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Introduction to the Relevant Law on TFSA Over-Contribution and
Non-Resident Contribution
Before discussing the case of
Ifi v. Canada (Attorney
General), 2020 FC 1150, an introduction to the underlying law
is necessary to provide context. Tax-Free Savings Accounts (TFSAs) are popular
savings and investment tools for Canadians. A taxpayer contributes
to his or her TFSA using his or her after-tax income for the year.
The funds within the TFSA are then generally invested to earn
additional income within the TFSA. Funds are withdrawn from the
TFSA tax-free, allowing individuals to earn tax-free income.
Individuals who have TFSAs can be subject to two different
While popularity increases, Canadians are underutilizing TFSAs and leaving money on the table
TORONTO, Dec. 15, 2020 /CNW/ - As Canadians navigate the uncertainty of the COVID-19 pandemic, they are also focused on saving for their future. According to BMO s annual TFSA survey, a majority of Canadians were able to contribute what they were expecting to their TFSAs in 2020 and many were able to increase their overall contributions. But while Canadians continue to favor TFSAs, many are not taking full advantage of them.
The annual report revealed:
Contributions held steady: Despite the global pandemic, more than half (53 per cent) of Canadians say they contributed the amount they expected this year – only slightly down from 2019 (58 per cent).
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