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pokeyman posted:What's the story here? Is this insurance you thought you had, or that you were trying to obtain? I thought I had it because I had it before when I had a LoC before I consolidated it into a loan; but when I went to the bank they informed me they didn't have it for personal loans; as its 300$ a month and I only get like 600$ a week in theory its a chunk I'd like not to have to pay until I get a new job however long that takes. I'll be meeting the bank again today to follow up, they said they'd try to see what they can do for me, I think what I probably end up doing it just covering the auto-payments from my debit account with my credit card, so I stretch out my "actual" money for longer.
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Feb 26, 2024 19:08
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This is one of the cases where taking advantage of credit card 0% loan transfer coverage offer may be beneficial. There is % cost to transfer but it’s usually lower than annual rate of keeping the loan with bank. Then you literally put that credit card in the freezer and do minimum monthly payments to ride it out.
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Feb 26, 2024 19:22
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I was wondering whether the attribution rule applies to RDSP contributions. All I can find is "Anyone can contribute to an RDSP with the written permission of the plan holder." https://www.canada.ca/en/revenue-ag...tributions.html Eventually it clicked that there's no possible tax advantage for the contributor, as they contribute after-tax dollars. And withdrawals are taxed. So there's no income to attribute for taxes. Nothing revelatory here (aside from my being kinda dense when it comes to taxes, but that's not news), just posting it in case it helps anyone else. Or if I got it wrong, please let me know.
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Feb 28, 2024 18:09
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I just want to vent because lol what the gently caress just happened. I'm in public service. In 2016, I started a service buyback from my time as a student, going on a payment plan that finished in 2018. However, officially the buyback wasn't completed because the pension centre was too busy to process it. Flashforward 6 years later, last year in November I finally got notice in the mail that my service buyback had been processed and effective more or less immediately, my RRSP limit will be readjusted and lowered. In a year I had already maxed out my RRSP months before. It is my fault I didn't really understand the ramifications of all this at the time, not until filing my taxes now, but like, what the gently caress? I finished my RRSP contributions well before I had any chance of knowing my limit would be adjusted late in the year and am now overcontributed by a not-insignificant amount.
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Feb 28, 2024 19:02
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pokeyman posted:I was wondering whether the attribution rule applies to RDSP contributions. All I can find is "Anyone can contribute to an RDSP with the written permission of the plan holder." https://www.canada.ca/en/revenue-ag...tributions.html Sounds right to me. There isn't any tax benefit to contributing to an RDSP, except for the beneficiary, who doesn't pay tax on it even when it's withdrawn. (They do pay tax on government contributions and interest at withdrawal.) If anyone has RDSP questions, if I don't know the answer, I can find it out pretty quick. I specialize in it for work.
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Feb 28, 2024 19:29
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RuBisCO posted:Flashforward 6 years later, last year in November I finally got notice in the mail that my service buyback had been processed and effective more or less immediately, my RRSP limit will be readjusted and lowered. In a year I had already maxed out my RRSP months before. That is ridiculous. If nothing else I'd see about waiving any penalties. Pixelante posted:Sounds right to me. There isn't any tax benefit to contributing to an RDSP, except for the beneficiary, who doesn't pay tax on it even when it's withdrawn. (They do pay tax on government contributions and interest at withdrawal.) Thank you!
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Feb 28, 2024 23:39
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priznat posted:So my employer for most of last year is being extremely slow with T4s and this is bugging me. I emailed my manager along with the link to the government website stating that employers are required to issue them by the end of February or risk being penalized. My manager is a good guy and just the messenger for this, he has zero control over head office idiocy but he is the one that sent the news so I responded to him. Because my company is annoying the hell out of me as this is typical and to be expected (we either get poo poo on or reports of how good the company is doing and execs patting themselves on the back), I'm thinking of actually reporting them come next week if I don't have it yet. There is zero reason why they can't have this poo poo ready before the due date. Any idea if I am pissy who to reach out to? We have many hundreds of Canadian employees. gently caress them and their pushing the envelope with rules whenever they want.
