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That's broadly it, yep.
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Feb 10, 2017 16:02
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What are people doing for executors of their wills? It seems like a crappy thing to stick a friend or relative with, even though I don't anticipate any family conflict. My bank (RBC) offers an executor service, but 3% of the estate is pretty steep.
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Feb 10, 2017 22:23
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A number of family law practices will do it for a fixed cost. Whether or not it's cheaper than a bank is entirely dependent on the expected size of your estate.
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Feb 10, 2017 23:24
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I strongly suspect it would be. I'll look into that, thank you.
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Feb 10, 2017 23:25
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My wife and I have a number of our own bank accounts, all dating from long before we met, as well as a few joint. What, if anything, is necessary to do with these such that they become the automatic property of the other in the event of death with the least hassle possible?
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Feb 10, 2017 23:37
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Lexicon posted:My wife and I have a number of our own bank accounts, all dating from long before we met, as well as a few joint. What, if anything, is necessary to do with these such that they become the automatic property of the other in the event of death with the least hassle possible? To be honest it shouldn't be a huge problem but the simplest way is to ensure that all of the accounts are listed in your will. If you have a marital agreement with those accounts listed as pre-marital assets it should be made explicitly clear that you want your spouse to receive them on your death and vice versa. It should be pretty easy to add all of that via codicil, which shouldn't cost much at all. Edit: Of course you could just register all of those accounts jointly, but I'm assuming you'd like to leave them as is. grack fucked around with this message at 03:15 on Feb 11, 2017 |
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Feb 10, 2017 23:51
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^ I would happily convert all the accounts to "joint" but banks being banks, I assume that's not a simple process.
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Feb 11, 2017 03:32
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It's pretty simple. Took about 20 mins to do 5 accounts for me and my wife, 17 years ago.
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Feb 11, 2017 05:55
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Subjunctive posted:It's pretty simple. Took about 20 mins to do 5 accounts for me and my wife, 17 years ago. The average competence level of branch retail staff was a lot higher back then, but yeah, you can still get good ones... Discriminate based on age: Under 30 = useless.
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Feb 11, 2017 15:39
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2016 was the first year I actually did anything with my registered saving accounts. I have a RDSP that I invested into low-MER index funds in the summer of 2016, that has produced a nice return since then. Will I receive a T5 slip or some other tax form for this or need to do anything differently for my taxes?
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Feb 18, 2017 04:35
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Koskinator posted:2016 was the first year I actually did anything with my registered saving accounts. I have a RDSP that I invested into low-MER index funds in the summer of 2016, that has produced a nice return since then. Will I receive a T5 slip or some other tax form for this or need to do anything differently for my taxes? If just registered accounts, no, no T5 slip(s) for you on the embedded interest/dividends and no changes.
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Feb 18, 2017 04:40
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Koskinator posted:2016 was the first year I actually did anything with my registered saving accounts. I have a RDSP that I invested into low-MER index funds in the summer of 2016, that has produced a nice return since then. Will I receive a T5 slip or some other tax form for this or need to do anything differently for my taxes? You will not get a t5 as the investment gains are not taxable but you will get a slip which details your contribution. You will need to report any contributions on your tax return and these will be deducted from your income meaning rrsp or rdsp or reso contributions save you near-term taxes.
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Feb 18, 2017 09:56
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Kalenn Istarion posted:You will not get a t5 as the investment gains are not taxable but you will get a slip which details your contribution. You will need to report any contributions on your tax return and these will be deducted from your income meaning rrsp or rdsp or reso contributions save you near-term taxes. Checking my RDSP records again, it seems that I did not in fact make any contributions in 2016. I made some small contributions in earlier years, and the government put in bonds and grants. What I did in 2016 was switch all that money from a saving account to index funds with no additional contributions. Will I still be getting a slip? This is the only thing holding up my taxes right now. (that and the NETFILE deadline)
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Feb 18, 2017 20:08
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Koskinator posted:Checking my RDSP records again, it seems that I did not in fact make any contributions in 2016. I made some small contributions in earlier years, and the government put in bonds and grants. What I did in 2016 was switch all that money from a saving account to index funds with no additional contributions. Will I still be getting a slip? This is the only thing holding up my taxes right now. (that and the NETFILE deadline) No. You'll not see any tax consequences until the funds are withdrawn.
