Hubert TFSA GIC not being reported to CRA? | Hubert Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Hubert TFSA GIC not being reported to CRA?
March 18, 2020
7:22 pm
archangel
Member
Members
Forum Posts: 5
Member Since:
September 25, 2019
sp_UserOfflineSmall Offline

CRA online lists my TFSA as having a large contribution room as Hubert hasn't reported my GIC's valuation to CRA. Well, the monetary value, at least - they did report that I created a TFSA GIC account in 2018 (which I subsequently renewed in 2019). Do GICs have to be cashed out before they show in CRA site? Yes, I know there is a lag, but my 2018 & 2019 contribution rooms are large, says the site, when they should be just the annually increased room, like is shown for prior years, in which I wasn't holding GICs in my TFSA.

Advice? Thanks.

March 19, 2020
7:26 am
Vatox
Member
Members
Forum Posts: 580
Member Since:
October 29, 2017
sp_UserOfflineSmall Offline

TFSA GIC won’t show anything unless it’s a newly created GIC funded from non-TFSA money.

March 19, 2020
7:26 am
2of3aintbad
Member
Members
Forum Posts: 279
Member Since:
February 24, 2015
sp_UserOfflineSmall Offline

Hubert reports as Sunova Credit Union Limited, and I also do not see a slip (or Record information for tax year...) for 2019. Even when I didn't contribute or withdraw, for other financial institutions, the slip shows the year-end value.

So definitely do not go with CRA numbers, even though the Feb deadline has passed.

March 19, 2020
7:39 am
Vatox
Member
Members
Forum Posts: 580
Member Since:
October 29, 2017
sp_UserOfflineSmall Offline

Yes, this is really important, don’t go by the CRA numbers. Keep your own list and just contribute what you know you can.

March 19, 2020
7:49 am
pooreva
Member
Members
Forum Posts: 63
Member Since:
April 2, 2018
sp_UserOfflineSmall Offline

Something is really off with CRA and their tracking of TFSA contributions.
MyAccounts shows:
2020 TFSA contribution room on January 1, 2020: $12,000.68
I did contribute from the day one including 2020.
Based on their 'records' I can just go ahead and add $12k to my TFSA.

I will not do that but am wondering how they come up with this $12k 'room'???
Looking further at the page 'Calculate your TFSA contribution room based on your records' shows CRA has no record for 2019 and 2020 says N/A

March 19, 2020
8:04 am
Londonguy
Member
Members
Forum Posts: 362
Member Since:
May 27, 2016
sp_UserOfflineSmall Offline

pooreva said
Something is really off with CRA and their tracking of TFSA contributions.
MyAccounts shows:
2020 TFSA contribution room on January 1, 2020: $12,000.68
I did contribute from the day one including 2020.
Based on their 'records' I can just go ahead and add $12k to my TFSA.

I will not do that but am wondering how they come up with this $12k 'room'???
Looking further at the page 'Calculate your TFSA contribution room based on your records' shows CRA has no record for 2019 and 2020 says N/A  

I almost got burned by this once too. The CRA MyAccount info for TFSA activity can be out-of-date by as much as a full year, potentially even more if the FI has screwed up, that's why you need to keep your own records.

March 19, 2020
8:20 am
Norman1
Member
Members
Forum Posts: 2903
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

TFSA reporting to CRA is not real-time.

A TFSA issuer doesn't have to send the TFSA transactions for a given year until end of next February. An exception is when the issuer is discontinuing business. Then, it is 30 days after business is discontinued.

So, 2020 TFSA contributions may not even be uploaded to CRA until end of February 2021. Then, there is some time before CRA processes the uploads and updates the MyAccount site.

March 19, 2020
10:37 am
GICinvestor
Member
Members
Forum Posts: 422
Member Since:
April 26, 2019
sp_UserOfflineSmall Offline

My Account, CRA, will show every deposit by date and amount AND every withdrawal by date. It will not show each GIC purchased ie. April 1 2019 you buy a 1 year GIC for $1000 and a 5 year for $2000 so your CRA account will show $3000 under the deposit column dated April 1 2019.

