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RBC (for sure) and CIBC (supposedly) have instant online transfers between their full-fledged USA USD accounts capable of ACH transfers, etc and their Canadian USD accounts. TD has a jankier process between theirs that often involves needing to call in to do free wire transfers. It works within a business day or two but instant + online is so much better. BMO has a similar "call-in" setup but there's less online integration for BMO Harris and I believe it is less free. RBC also preferred over CIBC because their brokerage does automatic journalling for the Norbert's Gambit trades. (Scotiabank is off in the dark ages with no real USA presence afaik.)
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Jun 19, 2019 04:31
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That’s all good to know, thanks!
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Jun 19, 2019 12:30
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So I am just a goddamned idiot apparently and got a new credit card this week but it is the wrong one. What's the best way to get the card I actually wanted, in terms of how soon to cancel the wrong one, when to apply for the correct one, etc.? I'm not really worried about my credit score but I also don't want to compound my errors here.
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Jul 13, 2019 21:41
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Lobok posted:So I am just a goddamned idiot apparently and got a new credit card this week but it is the wrong one. What's the best way to get the card I actually wanted, in terms of how soon to cancel the wrong one, when to apply for the correct one, etc.? I'm not really worried about my credit score but I also don't want to compound my errors here. What kind of fuckup are we talking about? In most cases you can just call the issuer and they'll switch between their any of cards for free instantly. The type is just a row in a spreadsheet to them. If you paid an annual fee, or have started to accrue rewards already, it might be hard to refund or preserve those, though.
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Jul 13, 2019 21:51
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xtal posted:What kind of fuckup are we talking about? In most cases you can just call the issuer and they'll switch between their any of cards for free instantly. The type is just a row in a spreadsheet to them. If you paid an annual fee, or have started to accrue rewards already, it might be hard to refund or preserve those, though. I have one charge on the card so far, like $25. There is an annual fee but the first year fee is waived anyway so I don't think that will matter.
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Jul 13, 2019 21:55
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Are there any good Canadian focused passive investing books? I'm curious about the tax implications of certain things when you're in non tax advantaged accounts and how to distribute assets best between tax advantaged and non tax advantaged funds
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Jul 16, 2019 06:54
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Anyone using Wealthsimple Trade? Worth checking out? Waste of time? Up until now all my investing has been funds in my RRSP, but I'm considering branching out with some of this year's tax refund.
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Jul 23, 2019 22:20
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Should I just use my bank, CIBC's investor's edge, to buy ETFs or is there a better/different way I should do
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Jul 23, 2019 22:26
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Methanar posted:Should I just use my bank, CIBC's investor's edge, to buy ETFs or is there a better/different way I should do Not a professional finance person but I've been using Questrade and there is no fee to purchase ETFs there.
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Jul 23, 2019 23:50
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Methanar posted:Should I just use my bank, CIBC's investor's edge, to buy ETFs or is there a better/different way I should do I had to make this decision back in 2015. Like a mope I trusted my father and uncle (who worked for CIBC) and just used them for everything (mortgage, investing, chequing, savings, line of credit, credit cards - the works). While this does make things convenient in keeping on top of my finances, it isn't optimal for min/maxing fees/rewards. After looking around I finally decided to just minimize the damage CIBC was doing to me (the worst being 2.5% MER Mutual Fund Porfolios). My checking won't charge me transaction fees if I keep a certain amount of money in the account. They gave me a Platinum Dividend card with no yearly fee. And I was able to convert all accounts over to Investor's Edge and change my investments to not-lovely-Mutual-Fund-Porfolios. While not as good as Questerade (no cost to buy ETFs), you can buy ETFs at $6.95 a trade. This amount is still slightly lower than what other banks charge (most I think are around $10/trade). As I only rebalance once a year (ca 20 trades over 3 accounts), it's still a bargain ($139 + $400 MER on an average 0.2% over all ETFs I own) vs the Mutual Fund Portfolio ($5000 MER/year). So it's up to you - it's not the best option, but if you are only making a few trades per year it won't make that much more difference.
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Jul 24, 2019 17:27
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Hi, I'm 28 years old and thinking about saving money for the first time cause I'm finally out of school with a vaguely stable salaried job and debt free ish. Eyeing Questtrade ETFs for simplicity, but I uh, currently have 1 grand in my CIBC checking account (where the entirity of of my money lives) and you get hit with fees on questtrade unless you have at least 5 grand. Is there anything I should be doing to get off the ground, or right now is it just "wait till you got five grand the come back and play"? I can probably have 5 grand saved in some time between six months to a year if my expenses and job stay the same so it's not like that's that far away, but I'm wondering if there's anything else I should look into if for getting started with a very small amount of a money.
