• Last Updated:
  • May 3rd, 2020 9:04 am
[OP]
Newbie
Jun 3, 2019
16 posts
13 upvotes
Toronto

BEWARE TD CANADA TRUST

Astonished Face

Beware of TD Canada trust. If you are en engineer like me or someone who has a bit of money in the bank, TD will NEVER give you the money that you have in RRSP even during COVID-19 times in case you need it. And Everyone needs to know about this. I have proof of this. Stay away from TD.
18 replies
Deal Addict
Oct 3, 2013
1481 posts
2073 upvotes
West
abiyes wrote: Astonished Face

Beware of TD Canada trust. If you are en engineer like me or someone who has a bit of money in the bank, TD will NEVER give you the money that you have in RRSP even during COVID-19 times in case you need it. And Everyone needs to know about this. I have proof of this. Stay away from TD.
Lol. Someone thinks a lot of themselves.

Care to explain your experience with TD a bit more? Not many people will heed your warning of staying away from a bank based upon some stranger's one-liner advice on RFD.
Deal Addict
User avatar
May 22, 2016
2388 posts
602 upvotes
Ontario
abiyes wrote: Astonished Face

Beware of TD Canada trust. If you are en engineer like me or someone who has a bit of money in the bank, TD will NEVER give you the money that you have in RRSP even during COVID-19 times in case you need it. And Everyone needs to know about this. I have proof of this. Stay away from TD.
You should have got your money when the markets started to crash before the lockdown. The banks are greedy and only care about themselves despite all the emails and ads they send.
Deal Expert
Jan 15, 2006
15706 posts
13443 upvotes
Richmond Hill
I know exactly what you mean OP!!! I’m a sanitary engineer, aka janitor and they won’t give me my money!!!
Deal Addict
Jul 22, 2009
1407 posts
955 upvotes
Brampton
I need more information before I am beware
Member
Mar 6, 2015
341 posts
1093 upvotes
New Brunswick
abiyes wrote: Astonished Face

Beware of TD Canada trust. If you are en engineer like me or someone who has a bit of money in the bank, TD will NEVER give you the money that you have in RRSP even during COVID-19 times in case you need it. And Everyone needs to know about this. I have proof of this. Stay away from TD.
Instead of just SAYING you have proof, why don't you share some of this ACTUAL proof with us.
Deal Fanatic
User avatar
Dec 28, 2007
7957 posts
4575 upvotes
Alberta
Something sounds really fishy here. What's this got to do with shopping?
Deal Fanatic
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Jan 31, 2006
7005 posts
1740 upvotes
Toronto
D50M83 wrote: This is OP's second, and more vague post about TD already.

td-wants-me-lock-my-rrsps-pension-plan- ... #p32448657


Down vote and move on people, nothing to see here.
After reading that thread, Op's is not trying to withdraw his locked-in pension/RRSP, but just his regular RRSP contribution, which I see nothing wrong, specially of he need $ now. Why TD is not allowing him to do so?
Sr. Member
Mar 10, 2004
650 posts
214 upvotes
cgtlky wrote: After reading that thread, Op's is not trying to withdraw his locked-in pension/RRSP, but just his regular RRSP contribution, which I see nothing wrong, specially of he need $ now. Why TD is not allowing him to do so?
There s a comms breakdown. OP should go to local branch and discuss. Nothing gets done over the phone. I wouldn t be surprised if TD is just trying to sell product. Truth be told the branch was pleading with me to talk to one of their personal investment advisors for at least 4-5 years. And i was sceptical. I finally agreed and still kick myself to this day that i had not signed on with an advisor sooner.
Deal Expert
User avatar
Feb 11, 2007
15654 posts
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Oakville
cgtlky wrote: After reading that thread, Op's is not trying to withdraw his locked-in pension/RRSP, but just his regular RRSP contribution, which I see nothing wrong, specially of he need $ now. Why TD is not allowing him to do so?
OP making the rest of us engineers look bad...
Likely TD is telling him that he shouldn't withdraw his RRSP, as he will pay huge penalties (can be over 30%) for removing it early and will permanently lose that contribution room. You'd be better borrowing money if you can. RRSP should be last resort.
https://www.sunlife.ca/ca/Tools+and+Res ... cale=en_CA
https://www.canada.ca/en/revenue-agency ... awals.html
Deal Fanatic
Dec 5, 2006
9217 posts
4505 upvotes
Markham
engineered wrote: OP making the rest of us engineers look bad...
Likely TD is telling him that he shouldn't withdraw his RRSP, as he will pay huge penalties (can be over 30%) for removing it early and will permanently lose that contribution room. You'd be better borrowing money if you can. RRSP should be last resort.
https://www.sunlife.ca/ca/Tools+and+Res ... cale=en_CA
https://www.canada.ca/en/revenue-agency ... awals.html
The question is not whether TD should give advice or not, the question is who should make decisions

