overcontribution love

overcontribution

Definitions

from Wiktionary, Creative Commons Attribution/Share-Alike License

  • n. A contribution in excess of a standard or expectation.
  • n. Practice of overcontributing.

Etymologies

from Wiktionary, Creative Commons Attribution/Share-Alike License

over- +‎ contribution

Examples

  • 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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  • No mention is made here of the overcontribution danger.

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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.

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  • When the CRA told him last summer he owed $200 because of an overcontribution to a Tax-Free

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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.

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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?"

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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.

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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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  • If you've already maximized your RRSP contributions in 2009, this $22,000 contribution will be considered an overcontribution to your RRSP in this month.

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