Income and gains on TFSA overcontributions can remain in account, CRA says
There are exceptions for cases of deliberate overcontributions or penalty waivers
- By: Rudy Mezzetta
- November 2, 2020 November 2, 2020
- 16:23
There are exceptions for cases of deliberate overcontributions or penalty waivers
Canada Revenue Agency confirmed a more flexible approach at the Canadian Tax Foundation conference
An aggressive taxman is on the way, Kim Moody says
CERB, combined with lower deductions, is a recipe for potential tax owing
The impact of tax policy extends north of the border
Employer reimbursements of up to $500 not a taxable benefit if related to Covid-19
The findings could help guide federal efforts as the Liberals attempt to massage taxes and pandemic-related benefits
The extension is welcome news for Canadians with disabilities
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The agency has agreed to be understanding with Canadians, Boileau says
Each additional dollar of funding results in six dollars of "fiscal impact"
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Unlike the CERB, new benefits will be subject to 10% tax at source
A tax session at the IAFP symposium offered insight
Rate remains the same as the previous quarter
The CRA says it is in the initial phase of the audits and "proceeding cautiously"
The government wants the proposed package and eligibility rules to be flexible
Americans in Canada who received U.S. payments won't need to include amounts in income
Employer and employee rates to remain unchanged for next two years
Residents of Switzerland's Zug canton will be allowed to pay taxes using Bitcoin and Ether
An overtime meal can now cost $23 without being taxable
Agency looks to track CERB, CEWS, CESB payments via employer data
A panel of experts will lead an examination of how tax reform can assist the pandemic recovery
The additional guidance reduces the risk of purchasing a non-compliant annuity
Consider these tax-efficient options