CRA delayed in updating TFSA contribution room. Better to wait, advisors say

The Canada Revenue Agency (CRA) is experiencing delays in updating Tax-Free Savings Account (TFSA) contribution room, making it unavailable since mid-April 2025. Taxpayers are advised to calculate their own contribution room using Form RC343 and maintain records of their transactions to avoid penalties for overcontribution, which incurs a 1% monthly fee. The CRA has acknowledged the issue, attributing it to a new data validation process and has not provided a timeline for when the service will be restored, urging patience from taxpayers.

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