The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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BMO financial planner loses Ont. couple $47,000
– moneysense.ca
Imagine hiring a financial planner you thought you could trust. Then imagine losing nearly $50,000 after listening to their advice.This nightmare situation was a reality for a retired couple who, in 2014, sought advice from a BMO financial planner on how to transfer their retirement savings from an American account to a Canadian RRSP, CBC Go Public reports.
Tom and Gloria Ratcliffe first approached two other big banks (CIBC and RBC) both of which told the retirees that the transfer of funds would result in a huge tax hit for them. At BMO, however, financial planner Karen Gill assured them the transfer was possible. When the the couple asked Gill why the transaction wouldn’t be an issue, she reportedly told them “‘Because BMO is such a big organization, we can do things other people can’t do.’”
As it turned out, BMO couldn’t do the $198,000 transfer after all, at least, not without slamming the couple with a $47,000 tax bill from both the U.S. and Canadian governments…
