By CTV News, July 4, 2017

The Canada Revenue 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.

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.”

“These individuals are putting millions of dollars into TFSAs by manipulating valuations and/or using non-arms length transactions to work around contribution limits,” the CRA said in a statement Tuesday.

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