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Guest2553 posted:I'm a Canadian living in the states and things are p cool but a big fear of mine is that in 18 years my American-by-birth child will be subjected to a lifetime of asspain over this FACTA bullshit. Your child having the option to freely work in the US is worth a substantial amount, especially if they choose a highly skilled career path.
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Nov 29, 2014 23:45
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blah_blah posted:Your child having the option to freely work in the US is worth a substantial amount, especially if they choose a highly skilled career path. Definitely. The typical ignorant Canadian attitude of "everything America is dumb and terrible" sure gets old.
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Nov 30, 2014 00:33
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Lexicon posted:Definitely. empty quotin' dis
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Nov 30, 2014 00:44
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Lexicon posted:Definitely. Well, I mean your main argument sounds kind of like "if your child becomes a rich person, it's way better to be a rich person in the US than Canada!" I'd rather do most jobs I'd be interested in in Canada than America, but there are definitely some awesome cities in the US where I'd like to be able to easily live and work and that flexibility is definitely an advantage for your dual-citizen kid. I'm not trying to say that everything America is dumb and terrible.
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Nov 30, 2014 02:05
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tuyop posted:Well, I mean your main argument sounds kind of like "if your child becomes a rich person, it's way better to be a rich person in the US than Canada!" The greatest gift you can give to your kids in today's globalized economy is multiple citizenship so they're not confined to and victimised by the ebb and flow of a single national economy. Canada is about to head into a period of economic difficulty. If I had a 25 year old, you can get your rear end I'd council him to gtfo Canada for his own career growth.
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Nov 30, 2014 03:13
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slidebite posted:So, just to be clear, you inherited this house from your deceased parents and it is in yours and your siblings name? Sorry it took me awhile to get back to this. Essentially the house was paid off but it was transferred to me and my sisters name as owners about 5 years ago. I will have a look at the article. My parents are well and alive. edit: Yeah, had a look at the article and it doesn't really specify my situation specifically but since it could be considered both our primary residents, and I'm transferring it it solely to her, we should not owe any taxes? (We both have no other property.) lol internet. fucked around with this message at 04:07 on Nov 30, 2014 |
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Nov 30, 2014 04:05
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melon cat fucked around with this message at 05:26 on Mar 16, 2019 |
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Nov 30, 2014 04:55
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Lexicon posted:The typical ignorant Canadian attitude of "everything America is dumb and terrible" sure gets old. OK let me rephrase: US citizenship is a pretty powerful playing chip to have and I'm all for having doors open (actually working on a third country citizenship, incidentally) but there's no way to determine, in 20 years time, if it will be an asset or a liability dependent upon the myriad life choices that will be made before then. The US is the only western nation which taxes expats, which is objectively bullshit. As for the assumption that I'm anti-American, I literally work in the US military as a stooge to enable capitalist oppression worldwide. Kal Torak posted:What are you talking about? I don't know that current revenue is enough to sustain expenditures given the impending demographic time bomb/upcoming infrastructure requirements, particularly in the arctic and for the military/inability to exploit oil sands in the price war with OPEC. Politicians being what they are, I think there's a decent chance marginal rates will be raised enough that RRSPs will lose some of their utility to a lot of middle class earners. Guest2553 fucked around with this message at 00:23 on Dec 1, 2014 |
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Nov 30, 2014 07:02
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Kalenn Istarion posted:Renouncing citizenship to not globally need to pay taxes to the USA for no other reason than you happened to be born there and to not be american might be worth at least investigating. Spending a large amount of money to renounce citizenship and kill your ability to work in one of the world's largest economies is completely short sighted, and almost guaranteed to be a bad-with-money decision. Pay an accountant to deal with your foreign taxes, retain your ability to work in a 330 million person economy, and also have Canadian citizenship. I don't know which scenarios would lead to an American owing taxes while working in Canada, since our marginal rates tend to be higher. Since Canadian citizenship and US citizenship can co-exist, it's usually going to be a situation where you have more options but have to file twice, but not pay twice. If I could have both citizenships easily I would jump at the chance. The number of work opportunities that would open up are huge, especially in my industry.
