Quote:
Originally Posted by VladtheImpaler
Well, if you got T3's, as opposed to RRSP receipts, I presume you weren't claiming your contributions on your returns? Or were you erroneously? If you were, by law you have to go back and declare the error and pay appropriate taxes/penalties. The good news would be that you can do whatever you want with the money, as you have already been taxed on it.
If the amounts involved are substantial, PM and I can give you the name of a superb tax lawyer/accountant, and he can actually give appropriate advice.
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I have a T5 from my high interest savings here, so if I got a T3, it wouldn't have been from that. I have the forms from last years taxes here, and I didn't see any T3. I just looked through my tax stuff for this year yesterday, and I didn't see a T3 either.
I was claiming RRSP amounts on my taxes, because I always assumed that if I didn't have the form, that I had just misplaced it. The amounts are really pretty small ($400 per year contribution). So, I definitely haven't been taxed on it, whether its correctly, or incorrectly we'll have to see.
So, if the bank is in the wrong (they are), I should be totally in the clear tax wise. However, if nothing can be produced to show that they are in the wrong, I'd have filed my taxes incorrectly for a number of years, which I'd legally have to correct, but I'd be free to do with my money as I please. How many years would I have to go back to correct it? Is there a cap on that?