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To be eligible for any grant you need to have opened the RESP before the end of the calendar year in which they turn 15. The maximum grant money available is $7200 lifetime. It does carry over year to year. So if you put in 5k the first 2500 would attract the usuall $500 grant, and the remaining $2500 could attract another $500 in unused grant from previous years where the RESP was open but no grant was given.
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Mar 6, 2014 17:05
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Saltin posted:To be eligible for any grant you need to have opened the RESP before the end of the calendar year in which they turn 15. The maximum grant money available is $7200 lifetime. It does carry over year to year. So if you put in 5k the first 2500 would attract the usuall $500 grant, and the remaining $2500 could attract another $500 in unused grant from previous years where the RESP was open but no grant was given. That's good to know. I had my kid out of country so he's probably not in any book as a Canadian citizen yet. e. My First Dividend hit my account this week from VAB.TO. Only about $6.50 but I feel all grown up now 
Guest2553 fucked around with this message at 07:36 on Mar 8, 2014 |
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Mar 7, 2014 02:51
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I'm going in later today to meet with a Financial Services Rep at TD, to open up a TFSA. Do I have to be careful that he is setting me up with a TD Waterhouse TFSA, and not a TD Canada Trust TFSA? It is a step up from a teller, but its been said to be careful they don't steer you towards something with high fees. Looks like I'm good as long as it is the TD Direct Investing TFSA account, which is what I originally asked for when they set up an appointment. Golluk fucked around with this message at 17:55 on Mar 8, 2014 |
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Mar 8, 2014 17:49
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Golluk posted:I'm going in later today to meet with a Financial Services Rep at TD, to open up a TFSA. Do I have to be careful that he is setting me up with a TD Waterhouse TFSA, and not a TD Canada Trust TFSA? It is a step up from a teller, but its been said to be careful they don't steer you towards something with high fees. You're doing exactly what I did, and they will try to steer you toward something that's in-house with a higher MER, but just refuse and tell them what you want. They'll sit you down and get a bunch of info, then 8-10 business days later you'll have your account. You'll be able to deposit into it from any TD location. Unless you're like me and they open the account, transfer money from another bank into it, lose the paperwork, put a hold on the account, forget to tell anyone there's a hold on the account, lose the second set of paperwork, then open the account for good(?) having decided I am who I say I am.
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Mar 9, 2014 00:44
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Wow, I had no problem at all. I went to a fairly new location, maybe that was it. I told them I wanted to set up an online account to trade e-series funds. They said "You should do Waterhouse." Half hour of paperwork and done. That was a couple of weeks ago, and I got my passwords paperwork the other day. Already made 0.24%! Woohoo! My wife, however, used to have a simple TD checking account, and said it was a nightmare of problem communication when she tried to do things. So there's that.
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Mar 9, 2014 03:16
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I've had a few people suggest to me that I go with a TD e-series account. I currently have an RRSP account in my name with TD. It has about $18,000 in it as a mutual fund. I barely make any money with it so I figure anything I can do to lower my fees would be great. Since I have an RRSP account with money in it can I still fill out that conversion form and switch over to an e-series account? I read something about there being a $100 per year fee on RRSP accounts under $25,000.
