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Sassafras posted:Perhaps they'll be limiting the free ETF trades to their own expensive ones soon since I can't imagine any other reason for introducing such uselessly overpriced ones. Wouldn't we see a more complete portfolio of ETFs if that were the case? Surely they don't see the long term index investor (which would be the unprofitable client they are aiming to make more money on) deciding to abandon their current portfolio makeup in favour of pumping new money into US health care ETFs? I guess they could be planning on rolling out some more general ones later. Kreez fucked around with this message at 17:58 on Apr 4, 2015 |
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Apr 4, 2015 17:56
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Hi! I currently have some savings in a CIBC TFSA, and I'm thinking of switching to a TD Direct Investment account to take advantage of E-Series funds. The CIBC account has a fairly significant transfer-out fee that I'd rather avoid. Would completely emptying the CIBC account in December then opening a new TD account in January and then reinvesting let me get around it? If I'm understanding it right, the extra contribution room from withdrawing should carry over to the new year and the TFSA funds wouldn't be transferred directly from the TFSA to another financial institution.
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Apr 4, 2015 20:57
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Yes, that works. You should be very careful with the timing though. I tried to do a similar thing in 2013 (with a mutual fund held in a TFSA). I submitted the sell order on Dec. 24th assuming that would be enough time and the following happened: Dec. 25: holiday Dec. 26: holiday Dec. 27: business day #1 Dec. 28: weekend Dec. 29: weekend Dec. 30: business day #2 Dec. 31: business day #3 Jan. 1: holiday Jan. 2: trade settles I was screwed for all of 2014 and it was entirely my fault because their website quoted three business days for trades to settle. The only other consideration is that if your TFSA contains anything other than cash then you would miss out on any market movements during the trade (this could be good or bad).
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Apr 4, 2015 21:44
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WaveLength posted:Hi! I currently have some savings in a CIBC TFSA, and I'm thinking of switching to a TD Direct Investment account to take advantage of E-Series funds. The CIBC account has a fairly significant transfer-out fee that I'd rather avoid. CIBC just had their free ETF purchases offer expire at the end of March. You should have totally bought some Vanguards in your TFSA. Maybe they'll have it again next year around RRSP deadline time.
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Apr 5, 2015 02:39
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the talent deficit posted:I'm a Canadian citizen with significant retirement savings who is moving to the USA next year. About 30% of my savings are in TFSA's and the rest in RRSP's. If you are moving to the US the US is going to tax you so there is very little incentive for you to remain a Canadian resident for tax purposes. TFSAs are not tax sheltered in the US so you probably will want to liquidate those, but RRSPs are sheltered (as, in reverse, your 401(k) will be if you contribute to one of them while in the US). Read what is taken into account to determine residency and act accordingly. Get rid of all primary residential ties if possible, and as many secondary ones as you can. As they note there, having only a few secondary ties like a Canadian bank account or driver's license is unlikely to cause you to be deemed a resident.
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Apr 5, 2015 05:20
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As expected for a while now, the Federal budget is going to double the TFSA contribution room: http://www.bnn.ca/News/2015/04/07/Finance-Minister-hints-budget-will-double-limit-for-tax-free-savings-accounts.aspx Count me in as one of those who thinks this will primarily benefit the rich.
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Apr 7, 2015 16:02
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Kal Torak posted:As expected for a while now, the Federal budget is going to double the TFSA contribution room: Definitely. I'll happily take the room, but it's bad policy. This will have profound effects decades down the road - which I presume is the point.
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Apr 7, 2015 16:50
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Can't even get close to maxing my TFSA yet, now I'm going to feel even more behind.
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Apr 7, 2015 16:59
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Kal Torak posted:As expected for a while now, the Federal budget is going to double the TFSA contribution room: I think Rob Carrick summed it up pretty succinctly in this article from Feb 2015: http://www.theglobeandmail.com/glob...rticle23207258/ I wasn't even aware of the OAS/GIS implications - just thinking about the lost tax revenue and the long-term liabilities stemming from that has me shaking my head.
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Apr 7, 2015 17:14
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Kal Torak posted:As expected for a while now, the Federal budget is going to double the TFSA contribution room: Or the extremely frugal. I'll have my TFSA maxed by the end of next year even with this increase (thus, I welcome the increase greatly), but only because I've managed to get my living expenses down to about $1000 a month by having no car and two roommates. I do make more than average, but I'm not what most would consider "rich" as far annual income goes.
