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A tricky rule keeps tripping up thousands of Canadians who make withdrawals from their tax-free savings accounts, and replace the money too early.
Thousands of Canadians received mailed warnings from the taxman this spring about overcontributions to their tax-free savings accounts, suggesting the rules remain unclear four years after the savings vehicles were first introduced.
Ottawa says Canadians will be able to be able to contribute an additional $500 a year on their Tax Free Savings Accounts starting Jan. 1.
Tens of thousands of Canadians have again broken the rules for a popular tax shelter, triggering yet another volley of warning letters from the Canada Revenue Agency.
Nearly half of Canadians are ready to put money away with their Tax-Free Savings Accounts, but a new survey finds that doesn't necessarily mean they're using them.