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TFSA Over-Contributions: CRA Rules, Penalties, and How to Fix Them

 |  Igor Kastelyanets
Over-contributing to a Tax-Free Savings Account (“TFSA”) can trigger unexpected taxes and penalties from the Canada Revenue Agency (“CRA”). This article explains what a TFSA over-contribution is, outlines its limits, and offers strategies for avoiding one. What Is a TFSA Over-Contribution? A TFSA over-contribution occurs when a taxpayer contributes more to a TFSA than their contribution room allows. Every Canadian aged 18 and over accumulates TFSA contributio…
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Understanding CRA Reassessment Periods

 |  Alex Klyguine
This article explains the normal reassessment period found in section 154 of the Income Tax Act (Canada) (“ITA”), its timelines, key exceptions, and rights of a taxpayer disputing a reassessment. CRA Normal Reassessment Period The Minister of National Revenue (the “Minister”) can reassess a tax return as of right within the normal reassessment period to adjust income, deductions, or tax payable. For individuals (T1 returns) and Canadian-controlled private cor…
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Builders

GST/HST Obligations and Rebates for Canadian Builders

 |  Jas Gill
This article provides a general overview of who qualifies as a “builder” under the Excise Tax Act (Canada), R.S.C., 1985, c. E-15 (“ETA”), and outlines the GST/HST obligations that apply to builders. It additionally highlights available rebates that may help reduce the associated tax burden. Who is a “Builder” Pursuant to the ETA? The term “builder” is defined under subsection 123(1) of the ETA. The definition generally includes anyone engaged in th…
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