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Apr 7, 2015 21:08
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It will likely come in handy for me sometime in the next couple years. I'm still a ways off from maxing mine given I should be maxing my RSP first, which I only just caught up on this year. It does make me wonder how I'm supposed to max it, my RSP, and have anything left over for saving towards a down payment on a house when the RSP is 18% of my income, which I get 8% back in matches, still leaving another 16% to max the TFSA. Which in total takes 34% of my income to max both. I guess I should hope for decent overtime this year.
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Apr 8, 2015 00:13
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I stopped working in Alberta a number of years ago when I started my own business. I got a letter a few days ago allowing me to move the 13k balance of my pension from the fund, into a locked-in account. So my pension plan is insolvent, and I definitely want to get that money out of there. They actually are only sending me about 10k of it. I have about 11k in debt that I consolidated onto one credit card which is interest free for 6 months, but that is shrinking every month and will be gone within the next 4 months with some disciplined payments. After that I plan to invest responsibly and build a portfolio, but meanwhile I have to decide what to do with this 10k (I am not holding my breath for the other 3k which their letter said might arrive by 2020). The current plan is just a mix of Vanguard ETFs and then monitor my portfolio, but if anyone has general advice reflective of the state of the market, or a good resource to start with, I would appreciate it. I have a ton of TFSA room (read: all of it) so when my debt is gone I can add to this portfolio, but the locked in break-in-service pension funds are going to be just that, locked in until I am retirement age (I'm 25, not touching that for a long time), so if there is a nuance to long term saving beyond ETFs and studious rebalancing, I'm all ears.
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Apr 8, 2015 03:27
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Golluk posted:It will likely come in handy for me sometime in the next couple years. I'm still a ways off from maxing mine given I should be maxing my RSP first, which I only just caught up on this year.
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Apr 8, 2015 03:38
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Anyone have opinions on good all-inclusive banking packages? TD decided to go and lose my business in the most obnoxious way possible, so I'm shopping around.
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Apr 8, 2015 16:46
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JibberJabberwocky posted:I stopped working in Alberta a number of years ago when I started my own business. I got a letter a few days ago allowing me to move the 13k balance of my pension from the fund, into a locked-in account. So my pension plan is insolvent, and I definitely want to get that money out of there. So do you make enough that you can knock out 11k in 4 months or is it 4 years. If you make enough money that you can knock off 11k is 4 months, try a risky investment with the money
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Apr 8, 2015 18:21
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Franks Happy Place posted:Anyone have opinions on good all-inclusive banking packages? TD decided to go and lose my business in the most obnoxious way possible, so I'm shopping around. What are you looking for as part of the package?
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Apr 8, 2015 19:08
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spoof posted:What are you looking for as part of the package? Premium credit card and a U.S. checking account would be nice. I also use TD's safe deposit box, but I can concede on that one. From the looks of things, BMO might be a good bet, but their travel rewards site sucks a fat one.
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Apr 8, 2015 19:49
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Franks Happy Place posted:Anyone have opinions on good all-inclusive banking packages? TD decided to go and lose my business in the most obnoxious way possible, so I'm shopping around. What did TD do? I just went through the apparently credit-destroying process of switching from Scotiabank to TD.
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Apr 8, 2015 19:56
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Franks Happy Place posted:Premium credit card and a U.S. checking account would be nice. I also use TD's safe deposit box, but I can concede on that one. What added value are you getting from limiting yourself to getting your credit card and chequing account from the same bank? Decide on them independently.
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Apr 8, 2015 19:58
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DariusLikewise posted:What did TD do? Yeah, you can't mention something like that in a thread that's basically a big TD shill (e: for investment, at least) without some details... Not that I'm about to open my own TD account or anything. Jan fucked around with this message at 20:09 on Apr 8, 2015 |
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Apr 8, 2015 20:01
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Mantle posted:What added value are you getting from limiting yourself to getting your credit card and chequing account from the same bank? Decide on them independently. Yup, this 1000x. Pick separately.
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Apr 8, 2015 20:07
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Mantle posted:What added value are you getting from limiting yourself to getting your credit card and chequing account from the same bank? Decide on them independently. The added value that I can just park my emergency fund in a checking account and then save on all of the various fees I'd normally be charged. That was the nice thing about TD: I didn't have to pay for my travel rewards card, U.S. checking, safe deposit box, none of it. Just had to maintain a balance I was going to maintain anyways. DariusLikewise posted:What did TD do? I just went through the apparently credit-destroying process of switching from Scotiabank to TD. They decided that instead of a free U.S. checking account as part of All-Inclusive, they'd only partially subsidize it from now on. So now each month, they take $5 USD out of that account, and then in a separate transaction they put $3 back in as a 'rebate'. Of course, since I only clear funds in and out of that account and never maintain a balance (let alone the $3500 USD minimum balance they now want), I get hit with an overdraft fee each time. And you can't even just leave $2 in there, because the initial $5 comes out first, which triggers the overdraft, which the $3 credit comes after. Totally just the stupidest thing. So when I went to my branch to a) complain that they were now charging me for a service that was supposed to be a part of my package deal, and b) they wouldn't at the very least just take the $2 out of my loving main checking account so I didn't have to juggle this poo poo every month or risk an overdraft if I forgot, the branch manager was a totally useless idiot who refused to do anything, despite the fact that I have mid-five-digits tied up with TD between my bank and investment accounts. It was such a shocking display of bad customer service and idiot stonewallking that, as I was leaving the bank, some random hipster walked up to me and told me that they had overheard the conversation and thought it was totally insane how bad the service had been. Totally unsolicited gut check that I wasn't just being a crazy person and that it was indeed really dumb to risk all of my business just because they insisted on taking $2 a month out of the wrong account for Reasons.
