Review your TFSA to Avoid CRA Penalties

Over recent years, the Canada Revenue Agency (CRA) has increased its reviews of the TFSA, targeting holders that it considers to have over-contributed to the account. If an individual has exceeded their TFSA contribution limit for the first time, (s)he is sent a warning letter and/or Form RC243-P, Proposed TFSA Return. This form shows the amount of penalty tax due according to CRA records. If the excess TFSA amount has been removed prior to receiving the letter, no further […]

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