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Mantle posted: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? They convert foreign charges to CAD at the precise mid-market rate. All other cards tack on a 2.5% margin. Also, Rogers?
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Oct 16, 2015 17:55
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Lexicon posted:They convert foreign charges to CAD at the precise mid-market rate. All other cards tack on a 2.5% margin. Yeah, Rogers. https://www.rogersbank.com/en/card_details/rogers_platinum_mastercard quote:All transactions made in a foreign currency will be converted first to US dollars and then to Canadian dollars at the exchange rate(s) established by MasterCard® and in effect on the date that we post the transition to your Account. Rogers Bank will not charge you any additional foreign currency conversion fees.
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Oct 16, 2015 19:01
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lol wut
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Oct 16, 2015 19:35
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Probably because they want to protect themselves against a falling cad. It's a loving ripoff.
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Oct 16, 2015 19:37
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Can anyone tell me where to file a report in Canada against a past employer who isn't paying me my last pay packet (After I have called and txted a million times and legit tried every way possible to get my cheque)?
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Oct 18, 2015 03:59
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Nierbo posted:Can anyone tell me where to file a report in Canada against a past employer who isn't paying me my last pay packet (After I have called and txted a million times and legit tried every way possible to get my cheque)? Thats a provincial jurisdiction. What province? The process will be filing a complaint with the labour board, waiting for that to play out, and suing the employer in small claims court for the award afterwards.
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Oct 18, 2015 04:05
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SK. Its only 250 bucks, so I definitely won't be taking it to court. Do I just literally google SK labour board?
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Oct 18, 2015 04:08
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https://www.saskatchewan.ca/business/employment-standards/complaints-investigations-enforcement-and-fines
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Oct 18, 2015 04:15
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Just submitted my complain. Thanks for the help. Sorry this wasn't exactly on thread topic guys.
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Oct 18, 2015 04:39
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Cultural Imperial posted:Probably because they want to protect themselves against a falling cad. It's a loving ripoff. Actually it's because from a mechanical standpoint there is much more trade in usd to almost every other currency than in CAD. This is actually what happens on almost every currency trade from CAD to anything not usd/eur/gbp, it's just not necessarily made transparent. Rates quoted in most not standard currency pairs are actually 'cross' rates. Like any market, there needs to be volume to be able to make a trade - there's no volume at the wholesale level, where prices are derived, in (say) CAD/HKD but there is usd/hkd and cad/usd volume which are then 'crossed' to get the net cad/hkd rate.
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Oct 19, 2015 09:58
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I believe there's more to an election than blatant self interest, so I didn't vote for the Tories even though it would have saved me at least a couple grand a year. That said I'm really gonna miss the TFSA contribution room since that was going to be my primary retirement account. I probably wouldn't feel so salty about it if I knew the money would go towards something tangible (infrastructure, minimum living allowance, affordable housing, etc) instead of some pork-barrel project in a friendly riding  e vvv I did, I just wish it would make a meaningful change instead of swapping one bunch of plutocrats for another Guest2553 fucked around with this message at 02:33 on Oct 20, 2015 |
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Oct 20, 2015 01:25
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Guest2553 posted:I believe there's more to an election than blatant self interest, so I didn't vote for the Tories even though it would have saved me at least a couple grand a year. That said I'm really gonna miss the TFSA contribution room since that was going to be my primary retirement account. I probably wouldn't feel so salty about it if I knew the money would go towards something tangible (infrastructure, minimum living allowance, affordable housing, etc) instead of some pork-barrel project in a friendly riding Your vote for the Tories wouldn't have done anything because your marginal effect on the outcome of the election is basically zero. Vote your conscience.
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Oct 20, 2015 02:16
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As someone who is ignorant of anything and everything finance but is starting to make more money, what would you recommend doing? I have no debt, a credit card I pay off every 2 weeks, $800 in savings, around $1000 floating in chequing - this will rise though so I need to start thinking about saving. I've tried going through this thread and the couch potato website several times, but I can't wrap my head around all these numbers and I just really have no idea what to do. I've thought about going to the bank (I'm with TD) to talk to a financial advisor but I'm wary because I'm not sure they'll have my best interest when we talk and recommend me something that is not optimal. Roughly, my expenses per month are about $1300 which is close to half my income. I could easily put away 200-500 a month right now. I've signed up for the Amazon card, and I am thinking about Tangerine Investment Funds. Do I just sign up for one and start putting money into it? It sounds great to me because really, I just want to put money away and not worry about it. What's a good book I can pick up for a newbie like me?
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Oct 27, 2015 00:08
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Skizzzer posted:As someone who is ignorant of anything and everything finance but is starting to make more money, what would you recommend doing? I have no debt, a credit card I pay off every 2 weeks, $800 in savings, around $1000 floating in chequing - this will rise though so I need to start thinking about saving. Step 2: open a TD mutual fund account and then print the forms to convert it in to an e-series account. Step 3: figure out your risk profile and auto contribute in to e-series muTual funds in TFSA and RRSP registered accounts. Follow couch potato for suggested distributions in bonds/US/Canadian/International funds.
