TFSA/Royal Bank/ CRA problem.
TFSA/Royal Bank/ CRA problem.
Royal Bank bought Ally bank in 2013 and does not know how to report correctly to CRA transfer of my TFSA account. I withdrawn money from Royal bank and deposited again next year in another bank according to contribution’s limit. I got a letter from CRA about over contribution. Royal bank does not have a clue how to correct it, CRA does not respond to my letter. What should I do?
Re: TFSA/Royal Bank/ CRA problem.
OK, so according to CRA's records you have over-contributed. It sounds like you think that the CRA's records are wrong, and you think it must be because Royal did not report a withdrawal. Have you compared your records to the figures that CRA maintains for you in your "TFSA transaction summary" report? If not, then download it from CRA's MyAccount or ask a CRA rep to send you a copy. Then you can identify what transactions, if any, are missing or have not been reported correctly.dor111 wrote: ↑28 Jul 2017 21:16 Royal Bank bought Ally bank in 2013 and does not know how to report correctly to CRA transfer of my TFSA account. I withdrawn money from Royal bank and deposited again next year in another bank according to contribution’s limit. I got a letter from CRA about over contribution.
Re: TFSA/Royal Bank/ CRA problem.
Which one is it:dor111 wrote: ↑28 Jul 2017 21:16 Royal Bank bought Ally bank in 2013 and does not know how to report correctly to CRA transfer of my TFSA account. I withdrawn money from Royal bank and deposited again next year in another bank according to contribution’s limit. I got a letter from CRA about over contribution. Royal bank does not have a clue how to correct it, CRA does not respond to my letter. What should I do?
1. did you withdraw money from your TFSA and deposited it next year in another bank, or
2. did you transfer TFSA to TFSA?
I second David's suggestion to compare the information from CRA My Account with your own records, and identify any discrepancies.
FWIW, I had a freshly purchased 5 year GIC TFSA at Ally when it was bought by RBC, no effect on contribution limit, and there was nothing to report to CRA because of RBC buying Ally.The GIC is scheduled to mature in November this year, when I intend to cash it and re-contribute next year to my TDW TFSA.
I also had a few cents in a TFSA savings account at Ally, which they returned to the original non-registered linked account; that transaction was reported correctly to the CRA.
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Re: TFSA/Royal Bank/ CRA problem.
To DavidR
Thanks for your reply. Here is more information.
I have checked the records: summary and individual records submitted by financial institutions on CRA website. All records from RB are marked as processed, but the withdrawal is not shown in the summary. CRA explained to me that all records from Royal Bank are rejected because the transfer was not recorded correctly. I asked CRA to send me a letter to present to Royal Bank what exactly is not recorded correctly, but after 6 weeks there is still not answer. Royal Bank does not know how to fix the problem. I am stuck between these two organizations.
Thanks for your reply. Here is more information.
I have checked the records: summary and individual records submitted by financial institutions on CRA website. All records from RB are marked as processed, but the withdrawal is not shown in the summary. CRA explained to me that all records from Royal Bank are rejected because the transfer was not recorded correctly. I asked CRA to send me a letter to present to Royal Bank what exactly is not recorded correctly, but after 6 weeks there is still not answer. Royal Bank does not know how to fix the problem. I am stuck between these two organizations.
Re: TFSA/Royal Bank/ CRA problem.
Thank you Adrian.adrian2 wrote: ↑29 Jul 2017 10:17 Which one is it:
1. did you withdraw money from your TFSA and deposited it next year in another bank, or
2. did you transfer TFSA to TFSA?
I second David's suggestion to compare the information from CRA My Account with your own records, and identify any discrepancies.
FWIW, I had a freshly purchased 5 year GIC TFSA at Ally when it was bought by RBC, no effect on contribution limit, and there was nothing to report to CRA because of RBC buying Ally.The GIC is scheduled to mature in November this year, when I intend to cash it and re-contribute next year to my TDW TFSA.
I also had a few cents in a TFSA savings account at Ally, which they returned to the original non-registered linked account; that transaction was reported correctly to the CRA.
I invested my money with Ally bank in 2010, in 2013 RB took over Ally Bank, I withdrew my TFSA in 2015 and deposited the same amount of money following year with another bank.
If your GIC is to mature in this November you will not see any problem until next year. CRA marks records as “processed” even when they are rejected. This is a problem in my case. If you check your records on CRA website for 2013 and you don’t see transfer out records from Ally (Resmor Trust Company) you may have the same problem as mine.
Re: TFSA/Royal Bank/ CRA problem.
If you didn't withdrawal anything from your TFSA I have difficulty understanding the CRA. When RBC bought Resmor Trust they would simply assigned and transferred all of the Resmor accounts to RBC. None of the registered accounts would have been de-registered . If the above is the situation and CRA isn't responding you could file a notice of objection and let the review process sort out this situation.