|
What would you do with money intended for use for purchase of a car somewhere between 1.5 and god knows how many years from now? Imagine you're starting with ~$15k and will be contributing about $600/month. The wishy washy timeframe is also why I almost posted this in BWM - the money is intended for the purchase a Tesla Model 3. TFSA for sure, but what within that? I know enough to look for something boring given the (relatively) short timeline, but would welcome suggestions. Something available through RBC DI would be super convenient.
|
#
?
May 12, 2016 03:32
|
|
|
|
| # ? May 17, 2024 14:52 |
|
|
anitsirK posted:What would you do with money intended for use for purchase of a car somewhere between 1.5 and god knows how many years from now? Imagine you're starting with ~$15k and will be contributing about $600/month. The wishy washy timeframe is also why I almost posted this in BWM - the money is intended for the purchase a Tesla Model 3. TFSA for sure, but what within that? I know enough to look for something boring given the (relatively) short timeline, but would welcome suggestions. Something available through RBC DI would be super convenient. For something like this you're going to be more interested in protecting your principal than in making huge gains. I'd look at an investment grade low duration bond fund or a GIC with a term that matches your timeframe. If you don't know what I mean by low duration: Duration is a measure of interest rate sensitivity. It's broadly related to the average maturity of bonds in a fund but essentially means that for every unit of duration, the value of the fund will increase or decrease with a change in the interest rate. Thus, if you have a duration of 10, the value of the bond / fund can be expected to decrease by 10% if the interest rate increases by 1%. a fund that invests primarily in short dated corporate paper (90-360 day maturity) would have a low duration, generally. You want a low duration because otherwise you could risk a significant loss if the interest rate were to spike and you / the fund didn't hold the underlying bonds to maturity. http://www.forbes.com/sites/baldwin/2014/06/04/best-etfs-short-term-bond-funds/#1882f39e573b
|
|
#
?
May 12, 2016 04:12
|
|
|
Golluk posted:Can you set your PC account up as a bill payment in your Scotia account? That's how I move cash from my PC checking account to my TD Waterhouse TFSA. Takes 1-3 days, but I've moved 10K no problem. I already have it with my TFSA and my PC account, but I'll have to look into that for chequing-to-chequing transfers in the future. Thanks! In the meantime, update! I dug deep in my room and found the remaining initial blank counter cheques I got when I first opened the account 12 years ago. I wrote a cheque for $30k, cashed it that same day via my phone. I got a call from Scotia two days later, asking if I indeed wrote the cheque. Good to know they actually followed up on that. I became a new signing authority (one of three) at a not-for-profit institution last year, along with a new president for 2015. After registering ourselves at TD, we found out that the president that took over in the year before that (ie. for 2014) wasn't officially registered and had no actual authority.
|
|
#
?
May 12, 2016 16:42
|
|
|
anitsirK posted:What would you do with money intended for use for purchase of a car somewhere between 1.5 and god knows how many years from now? Imagine you're starting with ~$15k and will be contributing about $600/month. The wishy washy timeframe is also why I almost posted this in BWM - the money is intended for the purchase a Tesla Model 3. TFSA for sure, but what within that? I know enough to look for something boring given the (relatively) short timeline, but would welcome suggestions. Something available through RBC DI would be super convenient. Don't buy a Tesla as there are still some questions on how the battery does in cold weather long term unless it's going to be in storage for the winter. Also TD rolled a speading tracking thing as part of there app today.
|
|
#
?
May 12, 2016 19:37
|
|
|
TD myspend was available to the public since early April 
|
|
#
?
May 12, 2016 20:32
|
|
|
jm20 posted:TD myspend was available to the public since early April I never noticed it before.
|
|
#
?
May 12, 2016 21:20
|
|
|
sbaldrick posted:Don't buy a Tesla as there are still some questions on how the battery does in cold weather long term unless it's going to be in storage for the winter. If you stick AAs in the fridge overnight they hold their charge a bit longer, I assume a car battery is exactly the same, it'll be fine. Seriously though that sucks I also want to get a Tesla 3 when the dollar de-shits itself
|
|
#
?
May 12, 2016 22:53
|
|
|
HookShot posted:If you stick AAs in the fridge overnight they hold their charge a bit longer, I assume a car battery is exactly the same, it'll be fine. I honestly want a Tesla 3 too, but it's a real worry as not a ton of long term testing has been done.
|
|
#
?
May 12, 2016 23:37
|
|
|
sbaldrick posted:Don't buy a Tesla as there are still some questions on how the battery does in cold weather long term unless it's going to be in storage for the winter. Performance is compromised when the battery is cold, although the Teslas use a heather to heat it up so it shouldn't be too much of an issue. In the long term, cold is actually good for it, as heat makes everything related to lithium-ion battery aging so much worse. The Teslas use a battery chemistry that ages much slower than the chemistry used in the cells in the Leaf and other electric cars though.
|
|
#
?
