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I realize the CIPF will protect me from losing anything, but I'm sure if it did come to that it would be a big hassle. But, thanks for the additional details, that all did help assuage my fears a bit.
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Mar 28, 2022 05:40
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Claiming CIPF I have no idea if it will be a big hassle, it probably will be, but something like that doesn’t happen very often so it’s hard to make a judgement on? Eitherway if you rely on regular payments from a brokerage, maybe don’t put everything, or even anything, in the basket that could conceivably be ripped from under you at some point. Also bare in mind that front end lenders are often not on the hook for the mortgages they create, as the mortgages are often packaged into securities and then sold onwards, so questrade may not even the people you should be worried about.
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Mar 28, 2022 09:19
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HookShot posted:Yeah, I also recommend a professional. Nthed I did it one time myself and the proration formula was painful enough that I paid to have it done the next time. You don't get that time back. E. usually you can bet against me on these moves too, guaranteed the money markets will move to ensure I lose maximally when converting currency across borders. But, I just checked the 5 year fixed rate at the place I renewed at last August and the lending is already up 1.45% broken clock is right twice a day I guess Bilirubin fucked around with this message at 15:34 on Mar 29, 2022 |
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Mar 29, 2022 15:08
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Taxes are like immigration. You can do it ourself but you'll wish you didn't. Just give them your money and enjoy some peace of mind. Given the choice between doing my own taxes or working at McDonalds/digging ditches in the rain/getting waterboarded for the same amount of time to pay for someone to do my taxes I'd pick the latter without hesitation.
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Mar 29, 2022 19:44
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RBC warns on 'worst-ever affordability' ahead for homeowners Quit edging Canada, get on with the 2008 US style housing market crash already I can't take any more.
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Apr 2, 2022 03:40
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Does anyone have any experience with using 3rd party financing through furniture/appliance stores? The store I'm looking at is offering 0% interest through a company called Flexiti but I'm hesitant because it seems to good to be true. Normally I'd just wait and save but I need to make this purchase asap
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Apr 6, 2022 16:43
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I've used it at trail appliances to buy a stove, and used it with the 6 month 0% financing deal. Flexiti is basically a credit card loan type thing. You pay I think $100 or something as the fee to set up the loan, then you manually pay to the issued credit card however much the loan is and whatever frequency you want until it's paid off. If it isn't paid off at the end of the "promotional interest" loan period they charge you all the interest you should have paid for a credit card loan which is like 20% APR, and add it on to whatever amount you have left. It can work well if you have the discipline and income to pay off a loan, but are a little cash short at the moment.
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Apr 6, 2022 17:02
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Yeah, I haven't used that one specifically, but with things like Home Depot and Leons, if you're able to pay it off on time, every month, and will never miss a payment, it's great. Just read the fine print; a lot of times a single missed payment suddenly lands the full interest over the entire life of the loan on top of you. Like any credit-card type system, the people who carry balances are subsidizing the people who don't.
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Apr 6, 2022 17:12
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Also many times worth paying off 1 (or more) months early. There's been quite a few where they basically are attempting to make sure you violate a clause so they can charge you that lingering interest payment. Great one was the 24 payments - but the grace period wasn't included in the last payment.
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Apr 6, 2022 17:44
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Oh yeah, I was going to mention that part too. Yeah, pay it off a month or two early; even if there's absolutely nothing nefarious, it's still worth paying 22/month instead of 20/month or whatever to avoid 19.99% interest. Another thing to watch for is the one where if you use it for multiple purchases, they all get lumped together. Buy a couch, then a year later, buy a refrigerator, then six months later miss a payment? Boom, they're lumped together, now you owe interest on both. This is also why you should avoid rent to own places.
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Apr 6, 2022 18:39
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Does anyone know of any good banks, credit unions or other financial institutions that offer loans? I'm a part time flight school student and the flight time I need to finish all my stuff is quite expensive. Thus far I'm paying for it just fine with cash but I want to have a loan option on deck just in case I need it if I want to proceed further. Because I'm doing flight school but not a part of a full time college program like Sault College Aviation or Seneca I don't qualify for the traditional OSAP benefits. To that end I'll need to rely on traditional loans. I've spoken to TD bank thus far and all they are willing to offer is to augment my existing line of credit with a 6 month fixed rate loan at a lower interest rate before it goes back on the LOC for the full prime + rate that they currently list. It doesn't seem like a savvy way to borrow money so I was wondering if there's anything better? I should be able to qualify for whatever because I have a spotless credit rating. I don't usually take out loans but if I need a car loan or anything it's pretty much auto-approved without any real issues.
