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Hi guys. So I just noticed today that BMO and Scotiabank (I use both) have accounts that with a certain minimum balance are "free", meaning they have no monthly fee. Questions: 1) Are these actually free? 2) Are there other fees I can avoid? Fees for withdrawals and transfers and payments, namely. If so, how? 3) Are there certain banks, or other financial mechanisms entirely that let me keep and move money about with fewer fees than I'd get with standard Canadian banks? I know this is incredibly basic stuff but I might as well start somewhere.
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Sep 17, 2015 00:40
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1) Yes. As long as you stay above that minimum for the whole month. 2) I'm not entirely sure what you mean here. 3) Yes. President's Choice, Tangerine and I think a few credit unions but I'm not sure which are the ones I know of off the top of my head.
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Sep 17, 2015 01:05
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So who has the best high interest savings account? I've had my emergency fund in Tangerine for ages, and with the interest rate down to 0.8%, I was wondering if I could do any better elsewhere, but the info is surprisingly hard to find on bank websites and I'm not up to date on the cool and trendy financial institutions with hipster names like Tangerine.
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Sep 17, 2015 06:28
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HookShot posted:So who has the best high interest savings account? If you are really interested in savings accounts and higher returns for whatever reason you may have to go with a third party lender for the best returns. https://www.highinterestsavings.ca/chart/ Honestly though, have 15-20k cash, and use a HELOC for the rest. If you are really hurting you can dip into some of your TFSA that hasn't lost value.
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Sep 17, 2015 15:20
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HookShot posted:So who has the best high interest savings account? You may want to watch for any offers that Tangerine has from time to time. A couple months ago they were offering clients with 10K or more in Savings a rate of 3% for 6 months. All you had to do was call them and ask for it. They even maintained the 3% when the BoC cut rates.
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Sep 17, 2015 15:30
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Kal Torak posted:You may want to watch for any offers that Tangerine has from time to time. A couple months ago they were offering clients with 10K or more in Savings a rate of 3% for 6 months. All you had to do was call them and ask for it. They even maintained the 3% when the BoC cut rates. I have more than 10k and I never got that offer  jm20 posted:If you are really interested in savings accounts and higher returns for whatever reason you may have to go with a third party lender for the best returns. https://www.highinterestsavings.ca/chart/
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Sep 17, 2015 19:11
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HookShot posted:I have more than 10k and I never got that offer Yeah, it wasn't publicized. You had to hear about it from a friend or online and then call to ask for it. There's a thread at redflagdeals about it.
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Sep 17, 2015 19:15
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Kal Torak posted:Yeah, it wasn't publicized. You had to hear about it from a friend or online and then call to ask for it. There's a thread at redflagdeals about it. Oh, ok. I didn't go to RFD for ages and must have missed it. It's too bad, I was just there the other day reading the story of a guy who's mad CIBC is taking his house because he didn't pay the mortgage on it for months and blaming them because they didn't accept his dumb repayment terms of "I'll keep paying the mortgage and pay down what I owe whenever I can".
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Sep 17, 2015 21:17
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HookShot posted:1) Yes. As long as you stay above that minimum for the whole month. I live in Quebec so PC is a no-go, but this Tangerine thing looks great, thanks. For 2) I guess I'm just looking for any other common tips to avoid fees, for Scotiabank, BMO or Canadian banks in general. But the tip seems to be use Tangerine. I mean, drat. Unlimited, no-fee debit card? Free email transfer of money? This is exactly what I was hoping for.
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Sep 17, 2015 22:04
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Tangerine used to be ING, but was bought by Scotia in 2012 and renamed Tangerine.
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Sep 17, 2015 22:56
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I have an appointment with an adviser at TD tomorrow to open up an account for the purpose of converting it to e-series. What's the bare minimum I'll have to do on site that can't be done through the e-series website once the account is up and running? I'll be transferring a 9k RRSP and 6k TFSA from Tangerine, most likely dumping in more from savings. I think registered account transfers still require plain old paper forms?
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Sep 22, 2015 18:20
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you don't need to do anything on site besides get them to fill up and mail out the forms (not fax, the one I was talking to months ago was going to fax them - it says right on the forms not to).
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Sep 22, 2015 19:06
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I've got a bunch of five year GICs at ~3.5% that I bought from around 2009-2012. Suckers all said interest rates were going up but they are a nice part of my portfolio now.
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Sep 24, 2015 02:30
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cowofwar posted:I've got a bunch of five year GICs at ~3.5% that I bought from around 2009-2012. Suckers all said interest rates were going up but they are a nice part of my portfolio now. That's great, but I think the market is up like 75% since 2010.
