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TFSA reporting to cra from Hubert
March 11, 2019
7:50 am
christinad
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My hubert tfsa transactions still aren't showing up in myaccount. Has anyone else had this problem? I'm wondering if i should contact them. If the deadline was march 1st it should have shown up by now.

March 11, 2019
8:24 am
Doug
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christinad said
My hubert tfsa transactions still aren't showing up in myaccount. Has anyone else had this problem? I'm wondering if i should contact them. If the deadline was march 1st it should have shown up by now.  

I would give it at least 30 days past the apparent March 1st deadline. Sometimes there's maybe a delay between the time they send the batch file to CRA and CRA's processing and uploading times? As far as I know, missing filing deadlines isn't a fine-able offence - I've had FIs miss the Feb. 28th T5 and Mar. 1st T3 deadlines.

If it doesn't show up by March 31st, I would e-mail Hubert Financial first on April 1st and see what's up.

At any rate, you shouldn't rely on CRA My Account for determining your TFSA contribution room. You should be tracking your TFSA transactions, adding in your contribution room and previous year withdrawals each year, in order to see what you can contribute.

Cheers,
Doug

March 14, 2019
10:21 am
SG
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christinad said
My hubert tfsa transactions still aren't showing up in myaccount. Has anyone else had this problem? I'm wondering if i should contact them. If the deadline was march 1st it should have shown up by now.  

FYI, The Sunova Credit Union TFSA slips (aka Hubert Financial) appeared on my CRA MyAccount this morning. They were the last financial institution to appear for me, but they are there now.

March 14, 2019
6:24 pm
christinad
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Thanks. Yes mine showed up too. When i phoned hubert about it they said they submitted feb 28. It annoys me these banks wait until the last minute. Peoples trust is the only one for me that submitted early. Next year i'll be more careful with tracking.

March 14, 2019
6:59 pm
Doug
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Yeah, I wouldn't rely on the CRA My Account for TFSA Tracking. It's good as a double-check, but if you're tracking every contribution, withdrawal, and transfer, adding in your new contribution limit every year, you should not need it. sf-cool

Cheers,
Doug

March 14, 2019
7:02 pm
SG
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Doug said
Yeah, I wouldn't rely on the CRA My Account for TFSA Tracking. It's good as a double-check, but if you're tracking every contribution, withdrawal, and transfer, adding in your new contribution limit every year, you should not need it. sf-cool

Cheers,
Doug  

It has been 100% accurate for me year after year, so I use it. It also lists every transaction deposit and withdrawal for each financial institution.

March 14, 2019
7:05 pm
Doug
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That's not what I meant, SG. I'm not questioning the accuracy; I'm questioning the timeliness. Sometimes FIs report the TFSA returns late. Also, they can, and do, make mistakes. I worked for an FI (remember?). Common examples were a withdrawal from a TFSA account in error, either bank's error or client's error in unclear instructions given, so would need to be reversed. Other errors included bank correcting the mistake by re-depositing it to the TFSA instead of doing a TFSA withdrawal reversal.

Cheers,
Doug

March 14, 2019
9:46 pm
Denise Milani
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As of today, finally, my TFSAs match my records in “My Account”. But although I have submitted my taxes I am still missing T slips in “My Account”.

We, as consumers and tax payers should expect it all be updated no more than one week after the end of February. We are penalized if we are late. It’s not good or fair.

March 14, 2019
10:55 pm
Doug
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Denise Milani said
As of today, finally, my TFSAs match my records in “My Account”. But although I have submitted my taxes I am still missing T slips in “My Account”.

We, as consumers and tax payers should expect it all be updated no more than one week after the end of February. We are penalized if we are late. It’s not good or fair.  

I see your point, Denise, believe me. It frustrates me, but if they can go right to the deadline (as individuals often do), I guess they have that right. And then CRA takes a week or two uploading these batch files to CRA's My Account tool, so there's that delay as well. We do still have nearly two months to file. And, you're only penalized if you file late and owe taxes. If you're expecting a tax refund or a neutral tax return (i.e., less than $2.00 owing, I believe), then it doesn't affect you.

Cheers,
Doug

March 15, 2019
1:28 am
Loonie
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I think Hubert/Sunova is late (or at least behind schedule) with everything this year. It makes no sense to leave such things to the brink. They were later sending out T5s than last year by a week or two.
Let's hope they fix their problem and do better next year, as doing worse will really get them in trouble.

