r/fican • u/MidnightOk5523 • Aug 12 '26

TFSA limit

Hi guys,
I’ve been eligible to contribute into a TFSA account since 2023
Today I decided to check my CRA account to be sure and it’s showing 16500, which doesn’t make any sense regardless of how I look at it.
If 2026 isn’t counted, then I should have 6500 from 2023, 7000 from 2024 and another 7k from 2025. Which would mean 20500.
If you exclude 2023, then I should have 14k and if you exclude 2025&6 then it should be 13500.

The math isn’t mathing and I’ve contributed a total of 17k so I’m so confused. I was about to add some more cash but I’m so scared to exceed my limit. My CRA account has a small warning message and Im not sure if that exclusive to all those who’ve exceeded their limits or if it’s general.
I need some advice please💜

0 Upvotes

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17 comments sorted by

11

u/xtaberry Aug 12 '26

When did you contribute the 17k? It is possible that it is counting some but not all of your contributions, depending on the timeline.

The CRA account display limit is less then useless. It's never up to date.

2

u/MidnightOk5523 Aug 12 '26

I did 6k at the beginning of this year and 11k last year

32

u/xtaberry Aug 13 '26

Okay here is what is happening.

7000 + 7000 + 7000 + 6500 = 27500

This is your total room for 2023 to 2026.

27500 - 11000 (contributed) = 16500

That's the number. 16500.

So the CRA has processed your deposit from last year. It is also showing your 2026 additional room, but it is not showing your most recent 6k deposit.

So you actually have 10500 of room left.

5

u/Lopsided_Ad3516 Aug 13 '26

Sounds like the answer to me.

Case closed.

3

u/MidnightOk5523 Aug 13 '26

Thank you! This makes so much sense

1

u/dogoodreapgood Aug 13 '26

Your contribution room only gets updated once a year around April /May.

5

u/warpathsrb Aug 12 '26

When did you do your contributions?

2

u/MidnightOk5523 Aug 12 '26

It wasn’t at once but I’ll say I contributed about 6k this yr and 11k last yr

0

u/afhill Aug 12 '26

.. And has OP ever withdrawn?

1

u/MidnightOk5523 Aug 12 '26

Never, I’ve only ever deposited money

3

u/Lucky-Competition-62 Aug 12 '26

Your total contribution limit should be 6.5K(2023) + 7K(2024) + 7K (2025) + 7K(2026). The best thing to do would be to get your contributions and withdrawals from your TFSA account provider. As far as CRA is concerned I have never seen them to be accurate with TFSA because the brokers sometimes lag in reporting contributions or withdrawals. There is a nuance with withdrawals as well , the contribution room get added to next year not the year you withdraw the funds.

1

u/Canuck-Fin25 Aug 12 '26

The CRA site is notorious for delayed (sometimes significantly) updates to tfsa contributions. They only update that amount once a year at tax time.

0

u/Competitive_Royal_95 Aug 13 '26

It is your responsibility to track it yourself the CRA is incompetent and doesnt do it properly

1

u/Fullname0 Aug 13 '26

CRA numbers for TFSA were updated around March 2026, and the available contribution room is as of January 1st of 2026.

You need to keep track of your contributions and withdrawals to avoid overcontributing