Latest Breaking News On - கனடியன் கருவூலம் - Page 1 : vimarsana.com

Jamie Golombek As advisors, we can play an important role in helping clients keep track of their TFSA room, especially if they have only one TFSA and we are aware of all deposits and withdrawals. Ultimately, it’s the client’s responsibility to know their contribution limit, but helping clients understand the rules may prevent them from getting into overcontribution trouble. If a client does accidentally overcontribute to their TFSA, they face a penalty tax equal to 1% per month for each month they’re over the limit. If they accidentally overcontribute, they can request that the Canada Revenue Agency waive or cancel the tax, which the CRA has the power to do if it can be established that the tax arose “as a consequence of a reasonable error” and the overcontribution is withdrawn from the TFSA “without delay.” But just because a client asks for relief doesn’t mean the CRA will necessarily grant it.

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