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Feb 29, 2024 06:54
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slidebite posted:This annoys the everloving hell out of me too. My company (large American based multinational) sent an email out to all managers to expect our t4s around March 18th. I think because you already complained to your manager and demonstrated your awareness of the regulation, it would be shooting yourself in the foot to make a formal complaint. If your career path is with that company it might be worth considering.
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Feb 29, 2024 07:01
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drat that sucks. At least my ex-employer got the thumb out and sent it out mid last week, but after RRSP deadline would be really lovely. Perhaps the tax ombudsperson? Or at the very least their office would probably know who to direct complaints to. Ombudsperson is more for complaining about the organization (CRA) I think.
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Feb 29, 2024 07:02
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VelociBacon posted:I think because you already complained to your manager and demonstrated your awareness of the regulation, it would be shooting yourself in the foot to make a formal complaint. If your career path is with that company it might be worth considering. Better yet, package me out and just tell me to gently caress off. Both work for me. e: priznat posted:drat that sucks. At least my ex-employer got the thumb out and sent it out mid last week, but after RRSP deadline would be really lovely. slidebite fucked around with this message at 07:22 on Feb 29, 2024 |
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Feb 29, 2024 07:05
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Just a reminder, you can request the T2200 'work from home' form from your employer if you have any sort of WFH agreement in place, despite the form itself saying that it has to be part of your contract. https://www.canada.ca/en/revenue-ag...led-method.html quote:Your employer required you to work from home
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Feb 29, 2024 14:29
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LOL I know one company that hosed up so hard - they had their finance department issue T4As to all their supplier's accounting contacts (ie: personal names) for the value of the services they purchased. Yes, we're talking like sending a T4A to like their landlord, and stuff like that. Just mind boggling how bad a fuckup.
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Feb 29, 2024 16:37
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VelociBacon posted:I think because you already complained to your manager and demonstrated your awareness of the regulation, it would be shooting yourself in the foot to make a formal complaint. If your career path is with that company it might be worth considering. Nonsense. If they have hundreds of employees literally anyone of them could have been the complainant, considering the company's deadline is so far beyond what is acceptable by law.
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Feb 29, 2024 23:37
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Shockingly enough, the t4 was there today. Kind of disappointing actually, I was almost looking forward to make someone justify stupidity or outright laziness.
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Mar 1, 2024 07:04
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I got a random t4 today which I didn't look closely at but didn't seem to make sense for my employment last year. Anyways, while laid off I'd like to not pay 99$ for my ADHD meds how's the public drug plan if there is one?
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Mar 1, 2024 13:21
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Raenir Salazar posted:I got a random t4 today which I didn't look closely at but didn't seem to make sense for my employment last year. Are you Canadian? Do you have MSP? I'm guessing you're from another country since you're asking about the'public drug plan' and I don't think this forum has people young enough to have been born and raised here and not know about it. If you're a permanent resident I believe you get a monthly MSP bill in the mail when you're not working and it's less than $20. E: I thought it was MSP in every province, if you're outside BC I dunno what it's called but this should get you started with Google: https://www2.gov.bc.ca/gov/content/health/health-drug-coverage/msp
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Mar 1, 2024 14:13
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I'm Canadian and from Quebec, but I only ever got a prescription as an adult last year when my job gave like a drug group plan that was like 90% off. I paid full price this time but they at the pharmacy told me that there's a government plan I can enroll in instead.
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Mar 1, 2024 14:27
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Raenir Salazar posted:I'm Canadian and from Quebec, but I only ever got a prescription as an adult last year when my job gave like a drug group plan that was like 90% off. I paid full price this time but they at the pharmacy told me that there's a government plan I can enroll in instead. If you're in Quebec I'm sure it's a completely different thing for no reason, should all be on the govt website still.