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Feb 18, 2017 21:27
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Koskinator posted:Checking my RDSP records again, it seems that I did not in fact make any contributions in 2016. I made some small contributions in earlier years, and the government put in bonds and grants. What I did in 2016 was switch all that money from a saving account to index funds with no additional contributions. Will I still be getting a slip? This is the only thing holding up my taxes right now. (that and the NETFILE deadline) Nope, changes within an rrsp don't generate any tax impacts.
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Feb 19, 2017 01:00
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I currently have 10% of my investments in bonds but from reading around it seems like bonds are in a bad place right. Is there any reason why I shouldn't just go 100% equities if I'm in my twenties?
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Feb 21, 2017 01:21
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Zettace posted:I currently have 10% of my investments in bonds but from reading around it seems like bonds are in a bad place right. Is there any reason why I shouldn't just go 100% equities if I'm in my twenties? Not really, no
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Feb 21, 2017 03:02
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OK so this is my first time filing in Canada after working out of country for a few years as well as my first time contributing to an RRSP ever, and I think I might have confused some aspects of RRSPs with IRAs. Say my deduction limit for 2016 from my last notice of assessment is 20K. I earn another 4K of room based off my 2016 income. If I contribute 4K in the first 60 days of 2017, can I claim this amount in 2016, or only for the 2017 tax year onward? Follow on question if it's the latter - since I could elect to have the contribution count for tax year 2017, would it be considered an overcontribution subject to penalties, or would it just be counted towards the 2017 limit when I reconcile in a year's time? Thanks friends.
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Feb 21, 2017 04:43
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You would "claim" (ie, report) it on your 2016 tax return but only deduct it come 2017, where the 2016 notice of assessment would show you your total limit for 2017, this 4k as contributed previously but not deducted, and then the total less 4k - probably zero by the sounds of it. It's not an overcontribution, though it can confuse people at times. Edit for clarity: I assumed from context that we're talking 24k in total contributions, not just 4k. James Baud fucked around with this message at 05:22 on Feb 21, 2017 |
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Feb 21, 2017 04:51
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This is only partly right. You can use rrsp room in the year earned, so you can definitely claim the 4K on your 2016 income. That said, if you expect 2017 to be in a higher tax bracket then you should save the contribution for 2017.
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Feb 21, 2017 04:57
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Thanks for the quick info. The software I'm using isn't letting me used the room in the year earned, so I'll just cross-check it with another program before using netfile. It would hella benefit me to use it this year if I can, which is why I'm asking - my net income is about half of my gross due to RRSP contributions, which makes me eligible for a bunch of refunds/credits/babby money I wouldn't normally get. Between that and the tax benefit of putting it in a spousal account for a non-working spouse, I'll come out way ahead but probably not as far ahead as if I had actually had an RRSP the past 8 years during the crazy bull market. Oh well  e. a word
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Feb 21, 2017 05:08
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Kalenn Istarion posted:This is only partly right. This isn't true. Your RRSP deduction limit is based on your most recent assessment, re-assessment or T1028, which are all based on your previous year's tax return. Straight from CRA's Website: quote:Calculating your 2016 RRSP deduction limit
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Feb 21, 2017 05:15
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E: I'm wrong, it's 18% of prior year, you can definitely invest the $4k immediately but you won't want to claim until 2017 return. My point about considering whether you'll be in a higher tax bracket is correct however - depending on if and when you think you'll move brackets it can be better to defer putting money in an rrsp. If you're in a low tax bracket a tfsa is more likely to be your best option dollar for dollar. Kalenn Istarion fucked around with this message at 10:36 on Feb 21, 2017 |
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Feb 21, 2017 10:08
