小心,Tax-Free Savings Account (TFSA)有陷阱！
- 主题发起人 xujie
- 开始时间
If you put $5K in the TFSA in 2009, and withdrawed $4000 in the same year. You can put back this $4000 again, however you have to wait till the next Calendar year, i.e. in 2010, your contribution room can be $5000+$4000.
I guess your problem is that you put back the money again in 2009...though your balance in the account in 2009 never over $5000...
I guess your problem is that you put back the money again in 2009...though your balance in the account in 2009 never over $5000...
领会一下文件的精神 -
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/wthdrwls-eng.html
Example 1
In 2009, Sarah contributed $5,000 to her TFSA. In 2010, she makes another $5,000 contribution to her TFSA. Later that year, she withdraws $3,000 for a trip to Europe. Unfortunately, her plans change and she cannot go. Since Sarah already contributed the maximum to her TFSA earlier in the year, she has no TFSA contribution room left. If she wishes to re-contribute part or all of the $3,000, she will have to wait until the beginning of 2011 to do so. If she re-contributes before 2011, she will have an excess amount in her TFSA and will be charged a monthly tax of 1% on the highest excess TFSA amount for each month that an excess exists in the account.
政府文件原件：
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/glssry-eng.html#Qualifyingtransfer
Definitions for TFSA
Advantage
An advantage is defined as any benefit, loan, or debt that depends on the existence of the TFSA. If an advantage in relation to a TFSA is extended to any person who is, or who does not deal at arm’s length with, the holder of the TFSA, there are tax consequences. Exceptions include TFSA distributions, administrative or investment services in connection with a TFSA, loans and debt on arm’s-length terms, and payments or allocations to a TFSA by the issuer, such as reasonable payments of bonus interest. The amount of tax payable is:
in the case of a benefit, the fair market value (FMV) of the benefit; and
in the case of a loan or debt, the amount of the loan or debt.
An advantage may also include any increase in the value of the TFSA that can reasonably be considered to be attributable, directly or indirectly, to:
a transaction or event (or a series of transactions or events) that does not reflect commercial terms and whose main purpose is to enable the holder (or another person or partnership) to benefit from the tax-exempt status of the TFSA; or
a payment received in substitution for either a payment for services rendered by the holder or non arm’s length person, or a payment of a return on investment or proceeds of disposition in respect of property held outside of the TFSA by the holder or non-arm’s length person.
Under proposed changes announced on October 16, 2009, for transactions after that date, an “advantage” will also include any earnings or gains reasonably attributable to deliberate excess contributions, prohibited investments and asset transfer (swap) transactions.
Arm's length
At arm's length is a concept describing a relationship in which the parties are acting independently of each other. The opposite not at arm's length, includes individuals:
related to each other by blood, marriage, adoption, and common-law relationships.
acting in concert without special interests, such as those with close business ties.
An individual is not at arm's length with their TFSA. For more information, see Interpretation Bulletin IT419R2, Meaning of Arm's Length.
Common-law partner
A person who is not the holder’s spouse, with whom the holder is living in a conjugal relationship, and to whom at least one of the following situations applies. He or she:
a) has been living with the holder in such a relationship for at least 12 continuous months;
b) is the parent of the holder’s child by birth or adoption; or
c) has custody and control of the holder’s child (or had custody and control immediately before the child turned 19 years of age) and the child is wholly dependent on that person for support.
In addition, an individual immediately becomes the holder’s common law partner if they previously lived together in a conjugal relationship for at least 12 continuous months and they have resumed living together in such a relationship. Under proposed changes, this condition will no longer exist. The effect of this proposed change is that a person (other than a person described in b) or c) above) will be a common law partner only after the current relationship with that person has lasted at least 12 continuous months. This proposed change will apply to 2001 and later years.
Reference to “12 continuous months” in this definition includes any period that they were separated for less than 90 days because of a breakdown in the relationship.
Excess TFSA amount
The total of all contributions made by the holder to all their TFSAs at a particular time in the calendar year, excluding a qualifying transfer or an exempt contribution
MINUS
the unused TFSA contribution room at the end of the preceding calendar year;
the total of all withdrawals made under the holder's TFSA in the preceding calendar year, other than a qualifying transfer;
for a resident of Canada at any time in the year, the TFSA dollar limit for the calendar year; for any other case, nil; and
the total of all withdrawals made in the calendar year under all TFSAs of the holder, other than a qualifying transfer or withdrawals that are more than the excess TFSA amount determined at that time.
Exempt contribution
A contribution made during the rollover period and designated as exempt by the survivor in prescribed form in connection with a payment received from the deceased holder's TFSA.
