If TFSA holder personal information (i.e. last name, birthdate and SIN) on file at a registered securities dealer does not match Canada Revenue Agency (CRA)’s records, the dealer must correct the data and resubmit the amended record or, if unable, nullify the account and issue a tax slip to the client.
The final date for correcting TSFAs was February 29, 2016.
Due to the outstanding backlog of amended individual records, IIAC Member firms were not informed by the deadline whether the changes made were accepted or rejected by the CRA.
The IIAC requested and obtained a 90-day extension for dealers to reconcile records.
This is a significant benefit for the clients of IIAC Member firms as it will result in fewer account nullifications and tax slips issued.
