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ING is pissing me off. Trying to sign up for the promo to get the free $100 , but I don't use or have cheques. SO my options are limited to get hosed or go buy a chequebook just to use 1 to get my account set up. Can a bank make you a one off personal cheque? Pretty sure TD is loving with me at this point, since my first trip in they gave me a bank draft, and the second trip they gave me the standard direct deposit info sheet. Demon_Corsair fucked around with this message at 03:00 on Oct 19, 2013 |
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Oct 19, 2013 01:41
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Royal used to be able to issue me one off generic cheques. I don't think they were very personalized though. It might not even have your name on it? TD charges and absolute arm and leg for cheque books, though I think when I opened my account there the guy asked if I needed any temporary cheques to tide me over until ones could be delivered.
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Oct 19, 2013 02:19
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Yeah TD can print off four cheques for you if you ask them nicely, for sure.
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Oct 19, 2013 02:41
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Demon_Corsair posted:Can a bank make you a one off personal cheque? Pretty sure TD is loving with me at this point, since my first trip in they gave me a bank draft, and the second trip they gave me the standard direct deposit info sheet.
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Oct 19, 2013 04:50
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melon cat posted:Banks used to issue a one-time sheet of free cheques, but they don't do this as much as they used to. You'll be hard-pressed to find any banks that still do this. I'm not saying that you're poo poo out of luck, but your chances of getting them is pretty slim, these days. Hell, they don't have to be free, I just don't want to have to buy a book of 50. Edit: straight up no. This is turning into a lot of work for a free account. People that have an ing account, can you add accounts without using a cheque once your account is verified? Demon_Corsair fucked around with this message at 21:39 on Oct 19, 2013 |
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Oct 19, 2013 08:19
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That is a pretty cool thing with PC Financial. The cheques in the no fee acct are completely free. I only use a few a year but when noticed I was out, used their online request and had a book of them at my house a week later no charge. Granted, no $100 bonus though... Met with my RBCDS financial guy yesterday, told him I was interested in ETFs. He really did his best to say that the management fee was well worth it so someone is "actively managing it", but my counter was the track records really don't show it to be any better. That being said, a lot of my mutual funds are up well into double figure increases YTD so I'm not dissatisfied with them. Is there a recommended group of dividend paying ETFs? I already have some exposure through individual equities and some mutual funds on the Canadian side, not against more, but also wouldn't mind a little more US/overseas exposure.
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Oct 19, 2013 17:19
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Gave up on the ING account, too many hoops. Went with a PC free chequing account instead. Now, how do I move my money around between my different chequing accounts? And is there a way to move money from a PC chequing account directly to my TD TFSA? I really don't want to be paying for a TD chequing account. Sorry if these are dumb questions, this is the first time I have not banked exclusively with one bank.
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Oct 28, 2013 00:09
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Demon_Corsair posted:Gave up on the ING account, too many hoops. Went with a PC free chequing account instead. What do you want to do, exactly? If you're moving a balance from one bank to another, the easiest way is to just write a cheque from the old account to the new one, wait for the transfer to take place, and then cancel the account. If you have no cheques, you can just go into the branch of your old bank and the teller can write you a sort of cashier's cheque with your old balance that you can then cash. When we moved from Scotiabank, my wife's account was canceled at the same time and it all went off without a hitch. If you're using multiple chequing accounts at multiple banks and want to continue but make regular transfers or something, I really don't know what to tell you because that's kind of a strange thing to do. But yeah, I also don't really understand the value that people take from making many different accounts and using them as virtual envelopes or hiding places for money. I mean I understand the intent, I just don't think it's particularly effective compared to actually planning and sticking to that plan.
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Oct 28, 2013 00:21
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Like I said, I'm getting rid of my TD chequing account, but will still have my TFSA and my loan there. So I still need to be able to move money from PC to TD. Dealing with interac e-transfers until I can get my direct deposit set up for the new account will have to do.
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Oct 28, 2013 00:32
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Demon_Corsair posted:Like I said, I'm getting rid of my TD chequing account, but will still have my TFSA and my loan there. So I still need to be able to move money from PC to TD. Oh, unless your transfers are free, you can probably set up the TFSA as a regular bill payment. You'll have to call TD for the numbers and stuff. The loan should be the same.