It's like smoking. We all know smoking causes cancer and people shouldn't smoke. But if someone said I don't care health and I want to smoke, then it's his personal choice
Deal Fanatic
Dec 29, 2005
5406 posts
1161 upvotes
abiyes wrote: Astonished Face

Beware of TD Canada trust. If you are en engineer like me or someone who has a bit of money in the bank, TD will NEVER give you the money that you have in RRSP even during COVID-19 times in case you need it. And Everyone needs to know about this. I have proof of this. Stay away from TD.
Please provide more details. What kind of RRSP were you trying to withdraw from (locked-in?). What was the reason why you were denied such withdrawal?
Deal Expert
User avatar
Feb 11, 2007
15654 posts
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Oakville
smartie wrote: The question is not whether TD should give advice or not, the question is who should make decisions

It's like smoking. We all know smoking causes cancer and people shouldn't smoke. But if someone said I don't care health and I want to smoke, then it's his personal choice
That's not what I said though, I said TD is telling him he shouldn't and he's misinterpreting that as he can't.
Deal Fanatic
Dec 5, 2006
9217 posts
4505 upvotes
Markham
engineered wrote: That's not what I said though, I said TD is telling him he shouldn't and he's misinterpreting that as he can't.
That could be the reason

But we don't know, we are all guessing

But I wouldn't be surprised that TD employees try their best to convince you not withdraw until you give up
Deal Expert
Feb 7, 2017
15470 posts
12667 upvotes
Eastern Ontario
engineered wrote: OP making the rest of us engineers look bad...
Likely TD is telling him that he shouldn't withdraw his RRSP, as he will pay huge penalties (can be over 30%) for removing it early and will permanently lose that contribution room. You'd be better borrowing money if you can. RRSP should be last resort.
https://www.sunlife.ca/ca/Tools+and+Res ... cale=en_CA
https://www.canada.ca/en/revenue-agency ... awals.html
Good advice, the OP should take heed.
(And ... coming from an honest to goodness RFD CERTIFIED @engineered Smiling Face With Sunglasses )

I too get the feeling the OP doesn’t understand what TD was trying to tell him

Despite ... his being an engineer ... with a good job and lots of money in the bank
:rolleyes:
Member
Oct 7, 2003
395 posts
131 upvotes
my godness this was a waste of time...read both posts..this seems more like a rant than anything as there's really no details...either there's some sort of miscommunication or the OP's just stubborn or too full of himself thinking he knows everything...likely the latter than the former..downvote!
Sr. Member
Mar 10, 2004
650 posts
214 upvotes
No - what s amazing is that somebody with that type of money and education handles his affairs the way he does. It s almost like he tripped and fell into education and money.
Deal Expert
Jan 7, 2002
21763 posts
15971 upvotes
Waterloo, ON
engineered wrote: OP making the rest of us engineers look bad...
In more ways than one. Sheesh...

First how can one be an engineer and not be able to explain a problem in a simple, coherent manner?

Second, if what OP alleges TD is doing is widespread then the media would be full of reports of such behaviour. I don't see any such reports. So has TD targetted OP specifically? Or is there some misunderstanding? Given OP's incoherent posts, my vote is on the latter.
Likely TD is telling him that he shouldn't withdraw his RRSP, as he will pay huge penalties (can be over 30%) for removing it early and will permanently lose that contribution room.
That's one possibility. But if the customer insists, despite the warnings. they can't refuse the request. Of course their hands are tied over the 30% withholding. (Which BTW isn't a penalty. It's an at-source withholding just like what happens to ordinary pay cheques. Some or all gets refunded at tax time if taxable income is low enough.)

Rather than RRSP I suspect this is some sort of locked-in retirement account. But again, given the incoherent allegations, who knows?

My advice to OP:
1. Ask to speak to the branch manager. Maybe they can help or at least better explain what the issue is. It's more likely to be a misunderstanding than some devious plot by TD to entrap the OP's money.
2. Failing that, escalate to TD's ombudsman. That's why they're there. Details are available on TD's site.
3. Contact a competing bank with a view to transfer the account to them. They should be able to explain why TD is being so adamant and if their bank can do things any differently.
4. Contact the media. The CBC for example has run numerous articles about high-handed behaviour by banks, including TD, over such things as pressured sales tactics. Their reporters will know who to talk to at TD HQ to see if the matter can be resolved before it makes headlines from coast-to-coast-to-coast. (Assuming of course that the issue is legitimate rather than a simple misunderstanding.)
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