TFSA holders on the hook for overcontribution tax — even if account is worthless

Author: External Author | | Categories: Accountant , Taxes

TFSA-holders-on-the-hook-for-overcontribution-tax-—-even-if-account-is-worthless-Advisor-s-Edge.png

Someone who overcontributes to a TFSA and then loses all the money in the account on a bad investment would still owe tax on the overcontribution, a Canada Revenue Agency official said at the virtual 2021 STEP Canada national conference on Tuesday.

Read More

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Rudy Mezzetta

Original Article Posted on:  June 16, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/tfsa-holders-on-the-hook-for-overcontribution-tax-even-if-account-is-worthless/



READ MORE BLOG ARTICLES