Skip to content

Welcome to the blog of inTAXicating.ca! Since 2008 we've been writing posts to help Canadians solve their tax issues with the Canada Revenue Agency. If you have any questions, or if you need assistance with any CRA matters including, but not limited to; Collections, Enforcement, Audits, Liens, Back-Filing, Assessments, Director's Liability, s160/325, Taxpayer Relief or the Voluntary Disclosure Program. If you have debt and are considering Bankruptcy or a Consumer Proposal, speak with us first. With over 10-years of CRA experience in the Collections division, our expertise is in the diagnosing and solving of the most complex tax problems.

Month: November 2013

One Way to Handle TFSA Assessments from the CRA

I had a nice conversation this morning with a chartered accountant (CA) with who I work regarding assessments raised by the Canada Revenue Agency (CRA) relating to the Tax Free Savings Account (TFSA).   I made notes of the conversation, then called the CRA to run the scenario by them.

They agreed with this process.

These recommendations are just that, recommendations, relating to relief for those assessed with penalties for over-contributing to their TFSA.

Write a letter to the CRA asking for relief.  Send the letter to the following address:CRA TFSA

TFSA Processing Unit
PO Box 9768, Stn T,
Ottawa, Ontario
K1G 3X9

In the letter, make sure that you include:

  • Your Social Insurance Number (SIN) as it is the reference number to your TFSA account;
  • The circumstances and facts which led to the over-contributions.  As an aside, if you knew you were putting in too much – you might not want to include that fact;
  • The actions you took to immediately remedy the situation as soon as you found it that you had contributed more than you were allowed;
  • The financial institution you have your TFSA with, and any related account numbers as that institution (the CRA loves to look for patterns – possibly a specific institution is not notifying their clients of the perils of over-contributing or maybe a flag is missing on their system to notify the account manager once an account goes into penalty-territory;
  • Any supporting documentation – written confirmation or statements from the financial institution – if it was their fault, and to show that you rectified the situation as soon as possible);
  • Also make sure to include a copy of the letter you received from the CRA notifying you that you are being charged penalties for the TFSA account.

Unlike a Taxpayer Relief application available in the Income Tax Act (ITA) and Excise Tax Act (ETA) there is no formal relief process known to be used by everyone currently, so this soft approach has been used and with success.

The CRA may, at their discretion, lower or completely reverse the assessed penalty, or they may send you back a letter asking for payment of the penalty.

It is certainly worth an attempt.

If you have been assessed a penalty for over-contributing to your TFSA and are either too busy or would prefer the letter be written by a professional firm, please contact us and we would be more than willing to assist you in this process.

#Intaxicating

Share this:

  • Tweet
  • Email
  • More
  • Share on Tumblr
  • Pocket

Like this:

Like Loading...
Author Warren OrlansPosted on November 5, 2013Categories Canada Revenue Agency, TaxationTags Canada, canada revenue agency, contribution, CRA, ETA, help, income tax, intaxicating, Ottawa, over, penalty, Solutions, tax, tax free savings account, TFSA, Warren OrlansLeave a comment on One Way to Handle TFSA Assessments from the CRA

What is inTAXicating?

inTAXicating is the name chosen in 2008 by Warren Orlans, a Canadian Tax Consultant and former Canada Revenue Agency (CRA) Employee of the Year who worked in the CRA for almost 11-years in their Collections Department.

inTAXicating provides expertise in the area of Tax Liability Solutions and assists Canadians to understand how the CRA operates.

inTAXicating helps Canadians from coast-to-coast with; Collections, Enforcement, Compliance, Non-Compliance, Audits, Liens, Back-Filing, Assessments, Director’s Liability, s160 assessments, Taxpayer Relief, T2, T4, Payroll, and so much more.

inTAXicating offers a free consultation and after one paid meeting, clients are provided with a solution for their tax issue(s).  From there, if you need more assistance, it is available, or you can now handle it yourself.

