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VelociBacon posted:Unless this boils down to people thinking the stock market and global financial system is going to collapse. This is what goldbugs actually believe.
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Mar 3, 2024 18:27
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Well you can use the silver to fight werewolves. Stakes are naturally occuring so vampires are covered. Not sure what diversifying into gold protects you from???
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Mar 3, 2024 18:37
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Guest2553 posted:Well you can use the silver to fight werewolves. Stakes are naturally occuring so vampires are covered. Not sure what diversifying into gold protects you from??? piglins
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Mar 3, 2024 18:39
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People have a weird idea that gold and silver have universal, intrinsic value. Which is easily disproven with the most cursory look at historical prices. It makes great currency medium because it doesn’t rust or decay quickly, but it’s still just a placeholder for value that everybody has to agree on. But if you’re stocking up for “the end of the world as we know it,” you’d be better off hoarding toothpaste, tampons, hunting ammunition, things like that. And at that point, learn how to build a still, and memorize the Norfolk four course rotation. Or stock up on football pads, spikes, black leather, and hair gel.
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Mar 3, 2024 19:02
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Buy first aid supplies and learn to teach first aid.
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Mar 3, 2024 19:10
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Killingyouguy! posted:Also does this mean I should opt for all-stock funds? Not necessarily. The desired role of bond funds is: • Less variation. You give up the soaring highs of stocks hoping to avoid the depressing lows. • Moving in a different direction than stocks. Sometimes when stocks are down, bonds are up, so overall you're closer to where you wanna be. I'm a bit skeptical because in the long run (like 15+ years) bond funds don't look much different than stocks. Lots of variation, lower average return. They help smooth things out short term, but they put you at higher risk of running out of money long term. That said, if holding a bond fund is the difference between "stock market took a poo poo today I'm gonna sell everything in a panic" versus "stock market took a poo poo today but my bonds are up, no worries, I'll sleep fine tonight" then they're absolutely worth it.
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Mar 3, 2024 19:11
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Killingyouguy! posted:Why would interest rates going up mean the value goes down? Also does this mean I should opt for all-stock funds? You should really meet once with a financial planner to figure out what your goals and risk profile are, nobody can really tell you what you should be investing in without knowing more about these, in addition to what big purchases are on your horizon and how far out they are. I would really suggest you look at the all in one ETFs that include equities and bonds and rebalance them periodically. Products are available from BlackRock, Vanguard, and likely others. Try googling about XGRO/VGRO, XBAL/VBAL. These basically just have different balances of equities:fixed income. I use them myself. e: to clarify, they rebalance themselves to maintain whatever distribution of equity:fixed income they're intending to target. XGRO is 80% equity and 20% fixed income. VelociBacon fucked around with this message at 20:09 on Mar 3, 2024 |
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Mar 3, 2024 19:57
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TheCenturion posted:Or stock up on football pads, spikes, black leather, and hair gel. Way ahead of you
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Mar 3, 2024 19:58
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Killingyouguy! posted:Way ahead of you I know it hasn't been updated in a while, but the Canadian Couch Potato site will still likely give you the best intro summary to pretty basic ETF investing, along the lines of questions about stock/bond balance, and some of the associated risks and assumptions. https://canadiancouchpotato.com
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Mar 3, 2024 21:11
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slidebite posted:I think that's it, or at least some as a "just in case". But, imho, if the world gets so bad that's its a real benefit to have physical product, we've got waaaaay bigger problems and you're probably better off "investing" in guns and ammo. BRB, diversifying my guns and ammo portfolio with gold and silver so whoever brutally murders me in the apocalypse can live like a king.
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Mar 3, 2024 21:28
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Why invest in actual silver, when you can buy colloidal silver. Get your investment advice from your natural health practitioner today
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Mar 4, 2024 01:29
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Risky Bisquick posted:Why invest in actual silver, when you can buy colloidal silver. Get your investment advice from your natural health practitioner today Canadian Finance and Investing Thread: feeling blue in this economy? That's great!
