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I pay my rent via e-transfers and today when I was checking my balance i saw that daily e-transfer limits have been upped to 10,000 CAD. Two years ago I actually had to up my daily transfer limit so I could pay rent in one go and RBC told me the hard cap was something like 2800 CAD. Have enough people started to move away from cheques to online banking for rent payments that the banks have finally starter upping the limits?
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Apr 27, 2024 16:40
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Arc Hammer posted:I pay my rent via e-transfers and today when I was checking my balance i saw that daily e-transfer limits have been upped to 10,000 CAD. Two years ago I actually had to up my daily transfer limit so I could pay rent in one go and RBC told me the hard cap was something like 2800 CAD. Could also just be that they've determined you aren't a drug dealer.
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Apr 27, 2024 18:15
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Arc Hammer posted:I pay my rent via e-transfers and today when I was checking my balance i saw that daily e-transfer limits have been upped to 10,000 CAD. Two years ago I actually had to up my daily transfer limit so I could pay rent in one go and RBC told me the hard cap was something like 2800 CAD. I think the limits are bank specific. I can do 10k/day 20k/week 50k/month via etransfer, and have been able to for quite a while.
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Apr 27, 2024 18:24
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I think that it’s both. e-transfer is through Interac, they have a hard cap (which I think might be 10k for personal accounts and 25k for a business account?) and then on top of that the financial institution sets a limit if they want to, for example mine is 3k and my partner’s is 5k.
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Apr 28, 2024 04:37
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Arc Hammer posted:I pay my rent via e-transfers and today when I was checking my balance i saw that daily e-transfer limits have been upped to 10,000 CAD. Two years ago I actually had to up my daily transfer limit so I could pay rent in one go and RBC told me the hard cap was something like 2800 CAD. I had the same thing happen in the last year or two, also at RBC. I saw something saying that it might ask for my card PIN for larger transactions, but I sent one for $6500 a few days ago and it didn’t ask (from the mobile app).
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Apr 28, 2024 04:48
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I was able to up my limit to 10k a day a while back but they really impressed on me they aren't responsible for money being sent to the wrong person through a typo. It's a big liability.
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Apr 29, 2024 20:00
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DrBox posted:I was able to up my limit to 10k a day a while back but they really impressed on me they aren't responsible for money being sent to the wrong person through a typo. It's a big liability. That's just it though, they don't carry any of the liability and can't even intervene to stop an autodeposited transfer so I don't get why they care at all. These are the same people (banks) that are happy to charge what they do on credit card interest, they aren't primarily acting in the interests of their patrons anyways.
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Apr 30, 2024 16:33
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Hey folks, I have a weird CRA-related question and some helpful goons pointed me to this thread. I moved from the US to Canada in late 2019, got a work permit in 2021, have filed my taxes for 2020 (first year I was a tax resident) and on. I just got a letter from the CRA asking me to file returns for 2015 thru 2019, years when I did not live in Canada. Any other immigrants have an experience like this? Am I just supposed to file a bunch of $0 returns, or what? I'm in the process of trying to sort this out directly with the CRA but just curious if anyone has an idea of what to expect here.
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May 2, 2024 19:10
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Muscle Tracer posted:Hey folks, I have a weird CRA-related question and some helpful goons pointed me to this thread. There's a section on page 1 of the T1 that says "If you became or ceased to be a resident of Canada for income tax purposes in 2020, enter the date of [entry/departure]." Did you fill that out? You shouldn't have to file returns for years in which you were not a resident of Canada at any point and had no Canadian income, but if you didn't alert them to the fact that you became a tax resident at some point, they might think you always have been.
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May 2, 2024 19:59
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Muscle Tracer posted:Hey folks, I have a weird CRA-related question and some helpful goons pointed me to this thread. I had a related experience as an emigrant because I hosed up my departure paperwork and they decided that I was not a resident earlier than I actually left, and then used that to (a decade retroactively) penalize me for TFSA overcontribution. Anyway, they wanted to see things like home insurance policies, utility bills, receipts for stuff shipped to the address in question, medical records, etc. If you have that stuff for those years (or maybe just 2019 would suffice), then I would keep it handy. (My accountants think I would have triumphed in tax court eventually, but at a cost greater than the penalty amount we negotiated them down to.)
