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This could be just another way to get people gambling on the stock market...— Preceding unsigned comment added by 142.161.149.236 ( talk) 05:19, 16 January 2009 (UTC)
The article says it's identical to RRSP for taxes, but Canada has agreements with other countries so that foreign RRSP holdings aren't taxed by those countries. For example, US dividends in a TFSA will be taxed by the US government (this won't happen with an RRSP). See http://blog.taxresource.ca/tfsa-non-resident-withholding-taxes/ -- 64.7.132.78 ( talk) 20:44, 30 November 2010 (UTC)
73,000 Canadians got hit with stiff penalties from the CRA for the 2009 tax year. Overcontribtion laws are poorly laid out and make no real sense. Canadians should be aware of these laws and the penalties they carry. For example, you could have never gone over your $5000 limit and still end up with a $25,000 over contribution. —Preceding unsigned comment added by 75.148.161.130 ( talk) 12:20, 18 June 2010 (UTC)
The article states: "This measure was well received by Canadians, " and as an example of these "Canadians" it sources the C.D. Howe Institute, the Canadian Federation of Independent Business, Canadian Bankers Association, Bank of Montreal economist Doug Porter, the Canadian Chamber of Commerce, and the Canadian Taxpayers Federation.
These are financial institutes, bankers, and organizations funded by them. Perhaps evidence for how well received it was should be substantiated by parties without a business interest in it. —Preceding unsigned comment added by 174.6.20.26 ( talk) 00:04, 30 December 2009 (UTC)
How do I make millions of $$$ using TFSA? The article should explain this. 206.47.141.21 ( talk) 18:01, 2 February 2010 (UTC)
The article says:
This isn't true anymore so I've deleted it. When TFSAs were first announced, the budget indicated spouses would be able to contribute to each other's TFSA, but the actual legislation only allows the account holder to contribute. CRA's TFSA page [1] notes this rule (page retrieved on June 11, 2013). - Shaundd ( talk) 03:17, 12 June 2013 (UTC)
I removed the sentences below from the former Overcontributions section (after merging it with Contribution room). IMO, this unreferenced piece provides very little encyclopaedic value, and reads way too much as a tax-advice article. If you see value in it, can find references and are willing to re-write, here it is...
For example, if you contributed $5,000 to a TFSA in January 2009, withdrew it all in July, and then later recontributed the $5,000 in November 2009, this would put you in an overcontribution position because the $5,000 July withdrawal does not create further room until 2010. This rule has caused much confusion.
The CRA recommended taxpayers still send in their payment penalty with the TFSA return and a letter explaining the situation by June 30, 2010. The CRA stated it would review this information on a case by case basis. If relief was granted, the CRA said they would return the payment. As of June 2010, the CRA has received about 10,000 responses to its letter from taxpayers.
TFSA holders can wait until they receive a Notice of Assessment, expected to be issued in August 2010, and then either file a formal Notice of Objection or apply for administrative relief by writing to the CRA. The risk of waiting, however, is that a late-filing penalty as well as interest may be charged by the CRA.
-- Truther2012 ( talk) 13:44, 6 October 2014 (UTC)
Problems
E.g. http://www.ironshield.ca/articles/tax-free-savings-accounts-tfsa-myths-and-tips
Is there any reason why all references to South African TFSAs were removed?
From time to time I find references to South African TFSAs, which were introduced on March 1, 2015. We know that a South African resident aged 18 and above can contribute up to 33,000 rands yearly, after which overcontribution can occur with a 40% penalty, and the lifetime contribution limit is 500,000 rands. In addition, the entirety of a TFSA can be transferred between financial institutions free of charge up to twice in a fiscal year.
References:
-- Xiaoshan Math ( talk) 13:09, 27 April 2019 (UTC)
Moved with respect to casing, no clear consensus with respect to disambiguators. It unfortunately muddies the discussion when editors are disputing two different issues in the same proceeding, with disagreement centering on only one of the two. A separate move request would be the best means of dealing with the unclear issue. bd2412 T 04:30, 1 October 2019 (UTC)
– Per MOS:CAPS, Wikipedia avoids unnecessary capitalization, and it is not necessary to use caps just because of the way the topic is abbreviated. Compare, for example, to Individual retirement account and Employee stock purchase plan and Certificate of deposit. (Also note that Locked-In Retirement Account is contrary to the usual MOS:HYPHENCAPS rule about following a hyphen with a capital letter.) — BarrelProof ( talk) 20:34, 26 August 2019 (UTC) --Relisting. Steel1943 ( talk) 04:47, 12 September 2019 (UTC)
The result of the move request was: moved. ( closed by non-admin page mover) feminist ( talk) 10:32, 15 October 2019 (UTC)
– For goodness sakes, Tax-free savings account and Retirement compensation arrangements are red links! So why do we have parenthetical disambiguators here? But for some reason we were not able to reach a clear consensus about this in the other RM that was just closed. — BarrelProof ( talk) 20:40, 7 October 2019 (UTC)
Does anybody know when the rate for the next year's contribution is announced? We know that the rate for 2024 is $7000, but I would like to know the rate for 2025. 165.140.231.71 ( talk) 01:53, 28 April 2024 (UTC)
![]() | This article is rated Start-class on Wikipedia's
content assessment scale. It is of interest to the following WikiProjects: | ||||||||||||||||||||||||||||||
|
This could be just another way to get people gambling on the stock market...— Preceding unsigned comment added by 142.161.149.236 ( talk) 05:19, 16 January 2009 (UTC)
The article says it's identical to RRSP for taxes, but Canada has agreements with other countries so that foreign RRSP holdings aren't taxed by those countries. For example, US dividends in a TFSA will be taxed by the US government (this won't happen with an RRSP). See http://blog.taxresource.ca/tfsa-non-resident-withholding-taxes/ -- 64.7.132.78 ( talk) 20:44, 30 November 2010 (UTC)
73,000 Canadians got hit with stiff penalties from the CRA for the 2009 tax year. Overcontribtion laws are poorly laid out and make no real sense. Canadians should be aware of these laws and the penalties they carry. For example, you could have never gone over your $5000 limit and still end up with a $25,000 over contribution. —Preceding unsigned comment added by 75.148.161.130 ( talk) 12:20, 18 June 2010 (UTC)
The article states: "This measure was well received by Canadians, " and as an example of these "Canadians" it sources the C.D. Howe Institute, the Canadian Federation of Independent Business, Canadian Bankers Association, Bank of Montreal economist Doug Porter, the Canadian Chamber of Commerce, and the Canadian Taxpayers Federation.
