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Article #2

question rsp contribution screw-up

#2
From: Carlos
Date: Tue, 17 Nov 1998 00:00
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Forgive the cross-posting, but I'm not sure where to address this
question.
My sister-in-law had me go over her statements from her broker because
there was something she didn't understand.
It turns out, she requested to cash in her non-rsp account, but the
broker/advisor made an error.
The statements showed one of the mutual funds issued a cheque, and it
was deposited in her rsp account (approx $11,000). The statement then
shows a withdrawal from the rsp of approx $15,000 (numbers rounded for
simplicity). She was issued a cheque for approx $11,000 (I assume the
rest was for withholding tax).
a. she never requested the deposit into her rsp account
b. she never requested a withdrawal from her rsp account
c. the deposit puts her over her contribution limit
d. the withdrawal will increase her income by approx 15,000
e. her rsp account shows an "overdraft" of almost $5000
f. she is paying interest on this "overdraft"
Her account manager is on vacation, so we will book an appointment as
soon as she returns, but in the meantime, I am trying to find some info.
1. can the rsp deposit/withdrawal be reversed?
2. if not, what action can she take against the broker/manager/manager?

Please help..
thanks.
carlos.
cmartin@pathcom.com
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From: Carlos <cmartin@pathcom.com>
Subject: question rsp contribution screw-up
Date: 1998/11/17
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