TORONTO, June 25 /CNW/ - The Ministry of Finance just announced plans to waive taxes for some Canadians who over contributed to their Tax Free Savings Accounts (TFSA) for the 2009 filing year.
Canada Revenue Agency sent letters to thousands of people this month, stating they owed one per cent tax on over-contributions made to their TFSAs in 2009. Today, the Ministry of Finance announced they will waive the excess taxes on a case-by-case basis where appropriate.
"We are happy about the government's decision to waive the TFSA over contribution taxes for last year for those Canadians who genuinely misunderstood the rules," said Peter Aceto, President & CEO of ING DIRECT Canada. "The government has taken a positive first step in helping people unaware of the intricacies of this new savings vehicle. To support this, ING DIRECT is continuing our work to educate Canadians about the benefits and rules associated with TFSAs both online and over the phone 24/7."
ING DIRECT encourages clients to visit ingdirect.ca/en/aboutus/faq to learn more about the TFSA or to call 1-800-464-3473 to speak with a representative.
About ING DIRECT
ING DIRECT is Canada's leading direct bank with over 1.6 million Clients and more than $29 billion in total assets. ING DIRECT gives the power of saving to all Canadians by offering high-value, simple products such as high interest savings accounts with no fees or service charges, and low rates on mortgages. Low cost, index based mutual funds are sold through ING Direct Funds Limited. ING DIRECT has been operating in Canada since 1997, and has paid more than $4 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3473).
Follow Peter Aceto on Twitter at: Twitter.com/CEO_INGDIRECT
And find ING DIRECT at: Facebook.com/SuperStarSaver;
Style note to Editors: ING DIRECT is always capitalized and never referred to as ING.
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