多倫多生活討論區 105 Happy Canada day

下年又開始

how did you get $81,500 contribution room? Did you get that amount from 2022 CRA re-assessment? When did you enter Canada?

You should withdraw all the excess amount immediately or risk a 1% penalty every month. You may have another interest penalty notice coming every month until you withdraw the money.

If 2022 CRA re-assessment made a mistake, call them up and see if they can remove the full or portion of the interest.

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html

At any time in the year, if you contribute more than your available TFSA contribution room you will have to pay a tax equal to 1% of the highest excess TFSA amount in the month, for each month that the excess amount stays in your account. For more information, see Tax payable on excess TFSA amount.

You came in 2003? Did you ask your accountant?
Did you turn 18 on 2009?

yes la... 晨早過咗18啦...

佢係直接將12月個total x 1% 加interest當做penalty...

就算係，佢唔應該當我嘅contribution room 係0囉...

first came 2003, then non resident mid 2018 till mid 2023...

that means your were at least 18 on 2009 and you are at least 33 years old now.
If you contributted the maximum contribution room, you should not be over contributed. Check with CRA first.

thx, am planning to write and call them up tomorrow.
I did calculate the total amount I can contribute from 2009, before putting in money there...

your informtion is a bit confuse.
You just return in 2023 and you were a non-resident between 2018 to 2003 (until you entered again)?
Were you a Canadian citizen anytime before 2018?
I think only a call to CRA can resolve your issue.

citizen since 2003

I hope CRA don't go after your T1 during the time you claimed to be a non resident for tax purposes in Canada.

non resident... Not sure if much they can do with me, as I am really out of the country.

今年年頭先報返稅... 可能that's why 佢以為我係0 contribution room lor...

You were out from 2018 to 2023. That was less than 5 years. CRA can deem you as tax resident of Canada and you have to report world-wide income for all those years. The other things they may look at are did you cut all your ties when you leave, such as driver's licence, OHIP, bank account last T1 etc. etc. My wife has client that she had to file her income from HK for 4 years.

yes, all ties cut, no ohip, no driving licence.

Well, hope they will just correct my contribution room la...

good luck.

thx again... Will call them tomorrow morning and write a follow up letter afterwards...

You may have lost at least certain years when you were non-resident of Canada

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html

The TFSA contribution room will not accumulate for any year during which the individual is a non-resident of Canada throughout the entire year.

got it, thx

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https://youtube.com/shorts/--GfnV6Upmk?si=hbNdIrlb7orQfPDh

究竟多倫多街頭浸臭味喺邊度嚟？
舊區熔熔爛爛多乞衣有味就話啫
downtown嗰頭仲撚臭
今日行Eaton centre對面間無印，地下成層都係臭
臭到就嚟冤

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