You can contact Hubert and they may say they have proof your deposit was submitted. But there can still be an error. Years ago I had problems with my Outlook Financial TFSA not showing. I waited till the end of March. I was told they had a confirmation of them submitting. I even contacted their VP. I then contacted my MLA and it went to the ministry of finance and received some some info and a bunch of political rhetoric. Then back to the VP......and he arranged to “re submit” and a month later it showed.

So best is to fight to get it to show and make sure you keep impeccable records of FI, date, exact amount to the cent, of all withdrawals and deposits. Include any correspondence that you may need to send to FI for a withdrawal along with any screen prints of and deposit or withdrawal.

March 19, 2020
11:10 am
archangel
Member
Members
Forum Posts: 5
Member Since:
September 25, 2019
sp_UserOfflineSmall Offline

Are you folks seeing your 2019 Hubert (Sunova) for 2019 yet? TFSA GICs show up just fine in Hubert, and I note nothing wrong with them (I keep impeccable records - Excel is my overlord), but they simply do not (yet) show up @ CRA.

Thoughts...
Dec 2017: I withdraw $ from another FI, in order to circumvent $50 transfer fee.
Dec 2017: I created HF TFSA GIC account.
Jan 2018: I deposit money into said HF TFSA GIC.
Jan 2019: HF TFSA GIC renewed, and another created for new amount allowed.
...so, I see Jan 2018 notification, in CRA, that HF TFSA GIC was created, but no monetary amount shows. Perhaps, just showing the account creation, as money came in a day(s) later than they report. So, 2019 should show last year's amount deposited, and, perhaps, it's just delayed from HF-to-CRA.

March 19, 2020
12:11 pm
BillieBob
Member
Members
Forum Posts: 35
Member Since:
November 6, 2018
sp_UserOfflineSmall Offline

archangel said
Are you folks seeing your 2019 Hubert (Sunova) for 2019 yet?  

My 2019 Hubert TFSA deposit has yet to be posted to my CRA online account. Same for my spouse.

March 19, 2020
1:55 pm
GICinvestor
Member
Members
Forum Posts: 422
Member Since:
April 26, 2019
sp_UserOfflineSmall Offline

I did not do a TFSA deposit at Hubert for 2019. All of my personal records reflect perfectly to my CRA Transaction Summary as of the end of 2019.

I would first suggest that some one finds what is the cut off date that an FI must submit your contribution(s) and then suggest that you all contact Hubert.

March 19, 2020
4:03 pm
2of3aintbad
Member
Members
Forum Posts: 279
Member Since:
February 24, 2015
sp_UserOfflineSmall Offline

GICinvestor said
I did not do a TFSA deposit at Hubert for 2019. All of my personal records reflect perfectly to my CRA Transaction Summary as of the end of 2019.

I would first suggest that some one finds what is the cut off date that an FI must submit your contribution(s) and then suggest that you all contact Hubert.  

The cut off date has always been the end of February. This is from the CRA site:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html

"Any contributions that are made or withdrawn from a TFSA in the prior year may not be reflected in your available current year contribution room until after the end of February. All issuers have until the last day of February to electronically submit a TFSA record to the CRA for each individual who has a TFSA."

March 20, 2020
6:44 am
BillieBob
Member
Members
Forum Posts: 35
Member Since:
November 6, 2018
sp_UserOfflineSmall Offline

GICinvestor said
I would first suggest that some one finds what is the cut off date that an FI must submit your contribution(s) and then suggest that you all contact Hubert.  

I emailed Hubert this morning to ask for confirmation that 2019 TFSA info had been submitted by them to the CRA. Here is the reply I received:

"I just spoke with our Registered Plans administrator and all T4RIF, T4RSP, NR4, T5 + TFSA files are due by the end of February as mentioned, this year was March 2nd due to the deadline being on a weekend. Files were sent to CRA prior to the deadline. The CRA will hopefully have your account updated as soon as they can."


Please write your comments in the forum.