for the bank people..
 

so I went in and bought some RRSP's last week. and asked for them to be taken from my savings acount.

well the f*cker took the money outa my TFSA instead of the regular one... now I can't legally put that money back in my TFSA untill 2011 as I had already put my $5k in this year.

can the bank fix this? I just made an apointment for monday to bitch the guy out. hopefully the bank can cancel / void the last transfer as a bank error so I can get my TFSA limit back for this year.

does the bank have the power to void / cancel an acount transfer and a GIC? and then re do it?

it's probably only ~$20 lost in income tax for this year, but still a piss off.

yes, they can void it it just takes time.
you probably got a noob handling your account. lol

I paid my line of credit a few days ago and when i checked online, the dumbass just put it into my savings account so I was late on the payment...damn ppl at the bank are getting dumb.

The banks can void the transaction. It shouldn't be a problem. I've had bank transfer funds into my RRSP's from the wrong account once before and I just contacted them and they took care of it right away. Everything was fixed in a day or 2.

a lot of dumbasses work at the bank. although sometimes you can't really blame them because there are always stupid customers who do not give out clear instructions.

I thought you can always have the room to "refill: the TFSA, on top of the yearly 5K?

you have to wait till the following year to refill.

it has been fixed

Wrong. The TFSAs can be refilled anytime, and be taken out anytime. Your TFSA is like any savings account, except you don't pay any taxes for.

However, the only time it becomes a serious issue, is if the bank takes out more than the contribution limit. Ie, they took out $20,000 of your $30,000 TFSA balance for this year. This is assume you've turned your max contribution limit of $10,000 into $30,000.

where did you hear this from?
every year you get an extra $5000 that you can contribute tax-free.
If you deposit 5000 on january and withdraw it anytime in that year, you can deposit another 5000, however, it will not be tax free.

no withdrawn money can only be refilled the following calender year.

IE if I withdraw $2000 this year, next year I can put in 7k. 2k withdrawn money and 5k for next years limit.

if you've already put in the 5k this year you can't put any back in this year if you take it out.

Dudes that's brutal. Sorry to hear what happened.

I work at a bank and yeah accidents happen. Which is why CSRs are suppose to run through the transactions with you before you sign the slip or whatever. Also, you should read what is done through you account. I mean it's your money.

BTW, as a CSR we deal with a lot of bullshit and take a lot of harassment from ppl trying to bully us into doing something. So if a CSR screws up in front of you, don't flip out. It's fixable!

You're right. I stand corrected.

Another rule people need to be aware of is if the value of your investment goes down and you make a withdrawal, IE you put in $5000 this year in some stocks and you make a withdrawal when the market value of your stock is $3000, you will only have $8000 of contribution room next year, not $10000.