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Mantle posted:Is it possible to file an adjustment to change the amount of RRSP deduction claimed in 2020 after I've filed my 2020 return? I actually want to claim the deduction for my 2020 contributions in 2021 as I anticipate having higher income this tax year. CRA doesn't like retroactive tax planning.
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Mar 15, 2021 23:55
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Nofeed posted:Luckily for you, owning a small slice of a fossil fuel company doesn't result in any more oil being removed from the earth than would have had you not owned that tiny slice, it only entitles you to a small amount of the profit generated thereof, so invest freely and with no guilty mind! That's not my understanding of how investing works? I thought the point was I hand over my money so the company can spend it to do some activity which generates a profit and I get a slice of the profit. If I don't hand over my money it becomes (very very very...) slightly more expensive for the company to do their work of removing oil from the ground But that's what I figured that breakdown would look like, just didn't know where to look for it. Thanks!
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Mar 16, 2021 00:01
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Killingyouguy! posted:My chief concern is accidentally investing in the fossil fuel industry. If I get poor from not investing then so be it I'd rather be poor than have the blood of the planet on my hands. My understanding is that all the 'green' mutual funds still invest a bunch in oil and poo poo but also throw in like, a single producer of cardboard straws or whatever the gently caress. I recently switched the equity parts of my investments to Desjardins Global Multifactor Fossil Fuel Reserves Free ETF (symbol: DRFG.TO) for the same reason. The two significant downsides vs an all-in-one fund or roboadvisor based investment is a higher MER (0.69% (nice)) and that I have to rebalance myself and miss out on the daily rebalancing that the all-in-one funds do. More info at https://www.fondsdesjardins.com/etf/market-insight/responsible-investment/
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Mar 16, 2021 00:17
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Mantle posted:Is it possible to file an adjustment to change the amount of RRSP deduction claimed in 2020 after I've filed my 2020 return? I actually want to claim the deduction for my 2020 contributions in 2021 as I anticipate having higher income this tax year. I don't know that there's any specific prohibition on this, it's just not common https://www.taxtips.ca/filing/rrspnotclaimed.htm discusses how to add an amount, in your case you'd want to lower it instead The paper form is here, note that it says processing times are way faster if you submit from My Account. https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1-adj.html Anyway, it's a "request" and it's not like you're going back four years to optimize a hundred bucks, it's the current year. I think good odds.
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Mar 16, 2021 00:22
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Sputnik posted:I like the old UI. It was functional and effective. It being old is not an insult. The new one is not functional nor effective. Oops, sorry! Totally misread your post. Killingyouguy! posted:That's not my understanding of how investing works? I thought the point was I hand over my money so the company can spend it to do some activity which generates a profit and I get a slice of the profit. If I don't hand over my money it becomes (very very very...) slightly more expensive for the company to do their work of removing oil from the ground I think you can maybe squint and find a way where that's true, e.g. buying shares raises the share price which could mean the company pays more to borrow from its lenders? But no, you buying shares on the stock market doesn't necessarily hand money over to the company, it hands over money to whoever's selling you the shares. Could be the company issuing new shares, but more likely it's someone else who doesn't want their shares anymore. Nothing wrong with wanting to exclude certain companies or industries when investing. It might be hard to find a fund that lines up perfectly with your tastes, but you can probably get close, and it's worth looking around. Make sure to check the holdings and the stated criteria of the fund or its underlying index, and note that those criteria can change in the future. Someday it might be economical to make your own index fund that screens out exactly what you want, but today that apparently requires a portfolio in the $millions. You might pay more in fees, and/or your expected return might be lower or more variable, but it could well be worth it.
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Mar 16, 2021 00:22
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Killingyouguy! posted:That's not my understanding of how investing works? I thought the point was I hand over my money so the company can spend it to do some activity which generates a profit and I get a slice of the profit. If I don't hand over my money it becomes (very very very...) slightly more expensive for the company to do their work of removing oil from the ground The vast vast vast majority of the time, by the time shares are available for you to purchase on the market, the issuing company has already raised the capital from their sale when issued through an underwriter - you're buying used. Definitely check out the prospectus of any fund before buying. Yahoo is still somehow relevant in the internet finance world, and a good place to quickly check what the top ten holdings of a particular fund are, for example. Just search the ticker and yahoo finance then click around a bit.