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Nov 30, 2014 11:09
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Good grief, you guys sure bit hard on a comment I made on somethingawful.com, a comedy website. I used italics so I must reaaaalllly mean it Honest comment, of course global citizenship is helpful. I've personally worked for stretches in the US, UK and Spain, in addition to Canada. That said, there are some places in the world where it is an active hindrance to be an American, so while working in the US is an attractive possibility in some fields, and for some people, it's not without its drawbacks. Extralateral taxes is a big one and, to me, particularly offensive given my propensity for international work.
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Nov 30, 2014 15:57
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Cultural Imperial posted:The greatest gift you can give to your kids in today's globalized economy is multiple citizenship so they're not confined to and victimised by the ebb and flow of a single national economy. As a 25 year old Canadian, where would you suggest I go? (I'm a software developer, if that matters)
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Nov 30, 2014 16:28
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C... posted:As a 25 year old Canadian, where would you suggest I go? (I'm a software developer, if that matters) That totally depends on what you want out of work, and out of life. Software developers in Canada can earn a decent living, and usually can find work quickly if things go bad in one company. You can earn more money in the US, but as far as coming out ahead you need to weigh that against the costs of living of each town, since the major hubs such as San Francisco come with higher costs of living than any of the Canadian cities. There is also of course the issue that the quality of your healthcare will depend on your employer. Companies like Microsoft tend to foot any potential health costs, but not everyone does that. Coming out of Europe recently I would suggest that the earnings are generally lower, but the opportunity to work here is awesome if it's something you want to do, especially for the opportunity to travel in the region. There are other benefits that open up if you are married with kids, because countries like Germany will freely load you up with benefits like tax splitting for married couples, and heavily subsidized and high quality early childcare. Families pay a little more in taxes than in Canada, but get way more money back in benefits with a family. Singles definitely pay more. Working in Germany was awesome for us from a quality of life standpoint, plus I was earning decent money so it was never that hard to adjust. Plus if you want to travel, living in Europe is much better than anywhere in North America. You can take high speed rail to another city for a weekend. Or ride your bike to France. I did both. Now, to talk a little about the downsides: - Working with people who speak a different language natively is always going to be a little taxing. Germans generally speak excellent English, and communication was always possible, but it always takes a few extra cycles to achieve a solid understanding on average. - Living in an foreign country can add a base-line level of stress that never completely goes away. Examples are when my phone would ring. Will I be able to communicate with the person on the other side? Also you will screw up the foreign bureaucracy at some point and it will cost you money, time, or both. - You can end up locked in and trapped in a few scenarios. Used to a two week notice period for quitting work? Try a three month notice period when you want to leave. If your intent is to return to North America, the opportunities might move on to more mobile candidates. Long notice periods permeate multiple areas of life too, including apartment leases, cellphone contracts, which can add economic friction to a move opportunity. - If you are living in an area without a permanent intent to settle it can make long term financial planning harder. Considering you are 25, I wouldn't worry too much about getting it wrong. I only entered my industry around that age, and there is plenty of time to try different things if you actively keep options open.
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Nov 30, 2014 21:49
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melon cat fucked around with this message at 05:26 on Mar 16, 2019 |
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Nov 30, 2014 22:18
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If you are a software developer then SF/Silicon Valley is the place to be (if you're just trying to maximize income - taxes - COL over the course of a few years then Seattle is probably better but you have many more opportunities in SF/Silicon Valley).
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Dec 1, 2014 02:42
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If you want a career as a software developer in banking/finance, move to London or NYC. My suggestion is get some good experience working on real coding problems. Don't even loving think about trying to win the start up lottery because you won't. And you'll have pissed away 5 years of your life becoming an expert in javascript.
