Nightmare experience with Questrade! A tax slip error costs me $1400

Apr 2nd, 2012 08:16 PM #1
jason40

Nightmare experience with Questrade! A tax slip error costs me $1400 …

Hi Guys,

I received a notice of reassessment from CRA stating that I owe $1400 in the tax year of 2010. I was suprised, but I quickly found out the root cause is because the RSP trustee Questrade made a mistake by puting my wife’s name as the contributor of spouse RRSP tax slip. The account was set up correctly with my name listed as the contributor and her name listed as the Anuitant. The account was also funded using a joint account from Scotiabank.

Questrade made the same mistake for tax year 2011 and agreed to correct the problem of 2011. But what really annoys me is they said they can’t issue any amendment for 2010. Despite of repeated conversation with their frontline support, there is only denial.

Do you have any suggestion about how to resolve the issue.?

$1400 is not a small amount. Never put money into Questrade! If there is any mistake, you don’t even have anyone to complain or escalate the issue. No management access. For whatever that is a little bit out of process, they are not willing to help.

Thanks in advance.

Jason

Apr 2nd, 2012 08:33 PM #2
canibusIII

Jason
I would escalate the issue to a manager. I can assure you prior year tax receipts can be amended but it does require a bit of work (I work for a financial institution so I know). If the manager is not willing to help, threaten to go to their Ombudsman, that should work. No way you should pay for their mistake (and I agree their customer service is abysmal). Best of luck

Edit: just saw that last bit about management access, I call BS, I don’t know of any company that does not have managers. Ask to log an official complaint

Apr 3rd, 2012 01:03 AM #3
dutchca

That’s a pretty big screw-up on their part. Can you bring in an Ombudsman if they won’t escalate to a manager?

They should be correcting the 2010 slip AND covering the CRA penalty and interest incurred (if any).

Apr 3rd, 2012 06:00 AM #4
jason40

Thank you for the advise. Which level of Ombudsman shall I talk to? I found several websites and will try to make some initial call today.

http://www.ombudsman.on.ca/Home.aspx

http://ombudstoronto.ca/

I give up any hope on questrade to resolve this issue. Every call takes 20 mins waiting time and then another 10 mins to explain the same issue. They don’t even allow you to directly communicate with their supervisor on the phone; don’t even mention the management layer who is supposed to care more about their reputation.

Apr 3rd, 2012 09:20 AM #6
jason40

My wife called ombudsman toronto and was told they only cover government related issues.

Apr 3rd, 2012 08:31 PM #9
jason40

We have called Ontario Security Commission and have been provide with Questrade’s complaint officier’s email. Will try it, but it may take up to 90 days for a resolution.

CRA treated me well. But CRA can’t override the decision if Questrade insists they have good reason to reject it. The root of the problem is still with Questrade.

I personally think it is very short-sighted for a company to ignore a customer’s legitimate complaint. The damage to their reputation is way more than a single angry customer. BTW, i have started to close my three accounts with Questrade regardless of the result.

I will keep you guys updated with the final result on this forum. Thanks for the advise from everyone.

Apr 4th, 2012 04:02 PM #11
jason40

Questrade’s compliance office called back and said it is too expensive for them to revert the change for the tax year of 2010. It is just not doable. The slip was issue one year again for the first 60 days of 2011.

I do not see a good reason for questrade to reject my request. In short, they would rather lose me as their customer than fix the problem on their side. They are running a business!!

Apr 4th, 2012 06:43 PM #12
lewin00

Gosh they’re terrible. If it weren’t for those $5 trades I’d abandon ship. My own headache is that their ETF T5 slips for this year are have STILL not been released.

Apr 17th, 2012 09:29 PM #15
smihaila

“Originally Posted by coopercold
I disagree. It’s definitely time to give up. Too bad. Live and learn.”

Are you by any chance one from Questrade’s “social media” group? :-}
If it was your money at stake, would you find $1,400 an “easy loss”?
If I were the OP, I would continue challenging both QT and CRA. Everything can be challenged for up to 6 years in the past, or so. So I don’t see a reason why QT should not be able to fix the issue. They should have all the past documents and audits. It’s not just $25 that you can dispose of easily…Just an opinion.

Source: http://forums.redflagdeals.com/nightmare-experience-questrade-tax-slip-error-costs-me-1400-a-1160459/

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