Exempt period
Period that begins when the holder dies and that ends at the end of the end of the first calendar year that begins after the holder's death, or when the trust ceases to exist, if earlier.
Fair Market Value (FMV)
This is usually the highest dollar value you can get for property in an open and unrestricted market between a willing buyer and a willing seller who are acting independently of each other. For information on the valuation of securities of closely-held corporations, see Information Circular IC89-3, Policy Statement on Business Equity Valuation.
Holder
The individual who entered into the arrangement, and after their death, the individual's surviving spouse or common-law partner if designated as the successor holder of the TFSA. A successor holder designation is effective only where TFSA beneficiary designation is permitted under applicable provincial and territorial law and only if the survivor acquired all of the deceased holder’s rights under the TFSA including the right to revoke any previous beneficiary designation.
Issuer
A trust company, a licensed annuities provider, a person who is, or is eligible to become, a member of the Canadian Payments Association or a credit union with which an individual has a qualifying arrangement.
Non-qualified investment
Property that is not a qualified investment for the trust.
Prohibited investment
This is an investment to which the TFSA holder is closely connected. It includes:
a debt of the holder;
a debt or equity investment in an entity in which the holder has a significant interest (generally a 10% or greater interest); and
a debt or equity investment in an entity with which the holder, or an entity described in the previous bullet, does not deal at arm's length.
A prohibited investment does not include a mortgage loan that is insured by the Canada Mortgage and Housing Corporation (CMHC) or by an approved private insurer.
Qualified donee
The Income Tax Act permits qualified donees to issue official tax receipts for donations they receive from individuals or corporations. Some examples of qualified donees are registered charities, Canadian municipalities, registered Canadian amateur athletic associations, the United Nations or one of their agencies, or a university outside Canada that accepts Canadian students.
Qualified investment
Common types of qualified investments includes: money, Guaranteed Investment Certificates (GICs),government and corporate bonds, mutual funds, and securities listed on a designated stock exchange. The types of investments that qualify for TFSAs are generally similar to those that qualify for registered retirement savings plans (RRSPs).
Qualifying arrangement
An arrangement that is entered into after 2008 between an issuer and an individual (other than a trust) who is at least 18 years of age, that is:
an arrangement in trust with an issuer that is authorized in Canada to offer to the public its services as a trustee;
an annuity contract with an issuer that is a licensed annuities provider; or
a deposit with an issuer that is a person who is a member, or is eligible to be a member, of the Canadian Payments Association, or a credit union that is a shareholder or member of a "central" for the purposes of the Canadian Payments Act.
Qualifying transfer
A direct transfer between a holder’s TFSAs, or a direct transfer between a holder’s TFSA and the TFSA of their current or former spouse or common-law partner if the transfer relates to payments under a decree, order, or judgment of a court, or under a written agreement relating to a division of property in settlement of rights arising from the breakdown of their relationship and they are living separate and apart at the time of the transfer.
Qualifying portion of a withdrawal
That portion of a withdrawal from a TFSA (excluding a qualifying transfer or an exempt contribution), made in the year, which was required to reduce or eliminate an excess amount previously determined.
Rollover period
The period that begins when the holder dies and ends at the end of the calendar year following the year of death.
Spouse
An individual has a spouse when he or she is legally married.
Survivor
An individual who is, immediately before the TFSA holder's death, a spouse or common-law partner of the holder.
Survivor payment
A payment received by a survivor during the rollover period, as a consequence of the holder’s death, directly or indirectly out of or under an arrangement that ceased, because of the holder’s death, to be a TFSA.
Unused TFSA contribution room
The amount, either positive or negative, at the end of a particular calendar year after 2008, determined by the holder's unused TFSA contribution room at the end of the year preceding the particular year
PLUS
the total amount of all withdrawals made under the holder's TFSA in the preceding calendar year, other than a qualifying transfer;
the TFSA dollar limit for the particular year if, at some point in that year, the individual is at least 18 years old and a resident of Canada. In all other cases, the amount is nil.
MINUS
the total of all TFSA contributions made by the holder in the particular year excluding a qualifying transfer or an exempt contribution.
Under proposed changes announced on October 16, 2009, certain withdrawals made in the previous year may not be added back in the following year, after that date. The exclusion in the first bullet above also applies (after that date) to:
withdrawals of amounts included in the definition of "advantage",
amounts upon which income tax was required to be paid by the TFSA trust; and
any other income related to those amounts.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/wthdrwls-eng.html
Example 1
In 2009, Sarah contributed $5,000 to her TFSA. In 2010, she makes another $5,000 contribution to her TFSA. Later that year, she withdraws $3,000 for a trip to Europe. Unfortunately, her plans change and she cannot go. Since Sarah already contributed the maximum to her TFSA earlier in the year, she has no TFSA contribution room left. If she wishes to re-contribute part or all of the $3,000, she will have to wait until the beginning of 2011 to do so. If she re-contributes before 2011, she will have an excess amount in her TFSA and will be charged a monthly tax of 1% on the highest excess TFSA amount for each month that an excess exists in the account.
