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Subjunctive posted:More of a legal question, but can the executor of a will in Ontario delegate that to someone else? I'm the executor of someone's will, but in the event I might want to get a firm to do it more smoothly. Not a lawyer, but from what I've read about it (after being named one) is that you have to either make the decisions or renounce the job (which leaves it to the court). You can (and probably should) have lawyers advise you and accountants and such prepare taxes but at the end of the day your the person who has to do stuff.
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Sep 20, 2017 17:53
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OK. I'll think about whether I should ask this friend to use a firm instead.
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Sep 20, 2017 17:55
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I'm exercising my options at my company, and I'd like to hold on to the stock for awhile. Is there a brokerage you guys could recommend? Can I hold it in a TFSA? What are tax related issues I need to look at when exercising options? (the company isn't publicly listed at this time)
mila kunis fucked around with this message at 01:15 on Sep 22, 2017 |
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Sep 22, 2017 01:09
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You can't hold stocks that aren't listed in a TFSA, but depending on the company you may be able to use the Lifetime Capital Gains Exemption when selling
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Sep 22, 2017 04:18
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Is a brokerage going to want to have anything to do with private equity?
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Sep 22, 2017 04:23
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My company sets up TFSAs for employees to hold their shares with Canadian Western Trust, though recently CWT sold all our accounts to Computershare so I guess we're with them now. I didn't go that route because I didn't have TFSA room at ask time, but it is a thing that companies can do, apparently.
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Sep 22, 2017 16:48
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Why are mutual funds better than ETFs for <$50,000 portfolios? I just opened an RESP for my newborn but we're with BMO and I'd rather not go back to TD after the terrible service I received a few years ago.
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Sep 24, 2017 20:58
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I think the answer there is commission. With a portfolio under that size, whatever you gain with a lower MER is outdone by paying  per trade.If you don't pay commission to buy the ETF shares then it's moot. edit: this assumes regular contributions to build up the portfolio. If you're dumping $30k in one go then one commission fee won't wreck you.
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Sep 24, 2017 21:07
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namaste faggots posted:Did anyone else get a tax bill this week? I'm guessing it's the pm selfie plan to redistribute income to the working classes kicking in? If you underpaid taxes via payroll or whatever then you are required by law to pay instalments. If the underpay was a one-time situation (say you got severance) then you can prospectively estimate what your instalments should be (zero say) and pay that instead of whatever the bill says. However, if you don't pay enough you will be subject to interest and potentially fees at year end filing. [quote="“Evis”" post="“475624880”"] Did you try the old CI name? This is very important. [/quote] CI being namaste explains so much [quote="“Oysters Autobio”" post="“475803000”"] Sorry that was all bad guesstimates. The actual rate is 45,000 points for up to $900 flights, which roughly is about a 2% rate (as $1 spent earns 1 “point”). I think she’s gotten two flights now over 4-5 years. I guess essentially she should be calculating the yearly cost of $120, and making sure she’s coming more than $120 per year in rewards to come out on top. Cashback seems like a good option, but the best ones seem to be AMEX which may not be accepted everywhere. I’m using GreedyRates.ca to check out the cost vs rewards benefits here (cost of annual fee vs rate of return on points/cashback). [/quote] If that is all you are spending a paid card doesn't make sense. Just get the lower tier card with no fees that does the same or a similar thing. I put every dollar of expense I can through my card with the 2% travel bucks reward and generate something like 10x the fee back in free travel that I would take anyways even if it wasn't free. A cash back card with a similar rate would be similar. That's when it's worth it. [quote="“Professor Shark”" post="“475860009”"] I received more information about my grandfather’s estate. Apparently the will is going into probate court this week. From what I’ve read online this could take between days to weeks to months, though my grandfather lived in a relatively rural part of Ontario (about an hour away from Ottawa) and not Toronto. What exactly happens during probate court? After it’s done, does distribution take place? Also, while looking online, I found that Nova Scotia requires ads to be taken out in the Royal Gazette for six months before anything can happen. What is that about? [/quote] What happens in probate court is very little unless someone shows up to make a claim against the estate that's inconsistent with the will. [quote="“tekz”" post="“476633121”"] I’m exercising my options at my company, and I’d like to hold on to the stock for awhile. Is there a brokerage you guys could recommend? Can I hold it in a TFSA? What are tax related issues I need to look at when exercising options? (the company isn’t publicly listed at this time) [/quote] Pay An Accountant to give you Real Advice
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Sep 24, 2017 21:56
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Subjunctive posted:OK. I'll think about whether I should ask this friend to use a firm instead. A contingent executor(s) can be named in an estate. If you decline, a contingent executor would then assume those duties.
