Tax-free savings accounts: Are you aware of the over-contribution rules?
- January 31, 2011 11:41 AM |
- By POV
A study commissioned by the Canada Revenue Agency suggests Canadiansare confused about the rules regarding tax-free savings accounts(TFSAs), The Canadian Press reports.
Focus-groupresearch conducted by Sage Research Corp. reveals that 72,000 Canadianswere forced to pay tax bills last June after learning they had violateda key restriction on TFSAs.
The unexpected bills arose whenCanadians took money out of their tax-free savings accounts in 2009,then replaced it in the same year. Putting back withdrawn money in thesame year is considered an "over-contribution" and is against CanadaRevenue Agency rules.
The Sage Research Corp. study reveals that Canadians had little awareness about the TFSA rules, and also demonstrated that focus-group participants found the revenue agency's website too difficult to navigate.
-With files from The Canadian Press
Haveyou ever set up a TFSA? Do you find the Canada Revenue Agency websitehard to use? Take our survey and share your experiences in the commentssection below.
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