To get started, send an email to info@intaxicating.ca or to intaxicatingtaxservices@gmail.com.

inTAXicating is located in Toronto, Ontario, Canada, but due to the nature of taxation in Canada most meetings are conducted via Skype or over the phone. Payment can be make via e-transfer.

We are Experienced, Honest and On Your Side.

Business Hours & Contact Information

Toronto-based and Canada-Wide
Email: info@intaxicating.ca or intaxicatingtaxservices@gmail.com.
Hours:
Monday to Friday
8:30am-5pm EST.

Available whenever needed.

Blog Stats

  • 478,701 hits

Looking For Something?

Need to Translate? Click here for Google Translate

Social

  • View inTAXicating’s profile on Facebook
  • View @inTAXicating’s profile on Twitter
  • View WarrenOrlans’s profile on LinkedIn
  • View inTAXicating’s profile on YouTube

inTAXicating Facebook Page

inTAXicating Facebook Page

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 2,027 other followers

Follow on WordPress.com

Recent inTAXicating Posts

  • RT @erinotoole: Today we re-commit to making Canada an equitable place for all people to live. I stand with the trans community in Canada a… 2 weeks ago
  • They didn't "invent" it. A Value Added Tax, like the GST has been around in other countries quite longer. It was G… twitter.com/i/web/status/1… 3 weeks ago
  • So lying is okay? Deceiving the public is good so long as you get elected? Wow... Yeah... okay. twitter.com/Dean_Winnipeg/… 3 weeks ago
  • Got Chretien elected twice! His "plan" (recall his red book) was to abolish the GST. He didn't. He ran on that agai… twitter.com/i/web/status/1… 3 weeks ago
  • Coinsquare "Negotiates" with CRA to Protect Most Client Information crowdfundinsider.com/2021/03/173507… Interesting they posit… twitter.com/i/web/status/1… 3 weeks ago
  • This is horrific! twitter.com/StandWithUs/st… 3 weeks ago
  • Ummm... All Canadians... twitter.com/McDonaldsCanad… 3 weeks ago
  • It is unbelievable that there has been no accounting as to how this government is going to make up the massive amou… twitter.com/i/web/status/1… 3 weeks ago
  • @BobWKHamilton I'm looking for a contact in the Compliance Programs Branch @CanRevAgency for a high-level discussio… twitter.com/i/web/status/1… 3 weeks ago
  • Vancouver man sentenced to 29 months, fined $645K for tax evasion, forgery abbynews.com/news/vancouver… 1 month ago
Follow @inTAXicating
November 2013
S M T W T F S
 12
3456789
10111213141516
17181920212223
24252627282930
« Oct   Dec »

Canadian Tax Blogs

  • Denton's Canadian Tax Litigation
  • H&R Block Canada – Media Centre – Tax
  • Jamie Golombek
  • Money Sense Taxation
  • Thorsteinssons Tax Blog

FATCA

  • American citizens Abroad
  • IRS vs. Expats
  • Isaac Brock Society
  • Maple Sandbox

Government Tax Authority

  • Canada Revenue Agency
  • Department of Finance
  • IRS
  • IRS Newsroom
  • Securities and Exchange Commission
  • SEDAR
  • U.S. Securities and Exchange Commission

Managing

  • Report On Business Managing

Organization

  • Canadian Tax Foundation
  • IIAC
  • Securities Transfer Association
  • STAC – Securities Transfer Association of Canada

Podcasts

  • PWC Tax Podcasts

tax

  • KPMG Tax
  • Mondaq
  • PWC Canadian Tax News

US Tax Blogs

  • IRS Hitman
  • Mauled Again
  • Our Taxing Times
  • Tax Mama
  • The Wandering Tax Pro
Create a website or blog at WordPress.com
Cancel

 
Loading Comments...
Comment
    ×
    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.
    Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
    To find out more, including how to control cookies, see here: Cookie Policy
    <span>%d</span> bloggers like this: