Latest news with #NinaIoussoupova
CBC
6 days ago
- Business
- CBC
TFSA contribution limit info has been unavailable since mid-April, CRA confirms
For more than a month Canadians looking to see how much contribution room is remaining in their tax-free savings accounts (TFSA) on the Canada Revenue Agency (CRA) website have been out of luck. In an email to CBC News, CRA spokesperson Nina Ioussoupova confirmed that information has been unavailable since mid-April. "There have been delays in processing TFSA annual information returns this year," Ioussoupova said in the email. "To avoid displaying erroneous information on My Account, the display of TFSA information, including TFSA contribution room, has been blocked since April 17, 2025." The tax-free savings accounts were introduced by Prime Minister Stephen Harper's government in 2009. Each year, Canadians who are at least 18 years old receive an increase to the amount of money they can invest. In 2025, for example, the additional contribution limit is $7,000. If someone was 18 in 2009, has lived in Canada since then and never contributed to their TFSA, their total contribution limit would be $102,000 as of Jan. 1, 2025. But if a person contributes every year, but doesn't reach the limit, it can be more difficult to calculate. Withdrawals are also added to a person's contribution limit the following year. Ioussoupova said in her email that the CRA is working to update TFSA contribution information "as quickly as possible." She added that to "avoid over-contributing, review the records provided by your issuer." Ioussoupova said taxpayers can fill out what's called a RC343 Worksheet to estimate their TFSA contribution room for the year. Philip Spagnolo, a senior accountant with Jakubo Chartered Professional Accountants in Sudbury, said it's important people are aware of the TFSA contribution room before they invest funds. "There's a one per cent interest that's charged on the amount that you over contribute. So you want to be aware of that so you don't run into that problem," he said. Spagnolo said it's possible to file an appeal with the CRA if someone is charged interest for over-contributing to their TFSA, but there's no guarantee they would be successful.
Globe and Mail
6 days ago
- Business
- Globe and Mail
Canadians still can't access information about TFSA accounts in latest CRA website glitch
After a tax season marred by technical troubles, Canadians still can't access information about their tax-free savings accounts (TFSAs) through the Canada Revenue Agency's web portals. Online advisories currently warn both taxpayers accessing their individual online accounts and tax professionals logging in on behalf of their clients that details about their TFSAs, including contribution limits, remain unavailable. The CRA said the issue is related to delays in processing the TFSA returns that financial institutions submit annually. To avoid displaying incorrect information on its portals, the agency has blocked its TFSA dashboards since April 17, spokesperson Nina Ioussoupova said via e-mail. 'We are currently working to update TFSA information in My Account as soon as possible. We regret the inconvenience and thank taxpayers for their patience,' she said. The CRA has not responded to a question sent Wednesday evening about about what caused the processing delays. The unavailability of TFSA information from the CRA can make it harder for Canadians to calculate how much they can add to their TFSA this year without risk of overcontributing, which triggers a steep penalty. Some tax experts said the TFSA glitch is another technical woe that risks further undermining public confidence in the reliability of the CRA's website. A systems update earlier this year resulted in many Canadians not seeing some of their tax slips from their CRA accounts, while some reported seeing duplicate tax slips and receiving incorrect error codes when trying to submit their tax returns electronically. The CRA's site currently carries an advisory warning taxpayers that not all their slips may be displayed on their online accounts or be included if they use the auto-fill feature to populate their returns. Where are your tax slips? Why so much information is missing from CRA accounts this year You've been flagged for a CRA audit. Here's what happens next The lack of information about TFSAs on CRA portals is only a minor nuisance for Canadians who regularly add the maximum amount or those who know they have lots of contribution room and have no plans to make big deposits, said Aravind Sithamparapillai, a financial planner at Ironwood Wealth Management Group. But the issue is likely to be a headache for those who need to verify they have enough room for a one-off large contribution, he added. Mr. Sithamparapillai often gets questions about available contribution room from clients who have received a bonus or inheritance or those who want to ramp up their savings after graduating from university or coming off parental leave. The maximum amount Canadians can contribute to their TFSAs depends on an annual dollar limit determined by the government every year, as well as on past deposits and withdrawals. Adding more than what's allowed to the account attracts a penalty of 1 per cent of the excess contribution per month. The CRA website typically reports taxpayers' available contribution room. Mr. Sithamparapillai cautions that the tax agency's TFSA information isn't always up to date and can be incomplete. For example, account activity from the previous calendar year typically doesn't show in CRA portals until March or April, after the agency has received the information from account issuers and processed it. And the CRA's estimate may not account for years in which a taxpayer lived abroad, during which no additional contribution room accrues, he added. Mr. Sithamparapillai keeps track of each client's contributions and withdrawals to be able to provide reliable, up-to-date information on contribution room. But the CRA's TFSA dashboard allows taxpayers and their advisers to check their own information and calculations. And the tax agency's tally is an essential starting point when Mr. Sithamparapillai must calculate the contribution room for new clients. Attempting to do so without referencing the CRA information would require piecing together the individual's history of activity in the account based on their account statements. It's an exercise that can be both labour-intensive and risky because of the chance of missing some information, he said. In general, the TFSA hitch adds to concerns about the CRA's website at a time when the agency is pushing to move more of its interaction with taxpayers online, said Joseph Devaney, a director at the financial education platform Video Tax News. 'We have yet another demonstration of glitches in CRA's system at a point in time when they are trying to force all businesses to use an online-only method of communication with them,' Mr. Devaney said.
