Suggestions

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Add existing contribution room field to tax advantaged accounts

Canadian tax advantaged accounts such as RRSP, TFSA, and FHSA all have contribution limits. This contribution room can roll over for use in later years with or without conditions.

I want to be able to set the existing contribution room for the account at the beginning of the projection. If the annual contribution limit is, say $6,500/year, and I have $30,000 of contribution room available, then I should be able to model this.

3 votes

Tagged as Suggestion

Suggested 02 November 2023 by user Rob Albus

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  • 02 November 2023 Rob Albus suggested this task

  • 02 November 2023 Kyle Nolan approved this task

  • avatar
    Philip Lengden

    This may need to be handled across multiple accounts. For example, if I have 3 TFSA accounts then entering my excess contribution room into 1 should be reflected across the remaining 2, AND be drawn down regardless of which account actually receives the funds.

    02 November 2023
  • avatar
    Philip Lengden

    Another consideration is Spousal RRSP’s, as the contribution impacts the spouse giving the funds and not the one receiving them.

    02 November 2023