Rickerbucks: How are NR5's handled?

nelsona · Post by **nelsona** » Fri Jan 20, 2006 11:09 pm

My wife has been using NR5, and 217 to extract 10-15K of her RRSP virtually tax-free (we have the requisite medical expenses to exceed the 8K standard) for a few years now.

My question is whether or not the PAYOR (TDW in this case) gets a copy of NR5 sent to them directly by CRA.

I seem to recall that Altamira used to have the letter on file yearly, but for the past 2 years, we have had to fax TDW the new NR5 letter when we make our annual withdrawal.

It would seem pretty simple to tie the letter to the file, if it is sent by CRA.

is it?

Rickerbucks · Post by **Rickerbucks** » Wed Jan 25, 2006 11:32 am

I'll make some inquiries and get back to you

Rickerbucks · Post by **Rickerbucks** » Thu Jan 26, 2006 11:31 pm

No answer yet, I'll follow up tomorrow

Rickerbucks · Post by **Rickerbucks** » Mon Jan 30, 2006 8:02 pm

Reply I got was

"We do not always receive a copy of the letter from CRA and we rely on the client to send a copy of their NR5 to us."

I took from this answer that CRA is not reliable on sending the form.

nelsona · Post by **nelsona** » Tue Jan 31, 2006 7:34 am

Thanks.
Maybe I'll post my horror story on this when it is all wrapped up.

Rickerbucks · Post by **Rickerbucks** » Tue Jan 31, 2006 12:34 pm

If you want to give me a call I'll be happy to see what I can find out. I must confess that even after 19 years in the business I'm not really familiar with this particular item. You have my interest though.