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Are you thinking of Wealthsimple cash? It’s a cash savings account but instead of a debit card you get a visa.
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Apr 18, 2021 15:53
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Frank Dillinger posted:Are you thinking of Wealthsimple cash? It’s a cash savings account but instead of a debit card you get a visa. finally found it, Koho. I had WS Cash but dropped it after the pandemic when they reduced the rate.
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Apr 18, 2021 21:52
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I subscribe to the High Interest Savings site's RSS feed so I see their monthly roundup, but I kinda wish they had an "amount of time in the top 5" metric. If you want the absolute top rate you'll have to move around 1-4 times per year. If you don't want that hassle, gotta guess at who's less likely to game the table.
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Apr 18, 2021 21:57
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I mainly just want to stop paying for Amazon and grocery deliveries using my credit card. I'm with a credit union so it means when I pay $150 for food on my Visa, I have to log into my CU website and transfer money over from my checking account to pay for what I just bought on Visa. I know I could just pay my drat bill at the end of the month but this helps my wife and I budget better. I know all the banks offer a solution for this but I'm not going to maintain a 1,000 minimum or want pay service fees.
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Apr 18, 2021 22:15
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Bonzo posted:I mainly just want to stop paying for Amazon and grocery deliveries using my credit card. I'm with a credit union so it means when I pay $150 for food on my Visa, I have to log into my CU website and transfer money over from my checking account to pay for what I just bought on Visa. I know I could just pay my drat bill at the end of the month but this helps my wife and I budget better. In theory you could use a MasterCard/Visa debit card like this although CCs are a million times better for anything involving fraud since it's "credit" gone/back rather than your actual cash potentially causing other payments to bounce... However I'm not sure if any credit unions actually offer Visa Debit. Google found a handful offering MC debit and maybe they're more broadly available since nearly every credit union in the country is just offering rebranded versions of the same product portfolio. Debit MC at at least: Servus Credit Union, Kawartha, Steinbach, Libro... Appears to be an ongoing "early 2021" rollout from announcement dates, may hit yours soon if it hasn't already.
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Apr 18, 2021 22:40
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Also, and I know that it is nickel-and-diming here, credit cards have cashback. Between something like cashback and Air Miles or PC Optimum points, it's sort of nice getting ~2-4% moneyback on groceries.
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Apr 19, 2021 01:14
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pokeyman posted:Neo Financial. https://www.neofinancial.com/high-interest-savings-account I did some checking and basically nothing is out there on these people that I can find. I did however find a lack of CDIC coverage... so there's that. Oh, and they do a Hudsons Bay Mastercard 
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Apr 19, 2021 15:19
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Yikes. I think I'll let someone else try them out first.
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Apr 19, 2021 16:14
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They absolutely have CDIC coverage, I have no idea where you're getting your facts from. Disclosure: I know one of the co-founders of Neo Financial. I have no opinion about the product and have never used it. I do know he's not an idiot grifter though.  Edit: It says they have CDIC coverage in the page you linked.
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Apr 19, 2021 16:17
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Cold on a Cob posted:They absolutely have CDIC coverage, I have no idea where you're getting your facts from. You'll have to forgive my questionable source..... being it is CDIC themselves https://www.cdic.ca/your-coverage/list-of-member-institutions/#NN e: I see they are a member under "Concetera" bank. My apologies - did not see that.
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Apr 19, 2021 19:08
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Watching this explosion of banks which are subsidiaries of banks which are partners of banks over the past two years really has me wondering how many toxic assets the parent banks are hiding in these, to avoid the CDIC from being able to accurately track the broad market risk they are insuring.
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Apr 19, 2021 20:08
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Rime posted:Watching this explosion of banks which are subsidiaries of banks which are partners of banks over the past two years really has me wondering how many toxic assets the parent banks are hiding in these, to avoid the CDIC from being able to accurately track the broad market risk they are insuring. Do you think there are that many? I happen to have a spreadsheet from March 2013 when I was compiling info on how many different insured institutions the banks had. Results:  A bunch have disappeared, a few have been renamed (words to initials), but the full list of additions since then are: - ADS Canadian Bank - Cidel Bank Canada - Coast Capital Savings Federal Credit Union (ehhh, huge credit union went national) - Digital Commerce Bank - Duo Bank of Canada - Equitable Bank (co-entity of existing Equitable Trust Company) - Haventree Bank - Home Bank (co-entity of existing Home Trust Company) - Legacy Private Trust - Motus Bank (another huge credit union) - Peoples Bank of Canada (almost certainly a co-entity of existing Peoples Trust Company) - RFA Bank of Canada - Vancity Community Investment Bank (another huge credit union) - VersaBank - Wealth One Bank of Canada So really that's only nine or ten "new" names I'm not immediately familiar with the affiliation of across an 8 year timespan without even googling them.
