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Judge sends TFSA overcontribution case back to CRA, citing lack of coherent assessment

By  External Author |   | Posted in " Bookkeeping services, Corporate tax return services, Payroll services, Personal tax return services, Professional Accountant, Tax consultant, Tax return preparation services "

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 And, knowing that you can recontribute those withdrawn funds back into your TFSA in the future (should you have some extra cash to do so), means that you can make such a move without permanently giving up the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.

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Original Article Source Credits: Financial Post , https://financialpost.com/

Article Written By: Jamie Golombek

Original Article Posted on: Jun 26, 2020 

Link to Original Article:  https://financialpost.com/personal-finance/taxes/judge-sends-tfsa-overcontribution-case-back-to-cra-citing-lack-of-coherent-assessment