Tax Free Savings Account Angst
I am getting really tired of hearing about the 70,000+ Canadians who recently received notices that they have over contributed to their TFSA.
When I opened my account in March ’09 I read all of the documentation that PC Financial had available, and then I read everything I could find on CRA’s website. I knew and understood the rules from the day I opened the account. And now, I don’t owe any money.
But apparently there are more than 70,000 people who didn’t do the research and now they owe 1% per month for their over contributions. As far as I am concerned, they should be required to pay every cent.
Instead, CRA has extended the deadline for people to submit the paperwork for an appeal. That is garbage. I learned in grade school that there are consequences to not paying attention. These people must have been home sick that day.