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Mar 4, 2024 01:45
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I worked with a dude who was all in on the colloidal silver thing for any health ailment. I really hoped he would show up to work one day looking like a Smurf. He also filled in his wife’s absentee ballot (she’s American living in Canada, he’s Canadian) for 2016 to vote trump and he was very proud of that fact (despite confessing to a felony).
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Mar 4, 2024 02:14
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Guest2553 posted:Canadian Finance and Investing Thread: feeling blue in this economy? That's great! 
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Mar 4, 2024 02:54
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Ooops. I was wondering why I didn't get any of my EI yet. Turns out they only give you money after you fill out your biweekly reports! I've just filled in three reports so on the plus side I think I'll be getting a large chunk of money in a couple of days?
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Mar 4, 2024 03:01
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Is it difficult to declare bankruptcy? My ex fiance left me with so much debt in my name that I can’t keep up now that I’m single.
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Mar 4, 2024 05:27
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Looks like it's a pain in the rear end. Your first step is contacting a Licensed Insolvency Trustee.
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Mar 4, 2024 05:46
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Never been through it personally, but know a few that have. It's a big pain in the rear end that takes years to recover from. Is all of the debt in your name only? If you do go down that road, good luck. It sucks. But sometimes might be the only way forward.
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Mar 4, 2024 15:33
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Are there any good books on Canadian financial literacy that are beginner level?
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Mar 4, 2024 18:11
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Pixelante posted:Are there any good books on Canadian financial literacy that are beginner level? First one that comes to mind is The Wealthy Barber. Which may have been superseded by The Wealthy Barber Returns? The latter is available free at https://www.rbcwealthmanagement.com/en-ca/campaign/the-wealthy-barber-returns I'm pretty sure Michael James on Money has reviewed some beginner-level personal finance books, but also many that don't match that description, so it might take a bit of trawling through https://www.michaeljamesonmoney.com/search/label/book%20review (or a site search). Also I'm just now realizing that "financial literacy" might be a superset of "personal finance" so maybe those suggestions are too narrow, sorry.
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Mar 4, 2024 18:27
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pokeyman posted:Also I'm just now realizing that "financial literacy" might be a superset of "personal finance" so maybe those suggestions are too narrow, sorry. Just looking for starting places to learn more about stuff outside of my very narrow expertise (RDSP) and also needing recommendations for folks I work with. It's hard to say what I need when I'm not even sure what the necessary topics to cover are going to be. I did a course on Financial Literacy recently with Prosper Canada but it was very basic and didn't really ground anything for me. I use a financial advisor to manage the funds I hold in trust for my brother, as well as my own savings, so I've never had to learn the landscape myself.
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Mar 4, 2024 18:32
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Pixelante posted:Are there any good books on Canadian financial literacy that are beginner level? Not Canadian specific, but millionaire teacher is a great first read. I vaguely remember it having a couple high level bits on Canada tho. Either way it gives you enough background knowledge to figure out what you need to figure out.
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Mar 4, 2024 21:57
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I currently have a TFSA and RRSP through TD and have a web broker account. I was doing the Canadian Couch Potato TD e-series portfolios years ago but I have neglected the account for a few years and think I want to change to ETFs to avoid having to rebalance. It looks like every purchase will be $10. I could potentially contact TD and covert it to a easytrade account to avoid the fees, or transfer everything to wealth simple but I'm not sure it's worth the extra hassle when I just want to top up the RRSP and TFSA annually when I get additional contribution room. Does anyone have experience with the TD web broker interface? Lets say I have $5000 of contribution room in my TFSA and I want to buy XGRO, do I simply divide $5000 by the current price of $27.18 and therefore purchase 183 shares? If so does the trade fee come out of my main TD account, or the TFSA? Also the purchase interface mentions the MER, so do you need to keep some buffer as cash to cover that? Considering I have this many unknowns I thought about just going into the bank and getting them to take care of the investments but hopefully once I understand these quirks I can just buy ETFs once a year and save some fees.
