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Has anyone ever contributed to their RRSP by transferring equities in kind from a USD un-registered account to a RRSP? On TD you can transfer equities in kind, from un-registered to registered accounts, but weirdly (to me as a dummy anyway) not directly to a USD RRSP. From TD Help: quote:Online-eligible Security Transfers This makes me wonder what is going on on the forex side of things. What is going on in the bolded 2b? I recognize that when one moves an equity in kind to a registered account a deemed deposition occurs and there's potentially tax to be paid on a capital gain. Does there also occur a capital gain based around the foreign exchange? Talking on the phone with the TD people I apparently just opened up a USD RRSP account, but after hanging up I'm confused about what is going on here. Ideally I'd like to transfer an equity from my USD account to a USD RRSP account so that there is no concerns about foreign exchange at all, but when I think it over is it the case that any initial contribution to an RRSP has to be in CAD funds to start with?
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Feb 19, 2019 20:41
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Femtosecond posted:Has anyone ever contributed to their RRSP by transferring equities in kind from a USD un-registered account to a RRSP? I do this regularly, but TD-specific has been a few years since I don't use them any more. I'd suggest doing it on the phone after market close on a trading day - they (used to?) let you pick any valid exchange rate and trading price from the day (where the correct answer is "pick the cheapest possible to minimize your capital gain and contribution, maximize space"), but since there is a choice who knows what the online default is. Pretty sure that even if it ends up on the CDN side, though, no FX costs to you would be involved unless you happen to go ex-dividend before transferring it over to the USD side and then you might eat 2% FX on a tiny dividend yield - small potatoes. The contribution must be priced in CAD, but US stocks and cash absolutely can be contributed directly. And exact pricing doesn't matter excessively because of the 2000 "allowed" overcontribution unless you like playing too close to the line. Different story with TFSAs (which I only contribute CAD cash to) since tracking down the current "total contribution / space" is a nightmare due to reporting delays.
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Feb 19, 2019 21:07
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Me and my fiance are currently looking into setting up an RRSP and TFSA. Where is the de facto "best place" for these things? Wealthsimple? Tangerine? Help a bum out?
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Feb 19, 2019 22:24
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virinvictus posted:Me and my fiance are currently looking into setting up an RRSP and TFSA. Where is the de facto "best place" for these things? Wealthsimple? Tangerine? (I’m assuming you’re investing for the long haul (10+ years), not with money you’ll want to spend in a year.) tl;dr: cheapest is probably a discount brokerage like Questrade + asset allocation ETF; least effort is a robo-advisor like Wealthsimple; Tangerine is most expensive, but might be worth it if it means you’re more likely to start and continue contributing. Longer version: Your cheapest option is probably buying commission-free index ETFs at Questrade. You’ll need to get used to a somewhat goofy online interface that has 5,000 knobs when you only need one, but if you can shitpost on a dying comedy forum without getting yourself autobanned then you have demonstrated the requisite skill. Also you can open a practice account and fiddle around in the website using funny money. You’ll need to decide how you want to invest your money (stocks, bonds; geography, home bias; etc.). You can largely skip the fuss around rebalancing by picking an “asset allocation fund”, like VGRO or XBAL, then you just buy shares of that one fund and you’re all set. Questrade is a discount brokerage. All the big banks in Canada run discount brokerages too, and there are other not-bank-affiliated options like Questrade. But they usually all charge you more commission than Questrade will, so it’s a common choice. Your next cheapest option with meaningfully less effort is probably a robo-advisor like Wealthsimple. Here’s a lil site that lists robo-advisors in Canada and helps you pick one (Wealthsimple is a perfectly fine option if you don’t need to taste the whole menu): https://autoinvest.ca/calculator/. Tangerine is more expensive than any of the above, and isn’t meaningfully less effort than a robo-advisor. That said, the most important part is actually investing the money, so if you already have a Tangerine bank account and can very easily set up a recurring contribution to an investment account, then the slightly higher expense ratios are probably worth it (especially when you’re starting out). Nothing more expensive than Tangerine’s funds (roughly 1% expense ratio) is worth your consideration. It’s very easy to move money/shares around if you change your mind, so it would be entirely reasonable to pick any of the above to get started. Then you can read back through this thread, or find some other resources, and go through them at your own pace. And since you’re talking registered accounts, if you decide that a different fund, asset allocation, etc. is the answer, there’s no tax to worry about when you sell one thing to buy another. Keep on asking questions here, this is a pretty helpful thread!
