- Joined
- Apr 28, 2025
- Messages
- 1
My parents transferred their 1.5 million dollars in RRSP's to Olympia Trust on the advice of Keith Prosser of Sterling Bridge. The funds were directed into a related company - Fieldstone Investments. In 2011, RRIF payments were suspended due to bad investments by Fieldstone and Keith Prosser. Prior to this, other investments with Keith Prosser were transferred to Olympia in order to pay the minimum RRIF withdrawl. Beginning in 2014, although there was no cash in the account, the minimum payment was calculated based on the share value of Fieldstone and a T4RIF was issued. Olympia insisted that my parents transfer more funds to them, they issued share certificates for Fieldstone as in-kind payments. Since Fieldstone is a private company, the shares can't be sold.
Olympia Trust's accountant insisted on issuing T4RIF and indicating share certificates are held by them.
My mother passed in late 2015 followed by my father in early 2018. Keith Prosser stated that he had a potential investor for Fieldstone, and that investment would pay the RRIF minimum amount. Once my father passed, Keith Prosser wanted to issue a final RRIF for shares held in Fieldstone.
It seems to me, when a T slip is issued, with no cash payment, the shareholders have an opportunity to take funds tax-free. It should be noted that Keith Prosser of Sterling Bridge controlled Fieldstone and did not deal at arm's length with Olympia Trust.
Olympia Trust's accountant insisted on issuing T4RIF and indicating share certificates are held by them.
My mother passed in late 2015 followed by my father in early 2018. Keith Prosser stated that he had a potential investor for Fieldstone, and that investment would pay the RRIF minimum amount. Once my father passed, Keith Prosser wanted to issue a final RRIF for shares held in Fieldstone.
It seems to me, when a T slip is issued, with no cash payment, the shareholders have an opportunity to take funds tax-free. It should be noted that Keith Prosser of Sterling Bridge controlled Fieldstone and did not deal at arm's length with Olympia Trust.