Ottawa backs down on tax-free savings account errors
Saturday, June 26th, 2010
Finally, the government has come to its senses about the 70,000 letters sent to Canadians who made over-contributions to tax-free savings accounts or transferred them without the proper paperwork.
In a statement issued this afternoon, the two ministers responsible for the new tax shelter said they recognized the confusion that resulted from lack of understanding of the rules. And they’re trying to make amends.
If you received a request to pay tax on your TFSA, you can wait until Aug. 3 to submit further information (not June 30, the original deadline). Moreover, you won’t have to pay tax if it’s clear there was a genuine misunderstanding.
The Government of Canada confirms that for the 2009 filing year, the first year of the program, we ..read more
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