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Wrong thread, meant to hit SPAM
DariusLikewise fucked around with this message at 02:16 on Apr 19, 2018 |
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Apr 19, 2018 02:13
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This may be a really basic question, but I can't seem to find an answer through Google: If you have a non-registered account on Questrade, do you pay capital gains taxes on every sale of an ETF? Or do you only pay tax if money is withdrawn from the account? Similarly, for an RRSP account, are there any tax implications for dividends or selling ETFs all within the account, or do taxes only come into play when you withdraw money? Sorry if these seem like dumb questions, but I've only ever dealt in TFSAs through Questrade, so it's never been an issue.
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Apr 25, 2018 23:51
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Bucswabe posted:This may be a really basic question, but I can't seem to find an answer through Google: Capital gain/loss on every non-registered ETF sale, yes - unless you lost and rebought same ETF within 30 days, in which case it's considered a superficial loss and the amount should instead be added to the ACB of the repurchase and you can only count it on the next non-superficial sale. But to complicate gain/loss matters, you need to also check whether the ETF's distributions include a return-of-capital (ROC) component, in which case you would want to adjust your ACB (adjusted cost base) upward accordingly. This usually entails finding a PDF on the ETF's home website and is frequently overlooked (to your disadvantage by some usually trivially small amount). Same "don't forget to adjust ACB" advice applies if you were DRIPping additional units with the dividends. For the RRSP, no tax implications for actions within the account, so no sweat prior to withdrawal. Edit: Note that you can only credit ACB for ROC by Canadian ETFs, not foreign ones. James Baud fucked around with this message at 00:16 on Apr 26, 2018 |
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Apr 26, 2018 00:09
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Bucswabe posted:This may be a really basic question, but I can't seem to find an answer through Google: As a note, at least in my experience, Questrade will report your full sell price to the CRA, but will leave the ACB as 0, so if you're doing your taxes with a program like simpletax or turbotax where it can import info from the CRA, it will bring in the information on the sale, but you'll need to go in and enter the ACB on the T5008 or it'll default to treating the whole sell price as a capital gain. Square Peg fucked around with this message at 00:57 on Apr 26, 2018 |
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Apr 26, 2018 00:53
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Square Peg posted:You have to calculate your adjusted cost base for your capital gain yourself. I use https://www.adjustedcostbase.ca/. As someone knee-deep in taxes right now, I still don't get why ACB's aren't stated on those T5008's by default. If we don't get the info, we usually have to ask the client to call their investment rep (or we do it directly sometimes) to get the cost base for it. Like, 90% of the time. And yet we'll get consolidated T3's with 10 different funds put on one sheet (that CRA has registered separately).
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Apr 26, 2018 16:56
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It's because the institution doesn't have knowledge of your holdings with other institutions that would affect your acb.
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Apr 26, 2018 18:55
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Mantle posted:It's because the institution doesn't have knowledge of your holdings with other institutions that would affect your acb. It's still annoying since sometimes we do get proceeds. We just have to call their reps to get the ACB they would've given us anyway.
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Apr 27, 2018 21:28
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I need to set up a virtual portfolio sorta paper money thing. Is anyone able to tell me which service is easiest to use for this? I would prefer not to open a literal account tied to my SSN as TD Ameritrade seems to require. Thanks guys!
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May 10, 2018 16:41
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Questrade has trial accounts, does that help? I think they expire after 30 days but you could probably ask them to extend that if you need.
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May 10, 2018 20:29
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VelociBacon posted:I need to set up a virtual portfolio sorta paper money thing. Is anyone able to tell me which service is easiest to use for this? I would prefer not to open a literal account tied to my SSN as TD Ameritrade seems to require. Thanks guys! RBC Direct Investing lets you open multiple "practice accounts" that it seeds with $100,000 but I think you need an existing online banking account for that. Also certain automation isn't enabled for them around things like option exercise at expiry, journalling out opposing positions on US & Canadian markets in interlisted stocks, etc. Questrade at least formerly let non-clients sign up for a similar demo account but I think it expires after a month or two. But, uhh.. SSN and TD Ameritrade? Do you want an American service or a Canadian one?
