I have had time to catch up with getting the most out of my savings, it had been over a year since I had touched my Tax Free Savings Account (TFSA). Thankfully I found a quick and easy way to find out your contribution limit from the beginning of the current year.
To find out what my contribution room was I simply used Quick Access, an online tool provided by the CRA. The only caveat is that you need to have the following, usually quick to find, numbers.
- Your social insurance number;
- The dollar amount you calculated and entered at line 150 (Total Income) of your most current filed and processed income tax return from the previous two tax years.
Log on to Quick Access here and follow the prompts to log in. You will be prompted to check for TFSA contribution limit for the current year.
Make sure that you check your online bank records quickly to ensure that you lower your limit by any amounts that you put towards your TFSA for the current year.