CRA Publishes 2009 Tax-Free Savings Account Guide

The Canada Revenue Agency (CRA) has published its 2009 Tax-Free Savings Account (TFSA) Guide for Issuers.

Part I of the Guide contains information on how to file the TFSA annual information return by Internet. The return includes the TFSA individual record and the TFSA return summary. Also included are details on the failure to file a return and the interest and penalties that may be applied.

Part II of the Guide contains general TFSA information, such as general legislative information and the rules for beneficiaries of deceased TFSA holders. It also provides information on when to file a T4A or NR4 slip. In this section the CRA also explains the tax implications when the TFSA holds a non-qualified investment, when an advantage is extended, when there are excess contributions and when a non-resident holder makes contributions.