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Published: November 24, 2021

Last Updated: November 24, 2021

Canadian tax lawyer and expert David Rotfleisch was quoted in an article published by Investment Executive. In the article, he said that the CRA is looking closely on TFSA abuse. CRA can be forgiving if the mistake on TFSA is genuine; but if it’s deliberate, they are coming down fairly hard on it.

“When you file a tax return, your Notice of Assessment issued by CRA will state the amount of TFSA contribution room available to you as of the date of the assessment, and this amount should have been adjusted to compensate for any withdrawals made in the previous year.”

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"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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