Subsection 207.06(1) - Waiver of tax payable
Cases
Breton v. Attorney General, 2024 FC 555
In 2020, the taxpayer accomplished the transfer of the TFSA that he held with Caisse Desjardins to the one held with Banque Nationale by...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Qualifying Transfer | failure to comply with s. 207.01(1) in transferring one TFSA to another resulted in an excess contribution | 152 |
Ossai v. Canada (Attorney General), 2023 FC 313
The taxpayer contributed significant sums to his TFSA in 2020. In December 2020, CRA corrected their records and reduced his TFSA contribution...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Excess TFSA Amount | current year's contributions were not offset by current year's withdrawals | 191 |
Ifi v. Canada (Attorney General), 2020 FC 1150
In 2009, the taxpayer made an overcontribution to her TFSA as a Canadian resident, and was assessed tax of $33.81, which she promptly paid. In...
Sangha v. Canada (Attorney General), 2020 FC 712
Mr. Sangha entered the 2017 taxation year having made excess contributions to his TFSA, which he added to in March 2017. He withdrew all funds...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 220 - Subsection 220(3.1) | delegate's decision failed to contain “a coherent assessment of the relevant law and significant facts and submissions” | 303 |
Gekas v. Canada (Attorney General), 2019 FC 1031
The taxpayer applied for judicial review of a decision of the Minister pursuant to s. 207.06(1) not to waive tax payable on excess contributions...
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 207.02 | a fully-unintended TFSA overcontribution generated over-contribution tax | 219 |
Administrative Policy
15 June 2021 STEP Roundtable Q. 11, 2021-0883221C6 - excess TFSA amount
A new resident of Canada contributes $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 207.02 | excess can only be eliminated through future contribution room where investments become worthless | 136 |
7 October 2020 APFF Roundtable Q. 1, 2020-0852131C6 F - Meaning of reasonable error
One of the requirements for the waiver under s. 204.1(4) or 207.06(1) of the penalty tax for an excess contribution to an RRSP or TFSA,...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 204.1 - Subsection 204.1(4) | meaning of "reasonable error" | 352 |
30 October 2012 Ontario CTF Roundtable, 2012-0462901C6 - Waiver or Cancellation of Part XI.01 Taxes Payable
Description of procedure to apply under s. 207.06 for the waiver or cancellation of tax.
Subsection 207.06(2)
Cases
Hunt v. Canada, 2020 FCA 118
The taxpayer, who had been assessed TFSA advantage tax under s. 207.05, and was unhappy with the amount of the tax that the Minister had...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Constitution Act, 1867 - Section 53 | inadequate submissions for considering whether CRA discretion to waive tax was unconstitutional | 461 |
Louie v. Canada, 2019 FCA 255
From May 15 to October 17, 2009, the taxpayer directed 71 “swaps” under which TSX-listed shares were transferred between her self-directed...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Advantage - Paragraph (b) - Subparagraph (b)(i) | advantages generated in Year 1 from swap transactions continued to produce indirect advantages thereafter | 547 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(10) | no necessity for predetermined endpoint or advance determination of price | 211 |
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) | taxpayer was directing mind in transactions involving an arm’s length trustee | 137 |
See Also
Hunt v. The Queen, 2018 TCC 193, aff'd on narrower grounds 2020 FCA 118
Before rejecting the taxpayer’s position (summarized at para. 16) that s. 207.05 was in contravened s. 53 of the Constitution Act, 1867 because...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.05 - Subsection 207.05(2) | discretion under s. 207.06(2) did not render s. 207.05 unconstitutional | 371 |
| Tax Topics - Other Legislation/Constitution - Constitution Act, 1867 - Section 91 - Subsection 91(3) | 100% TFSA advantage tax did not infringe provincial property-and-civil-rights power | 233 |
| Tax Topics - Other Legislation/Constitution - Constitution Act, 1867 - Section 53 | CRA’s discretion to waive tax does not render the tax unconstitutional | 155 |
Administrative Policy
S3-F10-C2 - Prohibited Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs
Factors relevant to waiver of tax
2.36 Subsection 207.06(2) gives the Minister the authority to waive or cancel all or part of the 50% tax on...