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Phone only? Thought they were all about the apps.
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Mar 21, 2020 01:59
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Okay I'm signing up for Questrade. Which account types do I need? It's showing Marign, TFSA, RSP, and Forex+CFD. Is there any reason not to just add them all?
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Mar 21, 2020 02:06
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Cyril Sneer posted:Okay I'm signing up for Questrade. Which account types do I need? It's showing Marign, TFSA, RSP, and Forex+CFD. Is there any reason not to just add them all? Some of them have requirements about initial deposits, I think. But aside from that, only the time it takes to sign up for each account. There's no credit check or downside to just opening the accounts. If you haven't maxed your TFSA and RSP yet, you can probably just register those, and then open a margin account later, and forex as needed. edit: there might be a credit check for margin xtal fucked around with this message at 03:32 on Mar 21, 2020 |
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Mar 21, 2020 02:19
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Bitcoin goon how is your 2020 going so far?
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Mar 21, 2020 02:26
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xtal posted:Some of them have requirements about initial deposits, I think. But aside from that, only the time it takes to sign up for each account. There's no credit check or downside to just opening the accounts. If you haven't maxed your TFSA and RSP yet, you can probably just register those, and then open a margin account later, and forex as needed. What account do I use to buy VGROs and VBALs?
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Mar 21, 2020 02:51
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VelociBacon posted:Bitcoin goon how is your 2020 going so far? So so so so bad
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Mar 21, 2020 02:57
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ghosTTy posted:
Am I correctly understanding that, as HIVE has fallen from $0.32 to ~$0.0001899, that the $26700 has become $26.7? Lazy math and all, but has it really sunk by a factor of one goddamned thousand? really, i'm just counting zeroes, it's actually nearly 1700??
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Mar 21, 2020 03:09
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I need to plug some formulas to decide to move over to questrade from wealthsimple, I suppose. I like wealthsimple just because it’s super easy but questrade seems pretty straightforward too. I probably won’t move in the middle of markets pantshittery, though.
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Mar 21, 2020 03:10
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Okay why the gently caress do I need to tell Questrade how much I make and my net worth?
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Mar 21, 2020 03:14
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Cyril Sneer posted:What account do I use to buy VGROs and VBALs? RRSP or TFSA but it depends on your situation with pension and a few things. If you have to pick tonight and you don't have your TFSA maxed yet you should maybe do that because the punishment for withdrawal is less/not severe. If you've never touched RRSP or TFSA maybe do some reading now because it's not like you can move money into your QT account before Monday anyways. Cyril Sneer posted:Okay why the gently caress do I need to tell Questrade how much I make and my net worth? Because you might ask them in the future for margin or ability to place shorts etc etc and they'll need to make a decision.
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Mar 21, 2020 03:16
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Cyril Sneer posted:What account do I use to buy VGROs and VBALs? Any of them, that's an orthogonal question. They're all the same account with different tax registrations. You normally don't use a margin account until you've exhausted your RRSP and TFSA, but whether you invest in a RRSP or TFSA first is a personal choice. xtal fucked around with this message at 03:27 on Mar 21, 2020 |
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Mar 21, 2020 03:25
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priznat posted:I need to plug some formulas to decide to move over to questrade from wealthsimple, I suppose. I like wealthsimple just because it’s super easy but questrade seems pretty straightforward too. I probably won’t move in the middle of markets pantshittery, though. Questrade and other discount brokers are straightforward but are presumably (I've never tried Wealthsimple) easier to screw up. There are many dozens of buttons you can press but you only ever need like two of them. Try a practice account and see how it goes?
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Mar 21, 2020 04:32
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Mrs. Slidebite is doing taxes and needed to know how many trades we did in our investment account.... which obiously means I needed to look at the accounts which I've tried not to do in the past week +. I am down about 30%+, give or take, from a month ago. I am in my mid 40s and my wife and I have saved hard over the past many years and we have lost well into the 6-figures. I moved basically everything into a handful of different ETFs (thankfully) last year but retained a few equities just because they were small (<$1000) and already down I thought I'd gamble and see what happened to them. Just looked - I'd say on average those are down around 90%. Alberta is turbofucked one way or another already, but if this oil situation isn't controlled it's going to be varying degrees of turbofucked. Cities like Grande Prairie, Medicine Hat, Red Deer, Calgary, and countless little smaller ones will be in rough, rough shape.
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Mar 22, 2020 23:24
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slidebite posted:I'd say on average those are down around 90%. Way to dodge that bullet! I'm just crossing the 6 figure paper loss threshold myself, it's been oddly reassuring to realize that I do have the stomach for volatility.
