echnical problems with the Canada Revenue Agency’s (CRA) My Account platform earlier this year have highlighted long-standing issues with Tax-Free Savings Account (TFSA) contribution reporting. Financial professionals are now urging the CRA to provide leniency for Canadians who unintentionally overcontributed to their TFSAs due to inaccurate or delayed account information. With millions of TFSA holders Continue reading
TFSA penalties
CRA Tightens TFSA Penalties Amid Rising Overcontributions: What Canadians Need to Know
The Canada Revenue Agency (CRA) is stepping up enforcement on Tax-Free Savings Account (TFSA) overcontributions as the number of Canadians exceeding their limits continues to climb. Over the past decade, TFSA participation has surged, but so have penalties for those who contribute beyond their allowable limit. Financial experts are warning that Canadians need to monitor Continue reading