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Sep 24, 2015 04:19
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Kal Torak posted:That's great, but I think the market is up like 75% since 2010. This is also accounting for the recent 10%+ haircut (or 40% in the case of VW  )
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Sep 24, 2015 04:23
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Let's say you have a TFSA and unregistered investment account with the same broker. In December you move $10k market value with $5k book value equities in to your TFSA from your unregistered account. You then sell for market value in TFSA and withdraw $10k cash back out of the TFSA. I am sure that would have to trigger cap gains or else it's a loop hole.
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Sep 24, 2015 15:29
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cowofwar posted:Let's say you have a TFSA and unregistered investment account with the same broker. In December you move $10k market value with $5k book value equities in to your TFSA from your unregistered account. You then sell for market value in TFSA and withdraw $10k cash back out of the TFSA. I am sure that would have to trigger cap gains or else it's a loop hole. It's a deemed disposition upon transfer to the TFSA. You have to record the capital gain. If you are transferring at a loss, the loss can never be claimed. No loophole here.
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Sep 24, 2015 15:31
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Kal Torak posted:It's a deemed disposition upon transfer to the TFSA. You have to record the capital gain. The loss rule is lovely. Trivially avoided, and yet easy to make the mistake of transferring without first selling. I wonder why they even bothered - it seems like a deliberate gently caress-you to less than sophisticated investors.
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Sep 24, 2015 18:41
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Questrade has their own ETFs now?
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Sep 25, 2015 00:56
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I remember seeing a thread at some point where goons had a referral chain going for opening Tangerine accounts. Since I'm no longer a student, I'm looking at switching to an account with them to avoid the fees that I would be getting if I stayed with CIBC. I looked through the first few pages of C&D as well as the first and last few pages of this thread but couldn't find any info. Is the thread I'm thinking of still active?
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Sep 29, 2015 00:04
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Black Hole Bowser posted:I remember seeing a thread at some point where goons had a referral chain going for opening Tangerine accounts. Since I'm no longer a student, I'm looking at switching to an account with them to avoid the fees that I would be getting if I stayed with CIBC. I looked through the first few pages of C&D as well as the first and last few pages of this thread but couldn't find any info. Is the thread I'm thinking of still active?
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Sep 29, 2015 00:11
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Can we not gently caress the thread with this please? Do it elsewhere
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Sep 29, 2015 03:48
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I don't know where this question would be most appropriate, but since it's Canada and it's tax related I'll try you guys. The issue is retail sales tax paid on a used car in May of this year in Ontario. http://news.nationalpost.com/news/canada/at-least-6500-people-who-bought-used-cars-in-may-to-get-bill-from-ontario-tax-man So I happened to purchase a used car on May 5. After hearing the story, I dug up my bill of sale, and the tax works out to 13% of the listed purchase price. But there is a lot of ambiguity in relation to this point quoted below: National Post posted:The government says a third-party provider gave the wrong information on the wholesale value of used cars for almost the entire month of May, so buyers did not pay the appropriate amount of sales tax. (as an aside I hate the National Post, but other major papers had even less detail as to the nature of the glitch) So I'm confused, and left with two options: 1. I am not one of the 6,500 people who did not pay the right amount of tax, since I can do math and the HST listed is 13% of the purchase price. 2. My car was somehow undervalued by Carproof, and thus I paid less tax than I should have based on what I should have paid for it(?). Option #2 makes no sense on a lot of levels, and I don't know enough about the buying and selling of used cars to know where to begin. Any help unpacking it would be appreciated. It's funny that the comments on all the major newpaper websites amount to "mah tax dollars!" and "another gaffe by the incompetent Liberals (ok I'm on board with this one" and "good luck Justin this screwed you!", with no question about why and how purchasers are actually on the hook for this. Finally, a hearty laugh at the Goverment Services Minister David Oraziette (from the Hamilton Spectator): quote:"Based on the value of the vehicles, I think there are certain individuals out there who know, and certainly suspect, because they would have anticipated having to pay this, and probably know full well that they did not pay the appropriate level of tax," Yes, I always pull a calculator and make sure that the tax is exactly 13% instead of just checking it to make sure its ballpark to what I expect. Also, he's insinuating that this happened at the retailer, which makes it more confusing because it would have got caught at some point (even by a purchaser who would point it out so they wouldn't get screwed later, c.f. what is happening now).
