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Kalenn Istarion posted:I'm going to go on a limb and estimate that she's an older person - if her savings by that point are only $30k, then those dollars are probably worth quite a bit to her and she would not be interested in losing any of that money because she had to scrimp and save to get every last penny. The investment was on behalf of her son, I believe. I think it's a fair assumption that he is a minor, or close to it. Extreme conservativism in that situation would be...unconventional.
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Feb 23, 2017 22:53
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HBP also predates TFSA I believe.
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Apr 6, 2017 23:04
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Shoo, troll.
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Apr 8, 2017 11:34
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RRSP don't need to be reported. RESP do. TFSA is apparently unclear from IRS rulings, so I just report it anyway.
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Apr 11, 2017 12:03
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mojo1701a posted:Yeah, IIRC, there is no reciprocal treaty regarding the TFSA, so any gains technically have to be reported on any US return as worldwide income. Yeah, we had a strict "don't touch it, no dividend-producing anything" policy for our TFSA while we were in the US to avoid that. Unfortunately I was dumb and put everything back when I got back to Canada, forgetting that I had to file in the US this year still.  Our accountant has said that TFSA may not be required under FBAR any longer, but that it's still taxed? Apparently the IRS rulings are not crystal clear in their scope.
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Apr 11, 2017 17:05
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Professor Shark posted:I don't know if this is the right thread for it, but I'll ask anyways: do we Canadians pay taxes on inheritance? No, but an inheritance is a deemed sale, so the estate may owe taxes on previously-unrealized gains.
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Apr 23, 2017 12:51
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Well, it's possible that the estate will pay more in taxes than any single inheritor will receive. With a bunch of inheriting relatives and a lot of unrealized gains, it probably isn't that outlandish.
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Apr 23, 2017 15:56
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cowofwar posted:How do you figure the lumpsum is better? She'll likely live another 25 years. Lump sum means tax implications and probably blowing it on real estate. 1200 x 12 x 25 = 360K. You're espousing a big bet against market returns, I think. E: by my reading, most pension plans can be flipped into registered plans, meaning that she could control the tax consequences of drawdown while compounding the full amount Subjunctive fucked around with this message at 00:39 on Apr 26, 2017 |
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Apr 26, 2017 00:35
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If average market returns over a 25 year span hit 4%, then yeah, things are not good for her.
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Apr 26, 2017 01:00
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Not if the pension can be converted to a registered account, which is sometimes possible for DB.
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Apr 26, 2017 02:09
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Tax-related-sort-of question: if you directly hold shares in a foreign company (versus holding them in a fund or something), do you have to enumerate each one with highest cost over the year and so forth, on the T1135? That seems so onerous that I want to believe that I'm interpreting it incorrectly. http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/frgn/1135_fq-eng.html#h3
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Apr 28, 2017 17:41
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mojo1701a posted:Do you really own more than $100,000 worth of foreign shares? Yes, I do. I have an accountant, but I still have to chase down the maximums and finals and income for each different stock. My accountant isn't going to do that for me, I'm pretty sure. Edit: wait, if it's cost then what does "maximum" mean? My cost for an equity isn't going to vary over the year. It also means keeping my cost basis information around for years, sigh.
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Apr 28, 2017 19:24
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Kal Torak posted:There is a simplified procedure between 100K and 250K though so maybe you fall in that range? Alas, no. I like that I'm supposed to track exchange rates, too. I thought FBAR was annoying!
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Apr 28, 2017 19:42
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Oh thank god, my financial advisor can run a T1135 report for me.
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Apr 28, 2017 19:43
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mojo1701a posted:You have no idea how many times we have to call someone's advisor (or have the clients do it themselves) for capital gains. Oh, I got all that stuff. 23 pieces of paper this year for taxes, and there are a few left to come.
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Apr 28, 2017 20:12
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mojo1701a and others: what you recommend asking an accountant one is considering working with?
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Apr 29, 2017 20:16
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If you're early in your career, you may be paying less tax now that you will be when you're drawing RRSPs down. Depends how bullish you are on your career. Fake edit: if you've got that much to draw down, of course, you might not care about the extra tax.
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May 3, 2017 20:12
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That's fair. I keep forgetting that you can carry forward the deduction indefinitely.
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May 3, 2017 21:28
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Risky Bisquick posted:If you want to slam him consider using a smith manoeuvre against your home to leverage into indexes. Didn't the CRA kill that?