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Apr 19, 2021 20:31
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Sassafras posted:So really that's only nine or ten "new" names I'm not immediately familiar with the affiliation of across an 8 year timespan without even googling them. Now I've googled - another four of them were less obviously renamed.
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Apr 19, 2021 20:44
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83 is honestly a lot more than I thought we had in Canada.
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Apr 19, 2021 20:58
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I'm more surprised that only four are credit unions. I thought any town with more than thirty people had its own credit union.
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Apr 20, 2021 16:22
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loving how Wealthsimple is still trying to rock Simple Tax's scrappy underdog indy programmers, please donate to our efforts by forcing you through the web based equivalent of an exit into a gift shop
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Apr 22, 2021 17:27
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Bilirubin posted:loving how Wealthsimple is still trying to rock Simple Tax's scrappy underdog indy programmers, please donate to our efforts by forcing you through the web based equivalent of an exit into a gift shop I donated $0 with the reason as 'wealthsimple'
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Apr 22, 2021 17:32
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xtal posted:I donated $0 with the reason as 'wealthsimple' I've done the exact same thing the second they were bought
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Apr 22, 2021 17:35
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xtal posted:I donated $0 with the reason as 'wealthsimple' "You get enough money from my data"
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Apr 22, 2021 18:26
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xtal posted:I donated $0 with the reason as 'wealthsimple' 
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Apr 22, 2021 19:20
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Is it worth getting a GIC? I can put 50,000 in to a 5 year GIC and make like 3750 bucks or something like that. Interest rate is 1.5% I know low risk = low reward, but is that "good"? E: edited the return because I actually looked. Previous amount was based on a $20,000 GIC wesleywillis fucked around with this message at 23:56 on Apr 22, 2021 |
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Apr 22, 2021 23:43
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If you have zero risk tolerance it's fine I guess - that interest rate ignores inflation so your money will *just* squeak out at the same "worth" after 5 years as opposed to less purchasing power. Your risk profile is up to you and can change depending on what the money is for, how often you'll contribute, when you need it, and all sorts of factors so it's hard to say without more data. Edit: I shouldn't say "I guess", if you want no risk this is definitely the only "guaranteed" return you'll get so if this matches your circumstances go for it 
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Apr 22, 2021 23:56
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Even if you have no risk tolerance, I'd still buy an ETF backed by laddered GICs. It gives you virtually the same return but with less hassle. I don't think GICs themselves are a good idea most of the time.
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Apr 23, 2021 00:02
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xtal posted:Even if you have no risk tolerance, I'd still buy an ETF backed by laddered GICs. It gives you virtually the same return but with less hassle. I don't think GICs themselves are a good idea most of the time. I use those and they're definitely not an equivalent; for example CLF.TO pays out 2.3% but the fund value has dropped in the last year (see https://ca.finance.yahoo.com/quote/CLF.TO/). The underlying GICs are safer but you're also locked in.
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Apr 23, 2021 00:04
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The liquidity is a big deal. Like honestly if you're going to take something for 5 years you really are better off with an ETF, at least you'll be able to access your money in an emergency, which is kind of a major point of holding fixed income.
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Apr 23, 2021 01:13
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How much better is 1.5% (with the inability to withdraw for the duration because GIC) than a HISA? Or can you withdraw from GIC now?
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Apr 23, 2021 01:15
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Just make sure the fees are really low, even 0.15% is a sizeable chunk of your return, you don't want more than that.
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Apr 23, 2021 01:15
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xtal posted:Even if you have no risk tolerance, I'd still buy an ETF backed by laddered GICs. It gives you virtually the same return but with less hassle. I don't think GICs themselves are a good idea most of the time. I did similar with my bond funds. Even though they've lost some market value from the initial cost (like, 3% paper loss), I still regularly get around 2.5% annually from them. I put $2,000 into a GIC at my credit union about two years ago because they were offering a deal on a 3-year 3.25% GIC. They otherwise pay very little, but I keep some token amount with them in the event that I can get a deal on a mortgage with them sometime in the future.
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Apr 24, 2021 18:25
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I PMed a very nice poster about chip reverse mortgages, and they suggested I post here, in case someone is an expert. My friend's parents are considering a chip reverse mortgage, and I'm wondering if anyone knows of any good resources detailing why they are good or bad, or if anyone knows much about them. My gut says that they feel like a scam and/or exploitative, but I would like confirmation one way or another. Thanks in advance.