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Mar 16, 2021 00:47
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Hi, I love how deliciously out of date the first post is. I was told I might get some good responses here -- my question is in the context of looking for a place in the GTA, but most likely a condo downtown Toronto:Pivo posted:Any goons have 'first time homebuyer' tips?
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Mar 24, 2021 15:24
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Yes, get your mortgage stuff in order before you go looking, if only because you'll get a very good idea of what price range you should be looking at and what you'll be paying monthly. Lawyers and stuff you don't have to worry about until after. What you're doing is basically what I did. I watched the market pretty closely for quite a few months, saw a place I liked, went and looked at it the same day it came on the market, and had an approved offer in that night, less than twenty-four hours later.
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Mar 24, 2021 15:50
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Fair warning that the GTA market is absolutely bonkers right now. I'm not going to make a case for which way it's going in the future but supply is really restricted right now so I've had to resort to looking at condos I wouldn't have even considered in Fall 2019 when we decided maybe it's time to get back in. (We didn't buy then because we were still unsure if we were going to stay put in Mississauga and we couldn't decide if townhouse or condo. Now we have no choice - condo or nothing. Then covid happened and now everything is... complicated, to say the least.) The usual advice to only buy if you can afford the carrying cost, don't make yourself house-poor, don't put EVERY dollar into your house, and plan to stay put for at least five years probably applies more than ever.
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Mar 24, 2021 18:08
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Cold on a Cob posted:Fair warning that the GTA market is absolutely bonkers right now. I'm not going to make a case for which way it's going in the future but supply is really restricted right now so I've had to resort to looking at condos I wouldn't have even considered in Fall 2019 when we decided maybe it's time to get back in. (We didn't buy then because we were still unsure if we were going to stay put in Mississauga and we couldn't decide if townhouse or condo. Now we have no choice - condo or nothing. Then covid happened and now everything is... complicated, to say the least.) Saw a headline last night, not going to fish it out, that said GTA condo rental availability had fallen from 3 mos to 1.5 mos recently. Twitter gossip has GTA overall supply is growing much faster than sales right now so the mania should be dropping week by week between that and higher prices - best of the best in the "people can afford this" range will remain hot as heck. (Less sure about Vancouver supply growth -- I only really track inventory in my own neighbourhood and they're still flying at prices ludicrously higher than even a few months ago.)
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Mar 24, 2021 18:12
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Sassafras posted:Twitter gossip has GTA overall supply is growing much faster than sales right now so the mania should be dropping week by week between that and higher prices - best of the best in the "people can afford this" range will remain hot as heck. I sure hope so. Our problem is we have a 7 week deadline to either lease again (1 year), buy and close, or move in with my in-laws (  ).
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Mar 24, 2021 18:27
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What I've found about a lot of 'green' funds is that they end up focusing a lot on financial companies... which... well... There's no such thing as ethical capitalism. That being said, there is demonstrably less ethical capitalism, so there is presumably slightly more ethical capitalism, I guess. So do your best to try. Some people will argue that you aren't promoting the negative actions of the company because you aren't funding them. From my standpoint, though, you fractionally own the company, so presumably you are fractionally complicit in things they do. We are fractionally complicit in horrible things pretty much constantly in our society, though, so it's up to you how much you want to worry about this one type of complicity. Some options if you aren't comfortable owning something: 1) figure out what percentage of your funds are from poo poo you hate, guesstimate the dividends and gains from them and give that money to something that actively opposes the thing you don't want happening. 2) Bias your portfolio away from that sector by buying other things to make up the slack. Buy less of the big funds that contain things you don't want and buy some specific stocks or funds in green energy, or whatever you're more supportive of, to balance things in a way you're more comfortable with 3) Make positive action in your life that more than counteracts whatever negative action you think you're doing. If you're making a hundred bucks a year from oil and gas, you're probably doing okay by sending letters to government, going to some protests and making good transportation choices. If you're making a hundred grand a year, I don't know what to tell you? Just some thoughts.
