T4RIF on death

I had a client who died in 2021. Both TD and RBC were notified and the executor was set up. She needs to put her name on the account and remove his.

RBC properly cashed out his RIF and sent him the slip. Sent in a final return. Now i found out that TD still has a RIF in his name and never sent cashed it out and sent a slip.

Has anyone else had this kind of situation where a bank is/was negligent? I am going to demand that the bank pay the interest on the new amount that will be owing since it’s not the executor’s responsibility to cash it out

Took 6 months for my dad’s credit union to issue T4RIF. They were told of the death within the week of how passing. Mid-Oct death, cashed out the following April.

Yes, several times, and particularly in the last couple years - the banks saying they are short staffed due to the pandemic. I have submitted taxpayer relief requests for several clients, asking to waive the penalties and interest resulting from this. None of the requests have been processed yet…

I had this happen (also TD) a few years ago, well before Covid became an issue/excuse. They issued the slip for the year following death, when it was actually cashed out.
At that stage I was able to file it under VDP & it was accepted - was clearly the bank’s fault.

It’s deemed to be cashed out upon death so obviously TD has no clue on how investments work in regards to taxes.