May 15, 2016 02:08
|
|
|
So I'm getting into investing right now and I'm currently with Scotiabank using Questrade as my broker. I'm planning to do investing in USD but I'm concerned about the massive exchange rates I will have to pay to convert CAD to USD and buy US stocks. I want to minimize this as much as possible. Anyone know what bank or strategy I can use to minimize CAD/USD exchange?
|
|
#
?
May 15, 2016 02:41
|
|
|
Norbert's gambit. At best you're still gonna end up paying the market exchange rate.
|
|
#
?
May 15, 2016 03:58
|
|
|
Vatek posted:Norbert's gambit. At best you're still gonna end up paying the market exchange rate. Ever had Questrade refuse to journal?
|
|
#
?
May 15, 2016 04:18
|
|
|
Applesmack posted:Ever had Questrade refuse to journal? No, they'll do it no problem. You can even use DLR.TO (Horizons US Dollar Currency ETF) and take no market equity risk as well as not pay for the buy since it's an ETF.
|
|
#
?
May 15, 2016 05:39
|
|
|
Kal Torak posted:No, they'll do it no problem. Great, thanks!
|
|
#
?
May 15, 2016 07:10
|
|
|
Anyone have any thoughts on replacing separate US and international equity funds with combined ones? I'm thinking of replacing VTI/VXUS with VT (or VXC if held in CAD). My rationale is purely for simplicity's sake.
|
|
#
?
May 15, 2016 07:14
|
|
|
I keep having orders fail on Questrade, and I can't figure out why. In the details, there are no specifics on why the order didn't go through. I can't find anything in their FAQs, and calling in took forever and ultimately I got hung up on once and never got a call back from the one person I did get. These are market orders, so no limit or anything should be affecting them. Any thoughts?
|
|
#
?
May 15, 2016 23:25
|
|
|
mr.belowaverage posted:I keep having orders fail on Questrade, and I can't figure out why. In the details, there are no specifics on why the order didn't go through. I can't find anything in their FAQs, and calling in took forever and ultimately I got hung up on once and never got a call back from the one person I did get. You're placing these orders when the market is open?
|
|
#
?
May 15, 2016 23:31
|
|
|
Rick Rickshaw posted:You're placing these orders when the market is open? Even with markets closed, a market order would still go in as soon as the market opens... (Likely with catastrophic results, hope you're not doing that!) From my experience so far, chat has been the best way to get in touch with Questrade reps. Don't bother leaving an e-mail message if chat isn't available for some reason (that took five days). Maybe check /r/Questrade too, they have some staff watching reddit and are pretty much on the ball on anything that might make them look bad.
|
|
#
?
May 16, 2016 16:42
|
|
|
Just a note if you have a Tangerine Credit card, you might want to double check your purchase history. Just got off the phone with Tangerine, someone was using a clone of my card and attempted to make a few thousand in purchases. Thankfully only one went through, for 6 bucks, which they are crediting me for. I mention this because she said she's been going through allot of these this morning. Not sure how they got it, I haven't used this one online.
|
|
#
?
Jun 6, 2016 17:12
|
|
|
If you used your card to pay for taxis in Toronto they're notorious for spoofing numbers. I've had my card lifted probably half a dozen times in taxis there.
|
|
#
?
Jun 7, 2016 05:39
|
|
|
So the lovely Canadian Forces gave me my stupid loving pension money that I paid in back as a locked in rrsp. Is there any way I can use the stupid piece of poo poo awful locked in rrsp for the first time home buyers plan? In short gently caress locked in rrsps
|
|
#
?
Jun 18, 2016 19:38
|
|
|
Ultimate Shrek Fan posted:So the lovely Canadian Forces gave me my stupid loving pension money that I paid in back as a locked in rrsp. Is there any way I can use the stupid piece of poo poo awful locked in rrsp for the first time home buyers plan? No, but you might be able to transfer some of it to a regular RRSP as I understand it. E: depends on your province: http://www.taxtips.ca/pensions/rpp/unlockingrpp.htm
|
|
#
?
Jun 18, 2016 19:44
|
|
|
Subjunctive posted:No, but you might be able to transfer some of it to a regular RRSP as I understand it. There's only 8k in the locked in RRSP, so the fact that I cannot touch this until I am 65 really chaps my rear end.
|
|
#
?
Jun 18, 2016 19:49
|
|
|
Ultimate Shrek Fan posted:There's only 8k in the locked in RRSP, so the fact that I cannot touch this until I am 65 really chaps my rear end. What province are you in?
|
|
#
?
Jun 18, 2016 19:50
|
|
|
Subjunctive posted:What province are you in? NL but the RRSP is federal
|
|
#
?
