Q: Hi 5i, I have US$ cash which I would like to use for my 2024 TFSA contribution.
How do I ensure that I do not over-contribute ?
I was thinking of making the contribution after the markets close on a day,
and using the closing US$ exchange rate that BMO Investorline
posts for that day, and calculating what US$ amount equates to the
2024 contribution amount of $7,000CA.
Do you think this would pass muster with CRA ?
Thanks for your help,
Terry
How do I ensure that I do not over-contribute ?
I was thinking of making the contribution after the markets close on a day,
and using the closing US$ exchange rate that BMO Investorline
posts for that day, and calculating what US$ amount equates to the
2024 contribution amount of $7,000CA.
Do you think this would pass muster with CRA ?
Thanks for your help,
Terry