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Can anyone tell me about bank accounts when some dies. . was after the funds were removed (a few days after death, multiple transactions). I think there should not be any problem if they are completely open about what .. 4:Cheap Energy Club - save over £/yr; 5:Savings accounts, incl % easy  Money In Account After Death.
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    Do you know the number of days within which your bank has to reverse debits for failed transactions from your account and the amount of compensation you can get for delay beyond these timelines? This means that if the bank does not reverse the money debited from your bank account due to a failed transaction within a specified time period, then they would have to pay a penalty to the customer.

    The penalty has to be paid on a per day basis for delaying the credit of money into the customer's account. As per rules, your bank has to pay a penalty to you if it delays reversing debits of failed financial transfers from your account. Therefore, knowing the time allowed for reversal beyond which you can get compensation for different types of transactions such as failed cash withdrawals from ATMs, failed e-commerce payments etc is important.

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    This would be beneficial for customers as whenever a cash withdrawal from an ATM fails, i. Even in case of payments made on an e-commerce website, it may so happen that money is debited from your account but is not credited to the seller's account. Consequently, you may be left worried about how long it will take to get the money back in your bank account. These RBI guidelines tell you the maximum time a bank can take to credit your money back in your bank account before the penalties kick in.

    According to the RBI circular, the penalty will be paid to you if the bank does not reverse the payment within the specified time period and failure of transaction happens due to reasons beyond your control. Examples of such transactions are - failure in communication link, non-availability of cash, time out sessions etc. Given below is the turn around time set for banks to auto-reverse the payment debited from your account and the penalty that will be paid to you if the bank takes more than the specified time. If the grievance remains unaddressed then you can escalate the complaint to RBI's banking ombudsman.

    Perhaps the most common error TFSA owners are making is overcontributing. While the numbers are down, thousands of tax filers still receive letters from the Canada Revenue Agency each year concerning over contributions.

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    To curb the penalty you must withdraw the excess funds or wait for enough contribution room to be created the next year or in later years to absorb the overcontribution. You can overcontribute to your TFSA in two ways. First, you can simply put too much money into your account. How much is too much? A more subtle cause of overcontributing stems from misunderstanding the consequences of withdrawing from a TFSA and then re-contributing the funds in the same calendar year.

    The issue?

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    When you withdraw, a recontribution in the same year is considered a fresh deposit against your contribution room. How contributions and withdrawals mix with unused and new contribution room can leave you confused about where you stand on contribution limits. This form is not fillable and only for demonstration purposes:. Do you intend to leave your TFSA to your spouse after your death? When you designate your spouse successor holder your spouse becomes the new owner of your TFSA after your death and its tax-free status is automatically preserved. A beneficiary designation is best used to distribute a TFSA to recipients other than your partner: your children, grandchildren or favourite charities.

    This means if you receive dividends in your RRSP from companies domiciled in countries that share a tax treaty with Canada the United States, for example , that income is free of withholding tax typically assessed by foreign jurisdictions on Canadian investors.