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Apr 29, 2021 02:47
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here comes cask posted:I PMed a very nice poster about chip reverse mortgages, and they suggested I post here, in case someone is an expert. My gut tells me that the total amount of money these places give to people for their home is far less than market value and that they probably prey on people's reluctance to move/leave their home in order to get away with this. I would assume that downsizing is a much better way to go about this but yeah I have no data.
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Apr 29, 2021 03:56
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Finally cleaned up the remaining errors in my dumpster fire of an RRSP contribution spreadsheet. I get the right number now, but I think I made at least three different categories of error: • Accidentally counted the same contribution in two consecutive tax years. • Confused "available contribution room" with "additional contribution room for $YEAR" in my running column of contributions + contribution room, double-counting some carried-over room. • Realized I wasn't confused about the above, but apparently planned to edit the sum range to start with "available contribution room" each year. Forgot to enact that plan for the last three years. Be smarter than me and don't do the above! Fortunately, the net effect of my ineptitude was a little bit of back taxes, and thankfully no over-contribution to deal with. Why is poo poo so complicated? And why do I continue to refuse, on principle, to hire someone to do this for me?
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Apr 29, 2021 08:50
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What is the principle behind not hiring someone to do it for you?
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Apr 29, 2021 09:19
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Fun fact about the RRSPs. If you log into the cra website and look at your available room for RRSPs and TFSAs, they are not actually correct. Those are your theoretical contribution amounts and are not actually representative of reality.
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Apr 29, 2021 15:17
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qhat posted:What is the principle behind not hiring someone to do it for you? I think that any remotely reasonable personal income tax return should be doable for a non-expert, and so I want to be sure I know how to do it even if I someday staff it out. Put another way, I want to staff it out because of convenience, not because I don't understand. Demon_Corsair posted:Fun fact about the RRSPs. If you log into the cra website and look at your available room for RRSPs and TFSAs, they are not actually correct. Those are your theoretical contribution amounts and are not actually representative of reality. Fair point, and ultimately it's on me to keep track. (This is another reason I want to make sure I know how it all works: it's ultimately on me, not my accountant or advisor or anyone else.) I'm pretty confident in the "additional deduction limit" line from notices of assessment, and I checked my contributions against my brokerage statements.
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Apr 29, 2021 15:57
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Demon_Corsair posted:Fun fact about the RRSPs. If you log into the cra website and look at your available room for RRSPs and TFSAs, they are not actually correct. Those are your theoretical contribution amounts and are not actually representative of reality. What’s actual reality?
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Apr 29, 2021 16:52
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iv46vi posted:What’s actual reality? If you did your math right and are working on accurate numbers from your employers etc, actual reality will reflect what you see there. But it's based on the information you tell them and not verified unless you're audited, so it may be wrong and you don't know until later. At least, that's the case with RRSPs. With TFSAs this is unlikely/impossible to happen because (a) contribution room is a known value and not an equation (b) contributions and withdrawals are reported directly to the CRA automatically.
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Apr 29, 2021 17:39
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xtal posted:If you did your math right and are working on accurate numbers from your employers etc, actual reality will reflect what you see there. But it's based on the information you tell them and not verified unless you're audited, so it may be wrong and you don't know until later. At least, that's the case with RRSPs. With TFSAs this is unlikely/impossible to happen because (a) contribution room is a known value and not an equation (b) contributions and withdrawals are reported directly to the CRA automatically. I was not aware of this, I assumed RRSP transactions were reported like TFSA ones. Why are RRSP contributions and withdrawals not reported to the CRA?
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Apr 29, 2021 17:43
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In my experience, the RRSP contribution remaining on my Notice of Assessment has always matched my own numbers exactly (except the CRA rounds to the nearest dollar IIRC), even when I had contributions to 3 different RRSP accounts in the same tax year.
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Apr 29, 2021 17:48
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Withdrawals result in T4RSP forms (T4A for RRIF) which do get reported to them, so are both T4-linked RRSP contributions as well as the independent ones which is why you can get those from the CRA autofill my return" service. I guess there could be some discrepancies from an earlier pre-reporting era and/or delayed/missing reporting by certain providers? One of my reportable ($50+) T5s never made it to the CRA this year from a place where they usually do - I blame Covid.
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Apr 29, 2021 17:51
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Thankfully all of mine match my records. Having used the HBP and then paid it back made it complicated too. Speaking of RRSPs someone posted a really good article (with plenty of calculations) explaining why RRSPs are barely better than a taxable account, can someone repost it? I didn't bookmark it and forget the author.
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Apr 29, 2021 17:53
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