Comments on: TFSA Over Contributions

By: Tax Guy

Tax Guy — Thu, 03 Mar 2011 03:03:26 +0000

A T4 is issued by your employer and tells you what your employment income was.

If your are referring to the T5, this would be issued for a taxable account and not tax free savings account.

By: petra robertson

petra robertson — Thu, 03 Mar 2011 02:39:42 +0000

Oh and I did not exceed the maximum amount aloud for the year.
Petra

By: petra robertson

petra robertson — Thu, 03 Mar 2011 02:38:09 +0000

Hello there I am interested to know If I am required to submit a T4 from scotiabank’s tax free saving’s account along with my other T4′s? I am waiting for one from scotiabank but wondering if they send one or if it is not neccessary?
Thanks so much,
Petra

By: Doreen

Doreen — Wed, 16 Feb 2011 14:02:32 +0000

I got my cheque in the mail this week. So if you’re still waiting for a cheque you should receive it soon!

By: george sromek

george sromek — Sun, 06 Feb 2011 18:27:49 +0000

I did the same, one was a TFSA, the other , i was told was a GIC, then i got dinged by CRA for 600$. Whatever interest i made, poof! gone. The limit is 5 thousand per year, you can take money out, but only put in to a total of 5 thousand, penny over for the year, they’ll come fater you. I did sent a letter to CRA, which is on their webstie, and yes they are waiving penalties, but it takes time. I got my MP involved, but was told by his rep, that the CRA split up the letters they rec’d, because the rec’d so many….. go figure. The banks did not know how to deal, or sell it to the public.

By: Theresa Tierney

Theresa Tierney — Sun, 06 Feb 2011 18:21:58 +0000

Thought I was talking to someone in the government. guess we are all just rattling around. Jim Flaherty is my MP. I will call him to see how he is going to rectify this mess for everyone. It was not explained properly to anyone.

By: george sromek

george sromek — Sun, 06 Feb 2011 18:11:06 +0000

The same happened to me, because of being misinformed from the banks. The limit is 5,000$ period. You may have put that amount in to start, and can take money out, but if you started with 5 thousand, took 5 thousand out, then out it back in, then you over contriuted by 5 thousand…convoulted? yes.

By: Theresa Tierney

Theresa Tierney — Sun, 06 Feb 2011 18:05:52 +0000

I just found out that i have overcontributed to my TFSF. I thought you could withdraw and replace any amount in the same tax year as long as your account did not exceed your $5000.00 limit for the year. I believe this might be a common mistake. Do you have plans to make this clearer for future investors? And can I get the penalty waived because of an honest mistake?

By: Susannah

Susannah — Fri, 21 Jan 2011 01:15:19 +0000

I just got a call back from the refund processing unit saying that a cheque will be sent in the next couple of weeks, I can’t believe it takes more than 2 months to do this……

By: MikeT

MikeT — Thu, 20 Jan 2011 20:09:55 +0000

Fee Waived, but I never sent the money to them in the first place, so I will not have to wait. Money is better in my pocket than theirs while waiting for a response.

My amount owing was small $80…so I wasn’t too concerned about interest charges..