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May 10, 2018 20:30
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James Baud posted:RBC Direct Investing lets you open multiple "practice accounts" that it seeds with $100,000 but I think you need an existing online banking account for that. I want a Canadian service that allows me to set up a paper money portfolio that in part contains stocks from American markets (but in CAD).
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May 10, 2018 20:58
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Starting to travel a bunch for work and figure I might as well run my expenses through my own card. Preferably a separate account entirely. I already use BMO World Elite for all personal transactions. Any recommendations for another for work? Open to Amex.
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May 12, 2018 16:50
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If your travel expenses are mostly restaurants and gas, the Amex Cobalt is great. 5x points on restaurants, 2x on gas. Points can be used for 100:1 bill credit, or exchanged 2:1 for SPG Points.
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May 12, 2018 20:35
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Kreez posted:If your travel expenses are mostly restaurants and gas, the Amex Cobalt is great. 5x points on restaurants, 2x on gas. Points can be used for 100:1 bill credit, or exchanged 2:1 for SPG Points. It’s gonna be mostly flights and hotels.
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May 12, 2018 21:20
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Tangerine is apparently down lol
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May 12, 2018 22:25
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It's up now. 
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May 12, 2018 22:26
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Oh wow weird I just tried like a minute ago and the website AND app were completely down for me. Oh well.
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May 12, 2018 22:29
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Please redirect me if this is the wrong thread! I'm an extreme newbie to money in general, but I know I'm not thrilled with my current bank. I'm interested in opening a savings account with the online-only Alterna Bank - maybe their generic one, maybe a TFSA (the TFSA has a lower interest rate though?). Alterna Bank is a subsidiary of Alterna Savings, a credit union. I like the idea of putting my money in a credit union, but I don't understand how that setup works. My understanding is that credit unions can offer better deals than banks because credit unions are non-profits. Does that mean their online-only accounts are for-profit?
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May 13, 2018 22:48
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Credit unions aren’t necessarily non-profits, or even commonly so in Canada. (In the US they are exempt from some taxes, but not because of a charitable purpose.)
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May 13, 2018 23:01
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Doesn't it make sense to use a TFSA for an investment account so you can take advantage of the taxless returns on it? You shouldn't really have so much money in a savings account for the interest to matter more than the convenience when you're choosing a bank/Credit Union. There is always a better place for that money where it can be equally safe but earning you more delicious money.
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May 13, 2018 23:05
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VelociBacon posted:Doesn't it make sense to use a TFSA for an investment account so you can take advantage of the taxless returns on it? You shouldn't really have so much money in a savings account for the interest to matter more than the convenience when you're choosing a bank/Credit Union. There is always a better place for that money where it can be equally safe but earning you more delicious money. I don't have a ton of money right now (just finished university, looking for a job), but I was under the impression that ones emergency fund should go in a savings account rather than an investment so it can't decrease (aside from inflation, which Alterna's high interest savings accounts would help buffer a little)? Wouldn't I want my emergency fund in a tax-free account so I don't get punished for being in an emergency situation? Subjunctive posted:Credit unions aren’t necessarily non-profits, or even commonly so in Canada. (In the US they are exempt from some taxes, but not because of a charitable purpose.) Is there a way to find out who is and isn't? I haven't been able to find anything searching this issue. Killingyouguy! fucked around with this message at 23:15 on May 13, 2018 |
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May 13, 2018 23:13
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Killingyouguy! posted:I don't have a ton of money right now (just finished university, looking for a job), but I was under the impression that ones emergency fund should go in a savings account rather than an investment so it can't decrease (aside from inflation, which Alterna's high interest savings accounts would help buffer a little)? Wouldn't I want my emergency fund in a tax-free account so I don't get punished for being in an emergency situation? Exactly right, generally you want your emergency fund to be easily accessible and away from risk, which means (high-interest) savings account. If you aren’t currently using your TFSA (or you have enough room) and have no plans to use your TFSA room for the rest of the year, you could save yourself a few dollars on taxes by putting your emergency fund in there. (Do the math for your situation but we’re probably talking, like, tens of dollars.) Just remember that you don’t get the TFSA room back until January 1. If you start investing some savings in the future, you can use your RRSP and your leftover TFSA room, then in December you can figure out whether it makes sense to keep your emergency fund in your TFSA for another year. (Personally my TFSA is stuffed with long-term investments and my emergency fund is sitting in an unregistered high-interest savings account.)
