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Yeah I looked at the form and it seems like it's not that bad if they're all QEFs but still annoying, especially in something like VGRO that holds PFICs because you have to look through and file for all those too.
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Mar 20, 2023 01:07
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So I already an active mutual fund account with TD but I want to start trading my stock holdings more often and adding to them. What is the best platform for that at this point. Wealthsimple seems fine if I just want to play around but the fact it seems limited to the US and Canada is a huge drawback to me. Are any of the other online platforms any good.
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Mar 21, 2023 01:09
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Questrade is pretty good and you get passiv elite for free which is nice. https://passiv.com/questrade/
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Mar 21, 2023 01:12
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sbaldrick posted:So I already an active mutual fund account with TD but I want to start trading my stock holdings more often and adding to them. I’ve read IBKR is still the choice if you’re going to buy overseas stocks, but doublecheck the fees. It can become extortionate level, though I think all the major players allow it. I’m with TD Direct Investing now, but I liked the Questrade platform as well.
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Mar 21, 2023 03:46
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The fees are not that bad. It’s offset by the insanely tight spreads on currency exchange they offer, and their trades are likely more efficient. YMMV
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Mar 21, 2023 06:08
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tragic_ethos posted:I’ve read IBKR is still the choice if you’re going to buy overseas stocks, but doublecheck the fees. It can become extortionate level, though I think all the major players allow it. I’m with TD Direct Investing now, but I liked the Questrade platform as well. Can you buy GICs at IBKR?
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Mar 21, 2023 11:25
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mila kunis posted:Can you buy GICs at IBKR? I don’t think so looking at the site, but full disclosure I’ve never used that platform personally. All the major banks again will allow access to at least their GIC’s via their brokerages, but I’ve mostly just used EQBank for GIC’s.
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Mar 21, 2023 13:31
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I called Simplii yesterday to get their take on interest rates as they are still doing a whopping .4% on their savings account. They have a promo for "new deposits" coming in at 5.25% but, wouldn't give it to existing deposits... not surprising but I thought I'd ask. The rep was pleasant enough on the phone but basically told me that their hands are tied. She then said "Oh, I see you've been a client for over 17 years now!" Expecting maybe she'd "talk" to someone, she instead said other clients open accounts elsewhere to rate shop, take advantage of their promo rates (which are also 5.25% on new deposits for 5-6 months) and then look at moving money back when Simplii does another one themselves. "I'm not saying you should go to Tangerine, but I know that they have comparable rates right now and other clients do rate shopping like that (wink wink)" So, I am.
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Mar 21, 2023 17:35
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slidebite posted:I called Simplii yesterday to get their take on interest rates as they are still doing a whopping .4% on their savings account. Same, I'm starting to think I should do that as well and just transfer money when it suits me. I still bank mostly with Simplii but if they're not going to increase rates... At least, does Tangerine do free e-transfers too?
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Mar 23, 2023 18:35
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mojo1701a posted:At least, does Tangerine do free e-transfers too? Yep, although they didn't a few years back.
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Mar 23, 2023 18:42
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EQ Bank now has a card for ATM withdrawals, which was the last thing keeping me with Simplii. If my chasing rates days are over, I'll probably close everything but EQ.
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Mar 23, 2023 18:45
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Remember that Tangerine has ATM access as well (Scotia is their ownership, so it's like how CIBC ATMs work for Simplii) Opened up a chequing and savings with them this past couple days. Super easy and the one time I did have to call to get something clarified (the 5% promo interest rate) the agent was super friendly and helpful. HOWEVER Calling them today to get my wife set up as a joint account? Holy poo poo. That was one of the most painful call desk experiences I've had in ages. It literally was enough to make me reconsider dealing with them. I think some was a bit of a language barrier as the guy was certainly ESL (the guy yesterday was 100% clear) but god drat, it was painful. There was a definite misunderstanding issue and he kept saying things, only to say the opposite 5 minutes later. Super confusing. I need to call them again tomorrow to finish off the process and I really hope I get someone else because I don't know if I can go through with it if I get another agent like that. BTW - If you want to open with them to take advantage of the 5% rate, you need to do it soon. I think the offer expires end of the month. https://www.tangerine.ca/en/landing-page/earnmore
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Mar 23, 2023 23:39
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I've never been impressed in any way by tangerine. No thanks.
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Mar 24, 2023 01:23
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VelociBacon posted:I've never been impressed in any way by tangerine. No thanks. Same. But also the same with all Canadian banks.
