Comments on: Apply for waiver of TFSA over-contribution penalties

By: Rediculous1

Rediculous1 — Sat, 26 Jun 2010 01:08:54 +0000

This was obviously going to happen as the governments own website said in non-ambiguous terms that a TFSA account could be used the same was a regular savings account.

It was only the CCRA website that was clear on how the contribution amounts worked.

By: Weekend Reading « In Search of Salt

Weekend Reading « In Search of Salt — Mon, 21 Jun 2010 15:44:51 +0000

[...] then wrote anther post on how you could apply for tax relief if the mistake was an honest one, and if the request is made in a reasonable amount of [...]

By: » Round-up of financial blogs Canadian Business Blogs | Advice on Investment in Canada, Stock Market, Small Businesses Opportunities

Sun, 20 Jun 2010 15:54:17 +0000

[...] Canadian Capitalist points out you can apply for a waiver of TFSA over-contribution penalties. [...]

By: Canadian Personal Finance Blog » Blog Archive » Random Thoughts: Paying Yourself First

Fri, 18 Jun 2010 06:20:47 +0000

[...] rides in on his White Stallion to save us with a way to Apply for waiver of TFSA over-contribution penalties, who is our saviour, of course the Canadian [...]

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Thu, 17 Jun 2010 15:49:13 +0000

[...] This post was mentioned on Twitter by . said: [...]

By: Canadian Dream: Free at 45 » Blog Archives » TFSA Over Contributions and Your Tax Bill

Thu, 17 Jun 2010 13:05:54 +0000

[...] Well if you’ve been following the media lately you would have likely seen a few articles/posts on people who got big tax bill because they didn’t understand how their TFSA accounts work. [...]

By: dj

dj — Wed, 16 Jun 2010 17:23:20 +0000

Oh great , can i use this if i didn’t get my gross up right or the T5 or T5008 was wrong or some other CRA rule?

By: Canadian Capitalist

Canadian Capitalist — Wed, 16 Jun 2010 15:35:39 +0000

@KBE: Depending on the source, I’m hearing (1) or (3). If it were me, I’d call CRA and do what they suggest. If I were in this situation, I would (and I should note here that I’m not an accountant or tax professional):

(1) Send the cheque for the excess TFSA amount penalty.
(2) File a Request for Taxpayer relief (Form RC 4288). In it I’ll ask for a waiver under 207.06. I’ll point out why the penalty arose because of a reasonable error and document the steps I’ve taken to rectify it.

PS: I’d love to hear comments from tax experts.

By: Doctor Stock

Doctor Stock — Wed, 16 Jun 2010 14:48:37 +0000

Thanks… a very helpful link and info.

By: Money Smarts Blog

Money Smarts Blog — Wed, 16 Jun 2010 13:01:53 +0000

Thanks for link!