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Sep 30, 2015 23:59
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If I automatically re-invest dividends from my e-series into my TFSA does that count against contribution room? I just noticed that my book value is $12 higher than when I bought the stocks, I figure that's dividend money, and need to know if it reduces how much I can put in for the rest of this year.
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Oct 6, 2015 05:41
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HookShot posted:If I automatically re-invest dividends from my e-series into my TFSA does that count against contribution room? I just noticed that my book value is $12 higher than when I bought the stocks, I figure that's dividend money, and need to know if it reduces how much I can put in for the rest of this year. Dividends do not count against contribution room - otherwise the TFSA wouldn't be such a special creature  Once you contribute money into TFSA land - whatever happens in there, is yours to keep.
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Oct 6, 2015 07:04
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Lexicon posted:Dividends do not count against contribution room - otherwise the TFSA wouldn't be such a special creature Sweet, thanks!
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Oct 6, 2015 18:56
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Is there a go-to place to convert USD to CAD (other than my bank or Questrade)? I want to sell about 100k of USD at the best rate possible, but I'm not really down for a huge hassle either.
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Oct 7, 2015 20:40
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mik posted:Is there a go-to place to convert USD to CAD (other than my bank or Questrade)? I want to sell about 100k of USD at the best rate possible, but I'm not really down for a huge hassle either. In the past, I have used paylinebyice.com. I believe they are geared more towards corporations but individuals can use them as well. It may take you some time to set up an account the first time because you have to provide bank details for both your CAD and USD account so they can debit one and credit the other, but once it's set up it's pretty simple and easy to exchange currency going forward.
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Oct 7, 2015 21:15
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So, uh, I'm filling in this fancy form to convert my TD account to e-series. It's a bit confusing. The counselor set me up with a RRSP funds account and a TFSA funds account, and set up a regular savings account on top of that so I could have Easy Web access. The e-series conversion form is asking me for a single 8 digit account number -- account numbers are 7 digit so I'm willing to file this as just another bank mishap. But I'm unclear which account number I should be writing on there... It seems like it's on an individual funds account basis, so I'd have to actually fill in two forms to convert both the RRSP and TFSA accounts to eseries? Or can I just stuff the savings account number in there and trust them to do their thing?
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Oct 9, 2015 04:39
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It's normal for the account number to not match up on the conversion form. I don't know why they do that. You will need to fill out one form for each account so that's one form for your TFSA and one form for your RRSP.
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Oct 9, 2015 06:14
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Tangerine is enrolling people to test out their new cash back mastercard so opt in if you haven't already. 2% cash back on two categories or three if you have a tangerine savings account. 1% for the rest. As I understand no limits so better than MBNA.
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Oct 13, 2015 22:31
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cowofwar posted:Tangerine is enrolling people to test out their new cash back mastercard so opt in if you haven't already. 2% cash back on two categories or three if you have a tangerine savings account. 1% for the rest. As I understand no limits so better than MBNA. Sweet! Thanks, I'll be on the lookout.
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Oct 14, 2015 20:53
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cowofwar posted:Tangerine is enrolling people to test out their new cash back mastercard so opt in if you haven't already. 2% cash back on two categories or three if you have a tangerine savings account. 1% for the rest. As I understand no limits so better than MBNA. What are Money Back categories? Like certain products or services?
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Oct 15, 2015 00:25
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Count Roland posted:What are Money Back categories? Like certain products or services?
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Oct 15, 2015 00:34
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Good writeup herequote:If you choose the statement credit for your redemption, you get to pick 2 categories for the 2% cash-back. If you choose the deposit to a non-registered Tangerine savings account (either sole or joint account holder), then you get to pick a third category.
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Oct 15, 2015 02:42
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Thanks.
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Oct 15, 2015 02:46
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quote:http://www.cbc.ca/news/business/scotiabank-buys-jpmorgan-s-canadian-credit-card-operations-1.3272534 Does this mean we will eventually have online billing for the Amazon CC?
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Oct 16, 2015 15:35
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jm20 posted:Does this mean we will eventually have online billing for the Amazon CC? It probably means the no-margin forex is going away.
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Oct 16, 2015 15:45
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Lexicon posted:It probably means the no-margin forex is going away. Rogers has a weird no margin forex where they say it's no margin but they change all currencies to USD before billing in CAD. So is it just the final USD CAD forex that is no margin?
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Oct 16, 2015 15:56
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Are we sure the Amazon card is included in that?quote:Scotiabank is acquiring JPMorgan's MasterCard and Sears card portfolio, along with the call centre and security operations associated with the cards. It is Scotiabank's first foray into MasterCard in Canada. No mention of Visa.
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Oct 16, 2015 16:45
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