Income and gains on TFSA overcontributions can remain in account, CRA says

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There are exceptions for cases of deliberate overcontributions or penalty waivers

Canadians may keep income or gains earned from overcontributions to their TFSAs as long the overcontribution was not deliberate and they pay the 1% monthly penalty tax on the excess contribution, the Canada Revenue Agency (CRA) confirmed in a recent technical interpretation.

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Original Article Source Credits: Advisor’s Edge, https://www.advisor.ca

Article Written By:  Rudy Mezzetta

Original Article Posted on:  November 2, 2020

Link to Original Article: https://www.advisor.ca/tax/tax-news/income-and-gains-on-tfsa-overcontributions-can-remain-in-account-cra-says

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