Solium

From Oct. 2015 to April 2016 I dealt with the accountant for the estate department of Solium in Calgary. I was given (via email) incorrect information on what could be done with a TFSA in the even of a spousal death. I unfortunately cashed out the TFSA instead of rolling it over into my name as the successor holder. Once I discovered the mistake, trying to have Solium reverse the transaction and roll over the TFSA to myself as successor holder was costly, extremely time consuming and - worst of all - the most frustrating business dealing of my entire life. Not to mention a complete lack of sympathy for a recent widow. Trying to speak to their estate department accountant was like talking to a brick wall. Even my late husbands company HR department head, who is on the Solium customer service review committee, was unable to help. I finally could not take it anymore and had the wealth management dept.of a large bank assist me and they had the same terrible customer service experience I did - even telling me in all their years of working for the bank and dealing with other institutions - this was by far their worst customer service experience ever. I have copied the email with the Solium estate department accountants incorrect information below. PS I'd like to give this customer service feedback directly to Solium, but cannot find anywhere that they are even soliciting any direct feedback from customers - so I'm hoping they see this.

Hi,

You can certainly transfer the TFSA cash or shares to your own TFSA account, regardless of where the funds go, no taxes will be applied. However, RRSP is the only plan that allows for “Spousal Rollover”, regarding the TFSA plan, to transfer into your own TFSA account, that would be deemed as a “Contribution” as if the funds came from your bank account.

You may transfer the TFSA funds to your registered, or non-registered account bank/brokerage account in cash or shares as you wish (most families are choosing share transfers to sell at a later date on their own, as the economy/tsx is not in the best state this year). It will be deemed as income/contribution. Considering taxes applicable to the funds, any withdrawals from the beginning of the year to the date of passing will be attributed to the Estate. Any withdrawals from date of passing to the date of withdrawal will be attributed to yourself as income, unless it’s an RRSP to an RRSP, “Spousal Rollover”.

Kindest regards,

JB, C.S.A. Account Administrator
Estate Department

Suite 1500, 800 - 6 Avenue SW, Calgary, AB T2P 3G3

t: 403.450.1327 | f: 403.515.3919 | jessica.[protected]@solium.com
[protected] Toll Free (Canada & USA)
Solium
Providing cloud-enabled services for global equity administration, financial reporting and compliance.

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