|
Re: credit stuff My girlfriend has a thing with It asks for a police report number, but she didn’t have one, so it’s possible without one. I’m going to try to sign up for it, and I’ve turned on Credit Karma’s credit alert stuff. Subjunctive fucked around with this message at 20:18 on Jun 20, 2018 |
#
?
Jun 20, 2018 15:25
|
|
|
|
| # ? May 17, 2024 17:50 |
|
|
That's interesting - thanks. Do you know if Equifax does anything like that?
|
|
#
?
Jun 20, 2018 20:14
|
|
|
Hers is with Equifax, yeah.
|
|
#
?
Jun 20, 2018 20:18
|
|
|
I've seriously considered getting that monthly ~*FRAUD DETECTION SERVICE*~ from either Equifax or TransUnion. It's like $14.95 a month? Does anyone have that? Is it even worth it? Consider the day and age we live in where database leaks are as common as a dog making GBS threads on your freshly mowed lawn.
|
|
#
?
Jun 20, 2018 23:53
|
|
|
Wirth1000 posted:I've seriously considered getting that monthly ~*FRAUD DETECTION SERVICE*~ from either Equifax or TransUnion. It's like $14.95 a month? Does anyone have that? Is it even worth it? "That's a nice credit rating you have there. It'd be a shame if something happened to it..."
|
|
#
?
Jun 21, 2018 00:38
|
|
|
Jan posted:"That's a nice credit rating you have there. It'd be a shame if something happened to it..." Oh god .... is there someone I can pay so nothing bad happens to it? And maybe they can do something to other entities that might do my creidt harm? 
|
|
#
?
Jun 21, 2018 00:40
|
|
|
Evis posted:Because you mentioned this, I just made up a spreadsheet for my case which indicated the fees would have to be at about 4% before it would be better to not take the match in my case. It's one of those things where saying "take the match" really is good general advice, but for younger folks, partial matches, or particularly high fees, it can work out to not match. In my case I believe it was the portion that was a 50% match, on .75% fees vs a couch potato etf portfolio, worked out to no match being better for horizons over roughly 36.5 years, and I was sitting at like 36.7. It would've been better to not take the match for a few months (but since I could only change my match once I year I just went with it). If I were 5 years younger when the match started it would've been a different story. It's also worth adding if you're paying fees to buy the etf it would've been quite a bit different... so the simplicity of "just take the match" can have value too.
|
|
#
?
Jun 21, 2018 03:59
|
|
|
Interesting. If I had a 50% match it would actually make sense to not take it.
|
|
#
?
Jun 21, 2018 04:05
|
|
|
Jenkl can you post your workings because that sounds suspect to me
|
|
#
?
Jun 21, 2018 06:06
|
|
|
Lexicon posted:Jenkl can you post your workings because that sounds suspect to me Me too.
|
|
#
?
Jun 21, 2018 15:28
|
|
|
MER would have to be like >45% or whatever for me not to take my match. You should transfer it out to a real investment if you start to worry about compounding management fees instead of giving up free money.
|
|
#
?
Jun 21, 2018 16:34
|
|
|
Some (like mine) don’t allow you to transfer the money out until you leave the company.
|
|
#
?
Jun 21, 2018 16:43
|
|
|
Evis posted:Some (like mine) don’t allow you to transfer the money out until you leave the company. I think all Direct contribution pension plans are like that. I have never heard of one where you can transfer money out before leaving the company.
|
|
#
?
Jun 21, 2018 20:30
|
|
|
We had RRSP matching of 8%, and were able to transfer it out as soon as it landed. It wasn’t a pension, though.
|
|
#
?
Jun 21, 2018 20:45
|
|
|
Yeah at my previous employer I could transfer out once a year.
|
|
#
?
Jun 21, 2018 23:16
|
|
|
Lexicon posted:Jenkl can you post your workings because that sounds suspect to me Kal Torak posted:Me too. Great instincts. I was mistaken on those figures. I went back and checked, I had confused two different retirement benefit matches. The 37 year figure was from a 25% match (I get on excess over 3%), not a 50%. My apologies for misleading anyone. But, assuming 7% real return for both portfolios, and a .76% fee on the match, vs .11% fee on an etf portfolio, $1000 would be worth $$11,737.30 after 37 years, vs. $11,767.165 for the no-match. So any deposits made 37+ years from retirement would be better unmatched with lower fees. 37 years is a long time, but relevant assuming 65 retirement age - anyone 28 and under would want to skip this 25% match. It's interesting to note if you're actually paying 2%+ in fees, a match of 25% is not that great - the crossover point is something like 12.5 years, so someone in their 50's would still be looking at skipping the match. Even with a full 100% match, at 2% fees, the crossover is ~39 years, so again someone in their early 20's would want to consider passing on the match for a few years (assuming they have the discipline). If you can actually transfer out, none of this is really relevant. Just eat fees for a year and transfer to something better. I'm locked in on the 100%/25% match program (but not on the 50% match program). *Note I've smoothed over some other approximations, like assuming you can buy ETFs for free, that there's no significant drag due to not being able to buy partial units in the ETF, and so on. I'd love to hear if you feel those are significant. Edit: I feel it's still worth saying, that "take the match" is still probably the most reliable piece of advice you can give someone planning on retiring, who has that option. I bring up "do the calculations" mostly because this is BFC. I wouldn't bring this up to most people who ask me about retirement planning, nor should you. Jenkl fucked around with this message at 00:35 on Jun 22, 2018 |
|
#
?