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Mar 24, 2023 07:13
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So tangerine was so backwards and a pain in the rear end with customer service we closed our accounts less than a week after opening them and never used them.
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Mar 28, 2023 05:48
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I switched to Tangerine 4 years ago or so and haven't had any problems. I think I have only contacted customer service once or twice though, for a new card.
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Mar 28, 2023 17:46
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slidebite posted:So tangerine was so backwards and a pain in the rear end with customer service we closed our accounts less than a week after opening them and never used them. Tangerine has been amazing for for, it’s so good I closed my other bank accounts outside my Credit Union account. The biggest problem is them at Scotias bank machines suck
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Apr 2, 2023 03:04
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I've been using Tangerine for day-to-day banking for years now without any issue
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Apr 2, 2023 11:38
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Don't ask for a joint account. 4 different calls, 3 different answers, and still wasn't a straight answer. It was shaping up to be a disaster so we just stopped it. I suspect for a standard account and you not have to deal with customer service it would have probably been fine.
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Apr 2, 2023 16:00
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Does anyone have experience with asking their bank to raise their e-transfer limits beyond the standard like 3k? I’ve got rent to pay that exceeds the daily limits at most of the banks (me and my girlfriend pay roughly 3.5k), I’m with HSBC atm which allows me to transfer 7k at once, but since HSBC is going to RBC I’d like to know what banks are good about this (I know RBC isn’t, I was with them before and had a whole thing with them about this).
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Apr 2, 2023 18:16
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My father decided to set up a tangerine joint account with me to more readily do some tax stuff. He has since moved and tangerine will not verify my identity unless I call from his (old) phone number. I wasn't super impressed.
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Apr 3, 2023 05:29
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qhat posted:Does anyone have experience with asking their bank to raise their e-transfer limits beyond the standard like 3k? I’ve got rent to pay that exceeds the daily limits at most of the banks (me and my girlfriend pay roughly 3.5k), I’m with HSBC atm which allows me to transfer 7k at once, but since HSBC is going to RBC I’d like to know what banks are good about this (I know RBC isn’t, I was with them before and had a whole thing with them about this). If it's anything like other types of withdrawal limits, you just ask them and they say ok. (my experience with scotiabank)
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Apr 3, 2023 05:31
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Ooh, Questrade has finally opened up its First Home Savings Accounts.
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Apr 3, 2023 15:34
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If I have a tfsa already is there any good reason to get a First Home account? I can't afford a home in my city even with the world's best investment returns
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Apr 3, 2023 15:38
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Killingyouguy! posted:If I have a tfsa already is there any good reason to get a First Home account? I can't afford a home in my city even with the world's best investment returns It’s free RRSP contribution room.
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Apr 3, 2023 15:43
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qhat posted:It’s free RRSP contribution room. Basically this. At best you can get a tax deduction for contributions of up to $8,000 per year (to a max of $40,000) and won't get taxed on withdrawals used to pay for a house. At worst you can roll over the contributions to an RRSP and treat it as extra room.
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Apr 3, 2023 15:49
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So, doesn't apply to me, got it lol. I can't even hit the contribution cap on the tfsa I do have, haven't bothered with an rrsp because of it Thanks!
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Apr 3, 2023 15:54
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I can't figure out if you're allowed to transfer from a FHSA to an RRSP anytime, or only when required to in year 15 of the FHSA. Also no idea if you can transfer assets in kind. Anybody seen anything about either of those? edit: Also, taxtips.ca says "Funds gifted can be used as FHSA contributions, without attribution if gifted from a spouse." which I hadn't seen before. Useful if you and your spouse have disparate incomes but you wanna even out retirement savings. pokeyman fucked around with this message at 16:04 on Apr 3, 2023 |
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Apr 3, 2023 16:01
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pokeyman posted:I can't figure out if you're allowed to transfer from a FHSA to an RRSP anytime, or only when required to in year 15 of the FHSA. Also no idea if you can transfer assets in kind. Anybody seen anything about either of those? That makes sense since the RRSP also has the same no-attribution rule for spousal plans. Also from what I'm reading it says it can only be transferred either upon the maximum deadlines or qualifying withdrawal, so if you happen to strike it rich in the FHSA and make that $40,000 grow into $40,000,000 whatever you don't use to pay for the house gets rolled over at that time. Otherwise just keep it there because using it for a house saves tax anyway.