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Mar 23, 2020 02:41
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Taxes aren't due until June 1st, because of ~*ThE ViRuS*~.
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Mar 23, 2020 03:47
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I'm not quite sure the angle you are getting at calling it ~*ThE ViRuS*~ but this is quite possibly, and hopefully is, the most serious thing we'll see short of someone sticking a gun in your mouth and is not a joke. The ramifications of this can be totally life changing for a lot of people.
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Mar 23, 2020 04:02
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McGavin posted:Taxes aren't due until June 1st, because of ~*ThE ViRuS*~. As in the amount, do you still have to file by end of April?
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Mar 23, 2020 04:32
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No. Filing due date is June 1
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Mar 23, 2020 04:44
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You guys file late, gonna collect my refund next week
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Mar 23, 2020 04:50
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Sorry, I thought I was posting on the comedy webforum that made tribute.wmv, I didn't realize I actually submitted my post for peer review at The Lancet.
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Mar 23, 2020 05:08
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Comedy is fine. Throwing in symbols and the odd CAP doesn't make a post funny.
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Mar 23, 2020 06:08
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Risky Bisquick posted:You guys file late, gonna collect my refund next week I got my =*Ta>< ReTU&rn* two weeks ago. Filing taxes is pretty easy when you live by yourself, aren't self employed, and don't own a house or any investments other than a TFSA.
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Mar 23, 2020 13:19
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slidebite posted:No. Filing due date is June 1 Sweet, thanks!
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Mar 23, 2020 14:27
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CRISPYBABY posted:I got my =*Ta>< ReTU&rn* two weeks ago. I used my =*Ta>< ReTU&rn* to buy ~D!*c0unt~eTf$xXx in last week's financial implosion and top up my TFSA at the same time. 
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Mar 23, 2020 15:10
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Risky Bisquick posted:You guys file late, gonna collect my refund next week Already got mine. 
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Mar 23, 2020 18:01
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DrNewton posted:Already got mine. Did you receive you Qc return? Filed 2 weeks ago and I just got my Federal return.
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Mar 23, 2020 21:10
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So I figured this is a great time to start investing properly and not let my cash rot in savings accounts/high-MER bank-managed funds and put my TFSA contribution room to use. Is there a bank that has reasonable/no TFSA fees? I'm with scotiabank right now and would have a high enough balance to waive the recurring fees, but it looks like their TFSAs have a $150 withdrawal fee regardless of the amount, which basically means I cannot touch it at all for any reason and is really stupid! Heck, I could just move banks entirely. Not really fond of Scotia anyway.
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Mar 24, 2020 03:17
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Are you sure that's not a transfer out fee, i.e. to transfer your holdings in kind to another bank/broker? Seems insane that you'd have to pay $150 to just withdraw cash from a TFSA. (Then again, *taps thread title*) What are you looking to hold in your TFSA? If cash, check out https://www.highinterestsavings.ca/chart/ (sort by TFSA rate) and investigate fees for anything that looks interesting.
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Mar 24, 2020 03:27
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pokeyman posted:Are you sure that's not a transfer out fee, i.e. to transfer your holdings in kind to another bank/broker? Seems insane that you'd have to pay $150 to just withdraw cash from a TFSA. (Then again, *taps thread title*) Ah, that probably is the transfer out fee. I thought transfer out meant literally any transfer out of the account  I was going to put it in vanguard ETFs so needed to open an account through their itrade
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Mar 24, 2020 03:32
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Loyalty to any given bank or broker is usually misplaced. Have no fear about jumping ship or spreading your accounts among multiple institutions. That said, iTRADE seems to work fine. Commission will be $10 a trade I think? Just try to keep the commission a nice small fraction of each trade and you're all set.