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Mar 1, 2024 14:53
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Like ^^ says, Provinces are responsible for health and drugs. You probably found this already, but a quick google shows this: https://www.ramq.gouv.qc.ca/en/citizens/prescription-drug-insurance quote:Everyone who has taken up residence in Québec permanently must have prescription drug insurance coverage. Coverage is available through RAMQ’s Public Prescription Drug Insurance Plan. Alternatively, prescription drug coverage may also be obtained through private plans such as group insurance plans or employee benefit plans. And it looks like you can read about it and register here: https://www.revenuquebec.ca/en/citi...insurance-plan/
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Mar 1, 2024 21:54
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We used to have our liquid cash savings in a Simplii High Interest (cough) account for several years. When interest rates were super low, I understood rate at the bank being fairly low, but they never raised them any appreciable amount with the prime increases. So late last year, I think Nov, I moved it over to Motive Financial @ 4.1%. Got our T5s on Friday. I received almost 2x the interest $$ in 2 months from Motive than I did in the 10 months with Simplii. Since then the only thing I keep active at Simplii is my general chequing account because gently caress that.
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Mar 2, 2024 17:32
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slidebite posted:We used to have our liquid cash savings in a Simplii High Interest (cough) account for several years. When interest rates were super low, I understood rate at the bank being fairly low, but they never raised them any appreciable amount with the prime increases. So late last year, I think Nov, I moved it over to Motive Financial @ 4.1%. Yeah, Motive has one of the most budget interfaces I’ve seen in banking, but as someone trying to save a down payment, can’t beat the rate right now.
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Mar 2, 2024 17:39
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I think CASH.TO had a gross divided yield of about 4.9% on their last payout. Not sure what it ends up being after fees and such but I think it's still not too far from the gross
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Mar 2, 2024 21:48
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So dumb and probably obvious question, is the best time to buy one of those dividend cash etfs the end of the month? I realize it's pennies.
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Mar 3, 2024 16:19
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slidebite posted:So dumb and probably obvious question, is the best time to buy one of those dividend cash etfs the end of the month? I realize it's pennies. You mean so you can hop in and collect the dividend? They have something called an ex-date that refers to when you need to have owned the security to get the payout. I'm on my phone right now but if you google 'dividend ex-date' you'll see what I mean. E:Feb 29th is the most recent one in the image you posted there
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Mar 3, 2024 16:23
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slidebite posted:So dumb and probably obvious question, is the best time to buy one of those dividend cash etfs the end of the month? I realize it's pennies. It doesn't matter. The drop at the end of the month is equal to the dividend being paid out. Say the dividend is paid today. And it's 15c per share. Share price was 50.15. So it will drop to 50. If you bought before div day, you paid 50.15, have a share, then get the dividend for a total of 50 paid for the share. If you buy after, you don't get the dividend, but you only paid 50. In both cases you've paid 50 for 1 share at the end.
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Mar 3, 2024 16:46
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That makes sense - thanks. Also, not sure if anyone here is into this but Costco has been getting into the physical gold for the past few months. Seems like they've now expanded to silver and offering 10oz bullion (maple leaves and bars) and also 25pks of the standard 1oz maple leaves. Or if they did silver before, it's the first time I've seen it. There is definitely a premium over spot has shipping built into the price (shipping is never truly free), but if it floats your boat
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Mar 3, 2024 16:59
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slidebite posted:That makes sense - thanks. I never understood people holding the actual asset for precious metals when you can get the exposure through an ETF surely to anything you like. Unless this boils down to people thinking the stock market and global financial system is going to collapse.
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Mar 3, 2024 17:07
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If I get one of those stock/bond balanced funds, do I still also need GICs? Aren't GICs just bonds?
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Mar 3, 2024 17:18
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VelociBacon posted:I never understood people holding the actual asset for precious metals when you can get the exposure through an ETF surely to anything you like. Unless this boils down to people thinking the stock market and global financial system is going to collapse.