Jun 18, 2016 19:51
|
|
|
Ultimate Shrek Fan posted:There's only 8k in the locked in RRSP, so the fact that I cannot touch this until I am 65 really chaps my rear end. It's retirement money, that's kind of the point? The only substantive difference is that it has to be kept separate from your other accounts and you can't pull the funds out even at a penalty unlike a normal rrsp. Just stick it in an etf or whatever is allowed by your province and forget about it for 30 or 40 years or whatever.
|
|
#
?
Jun 18, 2016 21:37
|
|
|
Kalenn Istarion posted:It's retirement money, that's kind of the point? Yea but what chaps my rear end is that it was my money that I paid in and now I have no control over it because some dingus put it into a locked in plan.
|
|
#
?
Jun 18, 2016 21:44
|
|
|
Its only locked for a year. The pension centre may or may not have told you that.
|
|
#
?
Jun 18, 2016 23:45
|
|
|
sbaldrick posted:Its only locked for a year. The pension centre may or may not have told you that. No, it's locked in until I'm 65. I was just hoping you could because on CRA's website it says normally locked in rsps can't be used so I was hoping someone here knew of the situation where it could be used. Ultimate Shrek Fan fucked around with this message at 00:05 on Jun 19, 2016 |
|
#
?
Jun 19, 2016 00:02
|
|
|
Is the 8k going to change your life in a meaningful way at the present? I ask because after 30 years the value triples and some. If you somehow managed to use it for the homebuyers plan you'd still have to repay it on a 15 year timeline.
|
|
#
?
Jun 19, 2016 01:32
|
|
|
jm20 posted:Is the 8k going to change your life in a meaningful way at the present? I ask because after 30 years the value triples and some. If you somehow managed to use it for the homebuyers plan you'd still have to repay it on a 15 year timeline. A close family friend offered me a building lot for a 1/3rd of the value before he puts it on the market. And I'm not going to be 65 for another 39 years there's still plenty of time to save for the three months I live after I hit 65. Ultimate Shrek Fan fucked around with this message at 01:55 on Jun 19, 2016 |
|
#
?
Jun 19, 2016 01:52
|
|
|
Most people today can expect to live 20-30 years after 65. See if you can get a loan for what you need.
|
|
#
?
Jun 19, 2016 02:41
|
|
|
Ultimate Shrek Fan posted:No, it's locked in until I'm 65. I was just hoping you could because on CRA's website it says normally locked in rsps can't be used so I was hoping someone here knew of the situation where it could be used. Is this the locked in value or the transfer out value. The locked in has to go into a RSP for one year when it becomes an RRSP, the transfer out you can do what you want with but if its in an RRSP you can pull of unemployed with tax penalties. I just dealt with it.
|
|
#
?
Jun 19, 2016 16:58
|
|
|
I'm not sure, all I know is that I've had this money for about 5 years and it's still a locked-in rsp.
|
|
#
?
Jun 19, 2016 18:11
|
|
|
Ultimate Shrek Fan posted:I'm not sure, all I know is that I've had this money for about 5 years and it's still a locked-in rsp. Where did you leave the forces as your bank may have set it up that way. Banks in Ottawa are very knowledgeable about it.
|
|
#
?
Jun 20, 2016 17:08
|
|
|
sbaldrick posted:Where did you leave the forces as your bank may have set it up that way. I was in Manitoba when my contract ended.
|
|
#
?
Jun 20, 2016 19:59
|
|
|
Ultimate Shrek Fan posted:I was in Manitoba when my contract ended. Do you have any non-locked-in retirement savings you can draw from instead? If the answer is no, then it's good that you can't touch this money. It might pay for your dog food (that you will be eating) when you're 65.
|
|
#
?
Jun 21, 2016 15:48
|
|
|
Rick Rickshaw posted:Do you have any non-locked-in retirement savings you can draw from instead? I do but I'm saving that for when I retire. I figured one 8-9k rrsp that I can't touch until I'm 65 wouldn't really matter. But thanks for being a douchebag, it really adds a lot!
|
|
#
?
Jun 22, 2016 19:35
|
|
|
Ultimate Shrek Fan posted:I do but I'm saving that for when I retire. I figured one 8-9k rrsp that I can't touch until I'm 65 wouldn't really matter. But thanks for being a douchebag, it really adds a lot! At 4% that's about $35K when you retire, or a year of retirement on the average Canadian retiree's budget. FWIW.
|
|
#
?
Jun 22, 2016 19:39
|
|
|
|
| # ? May 17, 2024 14:52 |
|
|
Ultimate Shrek Fan posted:I do but I'm saving that for when I retire. I figured one 8-9k rrsp that I can't touch until I'm 65 wouldn't really matter. But thanks for being a douchebag, it really adds a lot! You shouldn't really be surprised that espousing quintessential financially-inept-Canadian ramblings in a finance nerd thread doesn't get much traction.
|
|
#
?
Jun 22, 2016 20:22
|
|