I am living in Canada, and I recently went to http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html and tried to check my TFSA contribution room for this year. I turned 18 on February 9th of 2014. And I am now 19 this year. I know I was close to maxing out my TFSA last year (I think I put in around $5000.00). When I went to the site to check my contribution room, it said:
Your 2015 TFSA contribution room on January 1, 2015 is $0. The calculation of your TFSA contribution room for a year is based on information provided to us by your financial institution(s) about transactions you made before that year. If we receive or process additional information, your TFSA contribution room could change. As the CRA is currently receiving information from financial institutions, we are unable to calculate your TFSA contribution room for 2015 at this time. If you want to calculate your TFSA contribution room using your own records, use Form RC343, Worksheet - TFSA contribution room.
I have not contributed any money to my TFSA in 2015. Therefore, I am wondering if my TFSA contribution room increased by an additional $5500.00? Additionally, I don't see why I would have 0 contribution room this year as I thought that the contribution room increases on January 1st of each year. I want to know this as I am interested in investing via my TFSA this year, but I don't want to over contribute.
Thank you for any help. All help is greatly appreciated.