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Oct 27, 2015 00:15
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cowofwar posted:Step 1: set up an emergency fund with six months expenses in a savings account. This is good advice. Does your company match any RRSP contributions? If yes, max that match. Anything after that, put into your e-series TFSA. It also helps to know what you're saving for. A house? Retirement? Something else? When you need money, or some fraction of it, will change what you pick in step 3 but that's pretty easy to adjust.
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Oct 27, 2015 04:47
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My parents just offered to sell me their rental property, the timeline for that I'm guessing is ~2 years from now when they retire. I have no plans myself to buy a house in the near future, I am just fine with renting and I think it unlikely to find a place to buy downtown which is where I work. I work for the government and I think I'll have a nice pension, but I won't know the details until I attend a seminar in late November. I don't know if I'll save for a house (probably, that's what everyone does right?) but I definitely want to save for retirement. How does TFSAs, RRSPs, and e-series work together? How do I split the money?
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Oct 27, 2015 05:08
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Skizzzer posted:My parents just offered to sell me their rental property, the timeline for that I'm guessing is ~2 years from now when they retire. I have no plans myself to buy a house in the near future, I am just fine with renting and I think it unlikely to find a place to buy downtown which is where I work. I work for the government and I think I'll have a nice pension, but I won't know the details until I attend a seminar in late November. Which branch of the government do you work for. If's its the Federal government they will openly tell you that you don't really need a TFSA, RRSP for the first 15 or so years of your career and to use the money to pay down a house. This may have changed if you joined the plan past the 35/65 rule. For right now if you are in the Fed. look at saving to buy a house maybe using a TFSA for tax breaks but it's won't match your pension breaks.
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Oct 27, 2015 16:21
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BC Provincial. I'm 28.cowofwar posted:Step 1: set up an emergency fund with six months expenses in a savings account. Thanks for this. Some followup questions: For step 2, why do I have to open a mutual fund account first? It seems that I can just open an e-series account here: http://www.tdcanadatrust.com/products-services/investing/mutual-funds/td-eseries-funds.jsp#what-does-td-offer Couch potato says: "Unfortunately, the e-Series funds are only available through an online account with TD Canada Trust or (preferably) a TD Direct Investing discount brokerage account." Why is a TD Direct Investing account preferable here? Step 3: I don't know the best way to figure this out, but I took a couple quizzes just now and read over the couch potatoe blog post - I'm ranging from medium to moderately aggressive. Looking at this page: http://canadiancouchpotato.com/wp-content/uploads/2015/01/CCP-Model-Portfolios-TD-e-Series.pdf, I'm okay with assertive, but I also don't understand the "Model Portfolio Performance" table. The 20 Year annualized return seems to be marginal compared to the other model portfolios.
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Oct 27, 2015 17:29
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Skizzzer posted:For step 2, why do I have to open a mutual fund account first? It seems that I can just open an e-series account here: http://www.tdcanadatrust.com/products-services/investing/mutual-funds/td-eseries-funds.jsp#what-does-td-offer Just compare the length of the forms between opening and converting e-Series. Conversion is recommended because you at least get a counselor validating all your ID, setting up your transfer info, etc. before you waive away those rights by using e-Series.
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Oct 27, 2015 17:39
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Skizzzer posted:
I like Millionaire Teacher. I've actually bought 3 copies of it in the past couple years because I don't always get it back when I lend it out to friends (BWM) but I don't mind knowing it's being used by people who are interested enough in finances to start asking questions.
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Oct 28, 2015 16:35
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Quick question to see if anyone thinks I'm making a mistake here. I bank with TD and they suggested I open TD Waterhouse accounts instead of opening a mutual fund and converting to e-Series, because the Waterhouse account can trade e-Series funds and other things, and I don't have to do the conversion process. Has anyone else done this?
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Oct 28, 2015 18:05
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That is one way to do it, there may be a yearly fee to open the Waterhouse account. You can simply open a mutual fund TFSA at a local branch and not mention the e Series, and proceed to submit the paperwork to convert the account afterwards sans fee.
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Oct 28, 2015 18:07
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Guest2553 posted:I like Millionaire Teacher. I've actually bought 3 copies of it in the past couple years because I don't always get it back when I lend it out to friends (BWM) but I don't mind knowing it's being used by people who are interested enough in finances to start asking questions. Thanks, I'll pick that up today. Thanks for the help everyone, I'm sure I'll be popping back in shortly with more silly questions.
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Oct 28, 2015 18:31
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Yeah there's a fee for a Waterhouse RRSP, but there's a minimum balance that I can top up beyond to avoid it.
