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March 29, 2023
Question

Do i need to report my 2022 TFSA record, which is in my CRA records? it is not a new TFSA account

  • March 29, 2023
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    1 reply

    March 31, 2023

    As per CRA "Opening a TFSA will not change the way you file your taxes online. To make it easier to keep track of your TFSA contribution limit, the Canada Revenue Agency (CRA) includes your contribution limit on the notice of assessment you receive after filing your tax return.

    Investment income and capital gains are typically not taxable when held inside a TFSA. However, there are situations when taxes may be payable from TFSA contributions. If you over-contribute to your TFSA, there is a one percent per month penalty tax for each dollar above your contribution limit. You are required to complete and file Form RC243, Tax-Free Savings Account (TFSA) Return, and Form RC243-SCH-A, Schedule A – Excess TFSA Amounts by June 30 of the following year."

     

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