CRA shows some leniency on penalties for “unintentional” overcontributions; no breaks for those who manipulate the system
ING Direct pays double interest to kick start tax free savings
Taxes on excess contributions may be waived by providing additional information regarding over-contributions
Taxpayers given more time to respond to requests for information
Make sure they understand the contribution limits — and what happens when they make a withdrawal
Advisors encouraged to ensure clients complete all of the required paperwork for transferring funds
Only an estimated 25% of Canadians have Tax Free Savings Accounts and most are over 65
Amendments respond to concerns over use of TFSAs in tax-planning schemes
Young people need the most education, test reveals