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Jul 24, 2019 20:05
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No real point opening an account until you have a bit more saved up, best thing you can do is read and learn more. Arguably do the paper portfolio thing where you pretend you buy whatever at today's price and track it a bit... And really try to train yourself to not care at all that you've "missed out" or "saved whatever" by not investing today because the short term gyrations are 100% trivial beside the increasing balance over the decades to come. (How the market does in the first few years after retirement actually does matter a bit, but not so much while saving.)
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Jul 24, 2019 20:16
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CRISPYBABY posted:Hi, I'm 28 years old and thinking about saving money for the first time cause I'm finally out of school with a vaguely stable salaried job and debt free ish. The Questrade $5K minimum only applies if you haven't placed a trade in the last quarter, so won't kick in unless you stop putting money away. Edit: also this quote:Clients are exempt if they are 25 years of age or under, deposit $150 into their account per quarter or are subscribed to a level 1 (or greater) data package. Lead out in cuffs fucked around with this message at 21:02 on Jul 24, 2019 |
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Jul 24, 2019 20:59
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CRISPYBABY posted:Hi, I'm 28 years old and thinking about saving money for the first time cause I'm finally out of school with a vaguely stable salaried job and debt free ish. No harm saving up for a year and reading up on things (or just reading through this whole thread). Though you can certainly do better than a CIBC chequing account; check out something with higher rates like Simplii or Tangerine for your cash.
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Jul 24, 2019 22:05
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Lead out in cuffs posted:The Questrade $5K minimum only applies if you haven't placed a trade in the last quarter, so won't kick in unless you stop putting money away. Oh cool, well in that case maybe we're on to something. I know I can do better than CIBC but also they're everywhere and I work on a campus with only CIBC machines so that part works for me.
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Jul 24, 2019 22:15
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Simplii works with CIBC machines, if that helps.
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Jul 24, 2019 22:18
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Simplii uses CIBC network, so you'll be good there. Have been using them for years (formally PC financial before changed to simplii) and no real complaints. I keep a TD account for investing and any teller related needs, that's about the only thing you miss with Simplii is access to a teller.
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Jul 24, 2019 22:23
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Tangerine is free on scotiabank as well, which 7-11 have switched to btw. I have both Simplii and Tangerine accounts and overall I prefer Tangerine’s website and app.
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Jul 24, 2019 22:30
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Bajaha posted:Simplii uses CIBC network, so you'll be good there. Have been using them for years (formally PC financial before changed to simplii) and no real complaints. I keep a TD account for investing and any teller related needs, that's about the only thing you miss with Simplii is access to a teller. Yeah, Simplii's great. I even love their Visa. I also just bought €500 last week from their website, although it was weird that even though it said it required a signature, my package didn't have that "activated", so I just picked it up. Last week, I finally closed my Scotiabank accounts. Even though my balances were all zero, they still wanted $4.95 for the final month of bank fees. Took them more than a few minutes to figure out how to process the $20 bill I gave them with their software. Related to Visa: between my recent raise and the bonus I got earlier this year, I might just hit enough income to qualify for Scotia's infinite Visa. Do they check that, or will they see my T4 and say, "Close enough" if it's not quite at the limit?
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Jul 25, 2019 19:58
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They're not going to income check you at all.
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Jul 25, 2019 21:28
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In general you should do an income check on yourself for a given credit card because any annual fee or the card's rewards may not be for you if you don't make enough to put $X through the card in a year. Like with cash back cards sometimes the bottom tier % reward doesn't start triggering until after you've charged a certain amount on the card in that year in total or on the other higher % merchant categories.
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Jul 25, 2019 21:39
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HookShot posted:They're not going to income check you at all. Simplii does, but yeah, nobody else seems to.
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Jul 25, 2019 21:39
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Lobok posted:In general you should do an income check on yourself for a given credit card because any annual fee or the card's rewards may not be for you if you don't make enough to put $X through the card in a year. Like with cash back cards sometimes the bottom tier % reward doesn't start triggering until after you've charged a certain amount on the card in that year in total or on the other higher % merchant categories. Oh, I definitely try to do the math. Did the same with my Costco membership (which only works because my family asks me to buy them things every so often). HookShot posted:They're not going to income check you at all. I had a feeling about that, but the "then what's the point of even asking?" part of my brain took over.
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Jul 25, 2019 21:55
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I lied my way into an Visa Infinite for the aeroplan points when I was 19. I didn't like their entry level point card and pulled some Spock style exaggerations to make the numbers work for plausible deniability in case they asked. They didnt. Finally started cashing them in last year (8 years later). Ran the numbers and I definitely got my money's worth out of it. But yes, no repercussions ever came from it. They even auto increase my credit every now and then because I never run a balance on it, despite me never using more than 10% of its credit limit in a given month I think. I know there's a deep dark pit of rewards points gamesmanship, but having one card and putting loving everything on it while still paying it all off monthly was enough to get me more than enough value in flights to offset the fee, even at a mostly student level of spending for most of that time and I dunno how much more I wanna micromanage it. The year where my landlord let me pay rent by credit card was a good year for my points, however. CRISPYBABY fucked around with this message at 00:09 on Jul 26, 2019 |
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Jul 25, 2019 23:59
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I have a visa infinite card but I don’t know if I fly enough to make aeroplan points worth it. Is there a better rewards card these days?