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Sep 24, 2017 22:27
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So my wife and I don't have anyone we'd trust to raise our kids the way we'd want if we die. Our family is way too cloistered and jesusy, and most of our social circle is bad with money which is a big deal because our kids would come with maybe a million bucks between insurance, our own money, and commuted pensions. There are a couple people who think would do right by our kids, but what kind of options are out there for protecting some of the money?
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Sep 25, 2017 05:58
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So what's up with the new MyCRA website? I logged in last week, and it still had all the functionality. When I logged in this evening, it was some weird mobile-accessible bullshit site that didn't let me download any PDFs of my tax forms, and only had tax information going back two years.
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Sep 25, 2017 06:34
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Guest2553 posted:So my wife and I don't have anyone we'd trust to raise our kids the way we'd want if we die. Our family is way too cloistered and jesusy, and most of our social circle is bad with money which is a big deal because our kids would come with maybe a million bucks between insurance, our own money, and commuted pensions. There are a couple people who think would do right by our kids, but what kind of options are out there for protecting some of the money? There's probably a fair bit of provincial variability here, but if you're not comfortable with someone in the friends/family circle managing the cash, you can use a lawyer/trust company as trustee - at least they can be disbarred for misappropriating funds, beyond just suing in an attempt to recover something. In BC, the statutory maximum fees are (annual) 0.4% of average assets managed, (annual) 5% of income on capital, (one-time) up to 5% of capital. Non-lawyer trustee is entitled to take same if so inclined. Lead out in cuffs posted:So what's up with the new MyCRA website? I logged in last week, and it still had all the functionality. When I logged in this evening, it was some weird mobile-accessible bullshit site that didn't let me download any PDFs of my tax forms, and only had tax information going back two years. Can't check this out because it's too late at night and the site's down, but that sounds like a big step backwards. Speaking of which, Tangerine also just went and changed their PC website's UI to slow as heck tablet-friendly bullshit after ~20 years of relative stability (I think it changed mildly once in there beyond the ING->Tangerine relabel). I hate this crap.
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Sep 25, 2017 09:29
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Guest2553 posted:So my wife and I don't have anyone we'd trust to raise our kids the way we'd want if we die. Our family is way too cloistered and jesusy, and most of our social circle is bad with money which is a big deal because our kids would come with maybe a million bucks between insurance, our own money, and commuted pensions. There are a couple people who think would do right by our kids, but what kind of options are out there for protecting some of the money? As far as the kids go, you should check provincial law to see what if anything you can actually do to pre-empt a family custody claim. My understanding is that in some jurisdictions the parents' dying wishes are advisory only, and will generally lose if a relative pushes hard.
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Sep 25, 2017 12:48
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Guest2553 posted:So my wife and I don't have anyone we'd trust to raise our kids the way we'd want if we die. Our family is way too cloistered and jesusy, and most of our social circle is bad with money which is a big deal because our kids would come with maybe a million bucks between insurance, our own money, and commuted pensions. There are a couple people who think would do right by our kids, but what kind of options are out there for protecting some of the money? You can set up a Trust for the assets in your estate, regardless of who has custody of the children. The custodian would then have to submit a request for funds, with proof that it's being used in the best interest of your children.
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Sep 25, 2017 18:29
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James Baud posted:Can't check this out because it's too late at night and the site's down, but that sounds like a big step backwards. Ah FFS -- I realised what it was. I was logging into "MyCRA", which is a completely different thing from "CRA My Account". The latter actually has all the useful stuff, but you can access the former without first getting a security code or something? I still don't really understand why they need both.
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Sep 30, 2017 00:56
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After a few days of confusion I learned just this week that there is something called a 'My Service Canada' as well. Thanks, SSC 
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Sep 30, 2017 01:33
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Investing question, looking for advice or points to ponder. TFSAs, RRSPs, and RESPs for my family just about account for 100% of my annual savings of ~25k. Is there any clear advantage between slowly topping them all up with regular contributions, or fully funding some (or all) accounts with my open account and then building that back up? If I did the former, rebalancing/end of year taxes would be easier and I'd avoid a couple trading commissions, but I'd lose out on keeping gains in tax advantaged accounts and an opportunity to raise my ACB. Is there anything I'm missing? Thanks.