政府文件原件：
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/glssry-eng.html#Qualifyingtransfer
Definitions for TFSA
Advantage
An advantage is defined as any benefit, loan, or debt that depends on the existence of the TFSA. If an advantage in relation to a TFSA is extended to any person who is, or who does not deal at arm’s length with, the holder of the TFSA, there are tax consequences. Exceptions include TFSA distributions, administrative or investment services in connection with a TFSA, loans and debt on arm’s-length terms, and payments or allocations to a TFSA by the issuer, such as reasonable payments of bonus interest. The amount of tax payable is:
in the case of a benefit, the fair market value (FMV) of the benefit; and
in the case of a loan or debt, the amount of the loan or debt.
An advantage may also include any increase in the value of the TFSA that can reasonably be considered to be attributable, directly or indirectly, to:
a transaction or event (or a series of transactions or events) that does not reflect commercial terms and whose main purpose is to enable the holder (or another person or partnership) to benefit from the tax-exempt status of the TFSA; or
a payment received in substitution for either a payment for services rendered by the holder or non arm’s length person, or a payment of a return on investment or proceeds of disposition in respect of property held outside of the TFSA by the holder or non-arm’s length person.
Under proposed changes announced on October 16, 2009, for transactions after that date, an “advantage” will also include any earnings or gains reasonably attributable to deliberate excess contributions, prohibited investments and asset transfer (swap) transactions.
Arm's length
At arm's length is a concept describing a relationship in which the parties are acting independently of each other. The opposite not at arm's length, includes individuals:
related to each other by blood, marriage, adoption, and common-law relationships.
acting in concert without special interests, such as those with close business ties.
An individual is not at arm's length with their TFSA. For more information, see Interpretation Bulletin IT419R2, Meaning of Arm's Length.
Common-law partner
A person who is not the holder’s spouse, with whom the holder is living in a conjugal relationship, and to whom at least one of the following situations applies. He or she:
a) has been living with the holder in such a relationship for at least 12 continuous months;
b) is the parent of the holder’s child by birth or adoption; or
c) has custody and control of the holder’s child (or had custody and control immediately before the child turned 19 years of age) and the child is wholly dependent on that person for support.
In addition, an individual immediately becomes the holder’s common law partner if they previously lived together in a conjugal relationship for at least 12 continuous months and they have resumed living together in such a relationship. Under proposed changes, this condition will no longer exist. The effect of this proposed change is that a person (other than a person described in b) or c) above) will be a common law partner only after the current relationship with that person has lasted at least 12 continuous months. This proposed change will apply to 2001 and later years.
Reference to “12 continuous months” in this definition includes any period that they were separated for less than 90 days because of a breakdown in the relationship.
Excess TFSA amount
The total of all contributions made by the holder to all their TFSAs at a particular time in the calendar year, excluding a qualifying transfer or an exempt contribution
MINUS
the unused TFSA contribution room at the end of the preceding calendar year;
the total of all withdrawals made under the holder's TFSA in the preceding calendar year, other than a qualifying transfer;
for a resident of Canada at any time in the year, the TFSA dollar limit for the calendar year; for any other case, nil; and
the total of all withdrawals made in the calendar year under all TFSAs of the holder, other than a qualifying transfer or withdrawals that are more than the excess TFSA amount determined at that time.
Exempt contribution
A contribution made during the rollover period and designated as exempt by the survivor in prescribed form in connection with a payment received from the deceased holder's TFSA.
Exempt period
Period that begins when the holder dies and that ends at the end of the end of the first calendar year that begins after the holder's death, or when the trust ceases to exist, if earlier.
Fair Market Value (FMV)
This is usually the highest dollar value you can get for property in an open and unrestricted market between a willing buyer and a willing seller who are acting independently of each other. For information on the valuation of securities of closely-held corporations, see Information Circular IC89-3, Policy Statement on Business Equity Valuation.
Holder
The individual who entered into the arrangement, and after their death, the individual's surviving spouse or common-law partner if designated as the successor holder of the TFSA. A successor holder designation is effective only where TFSA beneficiary designation is permitted under applicable provincial and territorial law and only if the survivor acquired all of the deceased holder’s rights under the TFSA including the right to revoke any previous beneficiary designation.