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Mar 24, 2021 20:29
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Unfortunately I find most "ethical" and "green" fund investments are designed for suckers. Most offer lower returns and higher fees. They are designed to prey on your guilt of wanting to save the earth with "feel good" nonsense. Buy an "earth shirt" and they'll plant a tree - wonderful, but when you look into it you find they are just mass planting scrub tree seedlings in which half will die in the first year. Trying to buy investments which only offer ethical or green solutions is misguided, similar to buying stocks in companies that only begin with the letter "T" or only companies with logos the color blue. You are narrowing your focus and will probably get poorer returns. Oil is not the "blood of the earth on your hands". It is a natural resource that is bubbling up all over the world naturally. It is very hard to not have something in your life that is not in some way linked to a petroleum by-product. Unless your are currently working on a computer made from 100% bamboo, we are all linked to oil. Oil, like all natural resources is neither good nor evil. There are many things in nature that are beautiful to look at but can kill us in a heartbeat. (Blue-ringed octopuses make terrible pets) My view is this: Save and invest your money, try to make as much of a return as you can so you can be independently wealthy and then devote your time to doing good. Or leave behind a sum of wealth that can then be used for a foundation, a charity, of just create a park land to help the earth. I know of a guy who in his early 20's decided not to save for retirement/wealth because "all business are evil" and making "money from money was wrong". Today he's nearing his 60's and has nothing to show for it. Boy, he sure showed them! Imagine if he invested his savings and at the end of his life set up a scholarship fund for poor children in his community. What a real difference he could have made! We should all try to follow the Bill Gates/Warren Buffet example and create something that could save millions of lives. Andrew Carnegie was once the worlds richest man (and not really kind to his employees) but set up foundations to bring the world free libraries. If you've ever gotten a book from a library, it's a good chance it's because of his gift. That's a huge impact for good. Creating wealth can be used for many things, a solid gold toilet or a women's shelter. (my life plan is to buy a solid gold toilet, then donate it to a women's shelter LOL) If you want to do good, create enough leverage to really make a difference.
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Mar 24, 2021 23:12
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I'd argue there is a significant enough difference between consuming things that we need in our society that are made from petroleum and literally profiting from the actions of petroleum companies via buying and holding their stock that it's not really a fair comparison. Also I think it's a valid long term investing strategy to divest from fossil fuels on the hope that our society will transitions away from them, especially considering the consequences of the alternative.
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Mar 24, 2021 23:31
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Cold on a Cob posted:I sure hope so. Our problem is we have a 7 week deadline to either lease again (1 year), buy and close, or move in with my in-laws ( Deadlines can make for reaaaaaallly bad compromises. Houses you wouldn't think twice about now seem like "well, maybe with just a few repairs it might work out." Have you done the Buy Vs Rent calculations seriously? There are some HEAVY loving assumptions you have to face up to before buying is financially better.
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Mar 25, 2021 04:23
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Where are you? In most places if you break a lease the penalty is limited by the actual damages. If you are in a market that is like that and rentals are hard to come by, you'll only lose a month or two of rent max to break it, and maybe none. Basically, the costs of breaking a lease can be small so don't let that force your hand
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Mar 25, 2021 04:51
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Square Peg posted:I'd argue there is a significant enough difference between consuming things that we need in our society that are made from petroleum and literally profiting from the actions of petroleum companies via buying and holding their stock that it's not really a fair comparison. Company stock is also a consumption good “that you need” in a society that doesn’t guarantee a comfortable and dignified retirement.
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Mar 25, 2021 05:55
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Pivo posted:Hi, I love how deliciously out of date the first post is. I was told I might get some good responses here -- my question is in the context of looking for a place in the GTA, but most likely a condo downtown Toronto: Congratulations on your interest in purchasing your first home! While unfortunate you've chosen the second most-expensive city in the country, there are still things I can share based on when I purchased my first home two years ago. I'm also assuming you are familiar with Toronto and its neighbourhoods. 1) Find a mortgage broker. Mortgage rates are pretty low now (~1.4%!), and a broker will find you the best one. Plus the incentives for using a broker are often more fun than the ones you find at a bank. My broker gave me a $500 gift card to shop of my choice as well as a couple other things. 2) A respectable realtor will set you up with a customized website that lists available properties, often before they are on MLS. Have their number for texting and scheduling viewings. Ask family and friends for a recommendation. 3) My home is also a condo. Know what your condo fees will be - as your looking at downtown Toronto you will probably be able to see what amenities are included in the building. 4) Your lawyer fees will be in the thousands. I did not know this. They will arrange your documents and tell you exactly what your condo rules are. Including what you can do construction wise and more importantly, what you cannot do at all. I found out I can't throw garbage out my window! They actually had to write that on a legal document! 5) You are entering an incredibly fierce market. You likely will pay over asking and not have the ability to demand a home inspection. Newer builds (ie, this millennium) will provide you some assurance that things are okay. Your realtor will know someone who can do a home inspection, or any other homeowners that you know will know who they used. 6) Mortgages can come with features for pre-payment. Often called something like a double double lump sum. In these you can opt in to paying more on your principle (double a payment, double multiple payments, or pay ~20% of your remainder yearly). Some mortgages don't offer this. Be aware what yours has. DeadMansSuspenders fucked around with this message at 09:27 on Mar 25, 2021 |
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Mar 25, 2021 09:20
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T.C. posted:Where are you? In most places if you break a lease the penalty is limited by the actual damages. If you are in a market that is like that and rentals are hard to come by, you'll only lose a month or two of rent max to break it, and maybe none. Basically, the costs of breaking a lease can be small so don't let that force your hand Do you have any more info about this? I would love to break my lease!