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Oct 4, 2017 15:26
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Provided you have some sort of safety net like an emergency fund already spoken for, and make a bunch of cash say 100k+, you would be more advantaged to dump the 25k into an RRSP first to get the reduction in income taxes now. This assumes you will not need to withdraw these savings at any point, so if that is a possibility you may want to place a portion of the savings into a TFSA. If you want to minmax to the exact dollar there are calculators to determine the amount to best maximize your tax return. Since you mentioned family, consider also your spouse will have the same accounts for you to utilize. If you have children in the same situation with a high income, it would go RRSP+company match -> RESP -> RRSP -> TFSA, the RESP would get a 20% grant from the gov on savings up to 2500 per annum. quote:CESG is a federal government grant that is deposited directly into your RESP, and can increase your savings by 20% or more. 1. Basic CESG. Equal to 20% of the first $2,500 in annual RESP contributions per beneficiary (up to $500 per beneficiary each year to a lifetime limit of $7,200). Pension contribution may reduce RRSP contribution room so you will need to consider the entire picture before making a long term commitment.
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Oct 4, 2017 15:44
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Thanks for the speedy response. I'm not at 100k but should will be by the end of the decade. I'm also the sole earner. We have about three months of expenses in both cash and credit. We're also dirty renters so keeps expenses stable. I can accept quite a bit of volatility since I work in a secure (DB pension receiving) field, so everything outside of my bank account is invested in something liquid. I lump sum funded an sRRSP last year for a significant tax refund this year, but going forward all tax returns will start to look a lot more similar. If the answer is 'sit down with a calculator and figure it out' then so be it. Or more realistically, 'figure out if your time is worth the effort of having to sit down with a calculator and figure it out' 
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Oct 4, 2017 16:07
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Any recommendations for Google Finance substitutes? I'd like to find a replacement that can figure out my market value is based on my holdings (I have my data in the form of date, stock, share price, units, comments). I was looking for a web-based service but I think I could put together a Google Sheets if I had no other choice. Extra bonuses would be : - .csv import/export - market value, base value, market/base deltas, etc.. - a plot that I could move the time range over.
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Oct 16, 2017 02:56
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My wife and I want to jump on the home buying bandwagon. I think in our case it makes legitimate financial sense. We're in Prince Rupert, BC, and it's a town with very high rents and relatively inexpensive real estate, due to the economy and demographics. We're paying $1300.00/month + utilities at the moment and recently looked at a cozy starter home on a fixed mortgage for about $700.00/month. What I'd like to know is how much the new lending rules are likely to affect real estate outside the major cities, and at our price point. We're shopping way under budget (<$200,000) relative to what we're approved for. I'm not sure how many people at that price range are stretching to meet lending requirements, and will be shut out by the new rules. I expect downward pressure at the $250,000+ range where the port workers are buying but I don't imagine much immediately above our comfort zone is going to be pushed to $180,00 or below. Houses at that price are already taking bids under the asking. On the other hand, there's no real rush and we don't mind waiting if it means saving more than a few dollars a month. It's more a case of should we move on the "right" house if we see it, or wait until next spring or summer and hope prices decline. just another fucked around with this message at 22:23 on Oct 20, 2017 |
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Oct 20, 2017 22:17
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If you have the 20% down already saved along with the 2% for legal fees then you really don't get a ton more advantages by saving more unless you want a more expensive house
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Oct 20, 2017 22:40
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just another posted:My wife and I want to jump on the home buying bandwagon. I think in our case it makes legitimate financial sense. We're in Prince Rupert, BC, and it's a town with very high rents and relatively inexpensive real estate, due to the economy and demographics. We're paying $1300.00/month + utilities at the moment and recently looked at a cozy starter home on a fixed mortgage for about $700.00/month. How do you feel about losing 20% of your house's value? If you're good with that, go nuts.
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Oct 20, 2017 22:46
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Are any banks in Canada that offer temporary credit card numbers for online purchases, traveling, or whatever transactions where you don't want to put your entire credit balance at risk? I don't remember what it's called but encountered it in the US.
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Oct 23, 2017 00:54
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Prepaid credit card?
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Oct 23, 2017 01:17
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No that's not what I'm looking for, plus it ties up my own capital and necessitates additional physical credit cards. I think I answered my own question though, they're called temporary or virtual cards and don't seem to exist in Canada. RBC has some bullshit they tout as a virtual visa card which is really visa debit.
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Oct 23, 2017 01:41
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That’s how Apple Pay works, your phone gives a temp number to the point of sale. Dunno if it helps you so maybe that’s just a fun fact.
