CRA looks to collect $75M over improperly used TFSAs.

The CRA said that while most Canadians are using their tax-free savings accounts, or TFSAs, properly, “there are a small number of wealthy individuals using these accounts in aggressive tax planning.”

The agency is looking to collect more than $75 million in taxes from Canadians who may be running afoul of the tax-free savings account rules.

-