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Duplicate transactions
January 17, 2023
1:08 pm
canadian.100
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Rail Baron said

It's been a wild ride over the past couple of weeks - not something I ever expected to happen with a Canadian bank. But it did get resolved.  

I hate to tell you - but Canadian banks (and FIs) are not created equal. Some operate very well (or at least operate fairly well) while others are duds, due to a variety of reasons. Been there, done that!

January 17, 2023
6:36 pm
Loonie
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I'm glad you got your money settled.
They still owe you in my opinion, and it is essential in rebuilding trust. Let us know how it works out.

I'd be interested to see canadian100's list of duds, of which I have no doubt there are some.

February 2, 2023
10:35 pm
Loonie
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Yesterday I received my annual statement in the mail from Oaken.

In summer of 2022, I had a TFSA GIC with Home Trust mature. I transferred the entire amount out on maturity, and the entire amount arrived promptly at its destination.
However, on this annual statement, dated 31 Dec 2022, this TFSA GIC is listed, and it says its "current value" is over $2,000!
This amount is a total fiction.
I wish their auditors luck!

February 3, 2023
7:46 am
MG
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Loonie said
However, on this annual statement, dated 31 Dec 2022, this TFSA GIC is listed, and it says its "current value" is over $2,000!
This amount is a total fiction.
I wish their auditors luck!  

Hi Loonie, the real issue is whether they will be submitting the incorrect TFSA balances to CRA. CRA may say that you overcontributed and owe a penalty. Sure hope that does not happen. sf-frown

February 3, 2023
8:05 am
Norman1
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Year-end TFSA fair market values are reported to CRA. Those aren't useful for detecting overcontributions as people have TFSA's that are larger than the total TFSA contribution room possible because of investment gains.

February 3, 2023
8:31 am
MG
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Norman1 said
Year-end TFSA fair market values are reported to CRA. Those aren't useful for detecting overcontributions.  

I agree with you Norman, however, the issue is that Oaken may not report the actual transfer of TFSA funds to CRA (since the TFSA is still on their books, so to speak).

February 3, 2023
9:28 am
Norman1
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That's actually not an issue because direct TFSA transfers are not reported to CRA by the TFSA issuers.

February 3, 2023
11:04 am
MG
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Norman1 said
That's actually not an issue because direct TFSA transfers are not reported to CRA by the TFSA issuers.  

Good to know Norman! Thanks!

February 3, 2023
11:04 am
Loonie
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I am not concerned about any reporting to CRA as I believe they are only concerned with deposits and withdrawals.
I plan to ignore this error unless it reappears next year.

But this level of incompetence on the part of Oaken is pathetic - and scary.

February 3, 2023
11:19 am
Norman1
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I'd report it to Oaken as a statement error: The value of the TFSA is off by over $2,000!

There is the possibility that Oaken transferred the TFSA of another Loonie out instead of yours. That happened to me a while back with my RRSP.

RRSP of another client with same name was transferred out instead of mine by mistake. The RRSP issuer kept on asking me every year afterwards for the annual admin fee for the transferred out RRSP. I kept on responding that the RRSP was transferred out years ago.

It was years later before RRSP issuer and I realized what had happened. That's likely when the other Norman noticed that his RRSP had disappeared!

February 3, 2023
12:23 pm
Loonie
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That's quite a story, Norman!
In my case, I know it can't be name duplication.

Anyone who ever actually looked at this statement woud see that it makes no sense.
It shows, all on one line, that the GIC matured on a specific date last summer (accurate) AND that it now holds over $2000. This is not possible. Even if some money were still at Oaken from this GIC TFSA, it would either be in a savings account or a GIC with a different (new) maturity date.

I took another look at it. The amount in question corresponds to the interest earned in the final year of the GIC.
This suggests to me that the interest may have been posted twice, but their statements are so sketchy that I don't know for sure.
This is why I think it belongs in this thread about "Duplicate Transactions".

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