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Apr 6, 2022 21:03
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First of all, post the actual number you're currently getting. Second, sound the sagebrush alarm, he's always going on about how everyone should do this and how affordable it is
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Apr 6, 2022 21:41
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BMan posted:First of all, post the actual number you're currently getting. My revolving portion of my line of credit is 8% APR total. That's 2.450 TD prime rate + 5.550 variable. If I call and nag them they will give me 0.99% for 6 months if I convert any balance I have on the revolving portion into a fixed rate loan with a given ammortization period. After 6 months I believe said fixed rate loan either goes back to the revolving portion or simply gets a generic 8% APR with higher payments until its paid off. I don't use it and currently have no need of it so my debt is basically 0 at this time outside whatever temporary balances I have on my credit cards that I pay in full at the end of each month. I just need to know if there's better options if I wanna finance bigger outlays in a short period of time.
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Apr 6, 2022 21:52
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Then yeah, you can probably do better. My unused tangerine LOC is at prime + 1% for example. Although that is from years ago and I am very fortunate to have low expenses, YMMV etc
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Apr 6, 2022 22:30
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Arabian Jesus posted:Does anyone have any experience with using 3rd party financing through furniture/appliance stores? The store I'm looking at is offering 0% interest through a company called Flexiti but I'm hesitant because it seems to good to be true. Normally I'd just wait and save but I need to make this purchase asap One other thing to consider is that some of your credit card benefits may be conditional on you making the entire payment at once on your credit card. For example if you buy a stove and your credit card offers doubling of warranty to max of additional 1 year, you may not get this coverage if you make payments to a 3rd party even at 0% interest.
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Apr 7, 2022 06:05
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Thanks for the advice everyone. I believe I'll order it, pay everything off a month or two in advance and then promptly close the account. I'll make sure to get every single thing in writing as wellTheCenturion posted:Like any credit-card type system, the people who carry balances are subsidizing the people who don't. Love this quote 
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Apr 9, 2022 17:12
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Hi I'm a dum dum who has not been filing taxes because I assume I don't really need to cause my employer takes my taxes out of my pay & ran into some problems trying to file online a few years back and never really bothered to sort it out. I remember filing physically at least once, but then I think I had some problems when I tried to do it digitally after? I don't really know where to start? I assume there's a good free filing option, I don't really have anything complex going on, but my lazy google-fu seems to make it sound like I need a code or something to e-file? It would be good to at least get this year taken care of, but I probably should also figure out past years too? Not really sure the last time I filed.
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Apr 14, 2022 22:16
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genutax
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Apr 14, 2022 22:37
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Oxyclean posted:Hi I'm a dum dum who has not been filing taxes because I assume I don't really need to cause my employer takes my taxes out of my pay & ran into some problems trying to file online a few years back and never really bothered to sort it out. I remember filing physically at least once, but then I think I had some problems when I tried to do it digitally after? Register for a CRA account if you haven't already and you will be able to see the last years that you filed taxes. As long as it hasn't been that long, most of your T4s and tax information for prior years should be there as well. I use SimpleTax, but I am sure there are other good, free options.
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Apr 14, 2022 23:38
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Oxyclean posted:Hi I'm a dum dum who has not been filing taxes because I assume I don't really need to cause my employer takes my taxes out of my pay & ran into some problems trying to file online a few years back and never really bothered to sort it out. I remember filing physically at least once, but then I think I had some problems when I tried to do it digitally after? The above replies are solid and I will add: feel free to call CRA and ask them things. They are surprisingly helpful, and you are not the weirdest situation they've dealt with.
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Apr 15, 2022 00:35
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I use SimpleTax and give them like 20bux everytime because goddamn is it nice to have something which just pulls everything from the CRA and fills it all in for you.
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Apr 15, 2022 01:10
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I don't give them 20bux anymore because they're Wealthsimple Tax now
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Apr 15, 2022 01:36
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Oxyclean posted:Hi I'm a dum dum who has not been filing taxes because I assume I don't really need to cause my employer takes my taxes out of my pay & ran into some problems trying to file online a few years back and never really bothered to sort it out. I remember filing physically at least once, but then I think I had some problems when I tried to do it digitally after? File your taxes, it’s how you accumulate RRSP and TSFA room for later if nothing else. There’s a Voluntary Disclosure Program if you’re way behind—it’s annoying, but you come out the other end clean and without a huge debt. (I found my “CRA departure filing” paperwork in a desk drawer, unmailed, as we were packing up to move back to Canada after 5 years in the US. Complicated!)
