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rrrrrrrrrrrt posted:Quick question for y'all: I have a Scotia iTrade RRSP account with $200 in it right now (ridiculous, I know). It's clear to me now it's not going to get used and paying $150 year for it is crazy. Is there a way to close the account without paying fees? According to their website the transfer out fee is $150, but there's no account closure fee. You could withdraw the $200, and you'd pay your marginal tax rate on it, which would certainly be less than $150. Then close the empty account. Other brokerages will often foot the transfer fee when transferring to them, but only when it's above a certain amount.
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Jun 20, 2014 22:05
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mik posted:You could withdraw the $200, and you'd pay your marginal tax rate on it, which would certainly be less than $150. Then close the empty account. Other brokerages will often foot the transfer fee when transferring to them, but only when it's above a certain amount. I did this recently with a CIBC RRSP savings account. Withdrew $25 and had to pay a 10% withholding tax. And the advisor at the branch said I would have to report the withdrawn amount when I file my tax return. It's outlined here: http://www.getsmarteraboutmoney.ca/...you-retire.aspx As suggested, you should call Scotia, or head into a branch to sort out any details.
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Jun 20, 2014 22:54
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Couple questions about Virtual Brokers for those who use them. 1. I picked up additional shares today for one of my companies. It said the order was filled on my transaction list. Under 'Position', it has "Total QTY" which reflects correct amount of shares, but there's also a "Pending QTY" which shows the additional shares I purchased. There's also a "Settled QTY" which shows the initial amount purchase not including the additional amount. Any reason why it appears like this? 2. Is AxisPro free with them? When I download the software, it asks for login info. Do I just use the VB credentials or is there something else I'm suppose to do? 3. I wanted to open a US TFSA account. It's 50/year, are you charged this right away when you open the account? Should I have money in my margin account before opening? Also, to transfer money to it, I assume I just transfer CAD, then use the VB site to convert it to USD? Sorry for the noob questions. Thanks!
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Jun 21, 2014 01:31
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lol internet. posted:1. I picked up additional shares today for one of my companies. It said the order was filled on my transaction list. Under 'Position', it has "Total QTY" which reflects correct amount of shares, but there's also a "Pending QTY" which shows the additional shares I purchased. There's also a "Settled QTY" which shows the initial amount purchase not including the additional amount. Any reason why it appears like this? Any purchase of shares takes 3 days to settle.
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Jun 21, 2014 01:39
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cowofwar posted:Thanks. Although percent of loans outstanding doesn't provide a direct correlation to revenue. Is your position that big five's investment activities, which obviously all have an international component to them, qualifies them as "massively diversified globally"? Moreso, do you think that level of investment activity is sustainable when the bottom falls out of the core business which is loans and deposits in Canada? You just linked to a PDF which describes the banks investment activities in mostly the low 100's of millions and their loan activities in the 1000 of billions (total loan portfolio of the big five at 1,600 billion) There is a pretty strong correlation between loans and revenue, notwithstanding the fact that our discussion was actually about risk, not revenue.
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Jun 21, 2014 02:50
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Saltin posted:Is your position that big five's investment activities, which obviously all have an international component to them, qualifies them as "massively diversified globally"? Moreso, do you think that level of investment activity is sustainable when the bottom falls out of the core business which is loans and deposits in Canada?
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Jun 21, 2014 06:38
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My credit score is 697/"Poor" but my record is clean as a whistle and my debt-to-income ratio is "Very Good". Would it just be my car loan & student loan dragging it down?
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Jun 27, 2014 16:53
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unlimited shrimp posted:My credit score is 697/"Poor" but my record is clean as a whistle and my debt-to-income ratio is "Very Good". Would it just be my car loan & student loan dragging it down? Did you get a credit report or just a score? The report should have the factors that make up the score. Look for things like frequent checks, missed payments, that kind of stuff.
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Jun 27, 2014 18:14
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tuyop posted:Did you get a credit report or just a score? The report should have the factors that make up the score. Report. No missed payments, no delinquent accounts, no credit checks in the last two years. The only thing that hints at why it's so low is my auto loan and my student loan. I only have one credit card and it has a low credit limit, but I don't know if that affects things.
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Jun 27, 2014 19:26
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unlimited shrimp posted:Report. Man, I don't know. Though 697=poor is pretty strange because it seems like it tops out at 900 and over 600 is supposed to be pretty good. Credit scores are a strange arcane black box, but maybe the problem is that your utilization rate is high. If you have only $1000 of credit available to you, and you regularly use, say, $800 of it each month, then your utilization score at the time of data collection could be at 80% which is pretty bad. Consider a counter case: Slow Motion has like 200k in credit available to him. He caries around like 40k in debt, which is way worse than what you've (probably) got with a car loan and low limit CC, but his utilization rate is only 25%, so his score is probably pretty good. I know that we have like nearly 100k in credit available and only carry about 3000 in short term debt at any one time, and our credit scores are great, like mid-700s. If you care: Go get a few more credit cards for some Aeroplan miles (see Hookshot's posts for some really great rewards schemes. Someone else posts a bunch too. We recently did this and got 90k Aeroplan miles between us for free, so far). I mean, if you care. Just use the cards once or up to $500 to get the rewards, set a reminder for 11 months from now and cancel them at that point. Then repeat. You could also open a line of credit at your bank and just never use it. If you're not planning on buying a house in the near future your score doesn't really matter anyway.