Jun 22, 2018 00:31
|
|
|
Good deal, thanks for revising and clarifying 
|
|
#
?
Jun 22, 2018 03:38
|
|
|
Wirth1000 posted:I've seriously considered getting that monthly ~*FRAUD DETECTION SERVICE*~ from either Equifax or TransUnion. It's like $14.95 a month? Does anyone have that? Is it even worth it? I have it for Equifax from a bazillion years ago due to someone's losing my cc details (loving enterprise car rental not shredding their internal paperwork and getting their trash "stolen"). I get emails monthly if there's nothing, and if there is a credit check, I'll get an email within minutes. Get to view my rating, updated quarterly. Note that the agencies have multiple ways of computing that number, and I only see one version of it so your bank's number might be different. Interestingly is that I did a onetime payment for a yearly account, and they've never stopped/locked my account. Tells you how secure they are internally. Is it worth $15/mo? No. Go onto RFD (RedFlagDeals) and there's always some retailer giving away a free year.
|
|
#
?
Jun 23, 2018 04:18
|
|
|
Been having a hard time finding an answer to this question: I'm a US Citizen and Permanent Resident of Canada. If I marry a Canadian will the IRS try to come after her TFSA when we joint-file taxes? Or will I only joint-file in Canada and file an individual return to the IRS?
|
|
#
?
Jul 3, 2018 03:27
|
|
|
Ccs posted:Been having a hard time finding an answer to this question: No such thing as joint filing in Canada, the software just makes it look a bit that way for convenience - to autofill one box and make shared accounts and some optimizations easier. The returns are entirely independent. If you joint for the US, they'll care. If you don't (see non-resident alien discussion here, looks like they're free and clear. Assuming that site isn't made by a total joker, anyway. Probably the benefits of filing jointly (higher limits, etc) aren't worth the hassle, but if they might be, paid professional advice is likely in order. (Note that throwaway breadcrumb to the ominous sounding form 8938 at the top of my link)
|
|
#
?
Jul 3, 2018 04:26
|
|
|
I know too many people are financially illiterate and make horrible choices, but this is a little concerning. https://www.bnnbloomberg.ca/28-of-canadians-fear-bankruptcy-ahead-of-bank-of-canada-decision-1.1104704 quote:With just two days to go before an anticipated interest rate hike by the Bank of Canada, one of country's top bankruptcy firms is warning a "staggering" number of Canadians are on the brink of financial disaster.
|
|
#
?
Jul 9, 2018 17:21
|
|
|
Those surveys seem completely useless to me. If you ask someone at random if paying more on their loans will put them at risk of not being able to pay their bills I suspect a sizeable number would say yes, regardless of whether it’s true or not.
|
|
#
?
Jul 9, 2018 18:05
|
|
|
Also, even though it might *technically* be true that someone is living paycheck-to-paycheck, it's not like most of them are immediately going to lose their homes if their payment rises by $50 a month, because people are going to make that mortgage payment first and foremost. What'll happen is they'll eat out a little bit less, or maybe give up that gym membership, or something, if they really have to. But for the most part, people will find that payment money somewhere, just because they have to.
|
|
#
?
Jul 9, 2018 18:25
|
|
|
slidebite posted:I suspect the respondents to the survey are self selecting It’s an Ipsos-run poll, so I’d be surprised. I can find the methodology anywhere without paying for the study though.
|
|
#
?
Jul 9, 2018 19:02
|
|
|
My takeaway from the survey was the 44% of respondents being within $200 of insolvency each month. What I meant by self selecting is when Ipsos calls and asks, the people that actually go through with the poll are the ones that have money problems... but like you said, no idea of the methodology but I'd be curious to know. So many people are really, really bad with money.
|
|
#
?
Jul 9, 2018 19:33
|
|
|
slidebite posted:So many people are really, really bad with money. Probably to much HGTV. HE SORTS PAPER CLIPS BY SIZE AND COLOURS. SHE COLLECTS BUTTERFLY WINGS. OUR BUDGET 1.2 MILLION. After buying a house: "IT'S A COMPLETE GUT JOB"
|
|
#
?
