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Royal Bank of Canada
Symbol RY
Shares Issued 1,415,074,558
Close 2024-07-08 C$ 149.10
Market Cap C$ 210,987,616,598
Recent Sedar Documents

Globe says client nicked for $30,000 in tax, blames RBC

2024-07-08 07:46 ET - In the News

The Globe and Mail reports in its Monday edition that a former client of RBC Dominion Securities estimates he lost $30,000 in tax savings after RBC was unable to sell some of his holdings before new, higher taxes on capital gains came into effect. The Globe's Clare O'Hara and Erica Alini write that Barry Senensky, a retired actuary, decided to request the sale of a particular investment in late May before the new tax regime came into force on June 25. He was surprised to learn, after a lengthy back and forth with RBC, that he was already too late, owing to strict redemption rules. His portfolio manager never warned him about the long lead times necessary to sell some of his holdings even after Ottawa announced plans in its April federal budget to quickly raise the tax on capital gains -- the profit on the sale of assets such as stocks. "I would have thought, for all the fees that they charge, that there should have been some communication," he said, adding that the fees amount to roughly $25,000 a year. Mr. Senensky's story highlights the value for retail investors of pro-active. There is no regulation that explicitly requires advisers to contact their clients about tax changes that could affect their investments.

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