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I just got my Home Trust Visa and created an account on ezcardinfo.com (lol) in order to change my PIN. It turns out Home Trust doesn't have a way to let Canadians do this. https://www.reddit.com/r/PersonalFinanceCanada/comments/7y03eh/hometrust_visa_pin_change/ This company fills me with confidence.
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Mar 27, 2018 06:08
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Speaking of Hometrust Visa, I applied for one in mid February and haven't heard a peep from them. I was a little concerned as I know my credit is steallar so I had thoughts of the card being stolen in the mail or something. I called their customer service line (40 minutes on hold) and said that they are very far behind with approx wait times of 8 weeks instead of the typical 2-3 they say on their website. So if you're waiting for a card, expect 2 months. Mantle posted:I just got my Home Trust Visa and created an account on ezcardinfo.com (lol) in order to change my PIN. It turns out Home Trust doesn't have a way to let Canadians do this. https://www.reddit.com/r/PersonalFinanceCanada/comments/7y03eh/hometrust_visa_pin_change/ 
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Mar 27, 2018 22:53
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Also, apparently there is an unwritten limit of 10 transactions per day. It would suck to find out about this while stuck overseas on vacation.
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Mar 27, 2018 23:27
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I'm glad I got the fido card now. It feels weird that a Roger's product was the better choice....
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Mar 27, 2018 23:51
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Plenty of time for that shoe to drop.
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Mar 28, 2018 00:15
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ezcardinfo.com definitely sounds like a legitimate financial services website
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Mar 28, 2018 05:56
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HookShot posted:ezcardinfo.com definitely sounds like a legitimate financial services website Probably surpasses "onlineaccess.ca", the longstanding (but no longer) login page for your MBNA Mastercard account (Canadian operations owned by TD since 2011).
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Mar 28, 2018 06:12
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TD is raising foreign transaction fees to 3.5% But getting TFA for online banking soon?!??!!?
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Mar 28, 2018 14:59
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PCF raised it too. Another reason I applied for the Home Trust card.
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Mar 29, 2018 02:41
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drat, looks like I'm going back to Amex for my daily use card, since I can transfer those points over to Aeroplan.
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Mar 29, 2018 15:25
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Kind of an academic question but investors in this thread: are you adherent to the Efficient Market Hypothesis (stick with indexes because it's impossible to beat the market in the long term)? If you are, and I think from reading here that most of you are, do you also have a budget for 'fun' stock trading where you do some light speculation on investments you think are undervalued? If you fall into the EMH group, how do you justify this extraneous investing?
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Mar 29, 2018 18:41
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You said it yourself - "fun". I don't think there has to be any deeper meaning really, and compared to (say) outright gambling you're probably less likely to "waste" your money.
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Mar 29, 2018 18:50
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I'm pretty great at mental gymnastics to justify some BWM behavior, but alloting a small single digit percentage of my investments to non index funds is easy to justify. As mentioned, it's written off as fun and lets me scratch that itch of "what if I get lucky with my choices". Index investing is the way to go, but long term steady returns are meant as a set-it and forget-it other than regular rebalancing to ensure your exposure to risk is what you want it to be. It's the little bit of thrill that prevents me screwing around with the rest of my investments and helps me stay the course of index investing. That said, even my 'fun' investments are along the lines of ETF's that try to track the performance of particular industries rather than individual company stocks.
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Mar 29, 2018 19:17
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Yeah, I think I have about 15-20% of the equity part of my portfolio invested in either industry specific ETFs or individual companies. A small enough amount that losing it won't ruin me, but enough that big upswings will help a lot. The important part is to remain disciplined enough to rebalance it at least once a year, even if you think your picks will keep going to the moon.
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Mar 29, 2018 19:20
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i'm 100% indexes. for 'fun' i go to vegas
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Mar 29, 2018 20:04
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I bought a bunch of Apple a few years back when it seemed super undervalued given the profits they were turning out. Worked out. Someone else I know did this more intelligently and bought a bunch of AAPL call options in his TFSA at the same time. He did better. Efficient market hypothesis is pretty bogus. Everybody is so hype driven... Yet it's *still* hard to beat the index.
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Mar 29, 2018 20:41
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Bajaha posted:Anyone want to share TD horror stories? I use them for investment and they've been good to me. Keeping a checking account there as it simplifies depositing and withdrawing but the minimum balance to avoid fees on it is low enough that I'm only mildly annoyed about it. Not my story, but know someone who had 5k saved up for college. It was his account. It might have been connected to his mother's account, but NOT his fathers. This was for a reason. Anyway, dad had a gambling problem, found out about his son had 5K, went to the local branch with his ID, said he was his father and he needed to withdraw the money for an emergency. They gave the father the 5K and the father gambled it away. When the mother and son went to bank and said "WTF why did you give this guy money?" they just shrugged it off. Not sure if he took legal action or something.
