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TFSA overcontribution
July 16, 2022
7:02 pm
christinad
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Interesting article by Jamie Golumbek on a woman who over contributed to her based TFSA on My Account.

https://financialpost.com/personal-finance/taxes/cra-penalty-tfsa-overcontribution

I have some sympathy as I don’t see anywhere on the Revenue Canada site where it says when My Account is updated. People here may think otherwise. That's sure a lot of tax she had to pay too. I better be careful!

July 17, 2022
5:30 am
cgouimet
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christinad said
Interesting article by Jamie Golumbek on a woman who over contributed to her based TFSA on My Account.

https://financialpost.com/personal-finance/taxes/cra-penalty-tfsa-overcontribution

I have some sympathy as I don’t see anywhere on the Revenue Canada site where it says when My Account is updated. People here may think otherwise. That's sure a lot of tax she had to pay too. I better be careful!  

I do feel for that person but as a person who has made the mistake before, you'd think she'd pay a little more attention to what she's doing and keep some simple records of what she has contibuted.

Also, in My Account (CRA) it clearly shows your contribution room as of Jan 1 2022. I just captured that 5 minutes ago on Jul 17 2022, so anything I might have contributed since Jan 1 2022 isn't yet reflected. Obviously anything contributed to your TFSA isn't yet reflected there.

TFSA-Contibution-Room-2022.JPG

And clicking through that "View TFSA details", you can view all your contributions year by year ...

CGO
July 17, 2022
6:30 am
COIN
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This happened to me earlier this year and I immediately removed the excess.

July 17, 2022
8:24 am
Bill
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CRA let her off the first time, not the second, pretty straightforward, media just stirring things up.

July 17, 2022
8:45 am
RetirEd
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Agreed. Second goof was too much to forgive.
RetirEd

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