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Discussion Starter #1
Making one of my first RRSP transactions in TD's Easyweb, I accidentally did a purchase instead of a switch. Now I'm trying to get my money back into my bank account without having to take a hit on redeeming the RRSP that I accidentally bought. TD reps are saying that I need to send a letter of direction, indicating what mistake I made and that I agree to eat any costs. Of course they won't say what costs those may be.

Anybody have the bad luck to do something like this? What was the outcome?
 

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Speaking as a former advisor, the issues are more complicated with an RRSP, because the withdrawal is taxable.

The costs they are referring to are the costs to back out the transaction and redirect it. It may be as little as two trade fees, but not likely. There's probably some kind of admin fee as well.

The other implication is that unless you do this (relatively) quickly, the compliance department for TDW may be required to issue you the RRSP withdrawal tax slip (i.e., you will be taxed on the withdrawal). They can usually avoid doing this if only a short time has passed, but not if a month or more has elapsed.

If it's possible to let this stand as an overcontribution and then claim it next year, that may be an OK course of action.
 

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Discussion Starter #4
Thanks

Well I am glad that both of you are saying it is possible.
I need the money to go back into my account soon as I had budgeted it for our rent!
Thanks for your responses.
 

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Discussion Starter #5
Follow-up

In case anybody looks this up in the archives and wondered what happened, I did get the money back into my PC Financial account. No fees were deducted, but it took a while because the TD people took a while to figure out how to do reverse the transaction and then they didn't route the money back to my PC Financial account correctly.
The process took longer than I expected, but in the end TD helped me fixed my mistake.
 
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