Personal Finance

My TFSA balance is $200, and the CRA wants me to pay interest on $5700... wtf

  • Last Updated:
  • Jun 11th, 2012 4:21 pm
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Deal Addict
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Aug 12, 2006
3713 posts
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piggylord wrote: ...
...
And, what's there to understand about stupidity? if you can't understand why 'a handful of Canadians are being so stupid', you may ultimatly belong to that group :D
ouch.
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Feb 5, 2009
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Newmarket
piggylord wrote:
And, what's there to understand about stupidity? if you can't understand why 'a handful of Canadians are being so stupid', you may ultimatly belong to that group :D
lol, good one, just remember you are preaching to a bunch of vultures who found a piece of rotten meat and will not stop until there is nothing else to rip apart ;-). It's what they live for ;-)
Deal Addict
Feb 9, 2005
4169 posts
16 upvotes
qsub wrote: The reason why I'm asking instead of googling it is because it's a PO box meant for the payment..

and I actually already tried to google it prior to asking. I didn't want the phone number.
Send your letter to your local tax office.

http://www.cra-arc.gc.ca/cntct/tso-bsf-eng.html

There are so many offices that the addresses on where to send things like your penalties and returns vary, so even if someone told you what address they were given, chances are it wouldn't match your's.
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Aug 22, 2005
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I shouldn't send a letter in the same envelope I'm sending the cheque?
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Feb 9, 2005
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HBP wrote: I shouldn't send a letter in the same envelope I'm sending the cheque?
I was responding to someone that already had sent the payment and wanted to send a letter now. That said, I have no idea if it's better to include the letter with your payment or not.
Sr. Member
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Aug 3, 2006
874 posts
122 upvotes
HBP wrote: I shouldn't send a letter in the same envelope I'm sending the cheque?
You should do this.

AllWheelDrift wrote: Send your letter to your local tax office.

http://www.cra-arc.gc.ca/cntct/tso-bsf-eng.html

There are so many offices that the addresses on where to send things like your penalties and returns vary, so even if someone told you what address they were given, chances are it wouldn't match your's.
Good point,
Thanks.
Newbie
Jun 8, 2010
35 posts
Gatineau
I just have to thank everyone for sending in a letter to our MP's!

You may get your money back :)

The letters to "CTV" and "Globe and mail" may have helped also.
Member
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Dec 4, 2009
265 posts
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Edmonton
Jim1980 wrote: This would be a great spot for end of thread! :-0
damn it, and what do I have to do with all the Artillery on stand by? i guess i have to wait until I SEE results from CRA, then just put them back in the closet [where they belong]
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Deal Expert
May 30, 2005
44737 posts
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Richmond Hill
Jim1980 wrote: I just have to thank everyone for sending in a letter to our MP's!

You may get your money back :)

The letters to "CTV" and "Globe and mail" may have helped also.
I have to say I'm disappointed CRA has decided to award the small handful of stupid and illiterate Canadians.

The 93% of Canadians who followed the rules should now start sending letters to our MPs stating that we do not want our tax dollars being spent on these people, unless we're somehow recognized for our abilities to read and comprehend.
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Dec 4, 2009
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Edmonton

Coming from a guy whose screen name is Conquistador, which was basically, a paid criminal and plunderer and their kind destroyed few societies in the South America, I find it funny

BTW do you know that Jim Carrey is one of the best payed actors in Hollywood?
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Deal Addict
Feb 9, 2005
4169 posts
16 upvotes
I'm going to write CRA and demand they write me a cheque for actually following the rules.

Anyhow, now people don't have any excuses for next year, though I'm sure the will still be a bunch of people that didn't catch on to what happened this year that will be crying like little babies next year.
Deal Addict
Jan 17, 2006
2125 posts
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Toronto
I am glad CRA gave a break to people who caught up in that despite
well wishers whose brain even shorter than their last name.
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Nov 18, 2005
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is this only for people who have account from 2009..i open mine in on 2011, have not receive any letters from CRA, may be I m OK? I got 2 friend that got charger $800-$1000 for their TFSA...now I m worry about mine too.
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Feb 1, 2005
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farfargurl wrote: is this only for people who have account from 2009..i open mine in on 2011, have not receive any letters from CRA, may be I m OK? I got 2 friend that got charger $800-$1000 for their TFSA...now I m worry about mine too.

Did you put in more than $15,000 in 2011, including all deposits and re-deposits?

If not, then you don't have a problem. The people who are getting letters are people who used the account as a chequebook when it's not designed to be used that way.

If you put in $15,000 on January 2, took out $15,000 on January 3, and put the $10,000 back in on January 4, you'd think you only put in $15,000 (or $10,000) but you actually put in $10,000 + $15,000 = $25,000 which is over what you're allowed to put in for 2011 for brand new TFSA holders over 21.

The amount that you're allowed to put in is here: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... n-eng.html

As long as you're within those limits, you should be OK.

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