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5:20 am
June 16, 2010
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msl25
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its all over the news, [vancouver sun, globe and mail] lots of people are being penalized by CRA for overcontributing to their TFSA. maybe that means, lots of people have money after all. anyway, most of them forgot to read about the rules. why, whY, and WHY????
[okay, maybe the taxman will re-think its penalty so hopefully
he might give the people some break and wont charge them fees this year but all these penalties will surely add up to make millions for the taxman so its gonna be a pesky one. coz in fact, maybe that's one PLAN really of the govt to raise some money. hmnn... genius]
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3:00 pm
July 6, 2010
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Consumers Council of
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Canadians interested in knowing more about Tax-Free Savings Account may be interested in the Consumers Council of Canada's comprehensive research report on the subject.
http://www.consumerscouncil.co…..80B8F80203
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3:58 pm
October 23, 2010
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hira
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I must say that Peter is right – the withdrawls in a year (regardless of the amount or type (gains accumulated of any kind) can be added back to TFSA the following year(s) contributions.
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7:17 pm
October 23, 2010
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stylintheo
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so for next year the limit will be 15,000
you wont be able to add in the interest you earned in the 1st 2 years to the 3rd years total
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7:21 pm
October 23, 2010
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stylintheo
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guest said:
well, i hate to play devil's advocate here, but the rules have always been pretty clear (at least to me). you can contribute up to $5000 per year, indexed to inflation (not much inflation these days), and you have to wait until january 1 of the following year to re-contribute any withdrawals. i think the reason this is so is because if everyone were allowed to contribute and withdraw at will, it would be a nightmare for the gov't to administer as some people can generate thousands of transactions per year.
this guy is right
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1:39 am
October 26, 2010
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jeremywong
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stylintheo said:
so for next year the limit will be 15,000
you wont be able to add in the interest you earned in the 1st 2 years to the 3rd years total
That statement is wrong. TFSA has no limit on balance, only a limit on deposits. At no time is account balance relevant to compliance. Next year's deposit limit is increased by whatever you withdraw this year, even if you withdraw more than you deposited. Everyone has a different deposit limit and account balance. My deposit limit in 2011 will be greater than $15K by virtue of having withdrawn more than $10K in 2010.
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3:58 pm
August 11, 2011
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Camada
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Hi.
Great discussion and information.
Question.
Can you claim stock trade commisions as a withdrawal?
i.e. You spend $200 in commisions 2011 so in 2012 you can insert $200 + $5000 = $5200
This would be benenficial, allowing you to reapply them as contributions next year.
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