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Apr 8, 2015 20:16
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Franks Happy Place posted:Premium credit card and a U.S. checking account would be nice. I also use TD's safe deposit box, but I can concede on that one. BMO's travel website is clunky but has access to a broader range of flight options than td's does. It's actually the Carlson wagon lot travel agency underneath the BMO system. I usually just suck it up and eat the $35 charge for calling in to make bookings.
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Apr 8, 2015 20:52
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Franks Happy Place posted:$5 USD out of that account, and then in a separate transaction they put $3 back in as a 'rebate'. I hate this loving penny pinching that the big-5 all seem to engage in.
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Apr 8, 2015 21:16
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Lexicon posted:I hate this loving penny pinching that the big-5 all seem to engage in. Yeah, it's incredibly stupid, short-sighted, and anti-consumer, and I'm not going to just take it. The laughable part was the manager saying there was just nothing she could do about it. Do I look stupid to you, lady?
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Apr 8, 2015 21:18
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Yeah I use coast capital for all my daily banking because all their poo poo is free and decent customer service and I like their web stuff, and I use TD just for their stupid e-series poo poo.
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Apr 8, 2015 21:23
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Tangerine for daily banking Capital One for credit cards (costco, aspire) Questrade/IB for investments I try to avoid the big 5 at all costs.
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Apr 8, 2015 21:42
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I just signed up for an account with Tangerine last month for the sign-up bonuses (which were extended until the end of May) and I'm switching permanently from CIBC for my chequing needs, as there's no fees, at least for the things I need. Might not work for everyone. I'm a credit card churner so I have no loyalty as far as credit cards go. I'm currently with TD but that could change in the near future when a better offer comes along.
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Apr 8, 2015 21:55
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Kal Torak posted:Tangerine for daily banking Capital One recently discontinued the Apire Travel for new applicants, though existing cardholders are grandfathered in. Pity because that was the best all-around card. The amazon.ca visa from Chase is the only one in Canada without forex fees, and is a straight 1% back with no annual fees so it's also worth having.
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Apr 8, 2015 22:22
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spoof posted:Capital One recently discontinued the Apire Travel for new applicants, though existing cardholders are grandfathered in. Pity because that was the best all-around card. The amazon.ca visa from Chase is the only one in Canada without forex fees, and is a straight 1% back with no annual fees so it's also worth having. Can't say I'm a huge fan of their website though. It works, but it feels clunky. And for some reason will always say you owe 10 bucks minimum even after your payment clears. cowofwar posted:Why don't you just get your parents to sell their house, cash out on the real estate bubble and buy you a house like the rest of us? You have an RSP so you're clearly not one of them poors. Actually they did bring up the thought of something similar, except they would sell the house to me. Just about everything tells me that would be a terrible idea, but then parents as renters might not be the worst idea. I guess it depends how cold and heartless you can be should the need arise. Golluk fucked around with this message at 23:11 on Apr 8, 2015 |
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Apr 8, 2015 23:08
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spoof posted:Capital One recently discontinued the Apire Travel for new applicants, though existing cardholders are grandfathered in. Pity because that was the best all-around card. The amazon.ca visa from Chase is the only one in Canada without forex fees, and is a straight 1% back with no annual fees so it's also worth having. Yeah, I'm the one who originally posted the information about the Aspire card being discontinued a few days ago. I've done some digging and I believe the BMO World Elite Mastercard is very similar though for those who are interested. Golluk posted:Can't say I'm a huge fan of their website though. It works, but it feels clunky. And for some reason will always say you owe 10 bucks minimum even after your payment clears. The website is terrible, no doubt.
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Apr 8, 2015 23:14
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I use Desjardins for my daily banking and just switched my investment to TD. TD sent me all the paperwork in English after I specifically told them to do that (advisor wasn't verified old at French so we talked English the whole time) so I'm a little peeved at them right now.