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Oct 28, 2013 00:39
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First off, thanks so much for putting this thread together OP. I've just finished paying off my OSAP debt and had already begun putting my monthly savings into Investors Group mutual funds to help out a friend whose recently started at the company. After reading this, I have obviously pulled all my money out and am beginning to look at lower overhead options. Are these e-Series funds perfectly liquid? My main concern is I currently drive A LOT for work, and am driving a beater. Naturally, I'm going to keep it going as long as practical but at some point I will need to outlay for a new ride. With this sensitivity to liquidity, does it make sense to put it in a TD e-series, or should I just go to a PC Financial savings account for the interim? My main problem is the window for saving could be 6 months or 18, not sure at this point.
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Oct 28, 2013 17:37
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6 to 18 months with a need for rapid liquidity is a saving account, yes. I wouldn't recommend going for any kind of fund with that outlook.
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Oct 28, 2013 17:45
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Corrupt Cypher posted:First off, thanks so much for putting this thread together OP. I've just finished paying off my OSAP debt and had already begun putting my monthly savings into Investors Group mutual funds to help out a friend whose recently started at the company. Cool, good to hear. I wouldn't recommend that you expose yourself to market fluctuations if you're going to need this cash in the short term. These investments we've been discussing are for long-haul investments... for retirement, or a decade or two out. So you may wish to keep your capital for a car in a high-interest savings account or GIC for the present. Another event like 2008, and an e-series portfolio might drop 30-40% quickly. Not a good thing if you're planning to buy a car in the next month, but mostly irrelevant over a long horizon (especially if you have the cojones to continue purchasing units while they are 'on sale' - that's why automating your investing is so great). You might still want to start getting into the habit of contributing regularly to something like e-series though, as a savings vehicle for the long term, ideally within a TFSA. However, if you're new to this world, you should train yourself to expect fluctuations in the market and not worry at all about the day to day valuations. All of this financial stuff is as much about emotional discipline as it is about technical details. Don't rush though...  A minor point on terminology: liquidity and volatility are orthogonal. e-series funds are highly 'liquid' - that is to say, you can always sell them for cash... but their value has the potential to be quite 'volatile'.
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Oct 28, 2013 17:51
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Corrupt Cypher posted:First off, thanks so much for putting this thread together OP. I've just finished paying off my OSAP debt and had already begun putting my monthly savings into Investors Group mutual funds to help out a friend whose recently started at the company.
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Oct 28, 2013 19:40
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cowofwar posted:Budget your money better. Every month have a portion of it set aside to different savings horizons. A short term emergency fund (liquid), a medium term purchases fund (vacations/cars/houses - semi-liquid) and a long term investment fund (market). I'm completely open to this, I just never understood the practicality of it. If I have a $1000 surplus at the end of every month, if I didn't pay cash for my car why wouldn't I put every penny of it where I know there is a guaranteed return of [whatever the car loan interest is]%? Psychologically I know it has some benefits, but I'm not the personality type to spend every dollar I earn.
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Oct 28, 2013 19:46
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Corrupt Cypher posted:I'm completely open to this, I just never understood the practicality of it. In general, this is an argument with merit, especially for high-rate debt like credit cards. Car loans are often at a very low interest rate though. It can be worth paying the 2-3% rather than blowing a bunch of capital if it allows you flexibility in either life or investing.
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Oct 28, 2013 19:52
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Yeah I got a 0.9% financing for my car so I simply invested that money I would have paid cash for the car for but at way higher returns.
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Oct 28, 2013 20:46
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Baronjutter posted:Yeah I got a 0.9% financing for my car so I simply invested that money I would have paid cash for the car for but at way higher returns. A related, wider point: of course - when purchasing a car - one must always be aware that sometimes dealers will sell a vehicle 'cheaply' with 'expensive' financing or vice versa. So there's no point striving for 0% financing if it comes at the cost of a pricier vehicle. The financing is effectively built into the car at that point, even though it notionally says "0%". You want to negotiate these things separately, if at all possible, and have a backup plan for financing either personally or through your bank if need be.
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Oct 28, 2013 21:12
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Baronjutter posted:Yeah I got a 0.9% financing for my car so I simply invested that money I would have paid cash for the car for but at way higher returns. Except when you get the choice between 0.9% financing and a $4000 cash discount, suddenly 0.9% becomes more like 10%. Unless you are getting 0.9% from someone that isn't the dealer, in which case I need to loan shop a lot better. Edit: beaten
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Oct 28, 2013 21:14
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PSA: TD is offering a free $100 if you open and automate mutual funds savings by Nov 1st. http://www.tdcanadatrust.com/products-services/banking/accounts/account-services/automate-your-savings.jsp A great opportunity to start e-series savings. The branch won't make it e-series for you, but you can send in a form later to convert over to that, and for now focus on getting the bonus.
