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More than 70,000 Canadians received similar letters from the CRA last
week advising them they had gone over the $5,000 contribution limit for
2009 and would have to pay a 1-per-cent penalty tax for each month they
were in an over-contribution position.
CRA spokesman Philippe Brideau said the letter mailed out is not an
official Notice of Assessment. “It is a calculation of tax that may be
payable based on information provided to the CRA by the TFSA holder’s
financial institution,” he said.
Those who received these letters have a few options, Mr. Brideau said.
If they agree with the calculation, they can sign and return the form,
which will be followed up by a Notice of Assessment. If they disagree,
they should call their financial institution to ensure the information
is accurate. They can also contact the CRA for more information, or make
a formal objection by sending in a completed Form T400A, Objection –
Income Tax Act.
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