Quote:
Originally Posted by Fuzz
If the CRA screws up and reassess you by adding a slip from the wrong year that you already claimed in the correct year, what's the best way to resolve? I've gone in online and edited my updated return by setting that amount to zero for the slip, in hopes they might read the ####ing year properly, since there is no where to enter words to tell them of their ####up, and they say they've contacted me or my representative for more info. I assume that'll come as letter mail in 6 months...in the meantime they want me to pay it by April 6th, or face penalties.
Can I just ignore it, and they'll sort out the interest charges themselves, or is this gonna be a PITA for months until I talk someone there?
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In the past, you could ask an agent nicely over the phone to put a note on the file and request it be fixed. As of last year, CRA basically automatically reassesses and basically you have no choice but to to file objections (takes up to 120+ days for them to figure it out). You could re-file, but if whatever bug is causing the wrong year slip to pop up on that filing is automated, re-file will be a waste of time. There's also the issue where the other person at the CRA is being a dick or an idiot and more than one round of objection is required to sort out the issue correctly.
If you're confident you're right and thus won't owe money after they process the objection/reassessment, you can ignore. That being said, their processes and procedures are kinda dumb, so you might get non-stop calls/letters about the balance going to collections until you get an agent in the collections department to put a note to put in on pause. It's sorta automated and the different departments don't talk to each other (ie: collections won't be notified that you submitted an objection against the balance owing).
Or, you pay the amount and wait for them to refund after they sort it out. It'll get rid of the collections thing, but then you have to leave money idle in the hands of the government.
Quote:
Originally Posted by Shazam
I thought it was always on the investor to track ACB, regardless of what the brokerage provides.
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Yes. You'd be surprised how often T5008 is wrong for ACB even in this day an age. Always scan T5008 for book cost of $0. CRA doesn't go totally crazy about updates to the ACB for slip matching. They do ask questions for other T slip discrepancies (ie: T5 and T3) if there's different numbers in different boxes they aren't expecting.
Significant variations in ACB can be especially true for ESO/RSU for a company that operates in Canada but ESO/RSU shares operate through a foreign stock exchange only and not a Canadian stock exchange.
The concerns is that you're basically being double taxed on the error spread of the underreported ACB (pretax vs post tax funds cross over).
What I think happens for some brokerages is that they omit an inclusion on the T slip for ROC, adjust the book value on the statement, and the ROC is addressed appropriately on the disposition. But the example mentioned is foreign, so I don't know if that is somehow contributing to something weird, especially with this year's brand new slip issuance clusterfuster.