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Dec 1, 2014 04:05
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C... posted:As a 25 year old Canadian, where would you suggest I go? (I'm a software developer, if that matters) I work in immigration law, and I want to point out that for people under 35, Canada has a large working holiday program for Canadian citizens to get work experience overseas. Yes, you can do the land-in-Sydney, hop-from-server-job-to-server-job thing, while spending the rest of your time on the beach OR you can use it to secure a work visa to work a "real" job for a trial period overseas. If your employer is happy with you, they will usually help facilitate you getting a non-working holiday visa, if you want to stay on. If not, you get some sweet international experience and a story about how fantastic/terrible living in a foreign country is. The link for details is: http://www.international.gc.ca/experience/working_holiday-travail_vacance.aspx?lang=eng As for US experience, part of the provisions of the NAFTA allow for Canadian professionals in designated occupations to work in the US, on behalf of a company based in the USA or in Canada, if certain criteria are met. Common professionals include accountants (you need to have a job offer in an accounting field, hold a relevant bachelor's degree or accounting designation such as CPA), engineers (ditto, but with engineering), computer systems analyst (bachelor's degree in a computing field OR a 2 year college degree and 3 years of relevant IT experience), and a crap load of sciency things, and teachers, and management consultants and so on. The same is true for Americans (and Mexicans) looking to work in Canada. This is an important benefit, because it can exempt Canadians from being subject to the H1B lottery (a difficult and luck-requiring process to get a US work visa).
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Dec 5, 2014 04:34
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REITs getting hammered in the past week. Anyone have any insight why?
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Dec 6, 2014 00:27
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Lexicon posted:REITs getting hammered in the past week. Anyone have any insight why? Poloz hinting at a rate increase sooner than previously thought.
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Dec 6, 2014 00:54
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Luke Kawa had an article in the globe and mail today about how Canadian bond rates correlate with US interest rates. In addition to Poloz, statement, maybe REIT investors are watching today's US jobs numbers more closely?
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Dec 6, 2014 01:00
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Lexicon posted:REITs getting hammered in the past week. Anyone have any insight why? Kal is right. REITs are super rate sensitive.
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Dec 7, 2014 13:26
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Saltin posted:Kal is right. REITs are super rate sensitive. Yeah but what was the underlying rate event? Just the prospect of the Fed raising in 2015?
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Dec 7, 2014 17:20
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Lexicon posted:Yeah but what was the underlying rate event? Just the prospect of the Fed raising in 2015? Yes, the language they are using is a little hawkish again. To be honest REITs really took it in the teeth back in the spring of `13 based on "rates are going to go up" talk, and stuff like this should absolutely be priced in already, but irrational markets and all.
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Dec 7, 2014 17:37
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.wrong thread
namaste friends fucked around with this message at 18:09 on Dec 7, 2014 |
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Dec 7, 2014 18:02
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Saltin posted:Yes, the language they are using is a little hawkish again. To be honest REITs really took it in the teeth back in the spring of `13 based on "rates are going to go up" talk, and stuff like this should absolutely be priced in already, but irrational markets and all. I'm actually quite happy about it - I'm more than prepared to take a capital loss on them right before they go into new TFSA room at a reduced price 
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Dec 7, 2014 19:24
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Any thoughts on energy (O&G) stock prices? Its been a massacre over the past month.
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Dec 8, 2014 20:26
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I think they are going to keep getting hammered until oil in general stabilizes, and I don't think we're close to the floor yet. Hopefully manufacturing can benefit from the lower energy prices but I think it's a matter of time until the layoffs start coming in Alberta. Many of the drilling/energy companies have already announced capital cutbacks which is going to start rippling. e: Oil in particular that is, but there is a lot of cross between O&G companies. slidebite fucked around with this message at 21:14 on Dec 8, 2014 |
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Dec 8, 2014 20:42
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My wife wants to go back to school for a 1-year program. We could get a student loan from TD, $10K at prime+1.5. I have about 15k in RRSPs... we could do the Lifelong Learning Plan, and use that to pay for her school. Is that the better option? I don't make enough to support us both for a year so we need some kind of assistance anyway! OSAP is out since we have a car and savings. At least as far as I can tell we can't get it, every which way I try the calculator it gives us nothing.