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Apr 3, 2023 16:14
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qhat posted:Does anyone have experience with asking their bank to raise their e-transfer limits beyond the standard like 3k? I’ve got rent to pay that exceeds the daily limits at most of the banks (me and my girlfriend pay roughly 3.5k), I’m with HSBC atm which allows me to transfer 7k at once, but since HSBC is going to RBC I’d like to know what banks are good about this (I know RBC isn’t, I was with them before and had a whole thing with them about this). I'm with TD, and daily limit is 10k weekly 30k.
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Apr 3, 2023 16:18
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pokeyman posted:I can't figure out if you're allowed to transfer from a FHSA to an RRSP anytime, or only when required to in year 15 of the FHSA. Also no idea if you can transfer assets in kind. Anybody seen anything about either of those? https://www.canada.ca/en/revenue-ag...-plans.html#h_5 Implies that it's perfect fine to do it before the end date.
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Apr 3, 2023 19:15
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Can someone clarify how to make a qualifying withdrawal from a FHSA in this situation: 1) A person owns a property, but it is not their principal residence. They are still a first time home buyer for the purposes of opening a FHSA and they open a FHSA and contribute $8000. 2) The following year, they move into the property as their principal residence. Under these circumstances, there is no way to make a qualifying withdrawal as the property was acquired more than 30 days before the withdrawal. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawing-money-from-your-fhsa.html Is it possible to just never withdraw the money from the FHSA and just roll it over into an RRSP after 15 years?
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Apr 3, 2023 20:21
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Mantle posted:Can someone clarify how to make a qualifying withdrawal from a FHSA in this situation: It looks like if you're in such a situation where you own property and otherwise qualify as a first-time buyer, you don't get to claim a qualifying withdrawal because you already own it. Not to mention that if you own property but aren't claiming a principal residence exemption for those years, you're going to have to pay capital gains tax on the years that you're not claiming the exemption for. And yeah, as said before the main purpose most of us are looking at it is to roll it over into an RRSP within 15 years, worse comes to worst, as there seems to be no downside to treating it as extra contribution room.
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Apr 3, 2023 20:38
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qhat posted:https://www.canada.ca/en/revenue-ag...-plans.html#h_5 Does it? Says "will be allowed", and the sole example is after 15 years go by. Clear that transfer in-kind is a thing though, so that's good.
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Apr 3, 2023 21:43
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pokeyman posted:Does it? Says "will be allowed", and the sole example is after 15 years go by. Is there a reason why you'd want to move it before? I mean, once you move it from the FHSA to the RRSP, there goes the chance to withdraw that cash tax-free to buy property. If you keep the FHSA you at least have the option and can just wait out the period.
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Apr 4, 2023 02:02
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mojo1701a posted:Is there a reason why you'd want to move it before? I mean, once you move it from the FHSA to the RRSP, there goes the chance to withdraw that cash tax-free to buy property. If you keep the FHSA you at least have the option and can just wait out the period. Only one I could think of is "I'm not gonna buy a house and I'd rather have one fewer account to look after". Not terribly important.
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Apr 4, 2023 02:35
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mojo1701a posted:Is there a reason why you'd want to move it before? I mean, once you move it from the FHSA to the RRSP, there goes the chance to withdraw that cash tax-free to buy property. If you keep the FHSA you at least have the option and can just wait out the period. For me, it’s because I will buy a house but not actually use the FHSA, I’ll use my regular taxable savings and then just transfer the FHSA to my RRSP for the free room.
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Apr 4, 2023 05:11
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pokeyman posted:Does it? Says "will be allowed", and the sole example is after 15 years go by. https://laws-lois.justice.gc.ca/eng/acts/i-3.3/nifnev.html posted:Transfer of amounts TL;DR doesn’t say anything about when, or any penalties, just that you can. Correct me I’m wrong. The example is probably just that, an example.
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Apr 4, 2023 05:19
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I agree with you that's the likely interpretation. I was wondering if it was explicitly spelled out anywhere. But I don't read these kinda documents often, so for all I know this is legalese for "transfer all day every day".
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Apr 4, 2023 05:45
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pokeyman posted:I agree with you that's the likely interpretation. I was wondering if it was explicitly spelled out anywhere. But I don't read these kinda documents often, so for all I know this is legalese for "transfer all day every day". It's possible they might be writing it out generically until people actually try to pull it out and then will rewrite it with examples. Like with a TFSA not being intentioned for day-trading they might be waiting for someone to try to pull it out early and say, "Nuh uh, it's meant for a home within 15 years."
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Apr 4, 2023 15:03
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