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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