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May 3, 2024 01:45
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tagesschau posted:There's a section on page 1 of the T1 that says "If you became or ceased to be a resident of Canada for income tax purposes in 2020, enter the date of [entry/departure]." Did you fill that out? You shouldn't have to file returns for years in which you were not a resident of Canada at any point and had no Canadian income, but if you didn't alert them to the fact that you became a tax resident at some point, they might think you always have been. Yeah, this sounds to me like a hiccup somewhere on paperwork or something. A lot of the letters that are sent out are automatic (ask me about getting frantic calls from clients saying they got their Notice of Assessment that says they owe -- turns out the CRA just didn't apply the payment until after sending the NOA almost every single time). Generally, if you're a non-resident for tax purposes then you don't have to pay tax if you have no Canadian-source income. If you give them a call at 1-800-959-8281 (keep your latest tax return or NOA on hand to confirm your identity) they should at the very least give you some guidance if not outright fix it (be prepared for a long wait, 'cause their call centres are always swamped). Also: thank gently caress tax season is over. I survived my first at the new office. Very few billable hours because I was the only staff member who was versed in e-signatures, efiling, etc. thanks to a shortage of staff, but at least I get at least a few extra days of paid vacation out of it. Edit: if you haven't set up an online account with CRA, please do so. It takes extra effort but now that there's less of a time-crunch it'll save you hassle later on in the event that you need something, like checking any slips you've missed, checking RRSP/TFSA contribution room, downloading your notices of assessment, that kind of thing. mojo1701a fucked around with this message at 02:11 on May 3, 2024 |
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May 3, 2024 02:05
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VelociBacon posted:That's just it though, they don't carry any of the liability and can't even intervene to stop an autodeposited transfer so I don't get why they care at all. These are the same people (banks) that are happy to charge what they do on credit card interest, they aren't primarily acting in the interests of their patrons anyways. Yeah, I meant it's a big liability on the individual. Easy to send money and no recourse if mistakes are made.
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May 3, 2024 14:38
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Thanks for the advice folks. I located the "became a resident" on my 2020 tax return, and no, it was not checked, which explains a lot. I did get through to the CRA, and at least got my immigration status updated, although now I've got to call another specialist center to learn if they actually expect me to file a 2019 return or not, and what that would even look like. Still, progress. And yeah I've had exactly the experience you guys referenced here, everyone I've spoken to has been polite and helpful though it's often taken a longgg wait time to actually get to them. Leagues better than dealing with the IRS!
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May 4, 2024 04:30
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Recently got on the AMEX Cobalt for the Aeroplan points. I go mainly to Loblaws for groceries so I'll have to do the prepaid MC route for that, but I'm not really looking to do that for everything. I'm sure they'd also trigger an algo if 100% of my expenses are "groceries" and itd mess upu budgeting app's categorization of transactions badly I'm sure. Any good "companion" visa or MC to consider to go with the Amex? I know with free CCs the points will be pretty abysmal but also dunno if another paid CC is worth it if it's only a backup for when Amex isn't accepted somewhere. My current CC is just a PC Financial MC that was literally my first ever CC that I never got rid of. Given I'm looking to maximize Aeroplan with the Cobalt then something that at least still contributes to that rather than being split into its own travel service would be ideal. Oysters Autobio fucked around with this message at 13:23 on Jun 5, 2024 |
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Jun 5, 2024 13:20
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Oysters Autobio posted:Recently got on the AMEX Cobalt for the Aeroplan points. I have a cobalt, what’s the conversion rate for aeroplan? Because my other credit card is a TD Aeropla Visa infinite. They give that one to me for free for no annual fee.
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Jun 5, 2024 13:27
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Kraftwerk posted:I have a cobalt, what’s the conversion rate for aeroplan? 1:1, incredibly
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Jun 5, 2024 14:00
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also Wealthsimple has an uncapped 1% match for transfers in right now, if someone is thinking about that sort of thing
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Jun 5, 2024 14:01
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I’m not sure what’s more valuable because I think you can convert membership rewards points to Marriott Bonvoy at a rate of like 1:5 or something like that. I’m about to spend 10,000 bucks flying multi engine planes here so might as well get something back for it.
