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Email this12:20 pm
October 30, 2023
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Hi gang. I love this site and discussion it is so informative and useful. Anyways I wanted you all to know watch out for withdrawing monthly or quarterly RRIF withdraw income payments from Hubert financial now. They are not calculating based on your individual withdraws say $5000 at 10% they are calculating based on 12 months total for the year (if monthly) or 4 withdrawls total (if quarterly). Even if you did not take this amount out! What does this mean? Do if you say take out $500 income a month for the year they will withhold 30% of your money each month. Even through each withdraw amount is less than $5000 and should be held at 10% actually. This just happened to me at Hubert for taking out a few monthly payments at the end of the year (as wanted to split the withdraws to 5000 or less) they are holding it at 20% to 30%! be careful and good luck getting them to fix it! They will just ramble on this is how there system does it!
9:13 pm
October 30, 2023
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@marks2023
Off the top of my head...that’s wrong. Just plain wrong and ignorant.
Hubert will lose more deposits.
1. Can you give us your true figures paid for each payment
2. How often are you paid ... weekly, monthly or annually.
2. Can you give us your mandatory payment from Hubert for 2023.
For you.
1. Have you found a table for your province that lists the tax withhold rates for any “extra” that you take over the mandatory amount.
2. You realize there is no tax withhold on your mandatory amount.
3. In the very long Hubert thread there is a name and email address for the guy in charge. Can you contact him and lus know his response. There is a lot of us here that will be interested and supportive.
4. Ask for an explanation of the change, especially if same withdrawal schedule was used last year and tax withholds were acceptable to you.
In general.
I have taken “extra” amounts from Hubert, Manulife, and Oaken less than $5000 but cumulatively over $5000 and have only had a 10% tax withhold. Like 2 withdrawals of $3000 each.
No matter what it’s all taxable and there is no free ride even on the mandatory amount.
Will assume you are not over 88.
10:12 pm
October 30, 2023
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Just found on Hubert site.
Please note that when you invest in Hubert’s 1 – 5 year RRIF non-redeemable term deposit, 1 you are able to withdraw from the term at any time,
- along with your regular yearly payment. However, you will need to submit a new designation of beneficiary form when transferring from a RRSP to a RRIF.
Revenue Canada requires you to withdrawal a minimum from a RRIF each year, but you can take out more if you want at any time. You’re not allowed to put money back into a RRIF (only withdraw it), but you can transfer funds into your RRIF from your RRSPs, another RRIF, or even a registered pension plan.
Wow 1 is not as expected.
7:34 am
October 30, 2023
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4:52 pm
October 13, 2023
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Maybe want to peruse the FAQ #7 and follow-up questions.
5:06 pm
October 30, 2023
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My best guess. Due to no response, the original post is bogus.
7:34 pm
August 17, 2010
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Is everyone checking their interest at Hubert tonight just to make sure its ok, Im in Bc so probably wont see it until 10:00 pm my time
7:52 pm
October 30, 2023
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@toto
Lol. I keep looking for the arrival of x Hubert TFSA funds at Oaken.
Are you talking GIC interest or HISA interest?
I will just wait for a week or two when I balance all my accounts using the statements downloaded online. If an issue, I will call.
Will you post here? The results of your findings?
If HISA how do you calculate it on your side?
I only have a few bucks in a TFSA HISA.
I have pulled out over $50,000 and plan on more. Small potatoes, I know, but that’s my message to them. I imagine others have done the same and hopefully they have recognized unusual amounts of withdrawals. Once I see Hubert stabilize to my satisfaction, some funds may return.
But overall plan before conversion was to return all TFSA and a chunk of RRIF back to BC.
8:45 pm
August 17, 2010
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It was the interest in my RRIF variable accounts that was missing end of sept., even after they sent an email that all the interest was corrected. They had to put interest in manually for both accounts, and they told me to make sure I check October 31st interest to make sure it doesnt happen again! I wont know until morning as im going to bed, and they post interest at midnight
9:10 pm
October 30, 2023
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If I recall correctly Accelerate did not pay out interest monthly. But if you cashed out or transferred out they would pay it out vs waiting till end of year.
Perhaps that part did not mesh over properly. Was your TFSA x Accelerate?
7:33 am
August 17, 2010
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The interest didnt show in my regular savings accounts either, and accelerate had switched to monthly interest payments , so didnt show in all accounts, they even missed an anniversary interest payment on a term in september. My accounts were not fixed after they declared to all customers that the interest problem was fixed. They have no explanation why mine were so messed up, just the whole conversion process I guess. But I am glad to report that upon checking this morning, all interest is in my regular savings accounts and my RRIF variable accounts.
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