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Oct 28, 2015 18:32
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Bizarro Buddha posted:Quick question to see if anyone thinks I'm making a mistake here. I bank with TD and they suggested I open TD Waterhouse accounts instead of opening a mutual fund and converting to e-Series, because the Waterhouse account can trade e-Series funds and other things, and I don't have to do the conversion process. Has anyone else done this? Yup. A TFSA with Waterhouse won't have the annual admin fee, but with an RRSP you'll be charged until your balance is over $25K . Full schedule here: https://www.td.com/ca/document/PDF/forms/521778.pdf
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Oct 28, 2015 18:34
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Have any of you guys given Wealthsimple a go yet? I hadn't heard about it until relatively recently. I've been seeing their ads all over the place, so I tried to do a bit of reading about them and from what I understand, it seems like a relatively cheap and easy way to get access to ETFs. You get set up with an asset portfolio based on a quick risk interview which you can then adjust if you want, and then all you need to do is transfer them funds. Everything gets balanced automatically and you just watch it go on your app. The simplicity of it seems really attractive to me, and anything would be better than the Scotia Selected Growth Portfolio my financial advisor set me up with at the bank. I'm curious enough that I'll be putting a couple thousand into a TFSA with them over the next few months. I'm certainly not the most knowledgeable person when it comes to investments in general, so I'd love to hear what you guys have to say about Wealthsimple.
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Oct 31, 2015 18:57
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Word of warning to those with Qtrade-- their fees are prohibitively high. I opened a TFSA worth them back in 2009 before switching to Questrade in 2013 and have been in the process of centralizing all my investments with Questrade. I just discovered that Qtrade charges a ridiculous $50 for each withdrawal from the TFSA. This is in addition to their $60/year admin fee for each account if you don't make any trades.
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Oct 31, 2015 22:02
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Mantle posted:Word of warning to those with Qtrade-- their fees are prohibitively high. I opened a TFSA worth them back in 2009 before switching to Questrade in 2013 and have been in the process of centralizing all my investments with Questrade. http://www.questrade.com/account/account_types/registered/tfsa
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Nov 1, 2015 05:59
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Olive Branch posted:Where did you read this? According to this page, they don't charge any such fees... Qtrade ≠ Questrade
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Nov 1, 2015 06:15
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Whoops, shows what I know. I thought Qtrade was a shorthand for Questrade.
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Nov 1, 2015 07:40
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I was confused too. I read it a couple more times after I wiped the tears from my face and then realised that Questrade was still a safe place free of bullshit fees. Phew.
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Nov 1, 2015 12:54
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What rate can I expect to get on a car loan for ~$5,000 these days?
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Nov 3, 2015 05:43
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Grouco posted:What rate can I expect to get on a car loan for ~$5,000 these days? Doesn't that depend entirely on your credit rating?
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Nov 3, 2015 05:56
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The answer to this question seems obvious to me, but I want to make sure I take the correct route. I took out $25,000 from my RRSP as a down payment for my house a couple of years ago. Shouldn't have done it, I'm smarter now, and I will have my TFSA and RRSP limits maxed next year. So then I will have the option of either re-contributing back my Home Buyer's Plan amount faster than needed, or invest in a non-registered account. I'm better to contribute back the Home Buyer's Plan amount first, right? Due to tax-free capital gains within an RRSP?
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Nov 4, 2015 19:05
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Rick Rickshaw posted:The answer to this question seems obvious to me, but I want to make sure I take the correct route. It's not tax-free. It's tax deferred as you will be taxed when you pull the money back out. And in fact, you are taxed on the full amount so you would be paying tax on the full capital gain and not 50% of it.
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Nov 4, 2015 19:51
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Rick Rickshaw posted:The answer to this question seems obvious to me, but I want to make sure I take the correct route. It's not that clear to me financially whether you're better off paying the HBP back quickly or slowly... but I would be inclined towards the former in your position out of pure desire for simplicity.... get it repaid and be done with it.
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Nov 4, 2015 21:09
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The HBP is quite a lovely program IMO. Too bad JT promised to expand the scope of it.
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Nov 4, 2015 21:11
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Kal Torak posted:It's not tax-free. It's tax deferred as you will be taxed when you pull the money back out. And in fact, you are taxed on the full amount so you would be paying tax on the full capital gain and not 50% of it. Right! Yes, I was aware of that. Should have made that clear. But I guess the idea is that it grows and compounds tax-free, until I withdraw, at a lower marginal rate than I am at now. But obviously the amount of tax I will owe grows and compounds as well. This is where I'm struggling to compute which is better. And capital gains tax only applies to realized gains - correct? So dividends and assets sold with a gain.
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Nov 4, 2015 21:31
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Kal Torak posted:It's not tax-free. It's tax deferred as you will be taxed when you pull the money back out. And in fact, you are taxed on the full amount so you would be paying tax on the full capital gain and not 50% of it. Technically yes you are "losing" capital gains, but in practice, it doesn't work that way at all! See here for an explanation. http://www.michaeljamesonmoney.com/2014/03/debunking-rrsp-myths-with-pictures.html RRSPs are a great tool. There is almost no reason to avoid them, even though yes the TFSA is generally easier and better to use.
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Nov 4, 2015 22:43
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Lexicon posted:The HBP is quite a lovely program IMO. Too bad JT promised to expand the scope of it. I still see it as being somewhat useful since you can save the money up pre tax, and make use of any employer contributions as well without reducing your contribution room. Of course it does look to suck if you can't make repayments, and your paying your new mortgage and HBP repayment for 15 years. Rather than saving up 25K in a savings account, then you just have the mortgage to pay afterwards.
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Nov 5, 2015 01:41
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