Our Finance Minister is at it again.
The proposed changes aim to address deliberate over-contributions and penalize clients who intentionally abuse the Tax-Free Savings Accounts program. Changes are effective October 16th, 2009 and impact all transactions and withdrawals taking place after this date.
The proposals announced on October 15, 2009 by the Ministry of Finance contemplate a number of amendments to the tax framework applicable to TFSAs. These amendments seek to address deliberate over-contributions and penalize clients who intentionally abuse the use of TFSAs in tax-planning schemes.
For complete details, please see attached or visit website link.
Saverio Manzo
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