Now that taxes are done for the year, it's a great time to check your TFSA and RRSP contribution room for 2024.
While contributions can be made at any time in the year, to maximize the value of tax-free accounts and tax-free income earnings, it is recommended to make your contributions early in the year.
It’s important to compare the TFSA transaction information the CRA has with your own records to ensure the information they have is correct and up to date. It’s possible that when you look online, especially in the first few months of the year, the CRA may not yet have received and processed the previous year’s transactions, meaning they’re not yet reflected in the TFSA amounts shown online. This could lead to an overcontribution and penalty.
You will find your RRSP contribution room at the bottom of your Notice of Assessment.
Where to find your TFSA contribution room information
Your TFSA contribution room information can be found by using one of the following services:
MyCRA at Mobile apps – Canada Revenue Agency.
Tax Information Phone Service (TIPS) at 1-800-267-6999.
Keep in mind that the above may not have accounted for any contributions you have already made for 2024. Calling the TIPS line you speak with a person and you can ask if the 2024 contributions have been accounted for.
In addition, if you want to receive a TFSA Room Statement, call us. You can also ask for a
Transaction Summary that shows the information that we received from your TFSA
issuer(s) about your contributions and withdrawals.
Once you have this information, contact your ELAN advisor!
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