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Mar 4, 2024 22:45
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I'm not familiar with TD but what I've seen elsewhere is the fees come from the account the trade is being made in. And yep, that's the idea re: units. I'd be looking to buy 183 units. You do also need to have that commission/fee available to pay as well, if applicable (but the remainder is enough.in this case). No you don't need to hold cash to cover the MERs. The ETFs MER is embedded in the unit-value - the company that "creates" the ETF takes this out during their process. It never happens in practice, but hypothetically, if literally nothing changed, the ETF value would go down slowly over time, as the fund manager takes their cut.
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Mar 5, 2024 00:21
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Employer sent out T4s at the last second (as usual). Then they emailed today with a new, corrected version. How cautious do I need to be to make sure this matches what the CRA has on their site? It’s pure luck I was too lazy to organize my donation receipts and file this past weekend…
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Mar 5, 2024 02:11
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Jenkl posted:I'm not familiar with TD but what I've seen elsewhere is the fees come from the account the trade is being made in. Yeah this is correct. If you are only going to be buying/rebalancing something like $5k once per year, the $9.99 transaction fee isn't that big a deal. TD also offers some broad market E-series funds which can be bought in the TD DI account, but do not have a purchase/sale fee. They do have a slightly increased MER compared to some of the equivalent ETF funds, and need more work to rebalance depending on what your target is. But again, if you are doing a one year lump sum, probably just worth sticking with a familiar ETF like VGRO, VBAL, or similar.
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Mar 5, 2024 02:16
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Jenkl posted:Good info tragic_ethos posted:Good info Thank you both!
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Mar 5, 2024 03:55
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tragic_ethos posted:Yeah this is correct. If you are only going to be buying/rebalancing something like $5k once per year, the $9.99 transaction fee isn't that big a deal. Opposing perspective: XGRO also makes quarterly distributions, that's now an additional 30 dollars a year at best. Honestly  to purchase ETFs is highway robbery and unless there is a VERY compelling reason to stay with that brokerage I'd be getting the hell out of there as quickly as I can.Questrade will happily reimburse you for up to $150/account of transfer fees, and allow you to use Passiv Elite to make one-click purchases. It might seem like a small deal for a one-fund portfolio, but anything that makes it easier to make good decisions (get your money invested back into the market ASAP) is worthwhile, especially at the low low cost of... free. They'll also email you when any new money hits the account, so you can log in, press a button, and have your portfolio topped up without any math or trying to remember how to place orders. Nofeed fucked around with this message at 05:58 on Mar 5, 2024 |
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Mar 5, 2024 05:55
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Nofeed posted:Opposing perspective: Yeah I might do this. I can possibly set up a DRIP to automatically reinvest the dividends without extra fees, but if not, I'll move to questrade or wealth simple because at that point it would be a lot of extra fees.
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Mar 5, 2024 08:27
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You don't NEED to immediately reinvest your dividends, especially if it doesn't make financial sense
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Mar 5, 2024 08:55
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Nofeed posted:Opposing perspective: Yeah, on $5k, that fee is an instant loss of 0.2% on the contribution, but less on the portfolio as it is growing. I can’t be bothered personally at this point, but I understand that (but also have used Questrade for years as well, and it’s also fine). I will say I like the research stuff within TD DI, but if not interested in that, I don’t think there’s any other value add compared to Questrade.
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Mar 5, 2024 14:16
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I think every broker reimburses $150 on transfer fees. Also by total coincidence every broker charges $150 to transfer an account. Questrade still charges commission, just less than some other brokerages. A couple charge no commission, like NBDB and Wealthsimple Trade. If I was starting today I'd probably end up at one of those two.
