Excess Contribution News Today

When creating a retirement plan, you may have decided to max out your 401(k) contributions yearly to ensure that you have sufficient funds to maintain your lifestyle in your golden years. While it...

Recent mayoral runner-up Paul Vallas is being fined $10,500 for violating the city’s campaign finance rules. In November, the Chicago Board of Ethics voted unanimously to find probable cause Vallas — who lost to Brandon Johnson in the April 2023 runoff election — had violated a rule that limits campaign contributions from entities doing business with the city. The board found Vallas’ campaign ...

Introduction to the Relevant Law on TFSA Over-Contribution and Non-Resident Contribution Before discussing the case of Ifi v. Canada (Attorney General), 2020 FC 1150, an introduction to the underlying law is necessary to provide context. Tax-Free Savings Accounts (TFSAs) are popular savings and investment tools for Canadians. A taxpayer contributes to his or her TFSA using his or her after-tax income for the year. The funds within the TFSA are then generally invested to earn additional income ...