TFSA and the CRA: The CRA is the ultimate record keeper of your TFSA contributions over time. They are also the body that determines if you have overcontributed and need to be fined. However, they are not good at keeping their records up to date.
Be aware that they do not update their records to reflect any activities from the previous year until mid to late February. If you look at their TFSA information at the beginning of February, they will likely tell you that you made $0 contributions in 2020 and give you an incorrect contribution limit for 2021.
This is pretty inconvenient. However, we can confirm your current year activity and help make sure that you do not overcontribute. Please ask us to check if you have any questions about previous contributions to your TFSA with us.
I have personally over-contributed after consulting my online CRA information. The worst part? Because it takes them so long to figure it out and the fine is 1%/month, it was a really painful fine!
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