Quote:
Originally Posted by You Need a Thneed
OK, I'm officially confused. I know that when I signed up for the acct back in 1998, or when ever it was, I asked for an RRSP.
I found my tax packages from 2000, 2001, 2002, and 2003.
My 2000 tax package has a T3 slip attached to it, capital gains on the account in question. So, apparently it wasn't registered even back then. Before that I don't know. The question is then, why don't I have a T3 for the same account for 2001, 2002, or 2003, and I'm quite certain I haven't gotten a T3 more than once in the years since 2003? I couldn't possibly have misplaced the same slip 9 years in a row. I also don't have any RRSP contribution slips attached to any of those tax years either.
Everything about this doesn't make any sense.
And how hasn't the government picked up on it and given me a call all those years I've been claiming an RRSP deduction, if the bank hasn't been sending them copies of the deduction statements?
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You may not have received T3's in the early years if the overall investment total hadn't generated at least $100 in income. Once you crossed that threshold later, the reporting began.
Very likely that's the case but it will vary institution to institution.
If you initially set up a non-registered account and signed nothing else thereafter, then there is no reason to expect you would have a registered account later. Or both. What you started with, rightly or wrongly, is what would have carried on.
Institutions are required to inform CCRA of RSP contributions. Obviously CCRA doesn't take the word of e-filers at face value. But you may be at such a lower level of contributions that you've escaped their filters.
Lucky sod!!!
However, it looks better if you report yourself with a sheepish smile rather than having them spot you someday. Maybe they never will but that's your risk.
One thing to remember in correcting the issue is that you will then be able to contribute a good chunk of the RSP contributions you thought you had made . . . . . contribution room is cumululative, although you might be limited to seven years of arrears.
Cowperson
