Judge sends TFSA overcontribution case back to CRA, citing lack of coherent assessment
For some Canadians struggling financially in the midst of the COVID-19 crisis, tapping into a TFSA to access tax-free savings to augment available government support has been a helpful strategy. And, knowing that you can recontribute those withdrawn funds back into your TFSA in the future (should you have some extra cash to do so), means that you can make such a move without permanently giving up the potential for tax-free income and growth on those amounts.
Original Article Source Credits: Financial Post , https://financialpost.com/
Article Written By: Jamie Golombek
Original Article Posted on: Jun 26, 2020