See Also
Robitaille v. The Queen, 2019 TCC 200 (Informal Procedure)
The taxpayer, as a result of tapping the wrong icon on an ATM machine, inadvertently deposited $40,000 to his TFSA rather than his chequing...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.06 - Subsection 207.06(1) | relief would be justified for inadvertent overcontribution | 153 |
Administrative Policy
15 June 2021 STEP Roundtable Q. 11, 2021-0883221C6 - excess TFSA amount
A new resident of Canada contributed $18,000 to a new TFSA in 2021 due to a misunderstanding of the rules (his contribution room was only $6,000)....
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.06 - Subsection 207.06(1) | CRA cannot waive tax for an innocent TFSA overcontribution where the investments become worthless | 182 |
14 July 2020 External T.I. 2020-0843071E5 - TFSA - Deliberate Over-contributions
CRA confirmed that there is no requirement to remove any income or capital gains that are attributable to an excess TFSA amount, except where the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Deliberate Over-Contribution | restrictive paraphrase provided of the deliberate over-contribution definition | 316 |
11 September 2015 Internal T.I. 2015-0599851I7 - TFSA arbitrary assessment
CRA is proposing to streamline its procedures so that any taxpayer who, having failed to remove an excess contribution from his or her TFSA...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(7) | TFSA holder can be assessed without being contacted | 137 |