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Mar 25, 2021 13:57
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Sputnik posted:Deadlines can make for reaaaaaallly bad compromises. Houses you wouldn't think twice about now seem like "well, maybe with just a few repairs it might work out." The sick thing is the rent vs buy spreadsheets still push me towards buying, even when I put in relatively low appreciation percentages. Meanwhile the price to rent ratios are like ~23 for the condos I am looking at. Low interest rates are really distorting all the old assumptions. Phone posting now but I might share some of these calculations tonight.
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Mar 25, 2021 15:36
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Please do that because I'm too lazy to do the calculations myself.
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Mar 25, 2021 15:42
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Here's a handy spreadsheet that does the calculation for you: https://docs.google.com/spreadsheets/d/1iDBncgxr20-AmP8l9Ox3beOs5T574B9otsortDbJW9k It's the "show your work" behind https://www.pwlcapital.com/rent-or-own-your-home-5-rule/
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Mar 25, 2021 15:56
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xtal posted:Do you have any more info about this? I would love to break my lease! Okay, looks like I was wrong about it being most places. All I can confirm is BC. Wow most provinces have even shittier tenant protection laws than us
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Mar 25, 2021 17:13
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Anyone used TurboTax and got the $400 WFH credit? Do you have to add the form yourself or does the wizard do it?
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Mar 25, 2021 17:15
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VelociBacon posted:Anyone used TurboTax and got the $400 WFH credit? Do you have to add the form yourself or does the wizard do it? It's in the Income->Employment Expenses section.
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Mar 25, 2021 17:35
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Cold on a Cob posted:It's in the Income->Employment Expenses section. Thanks!
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Mar 25, 2021 17:41
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And there's also the 15% credit if you pay for a tiny handful of approved digital news media. I nearly forgot that one (also almost forgot the 15% of 5000 "first time home buyer" credit)
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Mar 25, 2021 17:46
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pokeyman posted:Here's a handy spreadsheet that does the calculation for you: https://docs.google.com/spreadsheets/d/1iDBncgxr20-AmP8l9Ox3beOs5T574B9otsortDbJW9k Here is my result using that calculator: EDIT: removed because I messed up the home insurance cost and put in 36% instead of .36%  . They now both align in favour of buying but something is still wrong with the net worth results at year 25 so I am still digging. I updated the inputs as follows: I went with 600k housing price vs 2300/mo rent; these reflect an extremely recent sale and rental of similar units where I am looking. I upped inflation to 4% because as far as I'm concerned CPI grossly underestimates rental rate increases in the Toronto area. It pushed real estate appreciation up as a result, but it's still lower than "historical" in the last decade of the GTA. I realize that introduces some recency bias but 5% is still lower than the 10% yoy condos have been seeing lately so it's probably safe. Note that if we do rent again (looking more and more likely) we may try to get into a rental building instead of just a condo; that would allow us to not have to worry about owner-use evictions and keep the inflation on rent matching CPI (1 to 3% per year). Because I'm looking at condos I upped maintenance to reflect what I've actually seen for strata fees including utility costs. I kept utility costs in there since comparable condo rentals also include the same utility costs. I lowered taxes to match what I actually see here as well. Lastly the default for tenants insurance is hilariously high so I just overwrote it with what I actually pay right now. Owner insurance is kinda high but not enough to swing things too much if I lower it so I left as is. Cold on a Cob fucked around with this message at 20:31 on Mar 25, 2021 |
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Mar 25, 2021 17:48
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And here are the results from another one. I tried to match inputs 1:1 including zeroing out the volatility on property and portfolio appreciation and never moving so closing costs for the sale are only considered at the end. EDIT: Also removed because I tried to include land transfer in "Lawyer's Fees" but this spreadsheet calculates it up front without showing it. As per other post something is still wrong though so I'll add back after I fix it. Wildly different results. I'll have to dig in to figure this out. This spreadsheet is found here: https://bondsareforlosers.com/rent-versus-buy-calculator/ unknown posted:4% inflation? Probably there. BoC's target rate is 2%. This was on purpose, I pushed it up because their target rate does not jive with the experiences I have had with rent increases over the last 11 years in the GTA. Cold on a Cob fucked around with this message at 20:33 on Mar 25, 2021 |
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Mar 25, 2021 18:22
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4% inflation? Probably there. BoC's target rate is 2%.
