A Google Sheets Template to Track TFSA Rooms to Prevent Overcontributions to TFSA - made by me https://docs.google.com/spreadsheets/d/1fbeVpIwG7meRqK_rsemL4noQn69_VMiZAOjEMZ7KlMw/edit?usp=sharing Hi, Probaly most people use TFSA as a retirement account, but some people like me, are using some of our TFSA accounts as daily savings to park some cash and even as churning resources. We could have many deposits and withdrawals in one or more accounts in one year, so if we lose track, we may have overcontributions and trigger the penalty. I had an overcontribution in 2023. Fortunately, it was a small amount and I had withdrawals not long after the overcontribution, so I didn't get fined. But I didn't know that until one day CRA notfied me I had such an accident. CRA's records for the previous year are usually not updated until late March or early April. Usually it could be too late to avoid the penalty when we receive a notice from CRA. So I decided to design a system for personal use to better track my deposits and withdrawals of my TFSA accounts. At the top of the post, it is the one I have come up with. If you are insterested, please make a copy of the Google Sheets template, clear the tables and add you own records. Hopefully that will help you detect and verify whether you have had overcontributions and help you avoid potential overcontributions. Please kindly let me know if you have found any bugs. Happy New Year and Happy Savings, Rainclear
https://docs.google.com/spreadsheets/d/1fbeVpIwG7meRqK_rsemL4noQn69_VMiZAOjEMZ7KlMw/edit?usp=sharing
Hi, Probaly most people use TFSA as a retirement account, but some people like me, are using some of our TFSA accounts as daily savings to park some cash and even as churning resources. We could have many deposits and withdrawals in one or more accounts in one year, so if we lose track, we may have overcontributions and trigger the penalty.
I had an overcontribution in 2023. Fortunately, it was a small amount and I had withdrawals not long after the overcontribution, so I didn't get fined. But I didn't know that until one day CRA notfied me I had such an accident. CRA's records for the previous year are usually not updated until late March or early April. Usually it could be too late to avoid the penalty when we receive a notice from CRA.
So I decided to design a system for personal use to better track my deposits and withdrawals of my TFSA accounts. At the top of the post, it is the one I have come up with.
If you are insterested, please make a copy of the Google Sheets template, clear the tables and add you own records. Hopefully that will help you detect and verify whether you have had overcontributions and help you avoid potential overcontributions. Please kindly let me know if you have found any bugs.
Happy New Year and Happy Savings, Rainclear