HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: OT - TFSA
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Re: OT - TFSA

in response to
OT - TFSA
by
Corndog
posted on Aug 02, 2009 05:53AM

Excess contributions

If, at any time in a calendar month, there is an excess TFSA amount in your account, you will be subject to a tax of 1% per month on the highest excess amount, for each month that the excess remains in the account.

So if you put in an extra $3,000 on Aug. 3rd, another $3,000 on the 15th and another $3,000 on the 29th, then my understanding is that you would taxed at 1% of $9,000 for the month. Then in September you purchase another excess $10,000 and you're taxed at 1% of $19,000. I would think has established a limit, but I cannot find it anywhere on their site.

I'm gonna call CRA on Tues. AM to confirm all this, but that's the way I see it.

strato

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