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Oct 29, 2013 15:08
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Has anyone here ever used Manulife One's all in one account. My wife is kind of on a kick to consolidate things and kind of likes it, it honestly looks like a horrible idea to me but I kind of want to know if anyone uses it.
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Oct 29, 2013 15:39
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Just wanted to make sure I have this right. I currently have a TD TFSA. So to get access to the e-series, I have to convert it to a mutual fund TFSA then fill out the form saying I want to convert it to an e-series TFSA? Edit: Can TD RRSP accounts be converted as well? Demon_Corsair fucked around with this message at 18:00 on Oct 29, 2013 |
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Oct 29, 2013 17:52
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sbaldrick posted:Has anyone here ever used Manulife One's all in one account. My wife is kind of on a kick to consolidate things and kind of likes it, it honestly looks like a horrible idea to me but I kind of want to know if anyone uses it. When I looked into it a little while back I found it makes sense for people who aren't too on the ball with dumping as much as they can into a mortgage. It's very convenient as a way of forced savings if you remain disciplined. The other side is you can end up in a never ending line of credit just paying off interest on your house for 50 years. You pay a higher rate with that account than finding a good deal on a variable rate mortgage with good lump-sum payment options. Usually you pay an additional 1% to manulife plus the monthly fee for the convenience of one account. But if you can manage your own lump sums, prepayments and maximize your monthly payments, you'll fare better with a traditional variable rate through a credit union or mortgage company at 1% less than the big five.
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Oct 29, 2013 17:59
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Demon_Corsair posted:Just wanted to make sure I have this right. I currently have a TD TFSA. So to get access to the e-series, I have to convert it to a mutual fund TFSA then fill out the form saying I want to convert it to an e-series TFSA? You will want a TD Waterhouse TFSA, which is capable of holding stocks, bonds, etf, cash, and mutual funds. There is no reason to have anything other than this type of TFSA - it is objectively the best. You'll need to manage the investments yourself, but you can buy e-series commission free and the tried and true advice in here re: index based ETF's is ideal. You can move your RRSP to Waterhouse as well. There are essentially two kinds they offer...a standard (limited to mutual funds and cash) RRSP and a "Self Directed" RRSP. The latter allows you to invest in Stocks, ETF, Mutual Funds, etc and is the only type of RRSP anyone should hold, in my opinion. Again, a well balanced portfolio of equity/bond, with some exposure to US and Foreign Markets (i.e. not all Canadian) is ideal and pretty simple to achieve. You cannot call for investment advice if you're using a Self Directed fund, but unless you've got high six/low seven figures invested and have access to the right services, you should not be letting a mutual fund sales person run your investments for you. The right advice is out there and essentially free. Ahz posted:When I looked into it a little while back I found it makes sense for people who aren't too on the ball with dumping as much as they can into a mortgage. It's very convenient as a way of forced savings if you remain disciplined. Assuming your house is an appreciating, or at the very least, non depreciating asset, which everyone under 50 in Canada does these days, and which is not always accurate. To wit, the millions who lost not only their homes, but also all the "forced savings" payments they made into those homes, during the downturn in the US a few years back. Saltin fucked around with this message at 18:43 on Oct 29, 2013 |
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Oct 29, 2013 18:29
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Is the moneysense guide to perfect portfolio a good primer? Trying to dig up info on canada couch potato is just painful. 3 items per page? are you loving kidding me?
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Oct 29, 2013 18:51
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Demon_Corsair posted:Is the moneysense guide to perfect portfolio a good primer? Trying to dig up info on canada couch potato is just painful. 3 items per page? are you loving kidding me? What are your investment objectives?
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Oct 29, 2013 19:56
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Saltin posted:What are your investment objectives? Put money aside for retirement.
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Oct 29, 2013 20:26
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Demon_Corsair posted:Is the moneysense guide to perfect portfolio a good primer? Trying to dig up info on canada couch potato is just painful. 3 items per page? are you loving kidding me? Um, all you need is the model portfolio page. I agree the 3-item pagination for the blog is not ideal, but that's all supplementary info.
