on the next page choose Contribution Room, and there you will see your limit.
You can also see what transactions you have done for your TFSAs, so all in all very helpful. It will pretty much show every single transaction, so check that out while you are there as well.
Your tax and benefit information are also on this page. It is also possible to find out if you qualify for employment insurance.
If you wish to find your RRSP room, start again at step one and replace RRSP for TFSA in the instructions :-).
Doesn’t seem very complicated does it?
Sorry, but that method does not work
IF you have EVER received a security code. I got one years ago, I could probably find it, but wanted to try the method you suggest.
Went all through it, going through my bank’s access code, etc. and at the end they wanted my CRA code…..would not let me access my account.
Works fine for me, you might want to check with the CRA about that one, sounds like a problem with the system.
One warning is that it’s the limit at the beginning of the year.
One must take into account current year’s transactions (deposits).
I know it’s written on CRA website, but it’s something to consider for someone who does not track their TFSA too closely.
True, but they do seem to update the site fairly quickly.
Wow, is it really that easy now? It seems to me that I had to register and wait for an CRA security code via snail mail before I could sign in with the partner log in.
Yes, that is still the if you want a real log in, whereas if you just want to use their Concierge system, it is automagic.