Only goverment can think of things like this to screw people up

[smally21]

by 'bank' you mean the evil enslaving overlords.....

[Rod Caster]

by 'bank' you mean the evil enslaving overlords.....

 

Haha. they are nearly as bad as them gubbermint hench men.

The bank is what the bank is, you need money, they charge you for it... So be it. I try to circumvent negotiable charges as best I can... Why not fight if its worth it?

[torco]

I read all the links, looks like I am not the only one got confused by the government. Thanks for the infor. They really need to have all the information available to the public, (I mean outside of the virtual world), the bank should provide the information to the customers, you see not every one have a wife work at the bank.

 

That sucks, I got caught in the first year as well when I initially set it up and my god I am an accountant. But its my fault for not taking the time to read the fine print. The rules are in place for a reason, by charging such a severe penalty they ensure its not palatable to consistently over-contribute and simplifies the process for determining the penalty, after all TFSA can be invested in many different kins of instruments from GICs to stocks.

Its a very useful savings account, wish I had more cash to sock away in it but at this point in my life its more about paying debt and child care expenses.

 

 

Anyways all that said the banks could certainly do a better job of making the information clear and available but really they just want as much of you money as they can get.

[bigbuck]

Now, was it another financial institution that you opened the second account with?? Why?? Also, a call to CRA is in order, you will find the tax man to be understanding sometimes. Your penalty would be 1% of $2000 for 9 months or $180. Do the math, it works out whether you multiply 1% x $2000 x 9 months = $180. Conversely, 18 000 x 1% = $180. You may be able to get yourself out of this. This is a lesson to all, know what you are doing with your personal finances, don't expect 5 different people whether it's your personal banker or financial advisor to know what you are doing when they don't have all the info at hand. Also, the bank teller is there to do basic stuff, have an advisor for your investments who pays attention to both the big and the small stuff. I have many clients who have told me horror stories about what their bank teller had them invest in during the Tech Bubble. They were lucky to escape with 10-15 cents on the dollar.

[crappieperchhunter]

by 'bank' you mean the evil enslaving overlords.....

 

Thx for that. Put a big silly grin on my face.

Edited September 14, 2011 by crappieperchhunter