TFSA contribution Room

[alistairsmith148]

Hi.

How do i know how much contribution room I have, i became a permanent resident in 2013, but moved here in 2010 and have lived in Canada full time since then.
I have checked the CRA website but that didn't tell me anything

I opened my first TFSA in 2013 and filled itbut am wondering if I have just the 2014 amount or 2010, 2011 and 2012 to use as well.

Anyone any idea?

 

[Rosie1957]

No idea - but when you file your 2013 tax return, your Notice of Assessment will include this information.

Avoid TFSAs if you're a US citizen, as the IRS considers them to be foreign grantor trusts and will tax you on any accumulate income.

 

[Amadan123]

Hello,

Your TFSA contribution room accumulates every year, if in that calendar year you were 18 years or older, had a valid SIN and were a resident of Canada.

The annual TFSA dollar limit for the years 2010, 2011, and 2012 was $5,000.

The annual TFSA dollar limit for the years 2013 and 2014 is $5,500.

When did you become a resident of Canada? When did you get your SIN? These questions need to be answered to assess what your contribution limit may be. For more information, check out the link below:

http://www.cra-arc.gc.ca/E/pub/tg/rc4466/rc4466-e.html

Thank you!

Madan Chartered Accountant team
www.madanca.com