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Mar 25, 2021 20:28
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Ok, I had to account for some weirdness in both and fix the calculated fields I clobbered with the wrong values in the 5% one ( ), but the non-adjusted for inflation output for own matches 100% for both ($2,031,812) and rent matches within ~100k ($1,302,562 for @preetbanerjee spreadsheet, $1,414,905 for 5% rule spreadsheet). So I think they're both pretty good.The 5% rule one is definitely easier to understand, which is good for a "gut check" tool.   The one really big factor it's missing (and a lot of these tools are missing) is disposition costs if you sell during ownership. The @preetbanerjee spreadsheet has this and here is how much it can swing things:  Changing the inflation rate does indeed swing things in favour of renting, but again I think that saying your rent will only increase based on CPI is a bold assumption, especially if you want to take advantage of one of the "advantages" of renting - be able to move. As long as I stay put my rent will indeed be pegged to CPI but the second I move (or am forced to move ) that resets to whatever market rent is. Thankfully for me right now rents have actually dropped since 2020 so my rent will only be increasing by 15 to 20% this year after five years of ~2% increases. This is why I think using CPI for rental increases is bullshit. But because it was brought up, here's the result when I changed inflation rate to 2% (which also drags down home appreciation to 3%):  Then it looks great. But I don't think this is realistic. Edit: FWIW my plan was to actually do both and not put all my eggs in one basket. If I can, by some miracle, find a condo I like at a price I am comfortable with where I won't have to drain my retirement accounts to buy it - I will consider it. But given that we are likely going to move in a decade it might be better to find a rental building (so we don't get evicted again), rent, and invest the difference until we're ready to make that move and buy at that time. Cold on a Cob fucked around with this message at 21:48 on Mar 25, 2021 |
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Mar 25, 2021 21:44
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I think the most important part is all this excel crunching validates the idea that using a 5% rule is a good tool for helping you decide if you want to buy or rent. So is the price to rent ratio (which is absolutely sky high in Mississauga right now for condos). Add to that evaluating how long you'll live there, do you have other investments, are you going to be house-poor, and will it help or hinder your lifestyle.