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May 6, 2017 20:55
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Cold on a Cob posted:I'm not sure why they'd bother. It's like Rogers and Fido - they prevent real competition by owning the competition. Exactly this. It lets them get customers who are fee-sensitive and savvy, without reducing fee revenue from the bulk of their oh-well-whatever customer base. Brand-as-price-segmentation works.
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May 24, 2017 14:41
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Often the point of having a subsidiary is to isolate liability!
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Jun 12, 2017 18:26
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Kalenn Istarion posted:This is true to an extent but I would be surprised if there weren't cross guarantees and an integrated capital structure. Tangerine is just a brand to target young people who don't need a full service bank. Yeah, I doubt they want to have to capitalize Tangerine on its own merits.
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Jun 13, 2017 11:01
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This thread might be helpful: https://forums.somethingawful.com/showthread.php?threadid=3492258
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Jun 21, 2017 10:43
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Kikkoman posted:Unrelated question: how would you go about finding a good financial advisor? Word-of-mouth. You want someone with a fiduciary responsibility, ideally who works for fees (not generally possible at the higher end, IME), and you want them to write up a plan so you can get a second opinion on it from someone else, maybe this thread or one of the denizens wiser than me.
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Jun 22, 2017 13:22
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Cold on a Cob posted:Can you explain further? Do they demand a percentage at the higher end and is this the problem? Or am I missing something? At the higher end I wasn't able to find someone I liked who didn't take .25 - .5% of assets under management (reducing the percentage as you cross 5M/10M thresholds generally). The upside is that they generally index directly over securities, so there aren't meaningful mutual fund fees underneath for most of the money. My salary comes out of management fees for other people's assets under management too, so the model seems reasonable to me. 
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Jun 22, 2017 13:33
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namaste faggots posted:My wealth manager~ got me to meet a financial planner and she was saying that we need to plan for 35k/year university tuition for our precious 2.5 year old snowflake. That's in today's dollars btw. For a Canadian university. Anyone else planning to spend that much? We're budgeting 27K/yr for our 9-year-old, I think.
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Jul 4, 2017 20:34
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I don't know where that number came from, but yeah, drat. I'm hoping she picks something more respectable like a trade or gun-running.
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Jul 4, 2017 20:37
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Risky Bisquick posted:I was budgeting 50-60k each kid for school, no board. Hmmm Better finish that basement. Canadian schools, if she wants to go to the US it better be full ride.
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Jul 4, 2017 20:45
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DariusLikewise posted:There's gotta be a point where University either becomes only for the ultra-rich or enrollment drops so much that they have to lower or freeze tuition, no loving way my kid is paying 108k for a BA in the Liberal Arts Public post-secondary tuition in Ontario is set by the province, not market forces.
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Jul 4, 2017 22:54
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To lower tuition they would need to increase the money they give schools, which is unlikely to happen in a meaningful amount. More likely you'd see small schools close. At least in the college system, few schools could survive in the red for long. Probably also the case for the vast majority of universities too. (Exceptions being U of T, maybe Waterloo and UBC?)
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Jul 4, 2017 23:05
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Kalenn Istarion posted:Certain programs can get exempted from the provincial rate policy, like business degrees High-demand programs can exceed the nominal limits, but they're still approved by the province for colleges at least.
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Jul 16, 2017 00:16
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James Baud posted:Sonnet.ca Gardiner ads work!
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Jul 24, 2017 23:38
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Apple Pay goes through my credit card, scrubling.
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Aug 4, 2017 15:42
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I think it's on both sides, but mostly because the credit card companies have said that tap purchases above $100 incur additional risk premiums.
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Aug 7, 2017 01:36
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The only reason they bought PCF is for the customers, so I don't expect them to gently caress with it too badly in the near term. I wonder why Loblaws sold.
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Aug 16, 2017 20:16
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Were the PCF ATMs really half of the available ones? That is surprising to me!
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Aug 17, 2017 15:51
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HookShot posted:I work for the CRA and I tried to look him up in the system so I could send him a random bill but he's using a fake name, there's no one under Namaste Fucker in our system. You gotta use the actual name (not "Fuckers"). Typical CRA failure to catch the details!
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Aug 22, 2017 19:00
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TD and CIBC use "halal", too.
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Sep 7, 2017 12:58
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Two business days, but yeah, I reason the same way.
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Sep 12, 2017 17:27
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You can use the bank rate to get a week's worth of money and the norbit the rest.
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Sep 12, 2017 17:49
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