Issuer
A trust company, a licensed annuities provider, a person who is, or is eligible to become, a member of the Canadian Payments Association or a credit union with which an individual has a qualifying arrangement.
Non-qualified investment
Property that is not a qualified investment for the trust.
Prohibited investment
This is an investment to which the TFSA holder is closely connected. It includes:
a debt of the holder;
a debt or equity investment in an entity in which the holder has a significant interest (generally a 10% or greater interest); and
a debt or equity investment in an entity with which the holder, or an entity described in the previous bullet, does not deal at arm's length.
A prohibited investment does not include a mortgage loan that is insured by the Canada Mortgage and Housing Corporation (CMHC) or by an approved private insurer.
Qualified donee
The Income Tax Act permits qualified donees to issue official tax receipts for donations they receive from individuals or corporations. Some examples of qualified donees are registered charities, Canadian municipalities, registered Canadian amateur athletic associations, the United Nations or one of their agencies, or a university outside Canada that accepts Canadian students.
Qualified investment
Common types of qualified investments includes: money, Guaranteed Investment Certificates (GICs),government and corporate bonds, mutual funds, and securities listed on a designated stock exchange. The types of investments that qualify for TFSAs are generally similar to those that qualify for registered retirement savings plans (RRSPs).
Qualifying arrangement
An arrangement that is entered into after 2008 between an issuer and an individual (other than a trust) who is at least 18 years of age, that is:
an arrangement in trust with an issuer that is authorized in Canada to offer to the public its services as a trustee;
an annuity contract with an issuer that is a licensed annuities provider; or
a deposit with an issuer that is a person who is a member, or is eligible to be a member, of the Canadian Payments Association, or a credit union that is a shareholder or member of a "central" for the purposes of the Canadian Payments Act.
Qualifying transfer
A direct transfer between a holder’s TFSAs, or a direct transfer between a holder’s TFSA and the TFSA of their current or former spouse or common-law partner if the transfer relates to payments under a decree, order, or judgment of a court, or under a written agreement relating to a division of property in settlement of rights arising from the breakdown of their relationship and they are living separate and apart at the time of the transfer.
Qualifying portion of a withdrawal
That portion of a withdrawal from a TFSA (excluding a qualifying transfer or an exempt contribution), made in the year, which was required to reduce or eliminate an excess amount previously determined.
Rollover period
The period that begins when the holder dies and ends at the end of the calendar year following the year of death.
Spouse
An individual has a spouse when he or she is legally married.
Survivor
An individual who is, immediately before the TFSA holder's death, a spouse or common-law partner of the holder.
Survivor payment
A payment received by a survivor during the rollover period, as a consequence of the holder’s death, directly or indirectly out of or under an arrangement that ceased, because of the holder’s death, to be a TFSA.
Unused TFSA contribution room
The amount, either positive or negative, at the end of a particular calendar year after 2008, determined by the holder's unused TFSA contribution room at the end of the year preceding the particular year
PLUS
the total amount of all withdrawals made under the holder's TFSA in the preceding calendar year, other than a qualifying transfer;
the TFSA dollar limit for the particular year if, at some point in that year, the individual is at least 18 years old and a resident of Canada. In all other cases, the amount is nil.
MINUS
the total of all TFSA contributions made by the holder in the particular year excluding a qualifying transfer or an exempt contribution.
Under proposed changes announced on October 16, 2009, certain withdrawals made in the previous year may not be added back in the following year, after that date. The exclusion in the first bullet above also applies (after that date) to:
withdrawals of amounts included in the definition of "advantage",
amounts upon which income tax was required to be paid by the TFSA trust; and
any other income related to those amounts.
http://www.cra-arc.gc.ca/tx/ndvdls/t...ifyingtransfer
See the link above.
See the paragraph:
Excess TFSA amountThe total of all contributions made by the holder to all their TFSAs at a particular time in the calendar year, excluding a qualifying transfer or an exempt contribution
MINUS
See the link above.
See the paragraph:
Excess TFSA amountThe total of all contributions made by the holder to all their TFSAs at a particular time in the calendar year, excluding a qualifying transfer or an exempt contribution
MINUS
- the unused TFSA contribution room at the end of the preceding calendar year;
- the total of all withdrawals made under the holder's TFSA in the preceding calendar year, other than a qualifying transfer;
- for a resident of Canada at any time in the year, the TFSA dollar limit for the calendar year; for any other case, nil; and
- the total of all withdrawals made in the calendar year under all TFSAs of the holder, other than a qualifying transfer or withdrawals that are more than the excess TFSA amount determined at that time.
