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 T1 0vp 2013

T1 Ovp E 2013-2025 Form

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we had a pretty noteworthy case come out of tax court this year on rsp over contributions i want to point this case out because the penalties were not small this taxpayer was hit with a thousand and forty dollars plus some penalties in o4 and a thousand and ninety nine dollars in penalty tax plus some additional penalties penalties in o5 the taxpayer used as sort of a compassionate plea argument that she was unemployed uh had neglected the fact that our rrsps were in an over-contribution position and had hoped for administrative relief from canada revenue agency the tax court upheld these penalties and said if cra were to offer administrative relief which they're somewhat expected to do but only when the taxpayer has made reasonable steps to remove those rsps from their rsp account or at least minimize the overcontribution position being unemployed with sort of hopes of some compassionate ruling from cra not going to work for in this case okay so let's look at this pena

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