Section 207.02

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...

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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)....

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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...

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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...

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Tax Topics - Income Tax Act - Section 152 - Subsection 152(7) TFSA holder can be assessed without being contacted 137