TFSA Overcontributions: A Costly Mistake
Overcontributing to your TFSA can lead to significant penalties, and understanding how to avoid this trap is crucial for all account holders.
Overcontributing to your TFSA can lead to significant penalties, and understanding how to avoid this trap is crucial for all account holders.
Ensuring that your receipts meet CRA standards is crucial to avoid potential issues during an audit.
The Canadian government has announced a significant measure aimed at putting more money in your pocket – a two-month Goods and Services Tax (GST)/Harmonized Sales Tax (HST) break on qualifying essentials.
You already have an accountant, but no one has revisited your situation after changes
Your corporate structure hasn’t been reviewed in years
You have cross-border income, residency questions, or foreign reporting
Real estate transactions were treated as routine filings
You’re unsure what’s already locked in vs. what can still be planned
You want confidence that your tax position will stand up to scrutiny during CRA Audit
Most tax work starts when the return is being prepared. Our work starts earlier, so decisions don’t get made by default.
A focused review of your current tax position (what you’re doing today)
Clear explanation of risk areas, grey zones, and defensibility
Identification of planning opportunities that still exist before filing
A practical action plan: what to change now, what to document, what to keep
Reassurance: If you already have an accountant, we can provide a standalone review and you can decide how you want to proceed.
Clarity on how your position is likely to be viewed
Confidence in what you’re filing (and why)
A plan that’s realistic before deadlines
Fewer surprises from CRA questions later
A focused review of your current tax position (what you’re doing today)
1) Request a review
Tell us what you’re dealing with (2 minutes).
2) We confirm fit + scope
You’ll know what we’re reviewing and what you’ll receive.
3) Review + clarity call
We explain what’s defensible, what’s assumed, and what options still exist.
4) Next steps
You decide whether you want a one-time review, filing support, or ongoing advisory.
No. Many clients engage us specifically for an independent review or pre-filing planning conversation while continuing to work with their existing accountant. Our role can be advisory, supplemental, or limited in scope, depending on what you need. You remain in control of how the work is used and who ultimately prepares and files the return.
That is very common. In many cases, there is still value in reviewing positions, assumptions, and documentation before the return is finalized and filed. Our focus is on identifying what is already determined, what can still be adjusted, and what should be clearly documented to support the filing position.
No. We work with a range of clients, including incorporated business owners, professional practices, family enterprises, and high-net-worth individuals. The common factor is not size, but complexity—situations where routine compliance alone does not provide sufficient clarity or confidence.
Tax preparation focuses on completing and filing returns based on information provided. A pre-filing review focuses on understanding the underlying facts, evaluating how positions are being taken, and assessing whether those positions are appropriate and defensible before the return is filed. In many cases, this review informs how the return should ultimately be prepared.
Following the review, we summarize our observations and outline practical next steps. This may include recommendations for adjustments before filing, documentation to support certain positions, or areas where further planning may be appropriate. You can then decide whether to implement these steps with your existing accountant, with our support, or through ongoing advisory services.
Yes. We regularly assist clients in understanding CRA correspondence, reviewing the underlying issues, and preparing appropriate responses. Where relevant, we can also help assess whether the positions taken are likely to withstand scrutiny and what steps can be taken to reduce risk going forward.
Yes. After confirming the scope of the review, we provide clear pricing for the work being performed. We focus on defined, practical engagements rather than open-ended arrangements, so clients understand what to expect.
It can be either. Some clients engage us for a one-time pre-filing review, while others continue with ongoing planning or advisory support as their situation evolves. The structure of the engagement is based on your needs, not a preset package.
We are a Toronto-based CPA firm serving Toronto, North York, and the Greater Toronto Area. We also work with clients outside the region where the engagement is well-suited to remote collaboration, particularly for cross-border and planning-focused work.
By partnering with SAV Associates, you gain access to a team of experts dedicated to ensuring your business’s financial health and compliance, allowing you to focus on achieving your business objectives.