|
The payment posted recently, so no issues. It was about $10 more than the original pending amount though, which is curious. And it wasn't due to a changing exchange rate as best I can tell. Possibly from spending USD on my Canadian MasterCard? Should look into that.
|
#
?
May 4, 2022 20:53
|
|
|
|
| # ? May 17, 2024 01:35 |
|
|
I have resolved my issue! I was missing Box E (Income Tax amount) on my RL-1 form. 
|
|
#
?
May 5, 2022 17:07
|
|
|
Maybe not the correct thread but do I need a visa to work for a US company remotely from Canada? Googling it seems pretty unclear.
|
|
#
?
May 6, 2022 01:33
|
|
|
Honey Im Homme posted:Maybe not the correct thread but do I need a visa to work for a US company remotely from Canada? Googling it seems pretty unclear. I've been a sole proprietor and invoiced the US company I work for in US$ as my sole client. I'm currently technically employed by an "employer of record" who is a Canadian company that pays me in CA$, then the US company I work for pays that company. No visas involved. (I have no idea if the former setup was actually shady but it felt vaguely shady.)
|
|
#
?
May 6, 2022 02:01
|
|
|
If they don’t have you employed at a Canadian subsidiary then you need to be a private contractor and have filled out a W-8BEN and given it to the company, and then I think they withhold taxes on your behalf for the US federal government. The good thing is though that it doesn’t matter since you can claim a tax credit for that on your Canadian tax return. But someone can correct me if I’m wrong.
qhat fucked around with this message at 02:35 on May 6, 2022 |
|
#
?
May 6, 2022 02:33
|
|
|
Kind of an investing x housing question: At what point could it make sense to take some portion of money out of your investment account and use it to pay down/refinance mortgage? For a very long time the low interest rate environment and bull market made investing I think the obvious winner without much thought, but with interest rates rising and the market looking very choppy, it's not so clear and maybe the question now should involve a bit of back of the envelope math to figure out the right answer. On one hand if one takes money out of the market at this moment they risk missing out on the upside when the bull market returns. On the other hand, it is possible that the savings in cash flow from reducing the size of the mortgage and refinancing could exceed the gains from if the cash had been left in the market should the bear market continue. Additionally as interest rates rise, one might want that extra cash flow that comes with lower payments for peace of mind. If the investment cash is in a TFSA then there's no tax implications from withdrawing it. There's penalties if one refinances, but not so if the mortgage has reached end of its term (this is the situation I'm in). Just looking at TD's mortgage calculator right now, if I were to take $20k out of my TFSA and reduce the size of my loan by $20k, I'd save ~$100 a month on payments. So this is in a way converting that $20k into $1200 a year of extra cash flow that doesn't go to the bank ($6000 over the 5 year term of the mortgage). If that $20k was left in the market, it's certainly not terribly clear if we're going to see a positive return this year, but I'd say the odds of positive return increase over the next four years. A compound interest rate calculator I found online suggests that for 20k to grow to 26k over five years, I'd need a rate of return of 5.25%. So is the question of whether investing is better whether one wants to bet that the S&P500 returns on average more than 5.25% for the next five years? I'm not sure what sort of math I should do to compare these concepts directly to see which comes ahead in return. Femtosecond fucked around with this message at 01:09 on May 14, 2022 |
|
#
?
May 14, 2022 01:06
|
|
|
I wish I had useful advice to offer because I faced literally the same question earlier this year, but I don’t know what math should actually be done. You’re thinking along the same lines I did, potential market gains vs potential savings on the mortgage interest. We had some additional considerations: 1) Between the two of us, TFSA wasn’t maxed so money that wasn’t going toward the mortgage could be put back into the same tax-free vehicle immediately 2) My TFSA was sub-optimally invested so I was thinking of moving the money anyway 3) Our TFSA is not our emergency fund and not earmarked for something specific, it’s long-term savings 4) We’ve been hoping to move and had already renewed the mortgage on a 1-year basis last time around, which caused a lot of decision making stress. Things are uncertain now with prices and we got our timeline expectations wrong once already, so I worried we’d get stuck in an endless loop of “when are we moving/how long should we renew for” and was dreading it. Honestly #4 was the biggest factor for me personally. A decision to pay down the mortgage now meant fewer major financial decisions in the immediate future (unless we actually do move), and didn’t set back our savings goals. The flexibility of having extra cash in hand each month is nice too.
|
|
#
?
