| | | July 2019 | Penalties and the Tax-Free Savings Account
Julie Thacker, CPA, CGA, CFP, is a tax manager at Baker Tilly REO LLP
| Are you the recipient of a Tax-Free Savings Account (TFSA) from a deceased spouse or common-law partner? You should be aware that there may be forms to complete and timelines to be aware of. The Canada Revenue Agency (CRA) has been assessing penalties on over-contributions and exempt contributions made by survivors of deceased TFSA holders.
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| | | Baker Tilly Ottawa LLP 400-301 Moodie Drive
Ottawa, ON
K2H 9C4 Canada
info@bakertilly.ca
www.bakertilly.ca |
| This email is sent by Baker Tilly Ottawa LLP, formerly Collins Barrow Ottawa LLP. 400-301 Moodie Drive, Ottawa, ON, Canada K2H 9C4.
Baker Tilly Canada periodically publishes Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada. While Tax Alert may suggest general planning ideas, we recommend professional advice always be sought before taking specific planning steps. |
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