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Mar 10, 2014 03:41
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Mr. Apollo posted:I've had a few people suggest to me that I go with a TD e-series account. I currently have an RRSP account in my name with TD. It has about $18,000 in it as a mutual fund. I barely make any money with it so I figure anything I can do to lower my fees would be great. Since I have an RRSP account with money in it can I still fill out that conversion form and switch over to an e-series account? I read something about there being a $100 per year fee on RRSP accounts under $25,000. A quick Google tells me that you can buy eSeries in a regular mutual fund account, though not sure if that includes their RRSP offering. I would assume it does, but you will have to confirm it with the bank. You might be able check it yourself by trying to purchase one of the eseries funds through online banking: TDB900, TDB902, TDB909, or TDB911. My account is with TD Waterhouse, so I don't know if the mutual fund account interface from TD is the same. Edit: Keep in mind, TD offers two sets of index funds, eSeries and Investor series. Guess which one has higher MER? Just make sure you're buying the ones with the codes I listed above for eSeries. As for the RRSP account fees, a self-directed RRSP will charge $100/year, but a basic RSP will charge $25/year. Both plans have no fees if you hold more than $25000. You can buy eSeries with the basic account (and other mutual funds), but if you ever plan to switch over to ETFs for the lower costs, you will need the self-directed one. chang with a k fucked around with this message at 12:53 on Mar 10, 2014 |
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Mar 10, 2014 12:41
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I currently have my 1 year old's savings sitting in an ING Direct Childrens Savings Account. The interest used to be semi-decent at 2% but at some point they reduced it to 1.5%. I know it's better than nothing but do any of you know alternate options of where to place this money. For numbers sake this is what we have: $5000 currently in the account which we add $200/month to. We know for a fact we will never touch this money until he is 18 (unless some major catastrophic financial event occurs). In short, would GIC's be a better fit? Some sort of low MER investment fund? Thanks for the help!
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Mar 17, 2014 16:25
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kolider posted:I currently have my 1 year old's savings sitting in an ING Direct Childrens Savings Account. The interest used to be semi-decent at 2% but at some point they reduced it to 1.5%. I know it's better than nothing but do any of you know alternate options of where to place this money. That's barely keeping up with inflation. If you don't do quite a bit better than that, you're really squandering an opportunity here. In your position given that time horizon, I'd dump the whole thing, or at least 80%, into very low-MER stock index funds covering Canadian, American and international equities. Your comfort level with this will likely depend on how much reading you've done on that topic, but if you haven't done much, I suggest you start here: http://canadiancouchpotato.com/couch-potato-faq/ I feel pretty confident that what I'm suggesting is in no way controversial among regulars in this thread - I'm sure they'll chime in regardless.
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Mar 17, 2014 16:32
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Yep, long horizon stuff for your kids that they don't need is a good place to go out the risk curve a little. Lexicon's suggestion is pretty much right on what I was going to say. 15 years from now when they're close to drawing it is when you could think about de-risking. That said, have you done an RESP yet? Someone posted a few pages back about why you should really use one. Within the RESP you would sill ideally follow the strategy Lexicon mentioned.
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Mar 17, 2014 16:45
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Thanks for the replies! I just opened a TDWH TFSA account to take advantage of the low MER index funds and do some personal stock trading. I guess I should make a separate account in my son's name and invest in those same e-series index funds? It seemed so obvious I should have put 2 and 2 together...even though I specifically asked the TD rep what I should do with his money he had no answer for me.
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Mar 17, 2014 17:43
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kolider posted:Thanks for the replies! I just opened a TDWH TFSA account to take advantage of the low MER index funds and do some personal stock trading. I guess I should make a separate account in my son's name and invest in those same e-series index funds? It seemed so obvious I should have put 2 and 2 together...even though I specifically asked the TD rep what I should do with his money he had no answer for me. That sounds like a good plan. Just be aware that if you signed up at the bank, you'll need to go through an account conversion process to permit access to those cheap e-series funds. The default ones are a goddamn ripoff. Also, you need to prepare yourself for the mental stress of watching these balances climb up and down with the perturbation of the market. This sounds easy, but it's not. It's probably the hardest part in all of investing. As for the bank, seriously, never ask those guys what to do with your money/finances. They're either ignorant at best, or actively trying to squeeze money out of you. You either need to pay for advice (directly, not by buying expensive mutual funds), or learn up on your own (as you're doing here).
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Mar 17, 2014 18:14
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kolider posted:Thanks for the replies! I just opened a TDWH TFSA account to take advantage of the low MER index funds and do some personal stock trading. I guess I should make a separate account in my son's name and invest in those same e-series index funds? It seemed so obvious I should have put 2 and 2 together...even though I specifically asked the TD rep what I should do with his money he had no answer for me. Definitely get your son's money into an RESP as soon as possible, assuming you intend it for his future education. The gov't will match the first 2500 per year with 500 of their own. You won't get a return on your money like that anywhere else. Your son will need a SIN, so if you haven't applied for one yet, get him one immediately.
