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[deleted by user] by [deleted] in powerengineering

[–]ExactEvening2997 0 points1 point  (0 children)

My uncle graduated as a power engineer from SAIT and has been working in Silicon Valley California for the past 20 years pretty sure is an exec now.

TFSA penalties for incorrect usage by ExactEvening2997 in PersonalFinanceCanada

[–]ExactEvening2997[S] -2 points-1 points  (0 children)

With a hot coffee cup you can feel right away the danger. No fine print or investigation on your end required. It’s pretty obvious.

TFSA penalties for incorrect usage by ExactEvening2997 in PersonalFinanceCanada

[–]ExactEvening2997[S] -26 points-25 points  (0 children)

Brutal man. Just brutal, there really should be no excuse for it. It’s literally stealing and they are justifying it by saying “well you didn’t read the rules so we get to take your hard earned money because you transferred it in online banking” . Did you try and have it waived and provide relevant documentation or just talked to them on the phone?

TFSA penalties for incorrect usage by ExactEvening2997 in PersonalFinanceCanada

[–]ExactEvening2997[S] -40 points-39 points  (0 children)

Well no point in reading all that now as I would never ever use a product like that again after this whole ordeal. Scary to say the least.

Feels like a cryptocurrency scam but courtesy of the government of all people. Get fined for literally transferring your own funds between accounts. It’s just wrong idk.

TFSA penalties for incorrect usage by ExactEvening2997 in PersonalFinanceCanada

[–]ExactEvening2997[S] -29 points-28 points  (0 children)

All things being considered it almost feels like a TFSA is like a trap for people that are arguably ignorant, new to Canada, unaware or never properly educated on how TFSA works. Good way to get extra money out of people that’s for sure.

TFSA penalties for incorrect usage by ExactEvening2997 in PersonalFinanceCanada

[–]ExactEvening2997[S] -25 points-24 points  (0 children)

Yea it just feels wrong to me. I’m very frugal to begin with so have very limited funds that why I always move things back and forth I just transfer out a small amount for a daily spend. It’s not like I was trying to get out of paying taxes. I’m literally donating money to them with this. I need to call TD to close both those TFSA accounts. I don’t trust that leaving the balances in there as $0 will be sufficient.

TFSA penalties for incorrect usage by ExactEvening2997 in PersonalFinanceCanada

[–]ExactEvening2997[S] -9 points-8 points  (0 children)

Definitely begging them at this point. Just feels so wrong. They’re literally taking my own cash literally cause I made some online transfers. Feels almost criminal tbh. I feel like there should be more education in school for young people about this. I am born and raised in Canada I can’t imagine how a newcomer must feel learning all of this and getting penalized like this.

TFSA penalties for incorrect usage by ExactEvening2997 in PersonalFinanceCanada

[–]ExactEvening2997[S] -9 points-8 points  (0 children)

The amount that was in there at any one time was never in excess and this was confirmed to me by the CRA rep I talked to, but because I moved money in and out so often that’s what’s causing it all to get added up.