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May 13, 2018 23:26
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If your investments are fairly liquid I don't think it's too bad an idea to just use part of it for your ER fund. I can put unexpected stuff on my CC and have money in my account from a mutual fund within 2 business days for example. If that's not your situation then I definitely understand though.
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May 13, 2018 23:43
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Killingyouguy! posted:Is there a way to find out who is and isn't? I haven't been able to find anything searching this issue. I don’t know of any that are. Why does their taxation status matter to you? Credit unions are a governance structure, really.
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May 13, 2018 23:47
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So I actually already have a TFSA with my current bank, it's got a lovely mutual fund in it. (Don't quite understand how that works, but like I said, newbie) Does that complicate the process of getting one with Alterna at all? I know I should probably reinvest the money in the mutual fund.Subjunctive posted:I don’t know of any that are. Why does their taxation status matter to you? Credit unions are a governance structure, really. Sorry, I don't mean their taxation status. I just mean everything I've looked up has said one of the differences between a bank and a credit union is that banks are interested in creating profit while credit unions aren't (ex), so I'm a bit confused as to what it means for a bank to be a subsidiary of a credit union.
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May 14, 2018 04:20
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Killingyouguy! posted:So I actually already have a TFSA with my current bank, it's got a lovely mutual fund in it. (Don't quite understand how that works, but like I said, newbie) Does that complicate the process of getting one with Alterna at all? I know I should probably reinvest the money in the mutual fund. Just means more hats to juggle to determine if you reach your TFSA limit, (calculating how much you put into a TFSA between all the different institutions). But if you have never put anything in your TFSA, and you have been 18+ since 2009 your contribution room should be like 50k by now so I wouldn't worry too much. Its later when you are inching up against the limit that you have to be aware how much you have put into the TFSA since they make you pay a penalty for going over it. I was like you once 2 years ago, quoting Golluk's answer to my questions. Basically starting off fresh out of university what to do. Golluk posted:Fee's are you're biggest thing to watch for. As for a savings/checking account. PC Financial, Tangerine, or a Credit union are popular. Personally I use PC, free deposits/withdrawals from any CIBC ATM. For investing I stuck with Tangerine mutual funds to start with since it was easy, simple, low fee (1.07% MER) vs BMO's 2ish% and was easy to set up "insert money into TFSA mutal fund" with monthly contributions of $100 and then a topup or increase if I thought I could spare it.
