Office of the Taxpayers' Ombudsman

Office of the Taxpayers' Ombudsman

August 08, 2011 06:00 ET

Taxpayers' Ombudsman Releases Special Report on the Tax-Free Savings Account

OTTAWA, ONTARIO--(Marketwire - Aug. 8, 2011) - Mr. J. Paul Dubé, Canada's Taxpayers' Ombudsman, today releases his Special Report, "Knowing the Rules," which addresses the confusion that arose over the rules governing the Tax-Free Savings Account (TFSA).

The Ombudsman makes specific recommendations to the Minister of National Revenue for improving the accessibility of information about the TFSA to ensure Canadians receive the highest level of service from the Canada Revenue Agency (CRA). "Canadians rely largely upon the CRA for the information they need to meet their tax obligations and obtain what they are entitled to from their government," said Mr. Dubé. "The CRA should have been more proactive in informing Canadians about the tax consequences of the TFSA."

The TFSA is a flexible, registered, and general purpose savings vehicle that allows Canadians to earn tax-free investment income. The Office of the Taxpayers' Ombudsman received complaints from many Canadians who found the rules regarding withdrawals and over-contributions confusing. Mr. Dubé conducted a review of the CRA's service to, and treatment of, taxpayers with respect to the TFSA.

An independent and impartial officer upholding the service rights in the Taxpayer Bill of Rights, the Ombudsman reviews complaints from taxpayers who feel they have not been treated fairly by the CRA and conducts investigations into emerging and systemic service issues.

More information, including Mr. Dubé's biography, can be found at www.oto-boc.gc.ca.

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