False PCF online reminder about TFSA contribution misled my over contribution | Simplii Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Search Search
Go to Bottom
No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
False PCF online reminder about TFSA contribution misled my over contribution
June 9, 2010
7:41 pm
Windsor001
Guest
Guests
Go to Top
1sp_Permalink sp_Print

Just got a notice from CRA that I have to pay penal tax for TFSA over contribution. So I remember it was October 2009 that when I logged in PCF online banking and saw a reminder for me that I could contribute to my TFSA account then. I simply followed that reminder and contributed another 5000 CAD. But actually I already contributed 5000 CAD in January 2009 and should not get such reminder at all. I didn't receive any warning and did not think about it carefully either because I mistakenly trusted their "friendly" reminder.

Wonder if anyone else made the same mistake. And any suggestions for dealing with this? Thanks!

June 10, 2010
5:11 pm
guest
Guest
Guests
Go to Top
2sp_Permalink sp_Print

i don't mean to sound harsh, but its your responsibility to understand the rules and keep track of your own contributions and withdrawals. you're not going to get anywhere if you try and blame pcf for this. you should withdraw the excess cash from your tfsa to avoid further cra penalties if you haven't already.

June 11, 2010
5:46 am
Windsor001
Guest
Guests
Go to Top
3sp_Permalink sp_Print

You're right. A good lesson! Since the PCF reminder was in last October, I thought it was for 2010 contribution.

No permission to create posts
sp_Feed All RSS
Go to top

Please write your comments in the forum.