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Email this10:37 pm
April 6, 2013
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Bill said
… If they can't and you withdraw asap then there will be little CRA effect and, in fact, you can probably successfully appeal it to CRA (when they assess you any penalty later) showing it was a mistake that was rectified asap.
CRA can waive the 1%/month TFSA overcontribution penalty in cases of "reasonable error".
Details in new thread Waivers of TFSA overcontribution tax.
12:03 am
April 14, 2021
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I called EQ and they said that it could have been fixed within the first 24 hours, but the 4-day delay makes it impossible. The contribution has already been reported to CRA.
I called CRA to asked if anything could be done and and how to pay it. No luck from that end, either. Thanks to Norman1 for the helpful forms. I think I figured out how to pay the $122; for a four-day transgression. 
If Norman is correct in that a warning letter will be the first step:
Norman1 said
CRA has the discretion to waive the TFSA overcontribution tax of 1% per month. This is from Spectrum Law: Gekas v. Canada…:It is the CRA’s policy to send a warning letter to a first-time over-contributor. If the excess amount is not removed, the CRA will assess the tax. Repeat over-contributors will be assessed without warning.[2] The CRA is aggressive in imposing TFSA over-contribution taxes.
"Reasonable error and removal of the excess contributions without delay are the two preconditions for relief.”
Then I might just wait until the letter appears. I have already withdrawn the over-contribution and was getting ready to send payment, until I saw Norman1's helpful advice.
Anyone see fault in this course of action?
I hope that I don't end up on CRA's black-/watch-list for this bungling, the way Loonie's mother did.
10:20 am
April 6, 2013
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If the TFSA overcontribution was made this month, one should wait until this taxation year is over.
According to the back of Form RC243, the overcontribution tax is due the following year:
Filing due date
If you are subject to TFSA tax at any time during the year, you have to file this return with a payment for any balance due no later than June 30 of the year following the end of the calendar year.
When an individual dies before the due date of a TFSA return, both the filing and the balance due dates will be the later of:
• June 30
• 6 months after the date of death
CRA may not be ready yet to process any returns for this current taxation year 2022.
11:30 am
April 14, 2021
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I did mention the 2022 taxation year to the CRA rep and she told me that it would be fine to file it as it currently stands. I thought it a bit odd, too, but she assured me that I could go ahead and deal with it now, rather than waiting until next year.
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