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Jun 5, 2024 14:31
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Subjunctive posted:also Wealthsimple has an uncapped 1% match for transfers in right now, if someone is thinking about that sort of thing Are you a client? I'm thinking of moving over for investing and chequing but I really want scheduled EFTs and joint cash accounts. What is your experience with them like? I would be just doing passive investing moving over from Questrade. E: are all the active promotions listed here? https://promotions.wealthsimple.com/hc/en-ca/sections/14978294709915-Promotions Mantle fucked around with this message at 18:22 on Jun 5, 2024 |
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Jun 5, 2024 18:20
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I’m trying to get aeroplan status without doing much flying (maybe 1-2 work trips a year) on my TD infinite but I don’t think I will spend enough to make it. I just want the benefits for when I do have to travel for work it is slightly less miserable!
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Jun 5, 2024 18:27
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priznat posted:I’m trying to get aeroplan status without doing much flying (maybe 1-2 work trips a year) on my TD infinite but I don’t think I will spend enough to make it. As someone with the TD Aeroplan Visa Infinite, you would need to spend a significant amount to get 100K (at roughly 1 to 2 pt’s per $ spent) points and hit the 25K status. Much easier to achieve with flights.
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Jun 5, 2024 19:07
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tragic_ethos posted:As someone with the TD Aeroplan Visa Infinite, you would need to spend a significant amount to get 100K (at roughly 1 to 2 pt’s per $ spent) points and hit the 25K status. Much easier to achieve with flights. Yeah, probably not gonna happen. I was trying to use the online aeroplan link for the online stores that give you point multipliers but it seems pretty hit or miss if that actually works. Possibly some of my browser content blockers messing with it, idk.
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Jun 5, 2024 19:13
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As someone who has 25k status, its not something that is really worth fighting for - 50k+ is where the real benefits are now. Flights are already booked mostly solid so that if there is upgrade spaces they'll be taken by higher priority (read:50k) people first. You don't get lounge unless it's included with your (Aeroplan premium) cc. I literally can't use my eupgrade credits because 2 other passengers will be 50k+ and get the spare seats first.
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Jun 5, 2024 19:17
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If you can get US-based cards, the Chase Aeroplan card gets you instant 25k status and needs 15k USD annual spend to maintain. Compare with 80-100k CAD on TD and CIBC cards. For all of that effort, the 25k status also doesn’t really get you a lot and you’d probably be better off getting more value on other cards and buying upgrades for cash.
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Jun 5, 2024 19:18
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Yeah it's bullshit I don't get any lounge passes with my CC! I blew some points on a biz class upgrade from YYZ -> YVR earlier in the year and took advantage of the lounge in toronto bigtime, good beer selection..
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Jun 5, 2024 19:19
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Hey folks, looking for some reccos on options on how to pay my rent via credit card. I know I'm missing out on an extra $3k of sweet travel points every month by not having my rent go through a series of holding companies and eventually making it over to my landlord for a small fee. Furthermore - has anyone consolidated their families' credit cards into one shared credit account? I imagine we're also leaving a lot of benefits on the table by not consolidating. Any insight would be gratefully appreciated..
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Jun 5, 2024 19:36
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Mantle posted:Are you a client? I'm thinking of moving over for investing and chequing but I really want scheduled EFTs and joint cash accounts. What is your experience with them like? I would be just doing passive investing moving over from Questrade. I’m not a client, I heard about it from a friend who is. I’ll probably put some money in there at some point though, they seem to have some interesting options.
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Jun 5, 2024 20:18
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Tangy Zizzle posted:Hey folks, looking for some reccos on options on how to pay my rent via credit card. If your landlord accepts credit cards, then get the one with the biggest return that they'll accept (eg amex/visa). $30k+ of annual spend on the card gives you a lot of points. If they don't accept cc directly, it's generally not worth trying to figure out. Most places that do the part will charge the card as a cash advance (ie no charge backs) , so thats premium % rate and there's no grace period and then charge you a couple of % in service fees.