May 15, 2022 00:47
|
|
|
Femtosecond posted:Just looking at TD's mortgage calculator right now, if I were to take $20k out of my TFSA and reduce the size of my loan by $20k, I'd save ~$100 a month on payments. So this is in a way converting that $20k into $1200 a year of extra cash flow that doesn't go to the bank ($6000 over the 5 year term of the mortgage). In this case, you would have to be making 6% a year on that $20k for the market to be more worth it than putting it into your home. So the question becomes: do you personally think (because there is no way to know) the market will get to a point where you're making at least 6% return on average every year over the next five years? Personally, given the way the market is now, I would take the money out and put it in my house. But that's easy for me to say as a spectator whose mortgage doesn't come due until 2025.
|
|
#
?
May 15, 2022 03:53
|
|
|
Hey kinda of a crossover travel/ Canadian CC question. I have that Costco World MC. Supposedly it has lounge access with "Dragonpass" or something like that. I've done a but of searching and it's a little confusing. Some say it gives lounge access, but others say it costs and just allows you the "membership" to get in. I've never been to one of these private lounges. Anyone have first hand on how it actually works? Looking for a lounge in Vancouver next month. I typically fly Air Canada business so I have lounge access, but the flights sucked for me so no beuno on AC lounges this time. I might have a few hours to kill so a lounge would be nice. ALSO, related to Canada CC: Rental Car insurance. How does it work? In particular, if you have a claim? Does the rental agency charge you and you get reimbursed or how does it work? I rarely have to rent a car but I'll be needing one for a week or so this fall and would rather not pony up the rental insurance rates if I can avoid it.
|
|
#
?
May 15, 2022 18:25
|
|
|
When I rented a car you had to sign a waiver declining the insurance and attest that you had insurance covering rental cars. Not sure the logistics of a claim but the CC theoretically should be handling everything if you need to claim something as they are acting as the "insurer". Also CC's only cover the car itself, run a guy over in a car the CC will cover the damage to the car but you're on the hook for the guys hospital bills, I think your own car insurance might cover rentals too but you would need to look into that.
|
|
#
?
May 15, 2022 18:42
|
|
|
qhat posted:If they don’t have you employed at a Canadian subsidiary then you need to be a private contractor and have filled out a W-8BEN and given it to the company, and then I think they withhold taxes on your behalf for the US federal government. The good thing is though that it doesn’t matter since you can claim a tax credit for that on your Canadian tax return. But someone can correct me if I’m wrong. W-8BEN is to avoid US federal withholding because you aren’t subject to federal tax if you aren’t either a resident or a citizen. If you are in Canada you can contract for a US company without a US work visa. If you are in Canada then working for a US company as contractor still requires a Canadian work permit if you aren’t otherwise (citizen, PR, etc) permitted to work in Canada. (I did the “Canadian contracting to US company from Canada” thing many times.) Edit: if you have US taxes withheld, perhaps because your W-8BEN went missing or was misprocessed, you can claim those taxes paid as credit toward your Canadian federal taxes. Sometimes CRA will say that you need to have a US NOA-equivalent from having filed US taxes in order to claim that credit, in which case you or your accountant should tell them that they’re wrong and they will relent. Subjunctive fucked around with this message at 20:56 on May 15, 2022 |
|
#
?
May 15, 2022 20:49
|
|
|
I've gotten my Federal refund but don't think I got my Quebec refund yet, I requested the Accelerated version but since I didn't live in Quebec the previous year probably not getting it soon and instead getting it in monthly installments? Would that mean the first installment would be for June?
|
|
#
?
May 17, 2022 15:31
|
|
|
slidebite posted:Hey kinda of a crossover travel/ Canadian CC question.
|
|
#
?
