One of the most reliable ways to check your available contribution room is to log in or register for an online account with the Canadian Revenue Agency. They track all of your TFSA contributions and update it at the beginning of every calendar year (even if you have TFSAs at different institutions). Alternatively, you can also check your latest tax return for your TFSA contribution room.
If you're having trouble finding your contribution room with your CRA login, here's a step by step instructions to guide you:
- Go to the CRA My Account login
- Log in with your preferred method. If you've set up your bank as a sign-in partner, this is the simplest way to access your CRA account.
- Under the tabbed header, navigate to RRSP and TFSA
- Click Tax-Free Savings Account (TFSA)
- Click Contribution Room
- Click Next at the disclaimer
- Look for the 2021 TFSA contribution room on January 1, 2021. This value is your most accurate contribution room since the date. Any contributions or withdrawals this year will not be included in this number.
Keep in mind that while there's no limit to the number of TFSAs an individual can open, your contribution limit will remain the same. For example, if you have $52,000 in contribution room available and have two TFSA accounts you could still only contribute a maximum of $52,000 to either of the accounts, not both. It's also important to remember that contributions made during the previous calendar year may not be reflected in your CRA My Account login right on January 1st. It can take a couple of months for institutions to send individual contribution information to the CRA and for the CRA to process this.
To learn more about TFSAs, click here to view the CRA's webpage on TFSAs