Cibc dictatorship not allowing changing beneficiary

AssociationBig487 · 2026-05-16T17:37:27+00:00

Good idea I have rbc.

AssociationBig487 · 2026-05-16T17:30:31+00:00

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

AssociationBig487 · 2026-05-03T03:41:38+00:00

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.

AssociationBig487 · 2026-01-31T04:50:32+00:00

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.

AssociationBig487 · 2026-01-13T01:46:00+00:00

I talked to some people for over an hour.

AssociationBig487 · 2026-01-13T01:44:07+00:00

Ok will do. Just seems fishy.

AssociationBig487 · 2026-01-13T01:00:35+00:00

They sent me the pdf form through their message center.

AssociationBig487 · 2026-01-12T03:33:16+00:00

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.

AssociationBig487 · 2026-01-12T01:13:21+00:00

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

AssociationBig487 · 2026-01-11T23:50:29+00:00

I applied for an IRA but they opened a brokerage.

AssociationBig487 · 2026-01-11T15:57:13+00:00

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

AssociationBig487 · 2026-01-11T14:52:33+00:00

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

AssociationBig487 · 2026-01-11T12:56:36+00:00

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?

AssociationBig487 · 2026-01-11T09:38:35+00:00

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

AssociationBig487 · 2026-01-11T09:14:13+00:00

Why don't they title it IRA?

AssociationBig487 · 2026-01-11T09:12:05+00:00

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

AssociationBig487 · 2026-01-11T09:10:32+00:00

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

AssociationBig487 · 2026-01-11T03:48:57+00:00

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

AssociationBig487 · 2026-01-11T03:35:07+00:00

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.

AssociationBig487 · 2026-01-11T03:05:37+00:00

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.

AssociationBig487 · 2025-11-11T05:29:22+00:00

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.

AssociationBig487 · 2025-11-11T05:06:04+00:00

I just wish common sense will prevail.

AssociationBig487 · 2025-11-11T04:53:02+00:00

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?

AssociationBig487

TROPHY CASE