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Mar 17, 2014 19:16
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Just to revise the procedure to get a TD E-Series account going: 1. Open TD Waterhouse account, buy mutual funds 2. Go online and sign up for E-Series. 3. Convert to E-Series. Is this correct? It seems needlessly obfuscated.
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Mar 17, 2014 19:23
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Fixed posted:1. Open TD Waterhouse account, Just wait until the account is converted over before you bother buying any. The bank employee will likely try to persuade you - tell them you are intending to stay in cash for now while you spend a week or two doing research. You may need to be quite insistent about this. And don't mention e-series - the employee will either not know about it, or try to discourage you. And of course it's needlessly obfuscated - this product is only for the online forum-maven types who wouldn't give them any business otherwise. Joe Canadian pays three times as much (or more) for the same thing.
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Mar 17, 2014 19:35
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Can't you buy those funds immediately if its a TD Waterhouse account? I thought the conversion process was only for regular TD mutual funds accounts. If you go into your waterhouse account you should see the same fund numbers as listed on the couch potato site.
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Mar 17, 2014 20:04
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Demon_Corsair posted:Can't you buy those funds immediately if its a TD Waterhouse account? I thought the conversion process was only for regular TD mutual funds accounts. I'm sorry, you're totally right. I thought this was for a regular mutual funds account. Waterhouse is the way to go, especially with the recent commission drop.
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Mar 17, 2014 20:13
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If I'm the most hands-off investor ever, who dumps poo poo in his mutual fund four times a year at best and can't be bothered to tweak stuff for maximum min/maxing gains, do I open a WH account or a regular one?
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Mar 17, 2014 20:15
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Lexicon posted:I'm sorry, you're totally right. I thought this was for a regular mutual funds account. If you're going Waterhouse I don't get why you would do mutual funds over ETF's. I guess Mutuals are free to purchase? I don't know, I hate mutual funds and would always recommend low cost ETFs over them.
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Mar 17, 2014 20:20
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Kal Torak posted:If you're going Waterhouse I don't get why you would do mutual funds over ETF's. I guess Mutuals are free to purchase? I don't know, I hate mutual funds and would always recommend low cost ETFs over them. I agree, but many people are put off by the commissions and the relative complexity. ETFs are obviously optimal, but e-series mutual funds are a good start in a "don't let the perfect be the enemy of the good" sort of way. Lexicon fucked around with this message at 20:32 on Mar 17, 2014 |
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Mar 17, 2014 20:24
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FrozenVent posted:If I'm the most hands-off investor ever, who dumps poo poo in his mutual fund four times a year at best and can't be bothered to tweak stuff for maximum min/maxing gains, do I open a WH account or a regular one? Waterhouse gives you room to grow as you develop into a more sophisticated investor (e.g. switch to ETFs as Kal Torak proposes). Just be aware of potential yearly account fees, which may or may not be a factor depending on your situation.
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Mar 17, 2014 20:34
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Saltin posted:Definitely get your son's money into an RESP as soon as possible, assuming you intend it for his future education. The gov't will match the first 2500 per year with 500 of their own. You won't get a return on your money like that anywhere else. Your son will need a SIN, so if you haven't applied for one yet, get him one immediately. I forgot to mention that we have the RESP setup and done since he was born.  We do the maximum investment necessary to get the $500 from the government annually.But I guess I will go the e-series route once my TDWH account is finally up and running.
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Mar 17, 2014 20:50
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I have a bunch of family in Kiev and some of them want to stash their money in Canada since they're all a bit scared and all lost everything in the 90's already. Is this crazy? How would we go about doing it? What is the easiest way to do it that doesn't involve massive amounts of fees and taxes?