May 19, 2022 03:56
|
|
|
DeadMansSuspenders posted:It is different per card and "club" - some are under TravelPass, PriorityClub, or other names. My card has TravelPass access, there's an app you link it to on your phone which lists which lounges qualify. The app isn't usually required, when you arrive to a lounge you check-in by showing your CC. I've been to 3 or 4 in different countries and as expected got different results. I've gotten a decent breakfast buffet and decent cocktails just for having a card which is cool. I have Dragonpass and it works the same. In my case I show the app at check in but they also email you a barcode that you can print out on paper. The list of participating lounges is on their website or the app. To OP, offhand I can tell you for the domestic side of YVR the lounges are Plaza Premiums at both the B gates and the C gates. Don't know which lounges it is for the US or International side. I don't know if it varies based on card issuer or if it's a World MC-wide benefit because my card is HSBC, but my Dragonpass covers the fee for unlimited visits for me, as well as 4 companion visits per year. Yours may or may not work the same.
|
|
#
?
May 21, 2022 06:48
|
|
|
Thanks for the info guys. I guess I'll just download the app and try. The app asks for all my CC info, including the CVC code which is always a little off-putting, but I guess they just charge it automatically to your CC if required thru the app?
|
|
#
?
May 21, 2022 16:32
|
|
|
I think the primary reason is just because they need to validate that your CC is eligible.
|
|
#
?
May 22, 2022 06:13
|
|
|
Thanks for the info on the lounge thing - that Dragonpass app has probably got the worse reviews I've ever read, and that's saying something. https://play.google.com/store/apps/details?id=com.dragonpass.en.mcmea&hl=en_CA&gl=US I might try it, dunno yet.  But, question re income taxes. Wife and I filed our taxes at the exact same time and got our refunds about 2 weeks later. About 2 weeks or so ago she received her statement of assessment. I have yet to receive mine. Is there anything to be concerned about? As in potentially lost? I don't seem to recall more than a couple days apart in previous years, but I really don't specifically remember.
|
|
#
?
May 25, 2022 01:42
|
|
|
Might be tied up somewhere mail wise? Seems unlikely. Has it been uploaded to your myCRA account?
|
|
#
?
May 25, 2022 03:31
|
|
|
Yeah, it might be digital only now if you clicked one of many checkboxes in the general info section of your favourite return app. Check you online account for a copy.
|
|
#
?
May 25, 2022 04:38
|
|
|
Huh. Never thought of that. Mrs slidebite does all that stuff, I haven't checked it in years. I'll have to log on and see. Thanks for the idea.
|
|
#
?
May 25, 2022 05:20
|
|
|
I went to the RC page and indeed I could download an pdf statement, but I saw nothing there stating "how" they get sent to me. Since there is a PDF there, does that mean by definition they don't snail mail them?
|
|
#
?
May 26, 2022 15:08
|
|
|
slidebite posted:I went to the RC page and indeed I could download an pdf statement, but I saw nothing there stating "how" they get sent to me. I can't find a full explanation. https://www.canada.ca/en/revenue-ag...s-new.html#toc2 says quote:Sometime in 2022, the CRA will start the process of switching to electronic notices of assessment or reassessment when you file your income tax and benefit return. I haven't gotten a paper copy of a Notice of Assessment for years, but I assume I ticked a box somewhere to make that happen. I'm pretty sure all notices since like 2015 show up in My Account regardless of whether they sent a paper copy, so I wouldn't infer anything from the existence of the PDF. But I really don't know.
|
|
#
?
May 26, 2022 15:28
|
|
|
I think there was a tickbox to opt in for electronic if you filed online for the past couple years. Though I don't remember if I've got a paper NOA. Also while on the CRA site make sure you look if there are any uncashed cheques that you are owed! I had one for like ~ $45 from way back.
|
|
#
?
May 26, 2022 16:15
|
|
|
Mr. Hookshot got his notice of assessment in the mail about two weeks ago and I got mine by email that it's in my MyCRA account today.
|
|
#
?
May 26, 2022 19:51
|
|
|
I spent more time poking aruond the CRA website and couldn't find an "option" or tick box for it, so I'm thinking they're just slowly migrating everyone over to it that has an online acct. In other news: https://www.ctvnews.ca/business/real-estate/nearly-1-in-4-homeowners-would-have-to-sell-if-interest-rates-rise-more-survey-finds-1.5944137 quote:Nearly one in four homeowners say they will have to sell their home if interest rates go up further, according to a new debt survey from Manulife Bank of Canada. Inflated home costs for the last number of years with people desperate to get into the market putting further upward pressure on pricing. The inevitable interest rate increases and now a large number of home owners are going to find themselves underwater and upside down on an unaffordable variable rate mortgage. And presumably lose their homes or be in a really tight spot for a long time.
|
|
#
?