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Mar 24, 2020 04:10
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As a point of interest, I know that Questrade (and I'm sure others) will pay the Transfer Out Fee in order to entice you to come jump aboard with them. edit: I use VirtualBrokers, and while they aren't perfect, their cost of $0.01/share is pretty hard to beat (although I'm on the old plan, I think the new plan is Free-to-Buy ETFs and $10 to sell 'em)
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Mar 24, 2020 18:21
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Not sure if any CPA or similar are in this chat, I'm wondering about options trading in TFSA, I've read a lot about this and I understand it's a pretty vague set of conditions/rules, but still am unclear as to whether my activity in the last couple weeks constitutes a businesslike activity or just normal investor behavior with above average trading frequency. I'm working full time (in healthcare, not a financial sector), and over 90% of my TFSA's worth is in XGRO. I'm making small plays here and there mostly on my days off with options honestly to take advantage of a really volatile market d/t the pandemic and to hedge against how much I'm losing on my XGRO as it tracks the market down. I'm generally holding the options for around a week or two but sometimes I'm closing the positions the next day for a profit. I've made less than 5k and anticipate making less than 15k overall from options over the next 4-5 months and when the market settles out in whatever time I expect I'll essentially stop options trading altogether. My overall account has still lost more than it's gained due to the XGRO drop. Should I be doing this in a cash account instead? Any thoughts? e: I appreciate that CPAs go to school and deserve compensation for their services, I'm not asking here instead of seeing an accountant, I don't even know if I can see an accountant right now with everything on lockdown. Just looking for a general point in the right direction. VelociBacon fucked around with this message at 16:47 on Mar 25, 2020 |
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Mar 25, 2020 14:55
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The CRA does look for people doing day trading in their TFSA and goes after them. This is easy to find via Google. In your specific case I don’t know, and of course I can’t give you financial advice like that anyway, but I wouldn’t be doing that. (I’m not an accountant or anything approximating that so maybe someone else on here can give you better advice)
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Mar 25, 2020 15:28
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VelociBacon posted:Not sure if any CPA or similar are in this chat, I'm wondering about options trading in TFSA, I've read a lot about this and I understand it's a pretty vague set of conditions/rules, but still am unclear as to whether my activity in the last couple weeks constitutes a businesslike activity or just normal investor behavior with above average trading frequency. I'm working full time (in healthcare, not a financial sector), and over 90% of my TFSA's worth is in XGRO. I'm making small plays here and there mostly on my days off with options honestly to take advantage of a really volatile market d/t the pandemic and to hedge against how much I'm losing on my XGRO as it tracks the market down. You're fine. Options are permitted in a TFSA and I'd say your frequency of transactions is pretty low. The CRA is not going to care about a 5-15K profit on options in a TFSA. They are going to be more interested in someone like this guy: https://www.reddit.com/r/PersonalFinanceCanada/comments/fmbly6/tfsa_red_flags_by_cra_made_massive_profit_in_days/
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Mar 25, 2020 17:23
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Kal Torak posted:You're fine. Options are permitted in a TFSA and I'd say your frequency of transactions is pretty low. The CRA is not going to care about a 5-15K profit on options in a TFSA. They are going to be more interested in someone like this guy: https://www.reddit.com/r/PersonalFinanceCanada/comments/fmbly6/tfsa_red_flags_by_cra_made_massive_profit_in_days/ See I would have actually thought that the person who posted that would maybe be okay because they invested in a company and got lucky and decided to close their position, as opposed to speculating with options and frequently having positions held less than a week.
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Mar 25, 2020 17:28
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Having a net loss overall is probably the most reassuring in my view. You're certainly not just using the TFSA to avoid paying income taxes.
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Mar 25, 2020 18:17
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yippee cahier posted:Having a net loss overall is probably the most reassuring in my view. You're certainly not just using the TFSA to avoid paying income taxes. I suppose I'm also not sure about whether capital gains tax would apply to the overall performance of an account or to the actual profits made on trades. I'm guessing it's the former and so you would actually declare a loss if you had a cash or margin account with a negative return on the year (despite periods of being in the green)?
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Mar 25, 2020 18:26
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VelociBacon posted:I suppose I'm also not sure about whether capital gains tax would apply to the overall performance of an account or to the actual profits made on trades. I'm guessing it's the former and so you would actually declare a loss if you had a cash or margin account with a negative return on the year (despite periods of being in the green)? There are no capital gains implications in a TFSA. This also means there's no opportunity to claim capital losses as well.
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Mar 25, 2020 22:26
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VelociBacon posted:See I would have actually thought that the person who posted that would maybe be okay because they invested in a company and got lucky and decided to close their position, as opposed to speculating with options and frequently having positions held less than a week. That guy would probably be fine as well at the end of the day. But he's going to be higher on their radar than you. That's all.
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Mar 25, 2020 22:34
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AegisP posted:There are no capital gains implications in a TFSA. This also means there's no opportunity to claim capital losses as well. Yes sorry I meant in a hypothetical cash/margin account. Kal Torak posted:That guy would probably be fine as well at the end of the day. But he's going to be higher on their radar than you. That's all. I appreciate it regardless. I guess I should just open a cash account for my day trading and keep my TFSA for my long hold/passive investing.
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Mar 25, 2020 23:49
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