Dear Members!
Re: Tax Free Savings Accounts (TFSA)
It has recently come to our attention that due to administrative complications between Concentra Financial (our TFSA Trustee) and Canada Revenue Agency (CRA), there may be possible inaccuracies in the Notices of Assessment that you will receive if you made a contribution to your credit union TFSA. Although this reporting issue will be corrected by approximately mid-April, we recommend that you check your updated corrections sent to you by Canada Revenue Agency in July or August to ensure that it accurately reflects your contributions and/or withdrawals. As a reminder, the 2010 TFSA Contribution Limit is $5,000.00. Your maximum 2010 TFSA Contribution Room is $5,000.00 plus unused 2009 TFSA Contribution Room plus 2009 TFSA withdrawals minus 2009 over-contributions.
Please note that these issues are isolated to reporting only and in no way affect your deposit with us! Should you have any questions regarding this notice or how you can take advantage of saving tax free, please do not hesitate to contact our office.
