Archive for Taxes

Tax Free Savings Account Angst

Posted in Aggravations, Thoughts with tags , , , , , on June 28, 2010 by Mitch Leuraner

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.