Dear Minister,
I mistakenly viewed my TFSA account as a regular savings account and were unaware that withdrawals would not be added back to the limit until the following year.
I have been very careful to make sure my TFSA balance is not over $5000 in year 2009. I withdrew some money out when I need it, deposited back so that I could benefit from the tax free saving account.
Today, I received a letter from CRA that my total of the excess TFSA amount is $25,000, and I have to pay $250 for the tax penalty.
The fact is that my account balance didn't get over $5000, and the interest earn from this account was $55.43. I thought I could save money, but now I have to pay $250 tax penalty for my honest mistake.
I plead you to to waive my TFSA overcontribution penalty.
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