CBC news summary
Summary:
The news story titled, “No penalties for confusion over tax-free accounts,” published on CBC online June 25, 2010 is about Canadians over-investing in the tax-free accounts and how they are being given a break with no penalties. The federal government said it won't penalize individuals who inadvertently contributed more than the $5,000 annual limit in 2009, the first year of the program. The officer thinks that there was some genuine confusion about the rules for the TFSA in the first year. The popular program allows individuals to invest a maximum of $5,000 a year into a special account, with future profits free of taxation. Apparently many Canadians who mistakenly put too much into their new tax-free savings accounts treated the program like an ordinary bank account. Canadians who have received a letter about their over-investment should respond with an explanation and are being given a break with no penalties.
The news story titled, “No penalties for confusion over tax-free accounts,” published on CBC online June 25, 2010 is about Canadians over-investing in the tax-free accounts and how they are being given a break with no penalties. The federal government said it won't penalize individuals who inadvertently contributed more than the $5,000 annual limit in 2009, the first year of the program. The officer thinks that there was some genuine confusion about the rules for the TFSA in the first year. The popular program allows individuals to invest a maximum of $5,000 a year into a special account, with future profits free of taxation. Apparently many Canadians who mistakenly put too much into their new tax-free savings accounts treated the program like an ordinary bank account. Canadians who have received a letter about their over-investment should respond with an explanation and are being given a break with no penalties.
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