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E: sorry, I'm wrong, my bad. I guess I've had available limit for so long I hadn't remembered how the first year's rrsp limit was generated. Kalenn Istarion fucked around with this message at 10:23 on Feb 21, 2017 |
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Feb 21, 2017 10:18
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Kalenn Istarion posted:[Removed since Kalenn deleted it and why keep mistaken info?] No, this is still wrong. In the simple case, if 2016 is the first year you worked and you earned 50k you are allowed to contribute zero and deduct zero until your 2017 tax return. Your 2016 NoA would say "your contribution limit for 2017 is 9,000". If you put in more than the allowed 2k excess before January 1, 2017, you'll be paying penalties. Your RRSP room is 18% of the previous year's earnings (plus unused from past), not the current year. James Baud fucked around with this message at 10:30 on Feb 21, 2017 |
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Feb 21, 2017 10:26
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Yes that's why I deleted the words from my post
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Feb 21, 2017 10:33
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I was fairly certain I understood RRSP contribution and deduction limits and calculations until I read the the last few posts, which managed to confuse me a touch. Which isn't a good thing, seeing as I'm working right at the limits. Up until Dec 31, 2016, my RRSP was maxed. I received my T4 for last year, took 18% of that (say 5k), and put that into my RRSP Feb 5th, 2017. My understanding is that I can't deduct that 5K from my 2016 taxes, since I was already maxed for 2016. It just means I'm already maxed for 2017, and I can deduct that 5k on my 2017 taxes next year.
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Feb 21, 2017 15:33
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Golluk posted:I was fairly certain I understood RRSP contribution and deduction limits and calculations until I read the the last few posts, which managed to confuse me a touch. Which isn't a good thing, seeing as I'm working right at the limits. Up until Dec 31, 2016, my RRSP was maxed. I received my T4 for last year, took 18% of that (say 5k), and put that into my RRSP Feb 5th, 2017. This is correct
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Feb 21, 2017 15:48
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Zettace posted:I currently have 10% of my investments in bonds but from reading around it seems like bonds are in a bad place right. Is there any reason why I shouldn't just go 100% equities if I'm in my twenties? Here's a recent thread on Reddit discussing this very topic.
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Feb 21, 2017 18:58
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Any thoughts on the Canada Saving Bonds Program? http://www.csb.gc.ca/ I have the option to enroll next fall. Good/bad idea?
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Feb 21, 2017 21:02
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Does anyone here contribute to an RESP and do they have any suggestions for providers/plans. Going full BWM and having a child this year.
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Feb 21, 2017 21:21
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Spadoink posted:Does anyone here contribute to an RESP and do they have any suggestions for providers/plans. Going full BWM and having a child this year. Do not, under any circumstances, go with a Group RESP company like Heritage Scholarship Trust, Children's Education Fund or anything like that. They are 100% a terrible idea. The returns are crap, the fees are high and if your kid doesn't follow their exact guidelines for receiving funds in post-secondary education you can lose basically everything you've invested with no recourse. I cannot overstate how loving awful Group RESPs are for the general consumer. I see by your posting history you have a Questrade account already, just open a self-directed RESP through there and pick a middle of the road Index fund. Questrade will deal with all the government grant issues. http://www.questrade.com/account/account_types/registered/resp Skizzzer posted:Any thoughts on the Canada Saving Bonds Program? http://www.csb.gc.ca/ Unless you desperately need a risk-free rate of return better options exist. With interest rates as they are the returns are going to be utter crap for a long, long time. grack fucked around with this message at 21:42 on Feb 21, 2017 |
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Feb 21, 2017 21:37
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Skizzzer posted:Any thoughts on the Canada Saving Bonds Program? http://www.csb.gc.ca/ CSBs are so bad that the government is considering shutting down the program because usage is so low that the administrative hassle isn't worth it. Dunno what's taking them so long, either... Mortgage brokers often have a sideline doing GIC deposits for the best rates available if you have cash you want to put away for a while. CSBs pay 0.5%, the best nonregistered cashable 5 year GIC on the market right now pays 1.8% and has CDIC protection... Tough choice!