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Apr 9, 2015 01:08
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CRA question. For various reasons, my tax was under-deducted by my employer in 2014 but I wasn't aware of the existence or quantum of the under-deduction until I got my return back from my accountant and now owe a tax bill larger than the amount of cash I have comfortably available. I'll be fine to pay it but need to liquidate some investments and want to do so without undue loss or paying interest / fees to CRA. Has anyone had to deal with something similar and/or know about CRA programs related to this?
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Apr 9, 2015 01:46
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Kalenn Istarion posted:CRA question. For various reasons, my tax was under-deducted by my employer in 2014 but I wasn't aware of the existence or quantum of the under-deduction until I got my return back from my accountant and now owe a tax bill larger than the amount of cash I have comfortably available. I'll be fine to pay it but need to liquidate some investments and want to do so without undue loss or paying interest / fees to CRA. Has anyone had to deal with something similar and/or know about CRA programs related to this? I'm in pretty much the same scenario it turns out. Would appreciate input also. Side note: those of you that pay accountants to do your taxes, what's the ballpark of costs for a husband/wife return? I'm getting to be a bit too old to be TurboTaxing this poo poo.
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Apr 9, 2015 02:20
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Kalenn Istarion posted:CRA question. For various reasons, my tax was under-deducted by my employer in 2014 but I wasn't aware of the existence or quantum of the under-deduction until I got my return back from my accountant and now owe a tax bill larger than the amount of cash I have comfortably available. I'll be fine to pay it but need to liquidate some investments and want to do so without undue loss or paying interest / fees to CRA. Has anyone had to deal with something similar and/or know about CRA programs related to this? I would start here: http://www.cra-arc.gc.ca/gncy/cllctns/menu-eng.html Payment arrangements
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Apr 9, 2015 02:55
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Lexicon posted:Side note: those of you that pay accountants to do your taxes, what's the ballpark of costs for a husband/wife return? I'm getting to be a bit too old to be TurboTaxing this poo poo. This really depends on the complexity of the returns. It could range anywhere from a few hundred to a few thousand depending on what you got going on.
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Apr 9, 2015 03:05
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Franks Happy Place posted:The added value that I can just park my emergency fund in a checking account and then save on all of the various fees I'd normally be charged. That was the nice thing about TD: I didn't have to pay for my travel rewards card, U.S. checking, safe deposit box, none of it. Just had to maintain a balance I was going to maintain anyways. The safety deposit box is the only "perk" that is actually worth anything. All the others can can be beaten by other accounts and cards, even with all the fees waived on the TD product. TD is the only of the big 5 that knocks off fees for keeping a minimum balance, you aren't going to find anything similar elsewhere. Either stay with TD, or start shopping around for all the features you use individually. I use: Canadian Chequing: Tangerine (Day to day) + TD All Inclusive (Emergency fund) Canadian CC: Capital One Aspire World (Though the annual fee just effectively went from $20 to $120, not sure it's the best card out there any more) American Chequing: Banner Bank (No fee account, and they refund the ATM fee from any ATM in the US. No strings, except they only have branches to open an account on the west coast. I'm sure there are east coast equivalents) American/Intl CC: Amazon.ca Visa (FX rate is the mid market rate) Investments: Questrade
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Apr 9, 2015 03:40
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Kreez posted:TD is the only of the big 5 that knocks off fees for keeping a minimum balance, you aren't going to find anything similar elsewhere. Huh? They all do that.
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Apr 9, 2015 04:36
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I've just got a nice new job and I'm now free of debt and I'm now looking setting up a RRSP and/or TFSA for retirement and maybe a car or something? I’m in my early twenties and my salary is 70k my job will match up to 4% on RRSP. Also I have a choice of having them deduct my pay to put the amount into my RRSP is this a good idea? There is also this Pension plan thing with ATB / Sun Life financial witch they will match up to %4 and add an additional %8. Is there anywhere I can read up about pensions because I need to figure the pension thing out within 3 weeks and I have no clue.
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Apr 9, 2015 04:46
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I just glanced at BMO's plans and confirm that they also waive their fees. I also found this gem. They have two similar plans: Performance Plan $13.95/mo Unlimited everyday banking transactions Monthly Plan fee waived if you maintain a monthly balance of $3,500 or more AIR MILES® Plan $13.95/mo Unlimited everyday banking transactions Earn 50 AIR MILES Reward Miles per month if you maintain a monthly balance of $3,000 or more So for $14/mo, you could earn 50 AIR MILES Reward Miles if you keep a balance of $3000 or more. Seriously?
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Apr 9, 2015 04:49
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