These are financial institutes, bankers, and organizations funded by them. Perhaps evidence for how well received it was should be substantiated by parties without a business interest in it. —Preceding unsigned comment added by 174.6.20.26 ( talk) 00:04, 30 December 2009 (UTC)
How do I make millions of $$$ using TFSA? The article should explain this. 206.47.141.21 ( talk) 18:01, 2 February 2010 (UTC)
The article says:
This isn't true anymore so I've deleted it. When TFSAs were first announced, the budget indicated spouses would be able to contribute to each other's TFSA, but the actual legislation only allows the account holder to contribute. CRA's TFSA page [1] notes this rule (page retrieved on June 11, 2013). - Shaundd ( talk) 03:17, 12 June 2013 (UTC)
I removed the sentences below from the former Overcontributions section (after merging it with Contribution room). IMO, this unreferenced piece provides very little encyclopaedic value, and reads way too much as a tax-advice article. If you see value in it, can find references and are willing to re-write, here it is...
For example, if you contributed $5,000 to a TFSA in January 2009, withdrew it all in July, and then later recontributed the $5,000 in November 2009, this would put you in an overcontribution position because the $5,000 July withdrawal does not create further room until 2010. This rule has caused much confusion.
The CRA recommended taxpayers still send in their payment penalty with the TFSA return and a letter explaining the situation by June 30, 2010. The CRA stated it would review this information on a case by case basis. If relief was granted, the CRA said they would return the payment. As of June 2010, the CRA has received about 10,000 responses to its letter from taxpayers.
TFSA holders can wait until they receive a Notice of Assessment, expected to be issued in August 2010, and then either file a formal Notice of Objection or apply for administrative relief by writing to the CRA. The risk of waiting, however, is that a late-filing penalty as well as interest may be charged by the CRA.
-- Truther2012 ( talk) 13:44, 6 October 2014 (UTC)
Problems
E.g. http://www.ironshield.ca/articles/tax-free-savings-accounts-tfsa-myths-and-tips
Is there any reason why all references to South African TFSAs were removed?
From time to time I find references to South African TFSAs, which were introduced on March 1, 2015. We know that a South African resident aged 18 and above can contribute up to 33,000 rands yearly, after which overcontribution can occur with a 40% penalty, and the lifetime contribution limit is 500,000 rands. In addition, the entirety of a TFSA can be transferred between financial institutions free of charge up to twice in a fiscal year.
References:
-- Xiaoshan Math ( talk) 13:09, 27 April 2019 (UTC)
Moved with respect to casing, no clear consensus with respect to disambiguators. It unfortunately muddies the discussion when editors are disputing two different issues in the same proceeding, with disagreement centering on only one of the two. A separate move request would be the best means of dealing with the unclear issue. bd2412 T 04:30, 1 October 2019 (UTC)
– Per MOS:CAPS, Wikipedia avoids unnecessary capitalization, and it is not necessary to use caps just because of the way the topic is abbreviated. Compare, for example, to Individual retirement account and Employee stock purchase plan and Certificate of deposit. (Also note that Locked-In Retirement Account is contrary to the usual MOS:HYPHENCAPS rule about following a hyphen with a capital letter.) — BarrelProof ( talk) 20:34, 26 August 2019 (UTC) --Relisting. Steel1943 ( talk) 04:47, 12 September 2019 (UTC)
The result of the move request was: moved. ( closed by non-admin page mover) feminist ( talk) 10:32, 15 October 2019 (UTC)
– For goodness sakes, Tax-free savings account and Retirement compensation arrangements are red links! So why do we have parenthetical disambiguators here? But for some reason we were not able to reach a clear consensus about this in the other RM that was just closed. — BarrelProof ( talk) 20:40, 7 October 2019 (UTC)
Does anybody know when the rate for the next year's contribution is announced? We know that the rate for 2024 is $7000, but I would like to know the rate for 2025. 165.140.231.71 ( talk) 01:53, 28 April 2024 (UTC)