Jul 9, 2018 22:44
|
|
|
Joink posted:Probably to much HGTV. We need to discuss the budget; after tearing down this wall we found that the house is constructed out of shingles, glue, and load-bearing drywall.
|
|
#
?
Jul 10, 2018 10:57
|
|
|
Ccs posted:Been having a hard time finding an answer to this question: I am also in this situation. As I understand it the IRS will require her to file taxes (and will tax her TFSA) if you two merge finances in any legal way (shared bank account, etc). If you keep everything completely separate they will not. Unfortunately for us, I'm pretty sure this includes getting a mortgage on a house together so my wife is going to have to start filing in the states starting this year.
|
|
#
?
Jul 10, 2018 21:53
|
|
|
Hoo boy, good to know. I think she'll be okay keeping the finances separate and we're not planning on buying a house anytime soon (I'm much more of a rent and invest guy.) It would suck if the US goes after her TFSA. I already can't have a TFSA cause it makes non sense to have one only to get it taxed by the IRS. This also led me down a rabbit hole of my Canadian ETFs being PFIC in the eyes of the American government. I don't have more than $50,000 USD in Canada so I don't have to file Form 8938, and I don't have more than $25,000 USD invested, so I don't have to file form 8621, but I probably WILL hit those amounts in 2019 so I'll have to file those forms the following year. Exciting times! 
Ccs fucked around with this message at 03:56 on Jul 13, 2018 |
|
#
?
Jul 13, 2018 02:53
|
|
|
Ccs posted:Hoo boy, good to know. I think she'll be okay keeping the finances separate and we're not planning on buying a house anytime soon (I'm much more of a rent and invest guy.) It would suck if the US goes after her TFSA. I already can't have a TFSA cause it makes non sense to have one only to get it taxed by the IRS. I sold mine. Keeping them would just make my accountant rich instead of (hopefully) me.
|
|
#
?
Jul 13, 2018 12:49
|
|
|
You're right. I'm reading about PFIC and it's a nightmare. God drat it, I thought opening a non-registered account was a good idea, instead it might have cost me thousands. Time to sell I guess. Edit: Read through the regulations and it definitely says there's a 25,000 exemption and "No part of a distribution received or deemed received during the first tax year of the shareholder's holding period of the stock will be treated as an excess distribution." So looks like I can sell and not have to file that bloody form. What do people do instead of non-registered investing? Just have an RRSP? Or convert the money into USD at a loss and invest in US ETFs? Ccs fucked around with this message at 00:41 on Jul 14, 2018 |
|
#
?
Jul 13, 2018 22:20
|
|
|
With the impending global economic collapse looming, what should I be doing with my money? I have 100k-ish cash floating around not doing much of anything and 20k in a good diverse spread of ETFs across a bunch of different industries. I'm a bit worried about next year's recession particularly in regards to my stocks and I feel like I probably should get that money out sooner rather than later. I'm super young and haven't put any money into RRSPs or TFSAs. Also self employed and have exempted myself from CPP because I'd need to pay both the employer and employee parts and that wasn't worth it.(on my accountant's advice because lol if CPP is going to exist in 50 years). I own a house in the middle of nowhere that's about 40% paid off, could honestly pay the entire thing off in 12 months if I wanted to but I likely don't. Also I probably will want to move to the US in 1-2 years.
|
|
#
?
Jul 14, 2018 00:57
|
|
|
If your marginal rate is 40% or more, could be worthwhile to contribute to RRSPs just to get the refunded taxes and then withdrawing the money again once non-resident (at 25%), effectively reducing income tax owing on that amount by 15 to 30%
|
|
#
?
Jul 14, 2018 01:48
|
|
|
Methanar posted:With the impending global economic collapse looming, what should I be doing with my money? Wowee. You obviously want to time the market. You have zero trust in the government. Your accountant sounds incompetent (hint: accountants are not economists, politicians, or even investment advisors). You don't want to go with the guaranteed gain (paying off your mortgage). And you're leaving town in a couple years? You're a perfect bitcoin candidate.
|
|
#
?
Jul 14, 2018 01:59
|
|
|
Methanar posted:Also self employed and have exempted myself from CPP because I'd need to pay both the employer and employee parts and that wasn't worth it.(on my accountant's advice because lol if CPP is going to exist in 50 years). Uhhh I'm like 99% sure you can't exempt from CPP, only EI.
|
|
#
?
Jul 14, 2018 02:08
|
|
|
CPP is in good shape until 2090 at least, and in much better shape than Social Security. Max out your RRSPs to reduce your tax burden and get an awesome refund.
|
|
#
?