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Mar 29, 2018 22:02
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Here's a reminder to read your employment contract carefully before spending any signing bonuses: https://www.reddit.com/r/PersonalFinanceCanada/comments/8807jw/relocated_for_job_only_to_be_let_go_2_weeks_later/ quote:Recently graduated, got a job offer from a large IT company in Toronto. The job description and everything that was conveyed to me was that it was an entry level position. Unfortunately after starting my first day my manager seemed very confused, since he apparently was expecting a senior developer with a lot more experience.
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Mar 30, 2018 04:29
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Yeah, I had the relo clawback clause removed from my last contract. It’s not a benefit, regardless of how it’s taxed, it’s an expense.
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Mar 30, 2018 15:07
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The people in that Reddit thread going "I can't believe he thought an entry-level grad would get a $50k relocation bonus!!!" obviously went to a way better university than I did; everyone there was always promising us "oh yeah business grads are in such high demand right now you'll be making $75k out of the gate easy" LOL
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Mar 30, 2018 15:12
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$50K (or more) signing bonuses definitely happen for new grads in the US, but less so in Canada.
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Mar 30, 2018 15:22
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I'm preparing to do the Canadian expat thing and move to the US. This means starting out with no SSN for a few weeks, no credit history, etc. Here's what I have right now banking wise: - Tangerine: Chequing, Saving, MasterCard - Questrade: TFSA, RRSP - TD: Unused/deactivated chequing account only used to fund e-Series TFSA/RRSP before I bailed those the gently caress out to Questrade It looks like the only banks that have some degree of cross-border banking are TD and BMO Harris? Do these cross-border services actually extend to opening a credit card account that's backed by my Canadian credit history? If not, I'm fine with starting out with secured US credit cards in order to build credit history, I just would rather avoid getting buttfucked by the Big 5's forex fees. I could open a non-registered Questrade margin account to Norbert's a chunk of cash across, but then can I even liquidate that out to a US account? Tangerine has a US savings account but it looks like you can't wire transfer to it, only between Tangerine CAD chequing to US savings, which is hilariously worthless.
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Apr 1, 2018 19:58
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I'm pretty sure you really want to close that TFSA account before you go south to avoid tax complications. Re: TD, they'll only give you a US card if you have an address in their physical footprint - mostly east coast states. I know nothing about BMO's offerings. RBC will do US card on Canadian history without a current US address. The other option is to get an American Express card in Canada then do a "global transfer" a few months later (I think? I have friends who do this but not me) to get a US one.
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Apr 1, 2018 20:15
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There aren't TFSA tax complications as long as you don't touch it, and you'll have to include it in your FBAR filings every year. What tax complications do you have in mind, James Baud? Canada or US?
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Apr 1, 2018 20:29
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Subjunctive posted:There aren't TFSA tax complications as long as you don't touch it, and you'll have to include it in your FBAR filings every year. US-side, all the foreign trust uncertainty. I just googled to see if that's where been cleared up yet and three different crossborder tax websites suggest reporting them three different ways, which is promising. Granted the IRS is probably okay with whatever best effort until such a time that it becomes a thing to specifically hit. If, as a regular Joe, holding a TFSA makes your taxes more complicated and more expensive to file, is it worth the hassle vs just closing it and reopening if/when you return? Really depends on what you have in it, I guess.
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Apr 1, 2018 20:46
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Subjunctive posted:There aren't TFSA tax complications as long as you don't touch it, and you'll have to include it in your FBAR filings every year. I think the idea is that by including it in FBAR filings, you also have to pay US tax on any interest/capital gains in there, and the accountant fees to handle all of that end up outstripping any TFSA benefits. I have enough RRSP contribution room left to liquidate my entire TFSA and put it in my RRSP instead. OTOH, I have less than 10,000$ USD in there so I might not have to report it at all, but I have an appointment with a lawyer this week to figure out tax details. I'm mostly looking to address the banking situation. As for that, it looks like Questrade only does EFTs to US denominated Canadian bank accounts. Seems like I'd have to do an international wire transfer to get the proceeds from Norbert's into an actual US bank account, but at least that's still a flat fee instead of Big 5 assfucking forex cuts. I'll try to open a Stanford credit union account if spouses are eligible, and just dump some money in there to get me started until first paycheque rolls in...
