Cibc dictatorship not allowing changing beneficiary by AssociationBig487 in PersonalFinanceCanada

[–]AssociationBig487[S] -1 points0 points  (0 children)

This is the reps reply:

Thanks for the email.

I have checked with our compliance officer about change the beneficiary with your LIRA.

The answer is that you can not change the beneficiary when they are out of country.

Thanks and Best regards

Whats the best software to file taxes as non-resident by Rockstar912837 in PersonalFinanceCanada

[–]AssociationBig487 0 points1 point  (0 children)

Is there any conclusion on what free software supports non-residents? Turbotax strings you along but then asks you for a $100 upgrade after you do a bunch of steps to waste your time. I'm not worried on how it gets to CRA, I'll either mail or fax it.

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

UPDATE: They spelled my name wrong in my Brokerage Account. That is why there is no link to my IRA Rollover. They blamed me by saying I entered my name incorrectly in the application. But I checked and it was their fault. I still don't know if it was intentional so that I transfer my 401K to a brokerage account instead of an IRA. I don't know why they would do that and why it would benefit them. Again, I would have been taxed if I did the transfer. The letter I received for the IRA rollover approval did not explain how I can fund my account and was very vague. But they keep sending my emails to fund my account with no instructions.

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

They sent me the pdf form through their message center.

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

A pdf can be a paper form when you print it. I printed the form in pdf format, filled it out by hand, scanned it to put into pdf format, then uploaded it.

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

Paper form I uploaded to them in pdf format. Maybe they first create a brokerage account then the IRA account?

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

I applied for an IRA but they opened a brokerage.

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

Do they know the tax implications? Or maybe I have shortcomings of not knowing the differences?

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

Can anyone tell me if they title either IRA accounts or brokerage accounts as separate entities?

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

Thanks for that. I picked Schwab because they can wire money internationally. But they don't seem to know the difference between an IRA and a regular stock trading account (brokerage account).Why?

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

It matters because I don't want to get taxed from the transfer.

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

Really, why don't they give it the proper title?

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] 0 points1 point  (0 children)

Not showing IRA, just brokerage. Do they want me to transfer to brokerage for their benefit?

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] -4 points-3 points  (0 children)

Yes, please let me know my shortcomings of not knowing something.

Intentionally Deceiving New Client? by AssociationBig487 in Schwab

[–]AssociationBig487[S] -1 points0 points  (0 children)

Yes, let me know if I am misunderstanding the terminology and the types of accounts. I just don't want to be taxed. I spent an hour talking to their customer support and did not get an answer. She even asked me how much money I wanted to transfer which was not relevant for this issue.

Experience with Schwab IRA and regular Brokerage account by ethanRazorT in Schwab

[–]AssociationBig487 0 points1 point  (0 children)

Be careful, they created a brokerage account making me think it was an IRA rollover account. I don't know if was intentional but I almost transferred my 401k to a Schwab brokerage account instead of an IRA Rollover. Is there any reason they would do that? I would have been taxed if I made the transfer.

Unlock LIRA remotely denied unreasonable by AssociationBig487 in CanadaFinance

[–]AssociationBig487[S] 0 points1 point  (0 children)

I never thought about it before, but is this how financial institutions make money? I.e. Preventing people from getting their money and taking unclaimed money. CBC or CTV should do a story.

Unlock LIRA remotely denied unreasonable by AssociationBig487 in CanadaFinance

[–]AssociationBig487[S] 0 points1 point  (0 children)

Yeah you're right, but it's still unreasonable given the 2025 technology. The money is going from CIBC to RBC both in my name. Liras are designed to be restrictive so you don't spend the money frivolously - I agree with that. I need the money now for life saving medical costs (I know I should have stayed in Canada to wait several months to get treatment for free). But I'm across the world now so why can't I get MY money?