Someone who overcontributes to a TFSA and then loses all the money in the account on a bad investment would still owe tax on the overcontribution, a Canada Revenue Agency official said at the virtual 2021 STEP Canada national conference on Tuesday.
Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/
Article Written By: Rudy Mezzetta
Original Article Posted on: June 16, 2021
Link to Original Article: https://www.advisor.ca/tax/tax-news/tfsa-holders-on-the-hook-for-overcontribution-tax-even-if-account-is-worthless/