Calgary Herald
12-05-2025
- Business
- Calgary Herald
CRA looking for the owner of 160 cheques worth over $100K. Could it be you?
The Canada Revenue Agency (CRA) is searching for the owners of 160 cheques each worth over $100,000 as part of a massive stash of more than 10 million uncashed cheques waiting to be claimed. SunMedia OTTAWA — If only they'd signed up for direct deposit. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The Canada Revenue Agency (CRA) is searching for the owners of 160 cheques each worth over $100,000 as part of a massive stash of more than 10 million uncashed cheques waiting to be claimed. As of late April, the CRA was sitting on a total of $1.7 billion payments that it once unsuccessfully tried to send to their rightful owners going back nearly three decades, according to data compiled by the agency for National Post. 'Each year, the Canada Revenue Agency issues millions of payments in the form of refunds and benefits. These are issued either by direct deposit or by cheque,' CRA spokesperson Nina Ioussoupova wrote to National Post. Your weekday lunchtime roundup of curated links, news highlights, analysis and features. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again 'Over time, some payments remain uncashed for a variety of reasons such as the recipient misplacing the cheque or moving without updating their address.' The vast majority of the 10.2 million uncashed cheques are worth less than $1,000. But there are still nearly 190,000 individual payments worth between $1,000 and $100,000 sitting in the CRA's metaphorical coffers waiting to be claimed by their rightful owner. And then there are 160 cheques worth at least $100,000 — or a solid down payment on a house anywhere outside of Vancouver, Toronto or Montreal — still looking for their rightful owner. 'Cheques can date back as far as 1998 and, because government-issued cheques never expire or stale date, the CRA can reissue a payment once requested by the taxpayer,' Ioussoupova wrote. To access the online tool to see if you're one of 160 Canadians sitting on a home down payment, visit CRA's website and look for the agency's 'My Account' service. Once logged in, click on the 'Uncashed Cheques' link towards the bottom of the right side column on the 'Overview' page. Any unpaid amounts that have sat dormant for more than six months will be listed on that page, as well as the necessary forms to claim your money. For years after 2020, the year the tax agency launched the online uncashed cheques, the balance of uncashed payments grew steadily. The first year, the agency had just over $1 billion in uncashed cheques linked to long-standing benefit programs such as GST/HST reimbursements, the Canada Child Benefit or even income tax refunds. By April 2021, the total had grown at a rate of $500,000 daily for one year to hit roughly $1.2 billion in unclaimed payments. The amount hit a record high by April 30, 2024, with an estimated 10.3 million uncashed cheques valued at a staggering $1.8 billion waiting to be claimed, according to CRA.
National Post
12-05-2025
- Business
- National Post
CRA looking for the owner of 160 cheques worth over $100K. Could it be you?
OTTAWA — If only they'd signed up for direct deposit. The Canada Revenue Agency (CRA) is searching for the owners of 160 cheques each worth over $100,000 as part of a massive stash of more than 10 million uncashed cheques waiting to be claimed. Article content As of late April, the CRA was sitting on a total of $1.7 billion payments that it once unsuccessfully tried to send to their rightful owners going back nearly three decades, according to data compiled by the agency for National Post. Article content 'Each year, the Canada Revenue Agency issues millions of payments in the form of refunds and benefits. These are issued either by direct deposit or by cheque,' CRA spokesperson Nina Ioussoupova wrote to National Post. Article content Article content 'Over time, some payments remain uncashed for a variety of reasons such as the recipient misplacing the cheque or moving without updating their address.' Article content The vast majority of the 10.2 million uncashed cheques are worth less than $1,000. But there are still nearly 190,000 individual payments worth between $1,000 and $100,000 sitting in the CRA's metaphorical coffers waiting to be claimed by their rightful owner. Article content And then there are 160 cheques worth at least $100,000 — or a solid down payment on a house anywhere outside of Vancouver, Toronto or Montreal — still looking for their rightful owner. Article content 'Cheques can date back as far as 1998 and, because government-issued cheques never expire or stale date, the CRA can reissue a payment once requested by the taxpayer,' Ioussoupova wrote. Article content To access the online tool to see if you're one of 160 Canadians sitting on a home down payment, visit CRA's website and look for the agency's 'My Account' service. Once logged in, click on the 'Uncashed Cheques' link towards the bottom of the right side column on the 'Overview' page. Article content Article content Any unpaid amounts that have sat dormant for more than six months will be listed on that page, as well as the necessary forms to claim your money. Article content Article content For years after 2020, the year the tax agency launched the online uncashed cheques, the balance of uncashed payments grew steadily. Article content The first year, the agency had just over $1 billion in uncashed cheques linked to long-standing benefit programs such as GST/HST reimbursements, the Canada Child Benefit or even income tax refunds. Article content By April 2021, the total had grown at a rate of $500,000 daily for one year to hit roughly $1.2 billion in unclaimed payments. Article content The amount hit a record high by April 30, 2024, with an estimated 10.3 million uncashed cheques valued at a staggering $1.8 billion waiting to be claimed, according to CRA. Article content For the first time since 2020, the total amount of unclaimed payments dropped slightly in the last year. The CRA's unclaimed balances stands at roughly $1.7 billion over 10.2 million uncashed cheques.
Vancouver Sun
12-05-2025
- Business
- Vancouver Sun
CRA looking for the owner of 160 cheques worth over $100K. Could it be you?
OTTAWA — If only they'd signed up for direct deposit. The Canada Revenue Agency (CRA) is searching for the owners of 160 cheques each worth over $100,000 as part of a massive stash of more than 10 million uncashed cheques waiting to be claimed. As of late April, the CRA was sitting on a total of $1.7 billion payments that it once unsuccessfully tried to send to their rightful owners going back nearly three decades, according to data compiled by the agency for National Post. 'Each year, the Canada Revenue Agency issues millions of payments in the form of refunds and benefits. These are issued either by direct deposit or by cheque,' CRA spokesperson Nina Ioussoupova wrote to National Post. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'Over time, some payments remain uncashed for a variety of reasons such as the recipient misplacing the cheque or moving without updating their address.' The vast majority of the 10.2 million uncashed cheques are worth less than $1,000. But there are still nearly 190,000 individual payments worth between $1,000 and $100,000 sitting in the CRA's metaphorical coffers waiting to be claimed by their rightful owner. And then there are 160 cheques worth at least $100,000 — or a solid down payment on a house anywhere outside of Vancouver, Toronto or Montreal — still looking for their rightful owner. 'Cheques can date back as far as 1998 and, because government-issued cheques never expire or stale date, the CRA can reissue a payment once requested by the taxpayer,' Ioussoupova wrote. To access the online tool to see if you're one of 160 Canadians sitting on a home down payment, visit CRA's website and look for the agency's 'My Account' service. Once logged in, click on the 'Uncashed Cheques' link towards the bottom of the right side column on the 'Overview' page. Any unpaid amounts that have sat dormant for more than six months will be listed on that page, as well as the necessary forms to claim your money. For years after 2020, the year the tax agency launched the online uncashed cheques, the balance of uncashed payments grew steadily. The first year, the agency had just over $1 billion in uncashed cheques linked to long-standing benefit programs such as GST/HST reimbursements, the Canada Child Benefit or even income tax refunds. By April 2021, the total had grown at a rate of $500,000 daily for one year to hit roughly $1.2 billion in unclaimed payments. The amount hit a record high by April 30, 2024, with an estimated 10.3 million uncashed cheques valued at a staggering $1.8 billion waiting to be claimed, according to CRA. For the first time since 2020, the total amount of unclaimed payments dropped slightly in the last year. The CRA's unclaimed balances stands at roughly $1.7 billion over 10.2 million uncashed cheques. 'Since the initiative was launched, Canadians have reclaimed approximately 4,500,000 uncashed cheques valued at $1.6B as of March 2025,' Ioussoupova wrote. After claiming any uncashed cheques, taxpayers should sign up for direct deposit to ensure they don't miss out on any further payments. In the meantime, the money from the unclaimed cheques doesn't simply sit in an account waiting to be paid. Instead, it goes back into the government's general coffers to be used elsewhere until a taxpayer cashes their cheque. National Post cnardi@ Get more deep-dive National Post political coverage and analysis in your inbox with the Political Hack newsletter, where Ottawa bureau chief Stuart Thomson and political analyst Tasha Kheiriddin get at what's really going on behind the scenes on Parliament Hill every Wednesday and Friday, exclusively for subscribers. Sign up here . Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our politics newsletter, First Reading, here .
