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Cashing out unregistered Mutual Funds, 2007 Canadian Taxes? |
I opened up a new RRSP account in 2007. The investment company that I went through cashed out two of my unregistered mutual funds for me and got them transferred into my new RRSP account. When I got my Dec. 31, 2007 RRSP Contributions receipt from the investment company, should those two unregistered mutual funds that got deposited into my RRSP show up on my RRSP Contributions receipt? Yes, they should have appeared on your receipt, if the funds were previously unregistered. You should contact the investment company ASAP to resolve this issue. This is sometimes normal depending on the fund company. Regular contributions are sometimes issued on one receipt and one time contributions are captured on another. It's not clear when you say the funds were "cashed out" and then transferred to your RRSP. Were they redeemed and then the cash was transferred, or just contributed in-kind to your RRSP? Either way, you should have received a receipt for the value of the contribution. If it was done in the first sixty days of 2008, it will appear on a separate slip. Some companies issue them on a daily basis if done in the first sixty days of the year; others might issue one slip for the total contribution in the first sixty days and one slip for the rest of the year. Call your RRSP carrier for confirmation of when the slips are issued. Follow up with the investment company. Perhaps another receipt is coming. |
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