CRA sent me a TFSA excess letter. What does it mean?
It comes after banks report, usually the next year: an educational letter or a notice of assessment with the tax. $6,000 over for 4 months is $240.
Tax CRA assesses
$240
See how
Deposited twice in February$6,000
Over, February to May4 months
1% a month on the highest excess$240
The figures are built from what your banks reported, month by month. A transfer reported as a withdrawal and a new deposit is a common reason a figure looks wrong.
If you disagree with a notice of assessment, you can object within 90 days of its date. If the figure is right but the excess was an error you corrected, you can ask CRA to waive or cancel the tax instead.
Contribution Room states the same month-by-month figures from your entries, to read beside CRA’s. CRA’s record is the one that counts.
Sources
Checked against the CRA’s pages on .