TFSA holders on the hook for overcontribution tax — even if account is worthless

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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.

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Original Article Source Credits:   Advisor's Edge ,

Article Written By:   Rudy Mezzetta

Original Article Posted on:  June 16, 2021

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