Information about TFSA contribution limits now available, says the CRA
CBC
The Canada Revenue Agency (CRA) says it has resolved an issue that prevented people from seeing how much contribution room they had left in their tax-free savings accounts (TFSAs).
That information first became unavailable on April 17.
CRA spokesperson Charles Drouin told CBC News in an email that the federal agency introduced a new data validation process this year to ensure that tax information submitted to them is accurate.
"Upfront validations now advise these filers of errors with their information return submission in real-time and prevent the submission of invalid returns," Drouin wrote.
He said the new system would ultimately improve the quality of the data the Canada Revenue Agency receives and allow for any errors to be corrected faster.
But he added that "stricter validations and new processes caused delays in receiving and processing the information returns. As a result, there have been delays in processing TFSA annual information returns this year."
Each year, Canadians 18 or older get more contribution room in their tax-free savings accounts, which shield investments from taxes.
In 2025, for example, the new contribution limit was $7,000.
If someone was 18 in 2009 – the year the the savings accounts were introduced – has lived in Canada since then and never contributed to their TFSA, their total contribution limit would be $102,000 as of Jan. 1, 2025.
If someone didn't properly track their contributions over the years, though, they could risk going over their limit, which comes with a one per cent interest penalty per month for those funds over the limit.
The CRA website notes that posted contribution limits do not take into account any contributions to the TFSA made since Jan. 1, 2025.
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