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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101445
Experience:  Lawyer
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I set up Spousal RSP account wife. She bought Horizon Beta

Customer Question

I set up Spousal RSP account for my wife. She bought Horizon Beta Pro found for natural gas (market symbol HNU) thinking that commodities would never go to zero. She invested gradually about 19000 CAD staring from 2009. She did not look at her RBC Direct Investing page for a long time. Lately she was changing her password ***** RBC on line banking and she discovered that almost all her RSP money simply disappeared. Her account is down to around $600. Is this legal for the bank to offer clients such investments on RSP accounts?
Is there any legal way to get her money back? She lost half of her overall RRSP savings.
Please let us know, Kris
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

I am sorry to hear this.

The bank does not make guarantees. And the bank does not provide advice unless you retain someone at the bank to be your advisor.

In fact in most cases the bank advises against self-directing RRSPs for this reason.

But it is not their duty to do so.

Your spouse assumed liability for her own investments but then failed to monitor them. Unfortunately, she cannot blame the bank for this.

I am sorry to have to give you this answer but you won't be helped if I just tell you what you are hoping to hear obviously.