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TFSA Deposit in TIME MACHINE

anonymous

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(Last modified: by anonymous)
#1

Hello, I'm trying to figure out why deposits in my ACCOUNT TFSA TFSA_Client account are higher than what I'm depositing in them? The yearly deposit should be $4920 per year but it's closer to $8000 per year (my wife's TFSA deposits are fine).

admin

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#2

The TIME MACHINE will make the deposit as you asked for in AUTOMATIC deposits, but it can make additional deposits to accounts if you still have funds not saved or spent in the year. Those could go to your TFSA if you have TFSA room, and your TFSA is high enough in you deposit PRIORITIES. Set a limit on the deposit PRIORITY for the TFSA to 0, and/or bring it lower in your list of deposit priorities so that extra funds are deposited in one of your other accounts if that is what you want.

 

charismaticPoultry5

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#3

Perfect! I want to have the TFSA account(s) topped up, as space becomes available - but I can't find an option to make this happen in the Time Machine. Please point me to the dialog / screen where this option can be selected.

admin

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#4

You can add an entry in AUTOMATIC SAVINGS/WITHDRAWALS to create an automatic deposit of the maximum top-up (currently $7000/year) starting Jan 1.

This will force the TIME MACHINE to make those deposits as long as you have room. The TIME MACHINE will calculate the increased limits available every year and will index the SAVINGS entered to that amount to automatically max out your TFSA room.

peacefulEggs3

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#5

Why does it end the automatic TFSA contribution after retirement?  My understanding is that you can continue contributing after retirement and do not have to have earned income.  Changing the end date to date of death, it just reverts back to Dec. 31 in the year of retirement.

likableToucan8

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#6

You are correct about the TFSA. Make sure to uncheck the "Use retirement date" in your AUTOMATING SAVINGS entry and just delete the end date for it to end at death. When "Use retirement date" is checked, it will use the retirement date.

This "Use retirement date" option is available on many entries for beginning/end dates of INCOMES/EXPENSES/AUTOMATIC so that if you change your retirement date, all those entries that use it will be automatically updated for you.