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May 14, 2018 04:41
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Killingyouguy! posted:So I actually already have a TFSA with my current bank, it's got a lovely mutual fund in it. (Don't quite understand how that works, but like I said, newbie) Does that complicate the process of getting one with Alterna at all? I know I should probably reinvest the money in the mutual fund. What part(s) do you feel you don’t quite understand? Most of this stuff is unnecessarily complicated but it’s worth having a good handle on it, and this thread is pretty patient and helpful. You have some dollar amount of TFSA room available to you as an individual. You can open and maintain as many TFSA accounts at as many institutions as you like. They will report any deposits and withdrawals to CRA, and you don’t want the aggregate deposits to exceed your available room or CRA starts taking penalties. Note that the institutions themselves won’t be able to tell you how much room you have or stop you from going over! This is because your current bank won’t know that you opened a new TFSA with Alterna so they can’t add up all your TFSA deposits across all your accounts. The plus side is that because they don’t need or want to know about other accounts, it’s very easy to open new ones. You can log in to the CRA website to find out how much TFSA room you have. If you don’t have a CRA login, consider getting one as it's quite helpful to have. You can also probably call them and ask, or you can add up what your TFSA room should be and then subtract the deposits you made at your current bank. If you’re comfortable posting the mutual fund you’re holding, I’m sure the thread would be happy to give advice about whether to hold it or dump it. Totally up to you. edit: I should add that there’s no rush here, you’ve got your emergency fund hanging out somewhere you can access it so you’re not gonna be screwed tomorrow. It’s ok to take some time, read some stuff, ask questions (no matter how stupid they may sound in your head), and figure it out slow. I mention this because when I started learning up on this stuff it felt like I was way behind, all those wasted years, etc. but that’s not a terribly useful approach. pokeyman fucked around with this message at 04:57 on May 14, 2018 |
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May 14, 2018 04:54
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pokeyman posted:What part(s) do you feel you don’t quite understand? Most of this stuff is unnecessarily complicated but it’s worth having a good handle on it, and this thread is pretty patient and helpful. I don't understand why the mutual fund goes inside a savings account. It seems to me like that's an account within an account, and the mutual fund could just exist on its own. (But I'm willing to roll with 'just accept it' as an answer lol) pokeyman posted:If you’re comfortable posting the mutual fund you’re holding, I’m sure the thread would be happy to give advice about whether to hold it or dump it. Totally up to you. It's called the 'TD Comfort Balanced Income Portfolio'.
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May 14, 2018 06:00
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Killingyouguy! posted:It's called the 'TD Comfort Balanced Income Portfolio'. It's difficult to provide advice without knowing your risk profile but that's a veryyyyy safe, low-growth fund. It's actually over 60% in bonds which are considered one of the lowest risk investments one can make, assuming they're high quality investment-grade bonds. Assuming you are a buy-and-hold investor with a low tolerance for risk I still think you could do a little better. So that fund you have is 2/3 bonds and 1/3 stocks (basically). It has a MER of 1.75%. If you were to use two different funds with low MERs (one for bonds/fixed income and one for stocks) you might see better returns. The equity stocks are inherently higher risk but many people would argue it's worth it, and you can limit your risk if you use an index-tracking ETF of which there are several low-MER options. If you just look at low-MER products: Canadian Aggregate Bond Index ETF (VAB) is a bond fund with a MER of 0.13%. iShares Core S&P/TSX Capped Composite Index ETF (XIC) is an Index-Tracking fund with a MER of 0.06% that buys stocks to mimic a major stock market index. This means it moves almost at a 1:1 with that stock market as a whole. I'm curious what other people in here have to say but IMO if you're a new uni grad or something and have more than 30 working years left you can stand to use a more aggressive investment strategy. I'm not a financial expert. VelociBacon fucked around with this message at 06:40 on May 14, 2018 |
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May 14, 2018 06:38
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Killingyouguy! posted:I don't understand why the mutual fund goes inside a savings account. It's not explicitly a savings account any more than an RRSP, you just choose what to do with the money inside. There's a convoluted way to hold buttcoins in your TFSA if you really wanted but don't do that. VelociBacon posted:I'm curious what other people in here have to say but IMO if you're a new uni grad or something and have more than 30 working years left you can stand to use a more aggressive investment strategy. I'm not a financial expert. Yeah, don't do TD mutual funds. Individual ETFs are a much better but if you're overwhelmed my advice would be 'buy VGRO and hold' - it's like 2% of the work of individual ETFs for 95% of the upside. If it was around a few years ago I'd be holding it in a couple accounts for pure simplicity.
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May 14, 2018 12:33
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If you have access then there's also TD's e series mutual funds, relatively low mer (~0.5%) and you can set up DRIP for additional set and forget it-ness. Check out Canadian couch potato blog, he's got a nice breakdown of allocations based on risk and his recommended funds. Good info on that site as well if you poke around.