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Oct 29, 2013 20:30
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I use TD Waterhouse for my TFSA and am quite happy with it. Even the relatively high transaction fees ($30 a shot) are a nice reminder not to get a big head and start day trading on little movements. If you want to just buy and hold a nice basket of equities or e-Series funds, it's perfect. Bonus points if you're already a TD customer (or are willing to become one), since you can track your holdings right from your web banking browser.
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Oct 29, 2013 21:53
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Yea, I am already with TD. So I just have to go into open an TD waterhouse account then I can move my existing RRSP across. Do I need to fill out the same form that is needed for a TFSA to get e-series?
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Oct 29, 2013 23:27
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Saltin posted:Assuming your house is an appreciating, or at the very least, non depreciating asset, which everyone under 50 in Canada does these days, and which is not always accurate. To wit, the millions who lost not only their homes, but also all the "forced savings" payments they made into those homes, during the downturn in the US a few years back. If you're planning to min/max your investment strategy for maximum yield per year against mortgage interest/loan interest/capital gains etc. then you aren't the type even considering the manulife one account. Typically those looking into an account like that just want to get their house paid of as soon as possible for peace of mind. Canada is also quite a bit different than the US for recourse on mortgage debt and the more equity you have, the better off you usually are. EDIT: I forgot... smartass...
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Oct 29, 2013 23:30
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Ahz posted:If you're planning to min/max your investment strategy for maximum yield per year against mortgage interest/loan interest/capital gains etc. then you aren't the type even considering the manulife one account. Typically those looking into an account like that just want to get their house paid of as soon as possible for peace of mind. Canada is also quite a bit different than the US for recourse on mortgage debt and the more equity you have, the better off you usually are. Yeah, look, I wasn't writing specifically about the manulife one account, but I agree with you there. What I'm saying is that the premise of the "house as investment" is fundamentally flawed, in my estimation. We don't have to agree about that. Also, while I agree that US and Canada are different with regard to mortgage recourse, they are not different in regard to being affected by economic forces. This is not the place to discuss Canadian real-estate and whether a correction is imminent , but that's why I said what I said. I own a home, so I'm not one of those "never buy a house" people, but I do believe it's true that a house is not an investment, it's a place to live. It's ok for people to think otherwise. Demon_Corsair posted:Yea, I am already with TD. So I just have to go into open an TD waterhouse account then I can move my existing RRSP across. Do I need to fill out the same form that is needed for a TFSA to get e-series? Yep, you can transfer from one RRSP to another no problem, it's not a tax event. For the TFSA, my experience is you just need a TD Waterhouse TFSA and you can fill it with whatever you like. My TD Waterhouse TFSA has access to everything a regular investment account would buy. I'd also add that with Waterhouse TFSA a lot of ETFs which are, I believe as or in cases more attractive than E-Series mutual fund stuff become available. Check out iShares ETF's. There's one for everything. Something decent like XIU, for example, has a MER of 0.18% and pays 3% a year in dividend yield while tracking the S&P 60. It is also highly liquid, trading 5 million units a day on average. Mutual funds are not as liquid and often have stipulations re holding periods and associated early redemption penalties. On the other hand If you don't qualify for the 9.99 flat trades with Waterhouse the e-series may still be cheaper in some cases. At least compare them. More options is better, especially as you move into the six figure nest egg range. Saltin fucked around with this message at 00:32 on Oct 30, 2013 |
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Oct 30, 2013 00:08
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There is absolutely no reason to buy an actively-managed mutual fund.
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Oct 30, 2013 03:31
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tuyop posted:There is absolutely no reason to buy an actively-managed mutual fund. Hardly a controversial proclamation in this thread.
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Oct 30, 2013 03:38
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tuyop posted:There is absolutely no reason to buy an actively-managed mutual fund. I'm glad I put pretty much all my money into one of these right before this thread started. They pay better than the bank's interest rates but the fund's management % take is always wayyy higher than any gains I see. But even after reading this entire thread twice I'm still too stupid to figure out what the alternative is as there's no couch-potato recommended place anywhere near me.
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Oct 30, 2013 03:51
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Baronjutter posted:I'm glad I put pretty much all my money into one of these right before this thread started. They pay better than the bank's interest rates but the fund's management % take is always wayyy higher than any gains I see. But even after reading this entire thread twice I'm still too stupid to figure out what the alternative is as there's no couch-potato recommended place anywhere near me.