As for CRA, I don't expect much from them. In my no doubt unpopular view, it's a waste of taxpayer money to set up this "MyAccount" business. People should keep their own records, period.

March 15, 2019
7:13 am
Denise Milani
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Loonie said
I think Hubert/Sunova is late (or at least behind schedule) with everything this year. It makes no sense to leave such things to the brink. They were later sending out T5s than last year by a week or two.
Let's hope they fix their problem and do better next year, as doing worse will really get them in trouble.

As for CRA, I don't expect much from them. In my no doubt unpopular view, it's a waste of taxpayer money to set up this "MyAccount" business. People should keep their own records, period.  

Ha ha. After my last entry I was thinking same. What is the point of it if they can’t give a firm date of being 100% up and ready? It all worked fine pre “My Account” didn’t it? Although was snail mail. Obviously the new electronic way and using the internet seems to be confusing for the Feds. They have problems with their payroll system too.....has taken far to long to fix, patch or replace. I guess our Feds just aren’t into technology the way they we need them to be.

March 15, 2019
7:46 am
SG
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Loonie said

As for CRA, I don't expect much from them. In my no doubt unpopular view, it's a waste of taxpayer money to set up this "MyAccount" business. People should keep their own records, period.  

You got that right about your unpopular view...I love CRA MyAccount, I can pull up slips without having to go dig them out for past years, I can update address, phone number and banking info if need be, I can quickly check RRSP and TFSA records.

However I know we are very different in terms of age. Not everyone is retired and has all the time to keep such in depth and accurate records. I do, but I know for my age group... I am not the norm. I think this service is valuable to some and I'm glad CRA offers it, but if your system works better for you that's great and keep doing what your doing.

As for taxpayer money spent on things it shouldn't be spent on... I'm sure there are things I think we could cut that I am sure you would disagree with. They can't please everyone... 🙂

March 15, 2019
7:55 am
SG
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Doug said
That's not what I meant, SG. I'm not questioning the accuracy; I'm questioning the timeliness. Sometimes FIs report the TFSA returns late. Also, they can, and do, make mistakes. I worked for an FI (remember?). Common examples were a withdrawal from a TFSA account in error, either bank's error or client's error in unclear instructions given, so would need to be reversed. Other errors included bank correcting the mistake by re-depositing it to the TFSA instead of doing a TFSA withdrawal reversal.

Cheers,
Doug  

I don't disagree with you that Financial Institutions and the Government have been known to make mistakes time to time. For that reason I do keep a rough calculation of what I think it should be each year before seeing the slips. However I'm no where near the maximum limit and I'm still working on that as I'm still early in my working career.

I know you used to work for a bank, and I value your contributions, I wasn't trying to disagree with you. I've seen your questions to the banks on Facebook, and other sites (like asking Sunova about owning the old Oakbank CU building) and always learn interesting things from your questions. (but I'm getting off topic).

My user name on RFD is ShawGuy (that's why I'm SG here) lol.

Have a great day

March 15, 2019
8:03 am
Top It Up
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I noticed a couple of weeks ago that the total value to date that my TFSA FI submits to CRA is absolutely meaningless. The good news is the FI statement value to 31 December 2018 matches my Quicken account value to the penny, and that's all that matters to me.

March 15, 2019
2:18 pm
Loonie
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Y'all can do it however you like, of course.
However, in my opinion, for TFSAs in particular, it's vital to keep your own accurate records. This is especially true if you make withdrawals.
You can start these things when you're 18, and keep them going for the rest of your life. That's an awful lot of years. I don't consider it at all inconceivable that, somewhere down that long road, CRA's accounting might be wrong or they might get hacked or whatever. (Just look at their pathetic payroll system!) The clue to getting it right may lay 20 years back.

For me, as someone who is retired and hasn't done withdrawals and may never do any, the bookkeeping is so simple that it takes about 3 minutes per year. Deposit X dollars on such and such a day into such and such FI in such and such investment; write it down. Net year, repeat. When an investment comes due or is redeemed, about once a year, either reinvest or transfer; write it down. I think that where people get into trouble is when they make withdrawals and then more contributions and haven't kept good track or don't understand the rules.
I'm no longer making RSP contributions, so nothing to keep track of there.

March 17, 2019
5:34 pm
ValueTime
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Like Loonie I too am retired, RSP is drained but I can max out TFSA. I have made withdrawals but only because the FI rates were not competitive so near year end I took it all out then put it back into another FI a week or two later.
I've kept records and as someone mentioned above the CRA can mess up BIG!
Not my problem.

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