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Apr 1, 2018 20:50
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I moved to the US for a few years and back. One of the credit agencies I talked to (forget which) said that there's enough information sharing between agencies to create a beacon score for most people. I don't know how true it was, but I had no issue with credit-related stuff while I was there. The only real dickpain was utility deposits, but a couple companies accepted letters from canadian and waived/lowered them. I'd recommend dealing with a credit union over a bank if you can as well. I had one of the TD US accounts but closed it down within a month or so because I found most of the features to be useless unless you do a lot of cross-border banking.
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Apr 3, 2018 04:10
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Jan posted:I think the idea is that by including it in FBAR filings, you also have to pay US tax on any interest/capital gains in there, and the accountant fees to handle all of that end up outstripping any TFSA benefits. I have enough RRSP contribution room left to liquidate my entire TFSA and put it in my RRSP instead. OTOH, I have less than 10,000$ USD in there so I might not have to report it at all, but I have an appointment with a lawyer this week to figure out tax details. You have to pay U.S. tax on any income from that account regardless of whether you include it on your FBAR, and you have to include it on your FBAR if the total value of your non-U.S. accounts exceeds US$10,000 at any point during the year. These requirements are independent of one another. (The FBAR threshold is per filer, not per account—if you have four accounts worth $3,000 each, and one worth $30, all five accounts go on your FBAR.) Subjunctive posted:There aren't TFSA tax complications as long as you don't touch it As far as I know, the IRS considers it a foreign trust, and it has to be reported as such. The gains from it are certainly part of your U.S. taxable income, but I'm guessing you don't actually get a tax form at the end of the year because those gains aren't taxable in Canada. Any Canadian tax savings from a TFSA are going to be wiped out by what you have to pay your accountant to figure out what to tell the IRS about it.
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Apr 3, 2018 13:07
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What is the go to Canadian travel/points card? Cold on a Cob posted:Here's a reminder to read your employment contract carefully before spending any signing bonuses: Also, probably 90-95% indexes with the 5-10% that isn't just legacy from my old accounts that I didn't seal for whatever reason.
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Apr 3, 2018 18:44
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tagesschau posted:As far as I know, the IRS considers it a foreign trust, and it has to be reported as such. The gains from it are certainly part of your U.S. taxable income, but I'm guessing you don't actually get a tax form at the end of the year because those gains aren't taxable in Canada. Any Canadian tax savings from a TFSA are going to be wiped out by what you have to pay your accountant to figure out what to tell the IRS about it. Yeah, looking over my filings I see that paperwork now. I must have shuffled the paperwork from financial advisor to accountant and blanked it out. Related: I received a T3 today. I’m guessing the end-of-Feb legal deadline doesn’t apply to non-employers. Wonder when it’ll be safe to (have someone) file my taxes...
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Apr 3, 2018 22:14
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Subjunctive posted:Yeah, looking over my filings I see that paperwork now. I must have shuffled the paperwork from financial advisor to accountant and blanked it out. Yeah, trusts have 90 days to file, so if you have money in one, wait until April before you file.
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Apr 3, 2018 22:40
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mojo1701a posted:Yeah, trusts have 90 days to file, so if you have money in one, wait until April before you file. That’s good to know, thanks.
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Apr 3, 2018 22:40
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Subjunctive posted:I received a T3 today. If you're a U.S. person, my accountant's advice is that the IRS really, really doesn't like those, and you could be facing a ton of extra billable hours if they decide to remove the streamlined method of declaring PFIC income.
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Apr 3, 2018 22:47
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tagesschau posted:If you're a U.S. person, my accountant's advice is that the IRS really, really doesn't like those, and you could be facing a ton of extra billable hours if they decide to remove the streamlined method of declaring PFIC income. I am no longer a US person, and I have a reminder in my calendar to celebrate that fact weekly.
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Apr 3, 2018 22:50
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Subjunctive posted:I am no longer a US person, and I have a reminder in my calendar to celebrate that fact weekly. That nudge from the accountant got me to move into investments with significantly lower fees, so 
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Apr 3, 2018 22:55
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So for the first time in at least a decade, I need to send money to someone in the US. A personal transfer, around $100 USD. Before I polish off my ancient paypal account, I was wondering if there's a better way now. I mean poo poo.. I'd hope so after 10+ years!
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Apr 4, 2018 21:01
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Not really, AFAIK. I use PayPal for that a few times a month.
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Apr 4, 2018 21:29
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PayPal might end up being cheapest. An international wire transfer is around $10-15 plus some percentage iirc at most banks. PayPal will just be their cut, which for that small amount will be less than the hassle of a wire. Western union is another option that's more expensive iirc.
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Apr 4, 2018 21:30
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E-Interac transfer is free isn't it?
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Apr 4, 2018 21:32
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TD has a "Visa Direct" service that costs $9 for everything up to $1000 but your recipient needs to have a Visa CC or Visa Debit in the States
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Apr 4, 2018 21:36
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