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Dec 9, 2014 16:27
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triplexpac posted:My wife wants to go back to school for a 1-year program. We could get a student loan from TD, $10K at prime+1.5. So, if you w/d from the RRSP you lose out on gains until you pay back the loan. These could be like 30% a year or could be -30% in a recession. There's risk involved. With the student loan, you know the cost up front. I'm in a similar boat and have no idea how to make the decision.
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Dec 9, 2014 16:42
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tuyop posted:So, if you w/d from the RRSP you lose out on gains until you pay back the loan. These could be like 30% a year or could be -30% in a recession. There's risk involved. With the student loan, you know the cost up front. Why not go half and half?
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Dec 9, 2014 17:14
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Lexicon posted:Why not go half and half? Hmm that's something I hadn't considered.
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Dec 9, 2014 17:27
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Personally I would take p+1.5% hit. It's so small I wouldn't bet against a diversified portfolio doing better than that in a year.
slidebite fucked around with this message at 18:10 on Dec 9, 2014 |
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Dec 9, 2014 17:48
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Yeah, and iirc my TD student line of credit only had you pay the interest instead of interest + % of principal while you were studying. So it was fairly cheap.
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Dec 9, 2014 17:56
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Prime +1.5% is peanuts, I'd take that over loving about RRSP. Speaking of RRSPs, can one start a RESP for someone else's kid, or does it have to be started by the parents of the beneficiary? The CRA site is not too clear. The Canada Education Saving Grant seems like it'd go a long way to making it worth it, especially for a kid who'll likely study in Quebec. (Quebec also throws in an extra 10% match) Edit: Christ, there's no loving way you get a 30%+ match just for throwing money in a saving account, there's got to be a catch I'm not seeing. FrozenVent fucked around with this message at 22:45 on Dec 10, 2014 |
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Dec 10, 2014 21:09
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FrozenVent posted:Prime +1.5% is peanuts, I'd take that over loving about RRSP. Anyone can open or contribute to an RESP. You just need a SIN for the kid named beneficiary and away you go. Some institutions will only open an RESP for "family" You absolutely do get a 20% (in Ontario) match for the first $2500 you contribute each year, and the max they will give you lifetime per child is $7200. An RESP is effectively three different accounts which the bank (or whoever's spun it up) shown to you as one account for simplicity's sake. The first account is your contributions. The second account is the 20% grant contributions. The third is the growth/interest on the previous two accounts. There are all sorts of rules about what happens if the kid decides not to go to school, etc, etc, and how the money can be used if they do that are based on those three packets of money. Read up on them. Overall it is a loving fantastic vehicle for saving for a child's education. I opened one for my daughter a month after she was born, she's six now, and she's well on her way to a debt free post-secondary.
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Dec 11, 2014 18:39
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My first year of investing is nearly done. At what time would it be best to sell ETFs and buy replacements for tax loss harvesting and reporting the capital losses for taxation purposes?
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Dec 11, 2014 19:52
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Olive Branch posted:My first year of investing is nearly done. At what time would it be best to sell ETFs and buy replacements for tax loss harvesting and reporting the capital losses for taxation purposes? Anytime. You have until December 24th.
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Dec 11, 2014 20:14
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Kal Torak posted:Anytime. You have until December 24th. Why the 24th rather than the final trading day of the year?
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Dec 11, 2014 20:25
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Lexicon posted:Why the 24th rather than the final trading day of the year? The trades have to settle before the last day of the year.
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Dec 11, 2014 20:42
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Saltin posted:The trades have to settle before the last day of the year. Ah, I see. Is that true for TFSA withdrawals also? That is, withdrawals of assets, rather than cash?
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Dec 11, 2014 20:43
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Lexicon posted:Ah, I see. Is that true for TFSA withdrawals also? That is, withdrawals of assets, rather than cash? I don't believe so as there would be no "settlement period" for a withdrawal of assets.
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Dec 11, 2014 20:45
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