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Jun 27, 2014 19:39
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The Equifax Score Power usually gives you a canned report as to why your report is what it is. 697 isn't suck-rear end awful, but it isn't great either. What's your longest open account?
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Jun 27, 2014 21:24
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slidebite posted:The Equifax Score Power usually gives you a canned report as to why your report is what it is. I had banked with TD for years. However, in 2011 I closed all my savings & checking accounts with TD and switched to BMO. TransUnion had the canned report explanation but none seemed to apply to my situation.
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Jul 2, 2014 18:31
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Ok, I have my TD WebBroker account setup and my RSP money transferred to my new TD RSP account. Still waiting on my TFSA money to transfer in. I only have $3,000 in my RSP at the moment, as I used that money to buy a house. My TFSA has $8,000. However, I have roommates, so my savings rate is quite high now. Will have about $1,500 per month to invest going forward. I'm very new to this. What do I buy? TD eSeries mutual funds? Vanguard ETFs? How long until I become a baller?
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Jul 3, 2014 17:53
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Rick Rickshaw posted:Ok, I have my TD WebBroker account setup and my RSP money transferred to my new TD RSP account. Still waiting on my TFSA money to transfer in. Bitcoin is coming back up up up again. We're basically at a new ground floor, so it's time to get in! Everyone's recommending ETFs? Well, wait until the Winklevii release their Bitcoin ETF! From ground floor to the moon and back again!  Start reading the literature referenced in this thread if you haven't already: CCP's blog posts, the MoneySense guide to the perfect portfolio. I've seen a lot of recommendations elsewhere for the Wealthy Barber and Random Walk Down Wall Street, but can't comment on them myself. Since you're with TD, you might as well start with eSeries allocated in some variation of the Global Couch Potato portfolio, as ETF trade commissions would be too costly for your current portfolio size.
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Jul 3, 2014 19:07
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Decent advice which is often recomended here: http://canadiancouchpotato.com/model-portfolios/ Keep in mind the ETFs are basically treated like an equity so it should be the flat trade cost with your account if you go that route. This company is a service but they share their ETF model portfolios (links at bottom of page) https://www.shareowner.com/selecting.html
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Jul 3, 2014 19:08
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If you have a TDW account then you really should be going with eSeries, since they have no transaction cost at all, and their MERs are really really good.
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Jul 3, 2014 19:20
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Franks Happy Place posted:If you have a TDW account then you really should be going with eSeries, since they have no transaction cost at all, and their MERs are really really good. Already did! As per the Canadian Couch Potato, I went with this allocation: code:
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Jul 3, 2014 19:58
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Leaving aside housing bubble concerns, does it ever make sense to use the home buyer's plan? It seems to me that there's no advantage to it whatsoever, outside of being a last resort place to "borrow" money from. Purely curious.
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Jul 3, 2014 20:24
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Lexicon posted:Leaving aside housing bubble concerns, does it ever make sense to use the home buyer's plan? It seems to me that there's no advantage to it whatsoever, outside of being a last resort place to "borrow" money from. I used it to buy a house a bit earlier than I might have otherwise. I have made significantly better returns on that money in my house than the money in my RRSP over the relevant time period (early 2009 to now). It made a difference of maybe a year but at the time the housing market was just recovering from the 2008 crisis and Toronto condos weren't nearly as overbuilt as they seem to be now. There's literally no reason to use it if you have sufficient liquidity outside of your RRSP.
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Jul 3, 2014 20:32
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Lexicon posted:outside of being a last resort place to "borrow" money from. I think that's it for 95+% of the population that has no meaningful savings whatsoever for a down payment.
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Jul 3, 2014 20:41
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Lexicon posted:Leaving aside housing bubble concerns, does it ever make sense to use the home buyer's plan? It seems to me that there's no advantage to it whatsoever, outside of being a last resort place to "borrow" money from. I'd have done a lot of things differently if I had my time back. Like I probably wouldn't have bought a house. At least with roommmates, it makes it a not-so-terrible move, as I'm generating rental income. Unless the market crashes, which it certainly could. If it does, hopefully it will have recovered by the time I go to sell in 8-10 years. As for the RRSP usage...it was simply used as my primary savings vehicle for a down payment. I was with Edward Jones and I didn't seem to be making any money, so I figured that money would be better put towards a house. I don't really agree with that sentiment anymore, and if my investments were actually making money I probably wouldn't have taken that money out to buy a house. Sadly I had yet to learn about self-directed investing. Rick Rickshaw fucked around with this message at 20:55 on Jul 3, 2014 |
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Jul 3, 2014 20:48
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I have like all red for the TSX today 
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Jul 8, 2014 16:50
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lol internet. posted:I have like all red for the TSX today It's a down day. The markets have been very lucrative lately. A 10% correction minimum is in the mail, it's just a question of when. Is this the beginning or just a normal down day? Who knows!
