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Email this3:48 am
March 17, 2018
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Here's an interesting story about a person who overcontributed to his TFSA on QTrade and lost most of his money by gambling in penny stocks, but still owed the monthly CRA penalty tax even though he couldn't withdraw the contributions.
https://financialpost.com/personal-finance/taxes/tax-court-perpetual-tax-trap-tfsa-overcontributions
7:14 am
October 27, 2013
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Interesting, but extreme, example that no sane person would get themselves into. It would be hard to believe anyone could do what this individual did if it was not from a reputable source.
7:47 am
April 6, 2013
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The court decision is Worobec v. Canada (Attorney General), 2025 FC 1319.
Overcontributed over $220,000 to their TFSA. Definitely not a situation most people would get themselves into!
8:08 am
March 17, 2018
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Norman1 said
The court decision is Worobec v. Canada (Attorney General), 2025 FC 1319.Overcontributed over $220,000 to their TFSA. Definitely not a situation most people would get themselves into!
I think his strategy was to double his money in a tax shelter, then withdraw the excess contribution and pay the penalty. This wouldn't have worked even if he had doubled his money because the CRA would have considered this a day trading business, not a TFSA.
10:08 am
January 12, 2019
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.
There's an old Chippewa saying about things like this . . .
- "You Play With Fire ... You Get Burnt"
.
Sorry, but I can't feel sorry for that guy. He gambled and lost, and now he has to suffer the consequences.
Meh 
- Dean
P.S.
And pleading Gross Ignorance & Stupidity, won't help you either.
" Live Long, Healthy ... And Prosper! "
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