Do banks have a deadline for providing RRSP contribution receipts for the year to a taxpayer and/or CRA? I know some online banks never report them, so maybe they aren’t required to upload them to CRA, but they are required to send them to the taxpayer.
I have a new client for whom I’m correcting RRSP contributions to CIBC all the way back to 2013. I’m sure the reason they were missed by previous preparers is that he has always filed his return by late March-early April, but on CRAs site, the slips have a Date Processed on the T4 slips page of no earlier than mid-April. Most of his RRSPs weren’t available on CRA until the last week of April to the end of May. He hasn’t received a contribution slip yet this year either.
My understanding is that slips show up on CRA within 48 hours of upload to them. I’m assuming that if they didn’t get it to CRA before then, they aren’t mailing it to the taxpayer until then either.
From what I know, the deadline to issue RRSP slips is February 28. However, some banks are notorious with submitting RRSP slips to the CRA very late (looking at you CIBC & RBC.)
Tax payers should be able to receive their RRSP contributions slips through their online banking, like that is an option. If that isn’t possible, they can contact their bank and request them to provide a paper copy or they can get the contribution info over the phone. That saying, if I’m unable to locate an RRSP contribution slip on the CRA system, I normally wait till the end of March to check for any RRSP slips. If by then there hasn’t been any slips included on RepAClient or a client still couldn’t provide me a copy of their slip, I just file their tax return and let them know that we can file an adjustment later on…for a fee of course.
I believe the deadline for financial institutions to have their RRSP receipts into the CRA is May 1st.
Thank you! I sent him to the bank and he was able to get a person to finally help him. It shouldn’t be this difficult for get their slips in a timely manner to taxpayers and CRA. You’d think CRA would demand they be in before the tax season is over. I have people chasing down employers for T4s too.
Thanks @snoplowguy. This is exactly what I was looking for. He needs to take this to them. They should be paying for all these adjustments I’m doing. It’s crazy that since 2013, half of his slips haven’t gotten to him or CRA until well after May 1. I think he’s already moving his account elsewhere lol
You do realize that the deadline for contributing to an RRSP is March 1? And there’s always a certain group of people who wait until then to make a contribution. At that point, receipts are sometimes handwritten, so the final receipt number may not be included. Given the contribution deadline, no one can expect the bank to have official receipts out by the day before.
@jhd.hemeon Of course I do; most of my clients make first 60 days contributions. I had to educate half of them on how the Jan-March 1 contributions worked the first year they came to me with calendar year slips in their paperwork.
I have no expectation anyone should have slips before mid-March, but I don’t believe it’s unreasonable to think the banks should be able have computer-generated slips mailed and to taxpayers and CRA by the end of March to first week of April. I’ve never seen a handwritten receipt.
More than half of my clients have RRSP slips that are NOT on Rep A client. It’s very frustrating having to enter them manually and making sure we have them all. I have not been charging for adjustments but perhaps I should. @GuyWhoPlaysGolf how much do you charge to adjust for RRSP (either current year or prior year)?
We are already into the first week of April and many T3 slips are still trickling in. I’ve also had to manually enter many T4s this year too. Somehow it will all get done. … ?
It all depends on how much extra refund the client would be getting. I bill them my hourly rate which is $60. Some people get upset but because of their laziness, it is costing me unnecessary time and money. This usually forces them to contact their bank to provide them a physical or electronic slip. If you don’t provide me the slip details or I can’t access them on RepAClient, I’m not going to waste my time by contacting the client’s bank.
The Auto-Fill my Return (AFR) feature from CRA has so much promise but it has become quite unreliable for me the past few years. I have clients that receive electronic copies of their T4, T3, and T5 tax slips in the early part of the year (e.g. January, February, March) but the information does not flow through to CRA AFR until weeks or even months later.
Many of my clients still don’t have RRSP contribution receipts available through AFR despite them having received electronic copies from their financial institution in January and throughout February/March. It’s never clear to me if these delays are on the issuer side (i.e. are issuers waiting to submit the information to CRA even though they have provided electronic copies to their customers) or on CRA’s side (i.e. issuers already provided the information to CRA but there is a delay in processing it).
Has anyone reached out to CRA to confirm if there is a service level standard or expected turnaround time for information being made available via AFR once it is submitted by an issuer?
In any event, it is somewhat reassuring to see that I’m not the only one having these issues.
I charge for adjustments too, but I give them a one year freebie and educate them on how it works. Generally, they should know how much they are putting in. It’s amazing to me how many aren’t sure. They just count on getting slips.