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Oct 23, 2017 03:06
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I have a question that has bothered me for years, and this seems like the right thread. What the gently caress is Interac? I’ve read the Wikipedia page and I understand that it’s approximately synonymous with "debit card". But I have never in my life said or heard somebody say "we take Interac" or "will that be cash, credit, or Interac" or "I’ll pay using Interac". Why is there an entity called "Interac" that runs advertisements and prints stickers and apparently competes with... somebody? Other payment methods? Payment methods that are also provided by the same banks who provide your debit card? Is it like "concerned children’s advertisers" or the egg consortium or whatever weird trade group that nobody directly interacts with but nonetheless has a marketing budget to make its presence known for some reason? How is this a thing that exists in any publicly perceptible way beyond "your debit card lets you buy things at places"? Please let the answer be "bizarre, inferior Canadian oligopoly".
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Oct 23, 2017 03:25
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Interac is a non profit owned by all the major banks in Canada that runs the debit system. It’s kept us way ahead of the states on debit technology since its standardized between all our banks so that’s a plus.
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Oct 23, 2017 03:40
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Payment/ATM network, there are a bunch of them, but in Canada Interac is universal. Going from memory, Interac, the organization, was formed as a non-profit by three or four of the big 5 banks and the others (along with everybody else) signed on pretty fast back in the early 90s. General gist being that the costs were way lower than using someone else's network and the big five had the dominance to get it done (except for when they tried to push Interac online, which went nowhere because Canada's population is small and we still mostly blow at e-commerce, which I'd say is largely because of shipping costs, but anyway...) Depending on your bank, your debit card may have a couple other logos on the back representing other payment networks you can use the card on ... This comes up when you travel internationally and want to take out cash on a debit or credit card. You find yourself looking for branches/machines from a particular bank or two who belong to the same network as yours (logos usually on the machines) because your cards won't even be recognized at others. Of course, Visa and MasterCard have enough penetration these days that you rarely need cash beyond an amount reasonable to carry with you the whole time, but that's another story.
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Oct 23, 2017 03:42
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Yeah, basically it's just debit, which is called by a different name wherever you go. In Australia (and NZ IIRC) their system is called EFTPOS (pronounced eff-poss). They'd just look at you weird if you said Interac. I've definitely had shops ask me if I'm paying with Interac or credit, but it's pretty rare.
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Oct 23, 2017 03:44
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DariusLikewise posted:Interac is a non profit owned by all the major banks in Canada that runs the debit system. It’s kept us way ahead of the states on debit technology since its standardized between all our banks so that’s a plus. Yep. I remember going to the states in like 04 and being blown away by the lack of debit.
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Oct 23, 2017 03:49
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Ah ok. So Interac "won" as the debit card network in Canada (was this a tough battle?), so much so that it’s not really meaningful as a name until you get outside Canada, at which point nobody knows wtf you’re talking about. So why do they run ads and otherwise draw attention to themselves? Canadian banks trying to excise Visa's cut of transactions?
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Oct 23, 2017 04:02
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pokeyman posted:Ah ok. So Interac "won" as the debit card network in Canada (was this a tough battle?), so much so that it’s not really meaningful as a name until you get outside Canada, at which point nobody knows wtf you’re talking about. No, they were in place well ahead of visa. And merchants love it since it's flat rate (10-25c iirc). Visa/etc arrived and entered the market with higher rates, and the law is if there's a cost choice, banks have to use the cheapest network.
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Oct 23, 2017 04:09
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unknown posted:No, they were in place well ahead of visa. And merchants love it since it's flat rate (10-25c iirc). But when I pay with a credit card it doesn’t go over Interac? Or did Visa etc. show up with a competing debit network too but get nowhere? Is this related to "Visa Debit"? Sorry if this is off topic, it’s ok to tell me to take it elsewhere. I find this interesting but maybe I’m alone.
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Oct 23, 2017 04:20
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visa credit and visa debit are different products (although share the same clearing network). Interac competes with Visa debit and obliterated it in Canada. that being said you can do Visa debit in the states (and US people can do Visa debit up here), which is basically the only reason visa debit exists in Canada.
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Oct 23, 2017 04:26
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Ok it’s starting to click, thanks. I’m still curious about the marketing, like the "pay using Interac by tapping this capacitive touch screen with your bear claw somehow" ad going around. I find it baffling and wonder what the hell my takeaway is supposed to be. Is it just "please use debit instead of credit" or is there more to it?
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Oct 23, 2017 04:38
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that's exactly it. Interac as an entity has a marketing/branding budget (it basically got very large when visa debit made their push to the Canadian market), so they use it. Part of the reason for that is originally banks could only represent 1 credit card network (ie: visa, mastercard), so Interac increasing their marketing was a giant gently caress you by the mastercard aligned banks forcing the visa aligned ones to advertise against themselves.
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Oct 23, 2017 04:48
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And yet we still can't transfer money between banks for free because reasons
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Oct 23, 2017 05:56
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