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Feb 19, 2019 23:26
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spoof posted:There's a good list here, but the short version is that there are 3 no-annual/monthly fee options: Rogers/Fido, Hometrust, or Brim. Has anyone used Brim? The rewards look not great, but the insurance and stuff is solid. The Scotiabank Visa with 0% Forex looks really good too, albeit with a $139/year fee.
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Feb 19, 2019 23:51
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Might be the wrong area but any ideas on the best place to start for life insurance policies?
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Feb 20, 2019 00:12
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VGRO vs XGRO, any thoughts or feelings from the thread?
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Feb 20, 2019 00:12
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VelociBacon posted:VGRO vs XGRO, any thoughts or feelings from the thread? XGRO has a bit lower Canadian weighting, so that puts it ahead in my books.
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Feb 20, 2019 00:20
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Square Peg posted:XGRO has a bit lower Canadian weighting, so that puts it ahead in my books.  , that plus lower cost.
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Feb 20, 2019 03:03
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Awesome just making sure I wasn't blinded to a better option. Waiting for my questrade transfer still.
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Feb 20, 2019 03:56
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Square Peg posted:XGRO has a bit lower Canadian weighting, so that puts it ahead in my books. Divest Canada 
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Feb 20, 2019 07:10
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Everybody says to use Questrade because it has no commission, but I only contribute to my RRSP (and buy ETFs) like 3-4 times a year. So, the $30-40 a year doesn't seem worth switching. (I don't explicitly balance my portfolio, I buy single ETFs with each contribution so that it reaches a target % over time.)
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Feb 20, 2019 14:08
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Agreed it doesn’t sound worth it for you to switch. I contribute monthly so I appreciate the no commission, but if I paid commission I would just contribute less frequently.
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Feb 20, 2019 16:34
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Mantle posted:The normal way to do this is to get an RRSP loan. If you borrow from the same institution they usually give you pretty good rates, but you can just borrow from a line of credit (mine is at about prime+2.3% unsecured). Then when your tax refund comes, you use it to pay off the loan. This seems to be good advice. I got a loan to fill out the RRSP, with a 90 day deferral, so that's some real motivation to get my taxes done on time.
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Feb 27, 2019 01:31
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Anyone know if intra-ocular lens implants for vision correction can be claimed as a medical expense on our taxes? I notice LASIK can be claimed, but couldn't find any definition of other vision correction procedures.
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Mar 1, 2019 00:07
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I'm gonna do my own taxes for the first time in my life! So do I just buy a copy of QuickTax or will that not get me the best tax dealz or whatever
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Mar 1, 2019 00:31
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https://simpletax.ca It's free. You can donate to the developers if you want. Don't give your cash to Intuit.
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Mar 1, 2019 00:41
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https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/netfile-overview/certified-software-netfile-program.html
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Mar 1, 2019 03:07
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I've been a fan of studio tax these past few years, free software is where it's at.
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Mar 1, 2019 05:56
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That is actually a really good tip, especially since my taxes are pretty simple, and CRA's online services give easy access to all my records anyway. Goodbye Turbotax! On that note, I've been going over my information in CRA My Account, and it looks like Questrade still hasn't filed any of my TFSA information, despite my using them since December 2016. Googling around, it sounds like they are regularly "slow to file", or just don't file at all. I imagine this could have an impact for people who are transferring TFSAs.
