Re- Assessed Taxes- Scamed on RRSP transfered to an un elligible Corporation Shares.
Description
| Law Type: | Tax |
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| Location: | Port Coquitlam, British Columbia | |||||||||||||||||||||||||||||||||||
| Specific Issue: | Personal Tax Planning | |||||||||||||||||||||||||||||||||||
Case Description
My husband and I have been re-assessed for our self-directed RRSP
Amounts, which was transferred from one banking insitution (ONT) to another bank in Alberta in year 2001. We were told by CRA that the stocks or shares bought with our RRSP funds were not eligible for RRSP therefore CRA has considered these funds as withdrawn as cash and has re-assessed us from our 2001 income.
We were not aware of this till we received the re-assessment notice from the CRA in August 2004
We then filed a notice of objection in early 2005. Now in November 2009, we received letter from CRA rejecting our objection without any explanation or detials of their findings . Nor has CRA given us any breakdown of amounts owing to the Govt. and want us to pay the re-assessment amount( unknown to us) with Interest and Penalties.
We still stand with our decision that we never took out the RRSP funds in cash or otherwise, we only had it transferred from one financial institution to another financial institution, and then why are we being assessed.
Infact we were told by a CGA in Alberta representing the Corporation of the shares bought that the transfer was legal and was going to earn us higher interest.
Can we be helped? My husband is 71 yrs old and I am 62. We have no savings and have lost all our retirement savings to this SCAM.
Both of us are still working to make two ends meet, I am a commissioned sales person and my husband works as a part-time freelance contractor.
We NEED LEGAL HELP desperately from a TAX LAWYER
Details
Case id : 010219
City : port coquitlam
Province : British Columbia
Category : Tax
Specific : Personal Tax Planning
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