TFSA GIC Matured transfer to OAKEN Saving Account Never reported to CRA | Oaken Financial | Discussion forum

dululu said
in 2015 summer I bought a 1 year OAKEN TFSA GIC.
on maturity I transfer the P+I to OAKEN saving Account.
the 2015 TFSA contribution is reported to CRA by OAKEN.
but the 2016 TFSA on Maturity trasnfer P+I to OAKEN Saving Account.(De-register for TFSA) is never reported by OAKEN!

I need buy Stock in year 2017 to transfer money to my brokerage TFSA.

But I am afraid of doing that for the 1% per month penalty.

I called OAKEN a lot of times, they said they have made the changes to CRA, but won't give me any proof.

and 20 days has passed I login to CRA the TFSA withdraw transaction is not dispalyed in my CRA.

therefore the 2016 P+I TFSA withdraw is not included in the 2017 TFSA contribution room.

Is there a way I can notify CRA my self the 2016 TFSA withdraw?
thanks!  

You can always let CRA know but, like any government bureaucracy, they rely only on official numbers & statistics.

My question(s) first off, while you resolve the apparent TFSA contribution/withdrawal error:

* Have you already maxxed out your TFSA at your brokerage account and/or any other TFSA(s)? If not, you may be able simply to contribute to your brokerage account TFSA and not worry about this one until next year.

Also, as far the penalties go, I believe, though am not positively certain, penalties would not be assessed, presumably, approximately 3 months after the deadline for financial institutions to complete their TFSA returns to CRA to make available the previous year's contributions/withdrawals via your "My Account" functionality (end of March).

Also, in light of the sensationalized headlines, as this was more of a concern on TFSA return reporting and correction, could you not have asked this question without capitalizing the financial institution's name or even naming the financial institution?

I'm trying to help you here but your scenario is quite specific and difficult to resolve in a public message board situation.

Really, though, these sort of highly specific customer account reporting problems are not best resolved via any public message board. I realize this may not be the answer you're looking for and I'm often hesitant to defer you to the FI's Complaints Reporting process:

from http://www.oaken.com/customer-.....rocedures/:

Note: to general readers, TFSA return problems are not specific to Oaken Financial nor Home Trust or Home Bank. They are common and widespread across all major regulated Canadian financial institutions, including the bank at which I previously worked, HSBC Bank Canada, and are best resolved through the following typical process:

Step 1 - Contact the branch or, ideally, contact centre of your financial institution

Step 2 - Ask to speak with a manager or supervisor, ideally, at the contact centre of your financial institution as, frankly, the contact centres are better are tracking of customer complaints

Step 3 - Ask to speak with the Office of the President or internal, centralized Customer Relations Office (if different than the internal Ombudsman)

Step 4 - Ask to speak with or file a complaint with their internal Ombudsman

Step 5 - File a complaint with the external Ombudsman for Banking Services and Investments (all federally-regulated banks, credit unions and investment dealers other than TD, RBC or DirectCash Bank) or ADR Chambers (for customers of TD, RBC or DirectCash Bank)

Step 6 - You can, optionally, lodge a grievance with the Financial Consumer Agency of Canada but this is more for "statistical tracking purposes only" as they're limited to ensuring compliance with federal consumer protection regulations and TFSA return errors are outside their scope. They're somewhat "toothless" in this regard.

Step 7 - If still unresolved, file a complaint in federal court.

Hope that helps!

Cheers,
Doug

I just do not understand why I would ever need to contact any financial institution regarding TFSA return problems. Is't my job or my problem?

If CRA's "My Account" will not reflect all TFSA transaction (which actually is the case right now with me), I will do nothing until they will ask me to do something.

Until that time, I simply have all my TFSA transaction copy's ready in case CRA will ask me to provide those copy's.

If CRA will charge me some penalty for any missing TFSA transactions, that they did not received from financial institutions for any reasons, that is not my fault.
As far as I understand, this is not my job to try to correct any missing TFSA records in CRA's "My Account", I do not work for CRA.

TFSA information from CRA:

Your financial institution sent the CRA information about TFSA transactions you made on or before December 31, 2016.
You should compare the TFSA transaction information we have with your own records to ensure that the information we have on record is correct.
Your previous year’s transactions may not have been received or processed by CRA and therefore would not yet be reflected in the amount.
Your TFSA contribution room could change if we process additional information.
Your transactions that were made in 2017 are not included.

Very funny, that CRA says "Your previous year’s transactions may not have been received or processed by CRA and therefore would not yet be reflected in the amount."

TFSA issuers don't have to upload the transactions live.

They have until the end of February to submit the TFSA annual information return with the transactions for the previous year:

Due date

You [the TFSA issuer] have to file the TFSA annual information return by the last day of February following the calendar year to which the TFSA annual information return applies. If the last day of February is a Saturday or Sunday, your TFSA annual information return is due the next business day.

dululu said
…
I hope I can get some proof then I can contribute the $ to my TFSA to buy stocks.

You may already have the proof: The record of the TFSA withdrawal in summer 2016 of the principal and interest from the matured one-year Oaken TFSA GIC.

Because TFSA issuers don't have to upload the TFSA transactions to CRA until end of next February, CRA may not even know about 2017 TFSA contributions and withdrawals until March 2018.

That's probably why CRA allows taxpayers until June 30, 2018 to file the RC243 TFSA Return for reporting any 2017 overcontributions and paying the 1% per month penalty.