Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun A contribution in excess of a
standard orexpectation . - noun Practice of
overcontributing .
Etymologies
from Wiktionary, Creative Commons Attribution/Share-Alike License
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Examples
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When the CRA told him last summer he owed $200 because of an overcontribution to a Tax-Free
The Globe and Mail - Home RSS feed ROB CARRICK 2011
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Mr. Czerny blamed his confusion on a lack of clarity from Ottawa and the financial industry in explaining TFSA overcontribution rules.
The Globe and Mail - Home RSS feed ROB CARRICK 2011
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No mention is made here of the overcontribution danger.
The Globe and Mail - Home RSS feed ROB CARRICK 2011
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Craigleith, Ont., retiree George Czerny, who successfully appealed to CRA to get his $200 in overcontribution taxes refunded, blames both the federal government and the big banks for his financial headache.
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"Doesn't it make sense to you and your superiors that had we known of the stiff penalties for overcontribution we would not have done it?"
The Globe and Mail - Home RSS feed ROB CARRICK 2011
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CRA's response was to say it would consider providing relief from the overcontribution tax on a case-by-case basis for people who had made a genuine mistake.
The Globe and Mail - Home RSS feed ROB CARRICK 2011
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Mr. Czerny's cheque signals the end phase of last summer's uproar over letters the CRA sent to more than 72,000 people to inform them that, based on information supplied by their financial institutions, they owed tax because of a TFSA overcontribution in 2009.
The Globe and Mail - Home RSS feed ROB CARRICK 2011
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Those who plan to appeal their penalties need to either respond to their CRA letter with an explanation of how their overcontribution was accidental, or wait for their assessment notice and then file either a Request for Taxpayer Relief form or a formal Notice of Objection.
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Of the nearly 4.7 million Canadians who opened a TFSA, some 70,000 received a letter from the CRA telling them they had gone over the $5,000 limit and would have to pay a 1-per-cent penalty tax for each month they were in an overcontribution position.
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Those who plan to appeal their penalties need to either respond to their CRA letter with an explanation of how their overcontribution was accidental, or wait for their assessment notice and then file either a Request for Taxpayer Relief form or a formal Notice of Objection.
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