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Jul 26, 2019 00:21
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When I was like 24 I had a ridiculously high income year for that age and applied for a CIBC credit card using that figure, since it was actually legit. They did not check it at all and gave me a card with a $22,000 limit.
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Jul 26, 2019 02:06
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Mother in law owes 10k in credit card debt. Has almost no assets, old car and bedroom furniture. Lives in a retirement home. Has a $2k/month pension which covers most of her monthly expenses, I pitch in another $400 a month because I'm such a great guy. She called my BiL and asked him to pay her ~$200 a month for 4 years to help pay off her credit card debt. She's ~75, we're all in Ontario. I'm pretty sure it's time to investigate bankruptcy?
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Jul 26, 2019 03:01
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Definitely time to take the card away.
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Jul 26, 2019 03:44
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Postess with the Mostest posted:Mother in law owes 10k in credit card debt. Has almost no assets, old car and bedroom furniture. Lives in a retirement home. Has a $2k/month pension which covers most of her monthly expenses, I pitch in another $400 a month because I'm such a great guy. She called my BiL and asked him to pay her ~$200 a month for 4 years to help pay off her credit card debt. She's ~75, we're all in Ontario. I'm pretty sure it's time to investigate bankruptcy? If she has no other assets I recommend getting her to sign up for more credit cards and lines of credit and then maxing them out on cool things for her and her kids. edit: oh, and never paying them off, obviously Tsyni fucked around with this message at 04:16 on Jul 26, 2019 |
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Jul 26, 2019 04:11
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Isn't the interest on $10k in cc debt around $200 a month anyway?
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Jul 26, 2019 14:44
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Yeah we think it has gone to collections. Definitely other issues to discuss particularly her financial independence.
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Jul 26, 2019 15:32
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Postess with the Mostest posted:Mother in law owes 10k in credit card debt. Has almost no assets, old car and bedroom furniture. Lives in a retirement home. Has a $2k/month pension which covers most of her monthly expenses, I pitch in another $400 a month because I'm such a great guy. She called my BiL and asked him to pay her ~$200 a month for 4 years to help pay off her credit card debt. She's ~75, we're all in Ontario. I'm pretty sure it's time to investigate bankruptcy?  Can pensions be garnished if they are used towards basic living expenses? Add to this OAS/CPP, and that is not a bad living wage in retirement
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Jul 26, 2019 15:38
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Risky Bisquick posted:
I don't think they can be garnished except for special circumstances like not paying taxes oh god I hope she pays taxes. She should be OK income wise. I'll try a financial advisor and see if we can make a plan. The car is unnecessary and a few hundred in insurance but she shouldn't be driving anyways imo.
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Jul 26, 2019 16:53
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I need to open a joint account with my American fiancé, the plan is for him to eventually be a Canadian too. Is there anything in particular we should be looking for?
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Aug 14, 2019 14:34
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Killingyouguy! posted:I need to open a joint account with my American fiancé, the plan is for him to eventually be a Canadian too. Is there anything in particular we should be looking for? Don't open a joint account ever
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Aug 14, 2019 16:47
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Methanar posted:Don't open a joint account ever Unfortunately immigration thinks our lack of a joint account is proof our relationship isn't serious
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Aug 14, 2019 16:51
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Methanar posted:Don't open a joint account ever Not that this would be good advice even with an explanation, but it's particularly terrible in the absence of one. (I see no reason to force my wife to get a court order in case I'm incapacitated just so she can keep the bills paid.) Killingyouguy! posted:Unfortunately immigration thinks our lack of a joint account is proof our relationship isn't serious Yeah, assuming this is still true (I had to open a joint account in the U.S. for essentially the same reason), you will probably want to make sure it's a checking account, so you can at least pay bills from it.
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Aug 14, 2019 17:51
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Killingyouguy! posted:Unfortunately immigration thinks our lack of a joint account is proof our relationship isn't serious Did they ask you to provide proof that you couldn't have found a suitable partner within the country before outsourcing?
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Aug 14, 2019 18:02
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tagesschau posted:
Alright, thanks  And yeah we got a conjugal sponsorship denied a few months ago and the bank thing was one of their cited reasons for the denial
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Aug 14, 2019 18:24
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Killingyouguy! posted:Alright, thanks This starting to get beyond the topic of this thread, but assuming you don't mean common-law, a conjugal application for a Canadian and an American will almost always fail, from what I (neither a lawyer nor an immigration consultant) have seen, the reason being that there is no barrier to you getting married.
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Aug 14, 2019 19:53
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