Know your TFSA limit and stay within it — or else the CRA will come knocking
The Articles Main Idea:
1. Canadians can contribute up to $7,000 to their TFSAs for 2024, bringing the cumulative limit to $95,000 for those who have never contributed.
2. It's essential to monitor your contribution limit to avoid the penalty tax of one percent per month for over contribution.
3. You can check your TFSA contribution online through the CRA's My Account portal, but the information may not always be current.
4. If you get assessed with a TFSA over contribution tax, you can request the CRA to waive or cancel it or take the matter to federal court.
5. To challenge a tax assessed under the Income Tax Act, you should appeal by filing a Notice of objection
Original Article Source Credits: The Financial Post
Article Written By: Jamie Golombek
Original Article Posted on: Dec 28, 2023
Link to Original Article: https://financialpost.com/personal-finance/taxes/know-your-tfsa-limit-stay-within-cra-trouble