Jul 14, 2018 02:11
|
|
|
Methanar posted:With the impending global economic collapse looming, what should I be doing with my money? If you're super young you should be going for time in the market and if you were risk tolerant an aggressive growth portfolio. Sitting around with cash on the sidelines waiting for the perfect entry isn't your best option. Don't let a fear of a reduction in the value of your equities deter you from investing if your time line is over 10 years.
|
|
#
?
Jul 14, 2018 02:34
|
|
|
Methanar posted:With the impending global economic collapse looming, what should I be doing with my money? A few things here - firstly if you're self employed it should be considered almost mandatory to be maxing your RRSPs. You also should be maxing your TFSAs - someone mentioned growth funds which is probably a good idea for a young person with that much equity. You have enough cash around to just max your TFSA allowance immediately so I'd actually recommend some dollar cost averaging when you start to buy (google the term if you're unfamiliar). Are you sure none of your ETFs are actually held in TFSA accounts? Haven't considered your risk profile but even if you put that 100k into fixed income securities like government bonds it'll be earning you a lot more and still be considered risk-free. I would think it's a better idea to apply at least some of that 100k against your mortgage - or as a down payment for another investment property or something. You really need to speak to a financial planner. Accountants are great and very useful for small business owners but on the investments side of things you need a professional in that field. Regarding timing market stuff and recessions etc: if you look back at previous market crashes/recessions it's always been the strong choice to leave yourself in the market and just wait for it to improve. As another poster mentioned above, this would be different if you were about to buy your first house or had some reason you needed your investments out in the next few years. If you were to pull your $20k out now you'd also have to pay capital gains tax on it because they aren't in a TFSA apparently, so yeah another deterrent.
|
|
#
?
Jul 14, 2018 03:15
|
|
|
So a bit more context. I own an incorporated business and contract out to a company in the SF bay area. Business to business relationship as far as thats concerned. Every month I get a paycheck to my company at the corporate tax rate of 13.5% and 5% GST. For the first year and a half that was basically it. I was literally 19 at the time and had no idea what I was doing but I rolled with it. I elected to do the incorporated business for kind of three reasons. So 19 year old me not knowing any better chose to do this. - tax deductions. I'm self employed and worked from home and was eligible to deduct part of my bills as businesses expenses, based on sqft dedicated to business. Electricity, heating, property tax, house insurance, gas to drive to the airport, phone, internet, etc. - I would only draw a small amount of the money from my business account as dividents to reduce my personal income tax liability. corp tax and gst and the personal income tax on like 30k (rent was like 450/month at the time. living expenses were basically nothing) seemed better than personal income tax on 110k. - Money left in the corporate account would be invested in ETFs and not subject to the higher personal income tax until drawn out. Didn't get around to doing this because I bought a house. Then I bought a house. Took almost all the money I had out of my corporate account and threw down a 20% initial downpayment on my house when I was barely 20 to avoid the high-risk mortgage rate. I bought the house again for kind of four reasons. - My family pressured the gently caress out of me - My quality of living raised and between the business expenses and renting out the basement, my actual cost of living barely changed at all from when I was renting a shithole for 450/month - The house would be an investment vehicle and hopefully appreciate. - I didn't know what else to do with my money. 3 months ago CIBC fnally set me up with a corporate investment account and I threw in 20k of the cash I had sitting around doing nothing in. Currently looks like this.  I definitely don't have any RRSPs or TFSAs at this exact moment. Again to reiterate. I am super young and have literally no idea what I'm doing. If you're all saying my accountant is an idiot then I don't know what to do. I vaguely, briefly talked to someone at CIBC about financial planning but kind of like I expected they very directly tried to sell me on their own products which is really what the floor staff at a bank are supposed to do, rather than actually give me financial planning advice. They're really no more financial planning experts than anyone else. Just salesmen at a small branch in a small dead town. I haven't had a single minute of actual financial education in my life. Everything I know is bullshit, or my own made up, bastardized math that I did in 15 minutes. So what I've been doing is hoarding my money in the corp bank account which is obviously stupid. Should I continue to invest in ETFs through my corp even though a market correction seems basically inevitable in the near term future? Do I pull more money into my personal account and drop 5k into a TFSA right now? Do I buy more houses and rent them out? Whats the difference between an RRSP and TFSA in terms of savings in 10 years? All I really know about them is my idiot parents bitch about how RRSPs double tax you How do I find a real financial planner? Methanar fucked around with this message at 04:00 on Jul 14, 2018 |
|
#
?
Jul 14, 2018 03:53
|
|
|
|
| # ? May 17, 2024 17:50 |
|
|
I genuinely think you'd be best off with a roboadvisor like wealth simple with a high risk profile than some flunky shithead CFP at a bank but I'm willing to be proven wrong.
|
|
#
?
Jul 14, 2018 08:32
|
|