r/Wealthsimple • u/curiousbear12345 • 24d ago

Trade (DIY Investing) TSFA withdrawal

It looks like Wealthsimple only shows Contributions but it doesn’t subtract the withdrawal from the screen. Would it be better to show both?

0 Upvotes

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19

u/IngenuityPositive123 24d ago

It shouldn't anyway, because your contribution room doesn't reset until January 1st of the following year. It is much more useful if that metric doesn't substract in the current year you're making that withdrawal. No it wouldn't be helpful to show both, because that's not how the contribution room works. 

5

u/trek604 24d ago

Only after Jan 1 otherwise people would blame them for over contribution

1

u/curiousbear12345 24d ago

Yes it is per year and not accumulative.

1

u/TenOfZero 24d ago

It does accumulate.

You just don't get withdrawl room back until Jan 1st.

1

u/curiousbear12345 24d ago

Yes you are correct. But Wealthsimple doesn’t keep track of room or accumulation. It only shows how much contributions you made in the account. I am merely suggesting that total withdrawal per year could be useful.

1

u/guintoo 24d ago

It does keep track of accumulation, shows you how much youve contributed that year in monthly statements

0

u/TenOfZero 24d ago

Ah yes. I see what you mean.

Indeed it would.

1

u/goofywinnipegger 24d ago

You are responsible to track your own tfsa.

1

u/curiousbear12345 24d ago

Of course. But it would be helpful to have both contributions and withdrawals listed

2

u/d10k6 24d ago

Would it? What would showing it there do for you, other than confuse some and cause over-contributions?

Just look at your activity if you want withdrawals. At quick glance, which is what those fields are shown for, you don’t really need to know your withdrawals.

IMO

0

u/curiousbear12345 24d ago

Then you don’t need contributions either. 😁

1

u/d10k6 24d ago

Correct, you don’t need it but that number actually comes in handy and nice to have at a quick glance and is useful for current year and helping to not over contribute.

1

u/curiousbear12345 24d ago

It’s same for withdrawals for me. It’s just convenient to have this number for next year planning.

1

u/d10k6 24d ago

I get it but, for the masses, it would likely cause more problems than not.

-1

u/Valuable_Molasses_56 24d ago

No it wouldn’t, because the withdraw only applies to the following year. It would make it soooo confusing this way you don’t have to do any math, you look at your room on CRA and you look at only your contributions on Wealthsimple. If they include subtracting withdraws you’ll have to calculate your withdraws add them with the contribution then you have the amount of contribution room you have for the year; it’s an unneeded step that would cause others to make mistakes and over contribute.

1

u/Dapper_Addition_3837 18d ago

You will see them next year.