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Jun 5, 2024 20:26
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If we're paying rent on the 1st of the month anyways, and can pay the credit card bill immediately, (as usual) does that change the math there at all? Do you think the point accruals for $36k per year in rent would outweigh the fees on processing?
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Jun 5, 2024 20:36
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Tangy Zizzle posted:If we're paying rent on the 1st of the month anyways, and can pay the credit card bill immediately, (as usual) does that change the math there at all? Do you think the point accruals for $36k per year in rent would outweigh the fees on processing? The implication is that the landlord doesn't charge you a credit card surcharge in order for this to make sense.
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Jun 5, 2024 20:51
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Kraftwerk posted:I have a cobalt, what’s the conversion rate for aeroplan? Because my other credit card is a TD Aeropla Visa infinite. They give that one to me for free for no annual fee. Is the TD Aeroplan visa linked (ie you're generating Aeroplan points on an Aeroplan account) or is it some funny "TD Aeroplan Visa points" where you're locked in to use some "TD Aeroplan Rewards" thing?
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Jun 6, 2024 00:42
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Mantle posted:The implication is that the landlord doesn't charge you a credit card surcharge in order for this to make sense. gotcha, thanks I'm sure this will get easier soon when the federal rule on allowing rent to be reflected on credit reports is rolled out, but until then I'll go au-natural
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Jun 6, 2024 00:48
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Oysters Autobio posted:Is the TD Aeroplan visa linked (ie you're generating Aeroplan points on an Aeroplan account) or is it some funny "TD Aeroplan Visa points" where you're locked in to use some "TD Aeroplan Rewards" thing? Td transfers the points to your Aeroplan account monthly/when your statement is issued.
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Jun 6, 2024 01:02
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Tangy Zizzle posted:If we're paying rent on the 1st of the month anyways, and can pay the credit card bill immediately, (as usual) does that change the math there at all? Do you think the point accruals for $36k per year in rent would outweigh the fees on processing? Sooo, the way payments/interest are applied to the card basically means that the you need to never use the card for anything else. It's relatively complex and incredibly easy to suddenly have a finance charge on your account. Eg: - charge $3k for rent (as cash advance) on the 1st - you make $3k payment on the first. - statement arrives on 10th with interest charge for a day due by 20th. - you pay that on the 11th. Q: is your account up to date? A: no. There's interest charged on that 1 day of interest that you haven't paid (interest is treated as a cash advance) you won't know how much until the next statement. Solution is to overpay every month and never have a balance owing since interest is only calculated when the statement is created (monthly). Any payment made is attributed to stuff purchased first, then to interest. Hence why only direct payments are worth it.
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Jun 6, 2024 01:16
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Tangy Zizzle posted:If we're paying rent on the 1st of the month anyways, and can pay the credit card bill immediately, (as usual) does that change the math there at all? Do you think the point accruals for $36k per year in rent would outweigh the fees on processing? Depends on the points and fees, but almost always the answer is "no". For example, Plastiq charges 2.85% in fees and very few points are going to "worth" more other than in exceptional circumstances (ex: you earn 1.5 Aeroplan miles/$, and redeem exclusively for Business or First class fares that you would have otherwise paid cash for). It doesn't really have anything to do with grace periods, just regular old Point Value vs Fee calculation. A few years ago RBC Ventures funded a startup called Get Digs that would let you pay by credit card and would send your landlord an e-transfer. It also counted as a recurring bill payment so with the right card (ex: Scotia Momentum Visa Infinite, with 4% back on recurring payments) it made a lot of sense. Unsurprisingly, the business plan of Pay high interchange fees and Don't charge for the service did not last too long and was very ZIRP. Presumably they also wanted to do something with the data but it wasn't worth enough to pay the bills.
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Jun 6, 2024 01:41
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https://chexy.co/ I used to use RBC backed version of this to pay my rent when it was 0% fee. It looks like Chexy charges up to 1.75% which is in the realm of possibly breaking even depending on the card you can get.
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Jun 6, 2024 04:47
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