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Mar 18, 2014 03:01
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Baronjutter posted:I have a bunch of family in Kiev and some of them want to stash their money in Canada since they're all a bit scared and all lost everything in the 90's already. Is this crazy? How would we go about doing it? What is the easiest way to do it that doesn't involve massive amounts of fees and taxes? First of all, your family and everyone there has my condolences, well wishes, and all around good thoughts. It's an ugly, opaque situation there right now. I understand the desire to do this, but I'll be amazed if it's anything other than impossible. It's already pretty tough to move money cross-Atlantic, or hell, even Canada <=> USA. Add in the fact that Ukraine has a highly non-hard currency, is not in the EU, and most relevantly - its territorial integrity is under question and may have enacted wartime capital controls or similar - I don't see the remotest chance of such an idea playing out as your family intends. It's probably gold or inside-the-mattress at this point.
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Mar 18, 2014 03:44
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I still don't fully understand the mechanics of it, but Is there an equivalent to the Norbit's gambit they could use to purchase US/Can stocks and transfer the certificates? I've never actually considered transferring large amounts of cash between countries.
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Mar 18, 2014 04:28
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Why not just buy a bunch of CAD or USD money and deposit it in an offshore bank? I think scotiabank has an offshore division based in Turks and Caicos. Is that only available to the very wealthy?
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Mar 18, 2014 04:47
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Golluk posted:I still don't fully understand the mechanics of it, but Is there an equivalent to the Norbit's gambit they could use to That might be possible canada -> US and vice versa but the situation described above wouldn't really have that option. If nothing else because there aren't a lot of stocks you could buy local currency and then transfer elsewhere. With no idea what the current banking situation is like there, have they tried walking into a bank and asking if they can just straight up wire it somewhere and/or convert it to say USD or Euros first? If a wartime restriction isn't in place, the bank would probably be more than happy to help them. E: dunno if HSBC is over there but a core part of their sales pitch is 'true global banking' so they might have some ideas. Kalenn Istarion fucked around with this message at 05:08 on Mar 18, 2014 |
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Mar 18, 2014 05:04
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tuyop posted:Why not just buy a bunch of CAD or USD money and deposit it in an offshore bank? I think scotiabank has an offshore division based in Turks and Caicos. Is that only available to the very wealthy? Offshore banks usually won't bother with anything under 100k, possibly more. You also might need lawyers and accountants and... I really wouldn't consider it an option for your average consumer. I'm gonna go with Lexicon, at this point it's cash under the mattress. Assuming they can get cash, I think I heard somewhere that banks were restricting cash withdrawals to prevent runs.
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Mar 18, 2014 13:16
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FrozenVent posted:Offshore banks usually won't bother with anything under 100k, possibly more. You also might need lawyers and accountants and... I really wouldn't consider it an option for your average consumer. I think he's concerned with the stability of their currency. Stuff your mattress with gold instead.
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Mar 18, 2014 14:16
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I have a question about one of the stocks I just sold. I use RBC Direct Investing and I had a sell order set at $0.62 for a stock.code:Crell fucked around with this message at 18:10 on Mar 24, 2014 |
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Mar 24, 2014 18:08
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Why couldn't they just convert their local currency into euros or USD or CDN or what ever and then transfer it over? They sent us about 5k at one point and we've sent them money via moneygram as well. \/ I guess they could try and see. It's not a lot of money, maybe 10k all together but that's like life-savings level for Ukraine. Hell that's good life-savings level for most Canadians I know that haven't won the job or birth lottery. Baronjutter fucked around with this message at 18:59 on Mar 24, 2014 |
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Mar 24, 2014 18:13
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Baronjutter posted:Why couldn't they just convert their local currency into euros or USD or CDN or what ever and then transfer it over? They sent us about 5k at one point and we've sent them money via moneygram as well. As mentioned, countries with threatened territorial integrity tend not to allow conversion into hard currency which is subsequently wired out.