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Mar 1, 2019 20:56
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Lead out in cuffs posted:That is actually a really good tip, especially since my taxes are pretty simple, and CRA's online services give easy access to all my records anyway. Goodbye Turbotax! Yeah last year I didn't get anything from Questrade until early April.
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Mar 2, 2019 01:12
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Ok, I'm seriously thinking about switching away from the big 5 and going credit union. I'd appreciate some input from current clients or expectations of being with a credit union cause this is all new to me. I live in Ontario so the one I'm looking at is Meridian. But just a very quick search shows a ton of nasty reviews about really poor customer service even worse than what I see for RBC. Also, Meridian is launching a new bank?? motusbank.ca which is... interesting to see how a bank owned by a credit union operates?
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Mar 9, 2019 19:00
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Wirth1000 posted:Ok, I'm seriously thinking about switching away from the big 5 and going credit union. I'd appreciate some input from current clients or expectations of being with a credit union cause this is all new to me. Meridian and First Ontario are "big banks." When people say credit unions are better for their customers, they're talking about small, local ones. They are almost always part of the same network, so if you use a local credit union, you can use any credit union's ATM. xtal fucked around with this message at 19:15 on Mar 9, 2019 |
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Mar 9, 2019 19:12
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Anyone ever done taxes for US and Canadian with tax equalization? I have my package my company did for me last year so I was considering just copying it with the new T4/W2 values (though there's about a dozen different forms). Looks like having a company do it will set me back about $600+. And that company still hasn't provided me my W2, woohoo!
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Mar 15, 2019 19:54
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SimpleTax's autofill seems convinced I've made RRSP contributions and need to fill them out, but I don't have an RRSP. I think I have a pension plan through work but I don't know how to access the contributions for that. Where would I find this information?
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Mar 17, 2019 18:59
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Killingyouguy! posted:SimpleTax's autofill seems convinced I've made RRSP contributions and need to fill them out, but I don't have an RRSP. I think I have a pension plan through work but I don't know how to access the contributions for that. Where would I find this information? I believe if you haven't pulled money OUT of your pension plan you don't really need to worry about it for your tax stuff right now. Do you have any investment accounts that may be incorrectly recognized as RRSP? I'd call the CRA if you can't figure it out.
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Mar 17, 2019 21:29
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VelociBacon posted:Do you have any investment accounts that may be incorrectly recognized as RRSP? I'd call the CRA if you can't figure it out. Unless my employer is doing something crazy in my name (which I don't think they are) the only investment I have is a bank mutual fund in a TFSA. Would this be likely to be misidentified? If I'm safe just leaving it all blank I can do that
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Mar 17, 2019 21:54
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Simpletax pulls the data from the CRA, so you can log into the CRA website, go Tax Information Slips -> 2018 -> RRSP Contribution Receipt and see what has been submitted for you.
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Mar 17, 2019 23:28
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Wilhelm posted:Anyone ever done taxes for US and Canadian with tax equalization? I have my package my company did for me last year so I was considering just copying it with the new T4/W2 values (though there's about a dozen different forms). Looks like having a company do it will set me back about $600+. What's your situation? Are you a Canadian resident with income in the US? If your company did a package for you last year, I don't see why there wouldn't be any way you can just carry-forward information.
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Mar 20, 2019 22:58
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I hate to ask since I'm pretty sure it's been answered before, but I can't seem to find the answer: Is there an advantage to waiting until you have a certain amount ($25,000 or $50,000 or something like that) of assets in a TFSA before I make the switch to Questrade? I thought there was some kind rebate on trading you get at that level. Now that my TD e-series have rebounded to their pre-Fall 2018 worth, I'm getting close to $50k and want to know if I should just do it already.
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Mar 21, 2019 14:51
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If you have $25000 or more they'll cover a portion of the transfer fees (up to $150 per account) https://my.questrade.com/clients/en...7385.1535382656
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Mar 21, 2019 15:07
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AFACT there is no drop in commission pricing, and all ETFs are commission-free to buy anyway (there may be other fees like ECN, SEC or other exchange fees, so they're not always $0). Until the end of the month, Questrade will cover up to $150 to switch to them regardless of the balance. After that, they'll only cover the transfer fee for accounts with balances over 25k. There's no real reason to wait.