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Apr 15, 2022 02:52
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pokeyman posted:The above replies are solid and I will add: feel free to call CRA and ask them things. They are surprisingly helpful, and you are not the weirdest situation they've dealt with. CRA people are so helpful it’s almost alarming. And yeah, even when I’ve presented them with what seemed like really bizarre stuff, they’ve always said “oh yeah, that works like this” and helped me through it.
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Apr 15, 2022 02:54
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Yeah, I've had to talk to the CRA people a few times and every time they're amazingly helpful.
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Apr 15, 2022 03:11
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Tsyni posted:Register for a CRA account if you haven't already and you will be able to see the last years that you filed taxes. As long as it hasn't been that long, most of your T4s and tax information for prior years should be there as well. I use SimpleTax, but I am sure there are other good, free options. quote:Note: Before you can register using option 1 or 2, you must have filed your income tax and benefit return for the current tax year or the previous one.  Also not terribly encouraging, but entering all the stuff I have into genutax for this year, my T5 from my bank for just the plain ol' interest puts me into balanced owed. Anyone understand the "Ontario Energy and Property Tax Credit"? I'm a bit confused if it applies to me or not. quote:If you lived in a subsidized housing unit, you should check with your landlord to find out if property tax was paid for the unit before entering an amount.
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Apr 16, 2022 19:34
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Oxyclean posted:Seems like I can only make a CRA account if I've filed last year or the previous? Ugh, that's annoying. It's very useful to have, when you can, but I guess that's not now. Good thing to ask them on the phone though, maybe it's just the self-serve option with the recent filing requirement. quote:Seems like an hour+ wait to talk to someone from CRA. Maybe just picked a bad day. There probably won't be a good day for at least a couple weeks, sorry to say. Could try at different times though, I remember getting the impression they had multiple teams in different time zones.
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Apr 16, 2022 19:45
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Also it's easter weekend so this might actually be the worst weekend of all. But honestly yeah I'd just wait until May and deal with it then. What's another month at this point?
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Apr 16, 2022 20:59
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Hiya thread, I am doing my taxes using turbo tax and I used the auto-import/auto-fill from CRA and it told me I was going to owe over 4,000$! And investigating it, it appeared that under the Quebec tax summary it was looking at my full income, including income from when I lived and worked in Ontario. Basically half of my income for 2021 was from when I lived and worked in purely ontario; but I left that job and got a new job which required me to live in Quebec which is where I made the other half. I am pretty sure Quebec shouldn't be taxing me on my Ontario income, especially since I wasn't actually living in Quebec while working in Ontario or anything like that. I talked to Turbotax and it seems like the problem is when I enter in my T4 for my Ontario employment income it auto-fills the Releve 1 which is why its double taxing me? The Turbotax lady suggested just deleting the info in the Releve1 as deleting and manually entering in the T4 didn't work to leave the R1 blank. Would this be the correct way of handling the situation in which my income is split from when I lived in two different provinces last year? HookShot posted:Yeah, I've had to talk to the CRA people a few times and every time they're amazingly helpful. My experience last year as well when I had to call the CRA to unlock my account after fumbling my password; albeit it was a 9 hour wait. Raenir Salazar fucked around with this message at 01:16 on Apr 19, 2022 |
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Apr 19, 2022 01:14
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Hello, hoping for a bit of help. I'm brand new at all of this. I currently don't have any TFSAs, and I have a RRSP that my company matches 5% of my salary into. So far this is my only retirement savings. I am 33 years old. I have no debt to speak of other than my mortgage, which is nearly paid off due to being incredibly lucky with a house sale and downsizing. I'm thinking of opening a TSFA with someone with zero commission on buying ETFs and throwing money at coach potato portfolio. Is this still recommended for someone that doesn't want to pay a ton of attention to trades and stocks? Am I missing any crucial steps here?
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Apr 19, 2022 01:41
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LeninVS posted:Hello, hoping for a bit of help. I'm brand new at all of this. Still perfectly valid IMO. Questrade is still a good option with no fee ETF purchases (sell on sale only).