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May 14, 2018 13:15
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Killingyouguy! posted:Sorry, I don't mean their taxation status. I just mean everything I've looked up has said one of the differences between a bank and a credit union is that banks are interested in creating profit while credit unions aren't (ex), so I'm a bit confused as to what it means for a bank to be a subsidiary of a credit union. That’s an American article, which is why it talks about not-for-profit status. A credit union generates profit (revenue in minus expenses out), which is held internally for future use or distributed to members. If a subsidiary bank generates profit, I expect it would be treated the same way. I’ve worked for a taxable sub of a not-for-profit, and that’s how it functioned. Having a bank as a subsidiary is almost certainly related to the services that can be offered by each under the regulatory framework.
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May 14, 2018 13:56
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Killingyouguy! posted:I don't understand why the mutual fund goes inside a savings account. It seems to me like that's an account within an account, and the mutual fund could just exist on its own. (But I'm willing to roll with 'just accept it' as an answer lol) You can have a number of different types of assets like stocks, bonds and cash or other products like mutual funds, ETFs, etc. that hold mixes of these assets. These can generally be mix and matched in different types of account like unregistered savings accounts, TFSAs, RRSPs, etc. that exist to promote government policy through favourable taxation treatment.
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May 14, 2018 18:03
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What no one has mentioned yet is that TFSA was a dumb name to choose, as tons of people get hung up on thinking they can only use it to hold liquid cash due to the "savings account" part of the name. You're right that the name doesn't make sense. Think of it as a label you can attach to a whole bunch of different account types, cash savings account, mutual fund, stock holding, etc. There's rules about what type of accounts can have the TFSA label (your bank can't apply the TFSA label to the safety deposit box you keep your beanie babies in, but an ETF that invests in beanie babies and trades on the market can be bought and held in a TFSA investing account) , and not all institutions will let you use all account types as a TFSA, even if there's nothing legally preventing them from offering them. Just like you are allowed to have 7 different jobs, but it's you responsibility to make sure you pay the right income tax on all of the income, you can have as many TFSA accounts as you like. It's your responsibility to keep track of them and make sure you don't go over your contribution limit, as that is cumulative, not per-account. Kreez fucked around with this message at 18:21 on May 14, 2018 |
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May 14, 2018 18:18
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Kreez posted:[...]an ETF that invests in beanie babies and trades on the market can be bought and held in a TFSA investing account[...] TICKER PLEASE
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May 14, 2018 18:27
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Instead of the Home Trust MC, I applied for the Fido one after the long delay I've read here about that one. Once I get my rear end to a Rogers to provide ID, I'll let you know how it goes. On a related topic, my mom called me asking for help in finding a good new credit card for her to use. She works as a head cook and is in charge of buying groceries and other supplies, and was hoping to set up a personal credit card (for reimbursable work supplies only) for the company to pay her back. They pay her statement and she takes the rewards, instead of just giving her cash and figuring out the total via cash paid. I originally thought the Costco MC, but I think there's got to be a better Mastercard out there (she buys a lot of supplies at Costco so it should be a Mastercard).
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May 16, 2018 15:35
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The MBNA world whatever card is nice at a flat 2% cash back rewards if you opt to take them that way, also redeemable for travel and catalog junk if you desire. For someone who's only doing grocery shopping then there's got to be a rewards card that has categorised rewards with a better than 2% payback but I don't know what it would be.
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May 16, 2018 16:40
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Bajaha posted:The MBNA world whatever card is nice at a flat 2% cash back rewards if you opt to take them that way, also redeemable for travel and catalog junk if you desire. I thought about some of those, but the problem is now that my dad's retired, their combined income isn't high enough for most of those credit cards. She wants one whose transactions are strictly for work, but she can cash out the points. The place she works for is an ethnic hall, and isn't very organized with things like this (90% of transactions are still through handwritten cheques and payroll is done through an online calculator instead of Quickbooks). PC Optimum Mastercard will at least give the equivalent of 1% cashback in PC Points for her own groceries (again, she makes too little to qualify for the one that gets you 25 points per $1 spent). I don't know how better MBNA rewards points are, but 1% seems to be the threshold I'm trying to beat.
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May 16, 2018 17:36
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Just lie about your income, I've literally never had a credit card company check mine.
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May 16, 2018 18:24
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I have, but it was long ago.
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May 16, 2018 18:27
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