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Mar 21, 2019 15:54
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Good to know. Could've sworn there was some reason I had to wait until $50k. I just did a tax return for a client that uses Questrade and made a bunch of money on trades. Took it as a sign from God that I should do this now.
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Mar 21, 2019 16:58
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So I read the OP as well of a couple other threads in here as well as some articles through googling and I'm still at the point where I feel too dumb. I currently have money taken out of my account for an RRSP mutual fund that I've had for a decade now through my bank (TD). The MER on it is pretty high so it's something I might re-consider in the future but based on the dividends it gets I think it's doing alright. I am now at the point where I have no debt, I have extra money through my company's profit sharing, and my emergency funds are stocked up, so I would like to put even more money away. I'm thinking of putting money into an ETF through a TFSA but the information seems so overwhelming - with different sites suggesting different portfolios. I already have an account through Questrade because I do a little minor stock trading for funsies so that's why I was thinking about ETFs, but now I'm wondering if I would be better just sticking this extra weekly money into a TFSA mutual fund as well. Can I just put my money into an Asset Allocation ETF like VBAL, or should I be putting it into a variety of ETFs? TLDR: I want to put some additional money into something maybe a little higher risk than my conservative RRSP mutual fund, but I still want something that I don't have to pay attention to much and likely won't withdraw for at least a decade. kuddles fucked around with this message at 17:33 on Mar 22, 2019 |
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Mar 22, 2019 17:21
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kuddles posted:So I read the OP as well of a couple other threads in here as well as some articles through googling and I'm still at the point where I feel too dumb. If you still have TFSA & RRSP room then asset allocation funds are just fine. Once you have to start spilling over into unregistered accounts (i.e. margin accounts in Questrade) then there are some tax savings that can be had by splitting stuff up, but it's such small potatoes compared to the vast fee difference between bank mutual funds and index ETFs that it's barely worth the trouble unless you're into the high hundreds-of-thousands-of-dollars invested. So, yeah, asset allocation ETFs are great for easy investing. And ETFs aren't really any riskier, they are going to hold the same assets as the bank mutual funds, they just have lower fees.
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Mar 22, 2019 18:00
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kuddles posted:So I read the OP as well of a couple other threads in here as well as some articles through googling and I'm still at the point where I feel too dumb. You need to get out of the TD fund ASAP. It's very easy, just open an RRSP account at Questrade, fill out the transfer form, and they will handle it. And you already know how to buy shares on Questrade, so no reason not to do it.
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Mar 22, 2019 18:06
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TD e-Series mutual funds are perfectly fine. TBH just go to https://canadiancouchpotato.com/model-portfolios/ and copy and paste one of them into your bank.
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Mar 22, 2019 19:32
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xtal posted:TD e-Series mutual funds are perfectly fine. TBH just go to https://canadiancouchpotato.com/model-portfolios/ and copy and paste one of them into your bank. Why would you buy 4 e-series funds when you could buy 1 vanguard ETF that does the same thing, rebalances for you, and is cheaper
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Mar 22, 2019 20:11
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BMan posted:Why would you buy 4 e-series funds when you could buy 1 vanguard ETF that does the same thing, rebalances for you, and is cheaper I don't think they're the same things? The tradeoffs are explained on the page. For myself I have my (smaller, frequently-contributed-to) TFSA in e-Series, and my (larger, infrequently-contributed-to) RRSP in ETFs.
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Mar 22, 2019 20:18
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xtal posted:I don't think they're the same things? The tradeoffs are explained on the page. For myself I have my (smaller, frequently-contributed-to) TFSA in e-Series, and my (larger, infrequently-contributed-to) RRSP in ETFs. They are pretty much the same except the vanguard ETFs contain foreign bonds.
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Mar 22, 2019 20:27
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