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Apr 19, 2022 02:03
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Couch potato will always continue to be valid as long as your government isn't on the verge of wholesale collapse.
qhat fucked around with this message at 02:36 on Apr 19, 2022 |
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Apr 19, 2022 02:27
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Raenir Salazar posted:Hiya thread, I am doing my taxes using turbo tax and I used the auto-import/auto-fill from CRA and it told me I was going to owe over 4,000$! And investigating it, it appeared that under the Quebec tax summary it was looking at my full income, including income from when I lived and worked in Ontario. Do you have both a T4 and an R1 for the same amount, or are they slips for the separate periods of employment? Either way, unfortunately, you will be taxed based on the province you resided in on December 31, 2021. There's no part-time test or anything on provincial/territorial residency, as far as I know. Unfortunately, IME, software gets somewhat finicky when it comes to including Quebec. I once had to fill out a return for a client that lived in Quebec, but had to download a PDF copy of the Quebec return and manually fill it out because the software didn't have Quebec's provincial return. Quick googling says that a lot of software has issues with Quebec slips while filing not in Quebec. You can DM me in Discord tomorrow when I'm in work-mode. I'm finally working shoving tax returns before the deadline after taking (most of) last week off due to Covid, but not yet back in the office.
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Apr 19, 2022 03:25
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mojo1701a posted:Do you have both a T4 and an R1 for the same amount, or are they slips for the separate periods of employment? Either way, unfortunately, you will be taxed based on the province you resided in on December 31, 2021. There's no part-time test or anything on provincial/territorial residency, as far as I know. Afaik I only have a T4 at the CRA for my Ontario job. I'll be sure to contact you tomorrow in discord. I really hope I don't get taxed because that feels like I'm being punished for moving to another province mid year for new employment instead of taking unemployment for 6 months and then getting a new job the next year.
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Apr 19, 2022 04:14
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LeninVS posted:Hello, hoping for a bit of help. I'm brand new at all of this. Still recommended. A recent-ish innovation is you can hold a single ETF to implement a couch potato portfolio. They are called "asset allocation funds" and holding one of them has officially become the Couch Potato Model Portfolio: https://canadiancouchpotato.com/model-portfolios/ A next step, if and when you feel inspired, might be to look at what's in your RRSP. Company match is great but sometimes comes with unhelpful fees that you can maybe work around. Like I said though, there's no rush!
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Apr 19, 2022 04:20
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pokeyman posted:A next step, if and when you feel inspired, might be to look at what's in your RRSP. Company match is great but sometimes comes with unhelpful fees that you can maybe work around. Like I said though, there's no rush! Yes, for me I had to review the funds and select the lowest MER index funds manually. Coincidentally these were considered risky and volatile so the salesperson attached to my company had to confirm these choices with me.
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Apr 19, 2022 05:04
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I have an issue and I'm not sure if action is necessary or warranted. Here's the background. -I switch my billing address on my credit card to a US pickup location (CrossBorderPickups) to purchase something from the US. My bank is aware of this through correspondence explicitly stating the intent/purpose. -The merchant accepted the order. The amount shows up on my credit card as 'Pending', and the website shows 'Clearsale Analysis' (a third party anti-fraud detection agency that I was aware the merchant used) -I receive a call from ClearSale Analysis to confirm my identity, since my phone number and card were Canadian. They clear the sale after I confirm that, yes, I am a Canadian using a cross border pickup location. -The merchant processes and ships the order; amount is still listed in pending -I call my bank to switch the billing address on my credit card back to my home address (I believe the order was shipped but still classified as 'Pending' at this point) -Within 24 hours, the transaction disappeared from 'Pending' but did not appear move to 'Posted'. My 'available credit' and 'current balance' reflect this status (i.e. it's as if I never ordered the item in the first place) I have never seen an amount disappear from Pending without moving to Posted unless the order was cancelled or refunded. But the order was legitimate and the item has been shipped. Should I wait and see if this corrects itself over some time (a week?) or do I have a responsibility to report this to my bank ASAP? It's several hundred dollars, so not a huge amount but not peanuts either. I'm concerned of the legality and possible effects on my credit score if this is, say, due to a false-positive on fraud detection that I fail to report. Edit: the closest thing I could haul up on Google was this Reddit thread but it didn't involve an address change like mine. When they go to authorize the transaction to officially post it, perhaps it bounced because of the address change? PoizenJam fucked around with this message at 18:39 on Apr 29, 2022 |
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Apr 29, 2022 18:18
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Not a lawyer but I don't believe you have any legal responsibility to investigate anything. You've done due diligence in informing them.
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Apr 29, 2022 20:25
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Probably worthwhile to contact the merchent and make sure everything is still good on their end.
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Apr 29, 2022 21:58
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My guess is in a few days it will show.
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