Jun 13, 2022 15:14
|
|
|
I found a missed T5 after in a stack of mail I forgot about. It's not much, just over $100 (interest) but I'd rather not risk an audit or anything. Is it simple to refile with the added receipt? e: I think Mrs. Slidebite files with Turbotax, but we've never had to re-file or amend previously so not sure whats involved? slidebite fucked around with this message at 18:52 on Jul 19, 2022 |
|
#
?
Jul 19, 2022 18:49
|
|
|
slidebite posted:I found a missed T5 after in a stack of mail I forgot about. It's not much, just over $100 (interest) but I'd rather not risk an audit or anything. Is it simple to refile with the added receipt? Yes, but take a look at your notice of whatchermacallit, CRA might already have tacked it on for you. They already have a copy of it, after all.... Also, yet another call for Return Free Filing.
|
|
#
?
Jul 19, 2022 18:53
|
|
|
Oh I never thought of that, I think we printed off the notice of assessment and should be able to see if it is on there. If it is, we do not need to do anything further? e: Just checked, not on either of our NOA.
|
|
#
?
Jul 19, 2022 18:57
|
|
|
slidebite posted:I found a missed T5 after in a stack of mail I forgot about. It's not much, just over $100 (interest) but I'd rather not risk an audit or anything. Is it simple to refile with the added receipt? It's just a T1-ADJ request. All they need to know is what lines it affects, the reason why you're filing an adjustment, and they'll take it from there. Don't even need all the lines. As long as you tell them line 12100 went from $X to $X+$100 that should be enough for them to readjust the taxes owing. Obviously there will be additional penalties. I don't know the specific details on efiling or netfiling, but even sending in a paper return is also an option. It'll take longer, but it's an option.
|
|
#
?
Jul 20, 2022 02:02
|
|
|
If it’s not in the NOA and you’re not already audit bait for other reasons, just lose the T5 again and save yourself the hassle, IMO.
|
|
#
?
Jul 20, 2022 02:47
|
|
|
I was in a courtroom today as a witness for someone else's court case and while waiting someone came up to explain their case and it was very interesting. So apparently someone had bought 5,000,000 shares in a company, at a uncertain price; and he had been following them for a while, but then they announced a "reverse split"? of the stocks? Basically the guy explained this meant if you had 10 shares this would become 1 share etc. He explained that this would result in the price dropping because this indicated that the company felt they weren't able to carry out their business as claimed etc. He said he went on to sell all of his shares (and so did a lot of people people, I think I heard 40,000,000$ being sold?) but then 2 days later a bombshell hit, the company went and acquired another company and merged with it; which resulted in raising the price. The guy alleged that this is clear cut insider trading/stock manipulation. He says that since its a US based company he filed a complaint with the SEC but they told him they keep investigations secret and won't be able to tell him anything, and since he apparently cannot afford a lawyer (how!?) he has to attempt to recover what he can of his losses in small claims court. Does any of this make any sense? Does Canada not have somewhere where this guy would've filed his complaint? Was there really no lawyer who would've represented him pro-bono in what seems like a pretty juicy class actionable lawsuit? Isn't this sort of pump and dump (or dump and pump???) scheme illegal? Does he have no other recourse than small claims?
|
|
#
?
Jul 20, 2022 05:54
|
|
|
A reverse split, like a regular split, is mathematically neutral. The value of the company doesn’t change, just the number of pieces that it’s split into, and existing shares are converted to make the numbers work out. They’re not uncommon; my previous company did a reverse split while I was there and my current one just did a regular split. It’s just some paperwork, and nobody gains or loses money in the process. It’s also not a sign of any particular good or bad element of a company.
|
|
#
?
Jul 20, 2022 08:37
|
|
|
Subjunctive posted:A reverse split, like a regular split, is mathematically neutral. The value of the company doesn’t change, just the number of pieces that it’s split into, and existing shares are converted to make the numbers work out. They’re not uncommon; my previous company did a reverse split while I was there and my current one just did a regular split. It’s just some paperwork, and nobody gains or loses money in the process. It’s also not a sign of any particular good or bad element of a company. Are you sure? Now that I went and googled it some websites seem to indicate otherwise: "Important: Decreasing the number of outstanding shares and increasing the share price does not create value for the company. In many cases, reverse splits come as a result of a decline in share price. Because of this, reverse splits are generally considered to be bad news." ... "Negative perception: Although a reverse stock split can help to boost a stock's image among investors, reverse splits are often received as a negative sign that the company is struggling." And from Investopedia: quote:Reverse stock splits aren’t without flaws. In many cases, companies keen to artificially boost their share price in this manner risk being spurned by investors.
|
|
#
?
