CRA MyAccount Delayed - What You Need to Know


At the start of each year, your TFSA contribution limit posted on the CRA MyAccount portal is not reflected in real-time, and is the most common reason for TFSA overcontribution.


Why This Matters?

  • TFSA Contribution Limit – The number you see on the MyAccount portal may not be accurate
  • Annual Update – CRA updates TFSA contribution room annually, not in real time
  • Delay in Reporting – CRA records are often delayed by several weeks. As a result, the TFSA room displayed early in the year may not reflect contributions made in the year prior
  • Unintentional Contribution – Relying on this number could lead to overcontribution
  • Penalty for Overcontribution – CRA charges a 1% penalty for each month of excess TFSA contribution


Though noted on the CRA portal, the notation is easily missed. It is always best to check your TFSA contribution and withdrawal history against your personal records