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Jul 8, 2014 18:34
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lol internet. posted:I have like all red for the TSX today Red is good!
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Jul 8, 2014 19:10
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Yay! Sale! Just as we're topping up/balancing the portfolios. I hope
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Jul 8, 2014 20:56
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Lexicon posted:Red is good! Not if you have no spare investment money to buy stuff with!
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Jul 9, 2014 02:35
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Minor corrections always happen just after I buy but whatevs. Today won't matter 25 years from now, right? I also bought Millionaire Teacher for my wife, but we're reading it together since she's opening a questrade TFSA to do some index investing. I'm probably going to be the one trading with it more often than not, but I'd like her to understand what's going on and realize that saving/investing goes hand in hand with smart spending. We're about four chapters in but she likes the idea of it and even I've learned a few things. e. This week I also learned that personal cheques are a terrible way to transfer money from a US bank to a Cdn one, it takes like 15 business days. Wires take about 5 business days. Cashier's cheques seem like the way to go. I'm not in a position to use Norbert's Gambit for record.
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Jul 9, 2014 03:12
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Wires are near enough instant, but you generally pay on both ends. Not worth it unless sending a large payment.
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Jul 9, 2014 03:49
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I used XE.com to do wire\etf\conversion deposits. I just did a CAD > USD conversion wire to my US TFSA and the wire fee was $22. The exchange rate is basically what the website converts at and doesn't have the extra 1.5% tacked on if I did the conversion through the brokerage.
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Jul 9, 2014 04:00
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Do I want TD Waterhouse if I have over 25k with them and just want to mirror my Questrade portfolio? Apparently there's no annual fee but it's a LIRA so I may not be contributing to it again. Which is an efficiency consideration v. an e-series LIRA/RSP, like which is better in this case?
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Jul 9, 2014 04:28
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Yeah I wanted to send 12k USD from a US credit union to a CDN checking acct for eventual wiring to registered accounts while visiting the motherland. I have to go to Canadia again next month anyways so it'll probably be quicker and easier to come back with a registered cheque than do a cross border dick dance.
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Jul 9, 2014 04:59
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Been using XE.com for any of my conversions, EFT/Wires.. seems to be okay. They don't tack on that normal 1.5% on the conversion. Takes awhile to get an account setup though.
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Jul 9, 2014 14:35
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lol internet. posted:Been using XE.com for any of my conversions, EFT/Wires.. seems to be okay. They don't tack on that normal 1.5% on the conversion. Takes awhile to get an account setup though. XE is roughly the midpoint between bank conversions (ripoff) and Norbert's Gambit (best).
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Jul 9, 2014 14:39
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What's the go-to Canadian equity ETF? VCN? Balancing out and I also should buy some bonds. Potato is recommending VAB. Reasonable? They recommend XRB for real return (which I have some already) but noticed they are @ .39 expense ratio. Does that seem high for a bond fund?
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Jul 9, 2014 20:54
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slidebite posted:What's the go-to Canadian equity ETF? VCN? XIC. They're down to 0.05% MER.
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Jul 9, 2014 21:11
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On that note, I`m surprised Vanguard has not yet cut their rates. Related to MER talk, I saw a headline suggesting Canada will actually start regulating financial advisers to remove some layers of fees and add actual certifications for titles. That would be nice, paying more for everything because  kinda sucks.
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Jul 10, 2014 00:05
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Lexicon posted:XIC. They're down to 0.05% MER. Am I misunderstanding something? 
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Jul 10, 2014 01:14
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slidebite posted:Am I misunderstanding something? Where's that from? Here's the direct one from iShares: http://ca.ishares.com/product_info/fund/overview/XIC.htm BMO matched theirs to Blackrock's MERs, too. CCP posted it a few months ago: http://canadiancouchpotato.com/2014/04/22/how-low-can-etf-fees-go/ code:
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Jul 10, 2014 01:32
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That was a screengrab of the investing info on RBC Direct investing. They just must not have updated it, unfortunately. I'll bring that to their attention tomorrow. Appreciate the info folks. Any info or recomendations on bonds that I mentioned?
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Jul 10, 2014 02:07
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slidebite posted:That was a screengrab of the investing info on RBC Direct investing. They just must not have updated it, unfortunately. I'll bring that to their attention tomorrow. I have VAB - seems decent. I don't have real return bonds - mainly because it's not an asset class that I really understand much, if at all.
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Jul 10, 2014 02:15
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