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Oct 30, 2013 03:54
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Baronjutter posted:I'm glad I put pretty much all my money into one of these right before this thread started. They pay better than the bank's interest rates but the fund's management % take is always wayyy higher than any gains I see. But even after reading this entire thread twice I'm still too stupid to figure out what the alternative is as there's no couch-potato recommended place anywhere near me. No one who is not an illiterate is too stupid to understand this. You buy 4 securities and rejigger the allocation annually. Not hard. If you have specific questions, ask away.
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Oct 30, 2013 03:56
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What are "securities" and why do I need 4? I'm picturing 4 security guards standing guard of my money-bin. -I'm wanting a fairly long term low-upkeep place to dump money that will see good returns over a longer 10+ time period. A nice big fund that will be a retirement fund and/or a downpayment on getting into the strong and stable Canadian real-estate market some time in the post-apocalyptic future. Nothing I'd need a moment's notice. -I'm terrified though that anything other than a hoard of gold under my bed will be wiped out in some Russian style financial collapse that of course will see the financial class and oligarchs some how come out even more ahead. -I'm terrified that by even getting into the financial game these people are going to trick me out of all my pennies. -I'm terrified of knowing what funds to put my money into and making the wrong choice and having like 100k wiped out because I invested it all in RIM or Enron or something. -I'm terrified that if there is a big housing crash it will some how wipe out all my investments so I won't be able to buy that nice 2br house for 300k and I'll be back at square one. -As a ridiculous min/maxer and lover of economic games I will go OCD crazy if I'm not making the 100% best max-gains choices because unlike a video game you can never have access to all the information or a perfect understanding of the system so that once again terrifies me that I'll make some wrong or not-optimal decisions. -I hate paperwork and financial jargon. My current situation is that me and my wife both have low paying jobs but very small living expenses so we've surprisingly got close to 100k in savings/investments. We just opened a manulife account or what ever a couple months ago and have "a guy" managing it all. I didn't understand a word he said so basically we just dumped the money on him and said "just put it in the best places" after he asked about our lives and plans. I love not having to think or worry about it, I hate that the fund is getting like 6% or something as a management fee and I'm getting like 3-4%. Every week or two we seem to get some huge envelope (each) from manulife or the fund or who knows what full of numbers and graphs that mean nothing to us and we can't decipher and it's just a huge waste of paper. If I could read this poo poo I wouldn't need "a guy" doing this for me.
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Oct 30, 2013 04:24
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I'm looking to start investing long-term (10-20 years+) and in my current situation a TFSA would normally be the best vehicle for this. The catch is that I'm also a US citizen. I know that the US taxes TFSAs and RRSPs, but can't find detailed information on this. Would the having a TFSA actually have any tax benefit, or would it just make my taxes more complicated?
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Oct 30, 2013 04:31
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Baronjutter posted:What are "securities" and why do I need 4? I'm picturing 4 security guards standing guard of my money-bin. In short, publicly owned companies issue shares. Share are traded between people and listed on indexes. When companies or governments need money they will sell debt as bonds. Now middle men want to make money for doing nothing. So they create funds. Funds are pools of money managed by some rich white guy which uses the money to buy some amount of shares of some number of companies. You can find that information if you look up the fund. There are oil funds, bank funds, metal funds, etc. Every market has a fund, the point is to offload the work on to someone else who takes a cut and you lower your risk by diversifying by buying in to a sector rather than a single stock. But the selection of stocks is done by some guy trying to beat the market. Those are active managed funds, they have higher expense ratios (MER) than a passive fund. The point of a passive fund is to basically mirror the performance of an index and not beat it. So the s&p 500 index tracks 500 biggest companies in the US. So a passive fund might buy a representative number of shares in that index so its returns and performance mirrors that of the index. Now funds aren't traded on the market like shares. But at some point some rich dudes wondered why not so now there are exchange traded funds (ETFs). These are funds that issue shares. So instead of buying in to a mutual fund for free and paying a higher MER you purchase a ETF share with an associated transaction cost on the market and pay a lower MER. Long story short, get a discount self directed brokerage account and set up a monthly purchase order for a Canadian, US and international passive mutual fund as well as a bond fund. This diversifies your portfolio across multiple global regions which lowera risk. Bonds generally perform well when stocks do not and vice versa. This further reduces risk through diversification. You can also buy in to other sectors like REITs or precious metals but they are less favored. Consult canadiancouchpotato for good funds or the globe and mail fund list. I use 20%, 20%, 20%, 40%. Use whatever your risk tolerance allows. Rebalance annually. cowofwar fucked around with this message at 05:33 on Oct 30, 2013 |
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Oct 30, 2013 05:26
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