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?
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) 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?