Jul 20, 2022 16:17
|
|
|
Lets say you have a company that has issued 100 shares. Those shares are selling at a buck each. So, they do a reverse stock split. The company now has 10 shares at 10 dollars a piece. The total valuation hasn't changed; 100 bux. But hot drat, each share is now worth ten dollars! If the price goes up by 10%, instead having ten shares that each go up a dime, you now own a share that goes up one whole dollar! A WHOLE DOLLAR! STONKS! TO THE MOON! The reverse split itself doesn't affect the value. The market's reaction, however, may affect the overal valuation of the company. But then, so does the CEO's choice of tie.
|
|
#
?
Jul 20, 2022 16:27
|
|
|
At the time of the reverse split, it's mathematically neutral as Subjunctive said. Like a 10 to 1 reverse split of a $1 share will change the share price to $10. But the connotations of the split are as you mentioned bad - usually it's used when there's a listing requirement of something like "share price must always be above $1/share". Of note that phrase doesn't list how many outstanding shares there are - so in the above example a 10 to 1 will goose the share price to $10. Investors don't like reverse splits because it means that something bad is happening (ie: shares are tanking) usually. It's also used by shady owners who do things like grant themselves special deals on shares before the revsplit that aren't subjected to the split due to legaleze, so it effectively gives them (in the above example) 10x the shares when the deal executes after the revsplit.
|
|
#
?
Jul 20, 2022 16:36
|
|
|
Yeah, there is literally no way that guy is going to win his case based on "the stock price should have gone down but then the company did something and it went up instead"
|
|
#
?
Jul 20, 2022 16:55
|
|
|
Right, but the heart of the question here is this dude and his case; because that's what I'm curious about. Does he actually have a legitimate grievance against this company or is he just salty? This dude had bought 5 million shares and the shares were IIRC 5 cents each before the reverse split, then dropped to 0.16 cents a share after the reverse split, prompting him to sell. Is the answer "Probably"? Because if announcing a Reverse Split was done knowing it could prompt people to sell their shares tanking the stock price further; and then you announced some other news which would cause the price to jump back up; I think that's the allegation here. e: because ninja'd: HookShot posted:Yeah, there is literally no way that guy is going to win his case based on "the stock price should have gone down but then the company did something and it went up instead" The price did go down, from 5 cents a share to 0.15 cents; I think the guy was claiming the company bought back the shares for cheaper and then announced the "good" news within days afterwards.
|
|
#
?
Jul 20, 2022 16:55
|
|
|
My guess would be 'no, he doesn't have a case. He gambled, he lost.'
|
|
#
?
Jul 20, 2022 17:14
|
|
|
He doesn't have a case. He gambled and lost on junk/penny stock trades. Probably got his advice from /r/superstonk or something. Here's probably what happened. - Company A is in confidential talks with Company Z who wants to buy A. The general agreement is that the individual shares must be worth more than $x.xx - Company A's shares are worth pennies. So they do a reverse split to increase the value of the individual shares. - Company A is also sitting on a bucket full of cash ($Y millions) that they need to give to the shareholders before the merger (otherwise the cash goes to Company Z). - Company A then does a share buy back, where they buy $Y million worth of of their own shares back from the owners - every owner gets the same percentage of shares bought back on the "buy back day" (eg: 2.325%). - Now that Company A's shares are above the price minimum and now all cash is gone, they announce the merger. Share price spikes! Each of those steps are perfectly normal for a publicly traded company.
|
|
#
?
Jul 20, 2022 18:19
|
|
|
|
| # ? May 17, 2024 01:35 |
|
|
I'll leave actually looking this up to people that care but awhile back I found more than one research paper that concluded stock splits seem to have virtually no impact on share price and small impacts on trading patterns. I don't see why reverse splits would be any different.
|
|
#
?
Jul 20, 2022 19:51
|
|
