有人申请过 waiver of TFSA over-contribution penalties?

[Andy_N]

Got a letter from CRA saying I have excess amount in 2010 TFSA. After checking with the bank, yes indeed I made a stupid mistake by contributing twice (2X$5000) to TFSA in 2010. But I don't realize the mistake until I got this letter from CRA. I withdraw the excess amount immediately.

Now I have pay $300 for 2010. And I'm expecting another $400 penalty this year (up to the month I withdraw the excess amount right after I got the letter).

Obviously I didn't over contribute on purpose. Besides my own fault, I don't really know whom to blame for taking this long time to be notified. Now I just hope the amount can be waived.

Does anybody ever apply for the waiver?

 

[29181]

I had the penalty for TFSA over-contribution waived last year. You may try fill a form RC4288 with your explanation. (http://www.cra-arc.gc.ca/E/pbg/tf/rc4288/README.html)

My over-contribution, however, was minor (2 days, 2K). In addition, that was the first year of its implementation, and many people was confused by the rules. It might be less convincing for over contributions made in year 2010. In my case, I don't think there was anyone else to blame beside myself for the mistake. All in all, you should have full control of your own money.

Anyway, give it a try. CRA is generally reasonable and considerate. I wish you good luck.