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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2263
Experience:  25 years in practice
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I invested in a labour sponsored fund some 20 years ago for

Customer Question

I invested in a labour sponsored fund some 20 years ago for which tax deferrals were available . This investment mostly ignored has grown to some 7 or 8 thousand dollars. I am consolodating my assets as I am getting older and wish to make my estate hand over as simple as I can. When I called in my wishes to redeem my investment I was told tha disbursements for this fund had been suspended indefinetly. I was to queue my intention if and when disbursements resumed and settlement would be made then. When I signed on to this plan there was no regulation appointed to the cessation of disbursements but was shown a board order issue in 2010 that was noted and filed as a matter of record to address investor inquiries. The Federal Government no longer works with this planholder, GrowthWorks, headquarterred in Vancouver. This corporation is national and was recently sued in Ontario for tax evasion. Each jurisdiction operates under separate provincial guideline, but no agency in BC including the Financial Institutions Regulatory Agency will touch this one. I have contacted every agency and consumer protection office about this issue and all either finger point or indicate that it is outside their business mandate guideline. Help maybe ?????
Submitted: 2 years ago.
Category: Canada Law
Customer: replied 2 years ago.
This is day two now and still no response from your end. At least today I could sign in. I know some issues may be more complex and more research MAY BE REQUIRED TO BRING YOURSELVES UP TO SPEED. IF SO A QUICK NOTE TO THAT AFFECT WOULD BE APPRECIATED. Sincerely, ***** *****

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