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Mar 5, 2024 17:37
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Mantle posted:You don't NEED to immediately reinvest your dividends, especially if it doesn't make financial sense Assuming this is in a tax sheltered account, I can't think of a reason why it would make financial sense to not reinvest immediately? pokeyman posted:I think every broker reimburses $150 on transfer fees. Also by total coincidence every broker charges $150 to transfer an account. Ah, the old infinite money glitch. pokeyman posted:Questrade still charges commission, just less than some other brokerages. A couple charge no commission, like NBDB and Wealthsimple Trade. If I was starting today I'd probably end up at one of those two. Ohh, I didn't know Wealthsimple/NBDB don't even charge ECN fees ($0.0035/share, for reference) They might be the best set-it-and-forget-it solution with a DRIP in an asset allocation ETF in that case, for the average person. I'm in separate funds to save a few BPS Canadian Couch Portfolio style, so the free Passive subscription with Questrade is much appreciated for the one-click purchases whenever cash hits the accounts.
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Mar 5, 2024 19:53
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kaom posted:Employer sent out T4s at the last second (as usual). Then they emailed today with a new, corrected version. If they filed both, the second batch should be listed as "Amended" on the CRA website. Don't know about all software, but they should download the latest slip and say that it's amended.
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Mar 5, 2024 21:42
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Nofeed posted:Assuming this is in a tax sheltered account, I can't think of a reason why it would make financial sense to not reinvest immediately? If the transaction cost of investing outweighs the amount invested. I have some bond ETFs that pay me $100/mo. If I had to pay $10 per buy, it wouldn't make sense to reinvest immediately every month.
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Mar 5, 2024 22:00
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TD being dicks about setting me up with the low mer option was what pushed me to a different broker. A few of them now have commission free sales of certain ETFs (and I think one or two even have free sales on them as well) so I'd heavily recommend doing that. There are handrails on registered accounts so you can't accidentally lose your poo poo on margin, and in the time it takes to max them out you'll have learned a buttload and can start to answer your own questions on what you want to do.
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Mar 5, 2024 23:50
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I'm a big dum and over contributed to my 2023 RRSP. I've spoken to a CRA agent, withdrew the excess contribution from the RRSP account after 2 months of not noticing it. The withdrawl was done in 2023 proper, and for ~5k so over the 2k wiggle room. I undersatnd that I need to file a T3012A form (according to weathsimple: https://www.wealthsimple.com/en-ca/learn/rrsp-over-contribution#the_bottom_line). I also understand that since I haven't file my 2023 taxes yet, this convercontribution is not "already deducted." Does anyone have any tips or experience or resources they can share? I do intend to call CRA again to make sure I do it right, but any help would be appreciated. Thank you.
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Mar 6, 2024 03:47
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themongol posted:I'm a big dum and over contributed to my 2023 RRSP. I've spoken to a CRA agent, withdrew the excess contribution from the RRSP account after 2 months of not noticing it. The withdrawl was done in 2023 proper, and for ~5k so over the 2k wiggle room. I undersatnd that I need to file a T3012A form (according to weathsimple: https://www.wealthsimple.com/en-ca/learn/rrsp-over-contribution#the_bottom_line). I also understand that since I haven't file my 2023 taxes yet, this convercontribution is not "already deducted." Does anyone have any tips or experience or resources they can share? I do intend to call CRA again to make sure I do it right, but any help would be appreciated. Thank you. Find a local accountant who does tax submissions. Bonus points if they used to work for CRA.
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Mar 6, 2024 15:44
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Mar 7, 2024 15:37
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Is it unusual to owe tax due to bank interest? I just punched in my taxes with GenuTax and it says I'm owing by a few hundred bucks which feels sorta of surprising. (Granted, I am an idiot who barely understands taxes) I don't feel like I earn a ton of money and assumed that my workplace deducts anything I'd end up owing anyways - my T5 bank interest slip came in way higher then previous years and scrubbing through my bank account I think it might have been because I moved a bunch of money to my savings account during a promotional interest thing. I'm assuming this is what's causing me to owe as opposed to my regular income. I dunno if this is a "talk to a professional" sort of situation, but given I don't really have anything complex going on with my income/life i'm a bit disinclined to go get professional tax help since it feels like it will probably just end up being "yeah that's what you owe, thanks for the money idiot."
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Mar 7, 2024 16:50
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