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Mar 3, 2024 17:21
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Killingyouguy! posted:If I get one of those stock/bond balanced funds, do I still also need GICs? Aren't GICs just bonds? They're like holding a bond directly, yeah. Different from a bond fund. I'd put them under "cash" when considering overall allocation. Bond funds go under "stocks" in my head. I may have a jaundiced view of things though.
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Mar 3, 2024 17:39
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Wait how is a GIC cash if you have to wait to get your money back
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Mar 3, 2024 17:41
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Killingyouguy! posted:Wait how is a GIC cash if you have to wait to get your money back It's guaranteed, you know exactly how long you have to wait to get an exact amount of money. So long as you match "when you need it" with when it matures, there's no risk.
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Mar 3, 2024 17:45
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You can sell your GIC at any time.
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Mar 3, 2024 17:45
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pokeyman posted:They're like holding a bond directly, yeah. Different from a bond fund. I'd put them under "cash" when considering overall allocation. I think main thing with GIC, you are getting your principal back with interest. When you’re getting a bond fund (or an ETF balancing some percentage of bonds and stocks), you will see the bond portion of portfolio reduce in value when interests rate increase. You can look at a bond ETF like ZAG after 2021/22 and see how that ended up impacted when rates bounced up.
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Mar 3, 2024 17:47
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e: nvm apparentlyiI asked this question a year ago lol
Killingyouguy! fucked around with this message at 17:59 on Mar 3, 2024 |
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Mar 3, 2024 17:51
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^ Don't overthink it. The issuer of the GIC agrees to pay you "X" interest after "X" years. Since issuers are banks, it comes from the profit of normal operations of their business which largely is made up of lending money at a higher interest rates that they're paying out.tragic_ethos posted:I think main thing with GIC, you are getting your principal back with interest. When you’re getting a bond fund (or an ETF balancing some percentage of bonds and stocks), you will see the bond portion of portfolio reduce in value when interests rate increase. You can look at a bond ETF like ZAG after 2021/22 and see how that ended up impacted when rates bounced up. slidebite fucked around with this message at 18:01 on Mar 3, 2024 |
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Mar 3, 2024 17:58
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tragic_ethos posted:I think main thing with GIC, you are getting your principal back with interest. When you’re getting a bond fund (or an ETF balancing some percentage of bonds and stocks), you will see the bond portion of portfolio reduce in value when interests rate increase. You can look at a bond ETF like ZAG after 2021/22 and see how that ended up impacted when rates bounced up. Why would interest rates going up mean the value goes down? Also does this mean I should opt for all-stock funds?
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Mar 3, 2024 18:01
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slidebite posted:That makes sense - thanks. thats a really loving good deal for maple leaves, tbh. they're going to ruin all the mom and pops (fuckers) Thats 37.6 per maple leaf for under a hundred. Most budget places would have given you 43 per oz under a hundred just a few weeks ago.
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Mar 3, 2024 18:14
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If people want to support the mom-and-pop precious metal traders, they can still go give them a few bucks per ounce they purchased at Costco. That’d even be an untaxed gift, everyone wins!
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Mar 3, 2024 18:18
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Toalpaz posted:thats a really loving good deal for maple leaves, tbh. they're going to ruin all the mom and pops (fuckers) Thats 37.6 per maple leaf for under a hundred. Most budget places would have given you 43 per oz under a hundred just a few weeks ago.  Killingyouguy! posted:Why would interest rates going up mean the value goes down? Also does this mean I should opt for all-stock funds? Or, https://www.investopedia.com/ask/answers/why-interest-rates-have-inverse-relationship-bond-prices/ quote:Most bonds pay a fixed interest rate that becomes more attractive if interest rates fall, driving up demand and the price of the bond. Conversely, if interest rates rise, investors will no longer prefer the lower fixed interest rate paid by a bond, resulting in a decline in its price.
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Mar 3, 2024 18:22
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