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Feb 21, 2017 22:04
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Skizzzer posted:Any thoughts on the Canada Saving Bonds Program? http://www.csb.gc.ca/ Unless you want to do so for nationalistic reasons CSBs are lovely investments with a terrible risk reward trade off
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Feb 22, 2017 00:31
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Spadoink posted:Does anyone here contribute to an RESP and do they have any suggestions for providers/plans. Going full BWM and having a child this year. I've got two, one for each kid. The first I started through SunLife and really wasn't happy with the high fees of the mutual funds offered combined with the difficulty of adding lump sum contributions and poor visibility into fund performance. I started a second RESP with Questrade for my daughter and have been very pleased. A bit more effort to set up, getting all the grant forms completed and such but purchasing ETFs are still free and the flexibility and convenience is really what I'm after. I've since transferred my first one over to Questrade and that process was very smooth, much better than I anticipated.
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Feb 22, 2017 03:51
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James Baud posted:CSBs are so bad that the government is considering shutting down the program because usage is so low that the administrative hassle isn't worth it. Dunno what's taking them so long, either... Wow, a Tangerine savings account has 0.8% interest with no fees. That's laughably low.
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Feb 22, 2017 05:50
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Electrical Fire posted:Wow, a Tangerine savings account has 0.8% interest with no fees. That's laughably low. My aunt dropped by on Monday to ask me for some advice about what to do about some money she's invested in her son's name. All she had was $7,000 in a GIC at TD paying 1% and $23,000 in a very conservative TD mutual fund. No amount of basic financial advisor questions would get her to overcome the "I want no risk" that she believes she needs, especially since her (I assume majority bond-based) mutual fund is not going to perform better than that GIC. Hell, I told her she'd be better off setting up a savings account at PC Financial like I did. It'll be 0.2% points less than the GIC, but at least it won't be locked away, AND they sometimes give offers of higher rates on new deposits. Sorry, I just had to vent that frustration of explaining risk:return to someone who's deathly afraid of "losing money".
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Feb 22, 2017 19:11
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mojo1701a posted:Sorry, I just had to vent that frustration of explaining risk:return to someone who's deathly afraid of "losing money". And it'll basically never work. You're trying to make rational arguments to someone who is utterly irrational about money. This kind of behaviour is depressingly common, unfortunately.
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Feb 23, 2017 22:00
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Having a low risk tolerance isn't necessarily irrational - she just has a different values system than you do. Does it mean she's making lower returns? Yes, but if "no loss, ever" is part of her criteria then she is meeting that criteria with her current strategy. I'm going to go on a limb and estimate that she's an older person - if her savings by that point are only $30k, then those dollars are probably worth quite a bit to her and she would not be interested in losing any of that money because she had to scrimp and save to get every last penny. Important to keep someone's motivations and bias in mind when considering how they behave with their money. If you really feel strongly about it you can point out the concept of inflation adjusted returns but if she doesn't get t or doesn't care then at least your cousin will get a decent chunk of change someday.
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Feb 23, 2017 22:51
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Kalenn Istarion posted:I'm going to go on a limb and estimate that she's an older person - if her savings by that point are only $30k, then those dollars are probably worth quite a bit to her and she would not be interested in losing any of that money because she had to scrimp and save to get every last penny. The investment was on behalf of her son, I believe. I think it's a fair assumption that he is a minor, or close to it. Extreme conservativism in that situation would be...unconventional.
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Feb 23, 2017 22:53
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