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Mar 25, 2021 23:15
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I wish I had any useful insight to share, but all I can say is it's cool seeing you work through this and I appreciate you sharing 
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Mar 26, 2021 01:11
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I've joked elsewhere that "I'm giving up on buying and forget this noise I'll rent forever" but shitposting aside it looking like that's our preference now. We just don't see ourselves staying in this city for more than the next decade and that throws the numbers far in favour of renting, especially in this insanely hot market with slightly less insane rental costs. We've already owned two properties and sold prematurely for lifestyle reasons as it is, so despite having been here for five years we're obviously kind of flightly. Anyway, for shits and giggles after I came to this realization I decided to make a simple little spreadsheet to evaluate a property using many of the common indicators for deciding if it's affordable and if it's worth buying as an investment: Price to Rent Ratio Price to Income Ratio 5% Rule GDS and TDS Ratios aka the CMHC stress test Gross Rental Yield Net Rental Yield (this one I can't do properly without a lot more inputs so it's more of a hack) I've shared it here if anyone is interested in making a copy and playing around with it. I put in some default values for a property I almost bought, but the salary and debts are made up. It's interesting how much I have to raise the hypothetical buyer's salary and the comparable rent for the property I almost bought recently to make it a "good" investment by these traditional indicators. Specifically, from 2350 to 3200 and 110000 (enough to pass the stress test) to 240000. That doesn't mean it wouldn't pay off as an investment but it absolutely means that the anticipated property value appreciation is far and away the only thing that makes it worth buying in this market. If the music stops, a lot of low-income landlords are going to be in trouble.  Edit: This is as close as I'm going to come to being a housing bear in this thread. I suspect that prices will probably never come down and if they do, it'll be relatively temporary. Much more likely we see things flatline for awhile. But who knows what the future holds. Cold on a Cob fucked around with this message at 01:53 on Mar 26, 2021 |
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Mar 26, 2021 01:50
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I'm actually doing kind of a reverse thing right now. We lost my dad earlier this month and Mom is now debating keeping the house or selling and renting (or potentially buying a condo, but I don't see that likely and not my gut good way to go). Difference is the house is paid off (small HELOC outstanding but his life insurance should easily pay it off), but, there are of course taxes, higher insurance rates, higher utilities, home maintenance, yard maintenance (big corner lot), etc and other joys of owning a 40+ year old home. She was totally planning to sell it (probably ~450Kish neighbourhood) and rent, but now she's not so sure. If nothing else, she's now in no rush which is good but I'm on the fence either way and want to see how the next few months shake out as some sense of normalcy starts to form and her income going forward gets clearer. A 74 year old lady living on her own in a 1500 sq/ft house is giving her stability and security since her neighbours all think the world of her and look out for her, but her solo fixed income might make that a challenge. BUT, it is paid off which makes in tenable. slidebite fucked around with this message at 15:36 on Mar 26, 2021 |
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Mar 26, 2021 15:27
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Why not a condo? That's the exact downsizing situation where a condo makes sense. You pay cash and invest the rest, and you only have to worry about strata fees which, even at their worst, are usually less than half of what rent is and usually 1/4 the cost.
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Mar 26, 2021 17:07
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If you didn't have a fly-by-night contractor bribe his way to a construction site and disincorporate at the earliest possible moment in order dodge replacing the cost of everything breaking within the warranty period, giving everybody a five figure special assessment, at least. Heavily region dependent from what I understand, but townhouse condo is as close to the sun as I'd personally want to fly. That can only be hosed up so badly. I can fully accept being paranoid on this one but I move too often on short notice to treat it any other way.
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Mar 27, 2021 05:23
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Yeah I’m the same. Only been looking at established buildings that are well past their teething period but still a bit older so the unit sqft is bigger. Not that it matters now - with renting my main goal is to stick to rent controlled buildings first and foremost so pre-Nov 2018 is ok. You should know that townhouses feel safer and often are if you’re diligent going into the purchase but when they go bad the results can be spectacularly bad. Fewer units = more financial responsibility for each owner, smaller pool of talent to draw from to form the board, less attentive property managers, less resources to sue a bad builder, etc.
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Mar 27, 2021 11:28
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Mom's a little gun-shy of a condo because a few of her friends (3) with condos <15 years old have all been stuck with special repair levies, where they have to pay anywhere from $20-40K for projects, like new windows, siding/stucco, parking lot resurfacing, etc, Getting a $30K bill out of the blue horrifies her. Of course, a house could have a $30K bill out of the blue too, but her home is in quite good condition with a good roof, new deck which we built last year, newer furnace and hot water tank so it's not terribly likely. Truth be told, any condo she would want would probably be in the ~$300K neighbourhood anyhow. For the difference between that and her paid off home, she can keep her paid off house and pay for someone to do snow removal/lawn care (more likely neighbours will do it since Dad did everyones sidewalk/driveway up and down the street for years) and have the benefits of her home even if she has some unexpected expenses. I think the bigger concern is as she gets more advanced in age if it's just too "big" inside to care for (vacuuming, cleaning) but hell, she can even hire a service if it comes to that once every couple of weeks. But we'll see how this all falls out, dad literally passed away barely just 2 weeks ago.
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Mar 27, 2021 16:36
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Oh poo poo, yeah it's going to take some time to figure all that out. Paying people to take care of landscaping and such is a good stopgap. Also condolences, losing a parent is tough.
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Mar 27, 2021 18:03
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