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Mar 24, 2014 18:19
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Crell posted:I have a question about one of the stocks I just sold. I use RBC Direct Investing and I had a sell order set at $0.62 for a stock. You can probably call and have one of the commission charges removed, but technically, what happened was that they could find a buyer at .62 for 1,500 at 9:32am, and then the price dropped below that for a while. Later they sold the rest at 12:34. They are two separate transactions. This is what an all or nothing order is for, but they banned them on the TSX.
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Mar 24, 2014 19:51
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Saltin posted:You can probably call and have one of the commission charges removed, but technically, what happened was that they could find a buyer at .62 for 1,500 at 9:32am, and then the price dropped below that for a while. Later they sold the rest at 12:34. They are two separate transactions. My understanding has always been that as long as the full order is filled in the same day, only one commission should be charged. And you would only be charged multiple commissions if the order was filled over multiple days. The only exception is if you make an alteration to the order then it becomes two separate orders. I have nothing to back this up, that's just always the way I've seen it work. Someone more experienced may have a definitive answer. edit: Also I assume different brokers may have different policies on how commission on partial fills are calculated.
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Mar 24, 2014 20:05
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Kal Torak posted:My understanding has always been that as long as the full order is filled in the same day, only one commission should be charged. And you would only be charged multiple commissions if the order was filled over multiple days. The only exception is if you make an alteration to the order then it becomes two separate orders. This is why I was asking the question, I could of sworn I read on an RBC document that they charge one commission for instances like this, but I cannot find the information again today. I'll give them a call after work and see what they say. EDIT: Found it! "RBC posted:How does RBC Direct Investing charge commissions on partial fills? So it looks like I just have to wait until tomorrow and I'll get 10 bucks back. Crell fucked around with this message at 20:21 on Mar 24, 2014 |
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Mar 24, 2014 20:15
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Crell posted:This is why I was asking the question, I could of sworn I read on an RBC document that they charge one commission for instances like this, but I cannot find the information again today. I'll give them a call after work and see what they say. For what it's worth, I've had these sort of limit orders in multiple sections happen at Investorline, and only ever been charged for one commission.
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Mar 24, 2014 20:21
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I'm still paying down student loans, so I'm just in the research/planning, but the decrease in iShare's MER has me reconsidering my eventual portfolio: Canadian equity: 20% XIC - iShares S&P/TSX Capped Composite Index (.05%) US equity: 20% XUS - iShares S&P 500 (.10%) International equity: 20% XEF - iShares MSCI EAFE IMI (.25%) Canadian bonds: 40% CAB - High Quality Canadian Bond Index (.12%) Eventually I'd like to incorporate 5% of an emerging markets fund into my 20% international equity. I wonder if Vanguard will follow suit and reduce some of their fees? Grouco fucked around with this message at 05:47 on Mar 26, 2014 |
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Mar 26, 2014 05:45
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Dunno about vanguard, but random thought on your allocation - I'd personally go with a lower allocation to bonds at the moment as an eventual increase in interest rates is going to murder bond pricing. I'm personally mostly in equity right now. Timing is for suckers etc etc but there's literally nowhere bond pricing can go from here but down.
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Mar 26, 2014 07:31
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Kalenn Istarion posted:Dunno about vanguard, but random thought on your allocation - I'd personally go with a lower allocation to bonds at the moment as an eventual increase in interest rates is going to murder bond pricing. I'm personally mostly in equity right now. Timing is for suckers etc etc but there's literally nowhere bond pricing can go from here but down. Bonds admittedly confuse me, but I believe it doesn't matter so long as a bond (fund) is held for its longest duration and in a tax-sheltered account. http://canadiancouchpotato.com/2011/07/07/holding-your-bond-fund-for-the-duration/ That being said, if those conditions aren't met - it's probably best to go with a GIC ladder.
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Mar 26, 2014 14:16
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Personally, there's no way I would have 40% of my portfolio in bonds right now. It would be somewhere in the 5-10% range. But that's just me.
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Mar 26, 2014 15:02
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