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Has anyone ever heard of National Bank? My new employer doesn't offer a traditional pension plan, rather after the first year you can buy "shares" in the company(it's not publicly traded) which they match 100% and a automatic RSP contributon to a National Bank account which they setup for you. As far as I can see it's just a normal higher risk RSP, but I would prefer to setup a RSP through my own bank(Scotiabank) if I'm going to go that route. Any advice here? EDIT: Guess I should also put in that I'm 24, salary is 58k a year currently starting and I have a mortgage if that makes a difference. DariusLikewise fucked around with this message at 16:34 on Nov 3, 2013 |
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Nov 3, 2013 16:29
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Both are completely optional, both plans were incorrectly explained to me though. The RSP is a group RSP, the contributions come off my cheque before tax is deducted so I see the tax benefit right away and can't claim it at the end of the year. The company will cover the fees associated with the setup and year admin fees. The only restriction is whatever the yearly max that revenue Canada has setup for me. There isn't any info with when I can touch that money, but I'm assuming like any RSP it wouldn't be for awhile. The share plan is an employee ownership plan, which I am eligible for after three month of employment. You aren't allowed to deduct from each paycheque rather they offer employees a chance to buy a lump sum of shares in May/June, the limit is determined by how well the company did the previous year and how much you made. If I buy the shares with cash I have to hold them in an outside RSP, I can also chose to buy shares with the money in the group RSP if I'm contributing to that. They match the purchase to a maximum of 4% of my annual earnings+$100 for each year of service. The matching money is made available to me at the same time you are allowed to purchase shares and I can either take it, or put it towards more shares. Any money made on the shares held in an outside RSP is eligible for the LCGE when sold. Share price is 2.2% of the companies retained earnings at the end of the year. It's a short line railway that has grown by at 17%(on average) per year since 1996 so I think it's "safe" as far as investing goes. I think I would just want to buy shares and hold them in a outside RSP, but I also haven't made any contributions to a TFSA or an RRSP outside of my pension from my previous employer yet, so maybe just focus on that? DariusLikewise fucked around with this message at 18:06 on Nov 3, 2013 |
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Nov 3, 2013 18:03
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Thanks for the advice earlier everyone. I've decided to opt out of my works group RSP, dump only as much as they will match into and outside RSP and buy into the EOP with that and then put the rest in a TFSA. If this is my first time going in on a TFSA, am I allowed to contribute the total from all years I've been eligible for a TFSA or does just the previous year rollover into this year?
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Nov 7, 2013 19:24
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I feel like I have too many beginner questions here. I have a TFSA setup through my bank(Scotia) and I'm trying to transfer shares I have in a company that are currently with Computershare, is the easiest way to do this request a share certificate then send that to Scotia to deposit? Or fill out a securities transfer request?
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Nov 8, 2013 01:00
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So I started putting 300 dollars a paycheck into a TFSA, I want to trade stocks eventually, but looking for something short term to dump the money into for some growth until I accumulate a decent amount of cash(5k+). What would be my best bet?
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Nov 19, 2013 23:09
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Jolarix posted:What is the easiest / cheapest way to receive a Equifax/Transunion report? Am I entitled to receive it once/year for free, or similar? You're eligible for a credit report each year. which you can get by filling out a small form and sending in two pieces of government photo ID. http://www.equifax.com/ecm/canada/EFXCreditReportRequestForm.pdf It's not like the credit score report you get from equifax if you pay, but a breakdown of all the things credit companies look at. Current credit/past credit/credit inquiries if I remember correctly.
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Jan 2, 2014 19:20
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Having a work phone is one of the worst things about my job, mostly being on call 4 days a week though. Anyone have a resources on how to handle the tax part of owning a small business? I can find a lot of info on running a startup in the US but Canadian info seems to be lacking. I'm assuming I want to keep everything separate from my personal finances then assign myself pay from that when it starts to make money?
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Jan 10, 2014 20:35
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They used to give out small bonuses for signing up for a credit card at football games here and my Dad would always sign up for something free each time he went and just decline the follow up calls. I think him and my mom took a 100-150 point hit because of all the inqueries to their credit.
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Jan 28, 2014 16:14
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So my bank offered me a 2500 dollar Line of Credit to use towards an RSP at Current Rates+1% Prime. I'm 24, my retirement savings so far is 16k in a locked in RSP, but nothing to put towards my taxes this year. I'm probably going to owe a bit on this years taxes on top of the 5k I owe the government already. Is it a bad idea to accept the LoC?
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Feb 22, 2014 18:24
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Lexicon posted:^ Interesting, thanks. I think your final point is widely applicable to anyone under 30 today. I wouldn't count on most pensions being around in the future in the current form as they are today, assuming you can even get one in the first place. CPP is also looking like it will be gone by retirement as well.
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Feb 22, 2014 18:25
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Kal Torak posted:How old are you? Not only that, you are going to work you rear end off until 45 saving up and being frugal, just to not work and live frugal.
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Mar 5, 2014 07:00
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Mantle posted:http://www.greaterfool.ca/2014/03/31/real-men-invest/ Is owning a house young really that horrible and frowned upon? I bought my house when I was 20 with a 217k Mortgage and 3 and a half years later its sitting at 196k and the house could sell for 300k easily in Winnipeg's current housing market. The only other debt I have currently is 12k on a low interest line of credit(2.5%). Of course I have savings too(5k in my TFSA, 1k in savings, 16k in a locked-in RSP). I have a ton of RRSP and TFSA contribution room that I'm slowly chipping away yet, but I'm not really pushing the retirement panic button currently. I always read real estate is dumb don't invest! But then I just kick back and let my friend living in the basement cover my base mortgage payments while I build equity and not live in my parents basement. DariusLikewise fucked around with this message at 16:07 on Apr 2, 2014 |
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Apr 2, 2014 16:04
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Demon_Corsair posted:Well you have to sell the house to take advantage of that increased value. Then you are either renting or buying a house that is as expensive or even more expensive then your current house. I just see it as you need somewhere to live eventually, money wise I get a yearly statement that says I'm paying almost a 50/50 split in interest and principle for my house so I know I'm losing in the end. I figure having the flexibility of having my own place now to use/renovate as I please rather then living with my parents or paying rent and dumping cash into a TFSA is valuable enough to me.
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Apr 3, 2014 14:46
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I thought soft inquires won't affect anything? Does anyone know what will affect credit scores for sure? I pay for the dumb equifax score every year and I dropped 10 points from last year despite making all my payments on time and keeping all my limits the same. The only thing that changed was I closed my Telus account of 8 years and switched to Rogers, but that wouldn't affect it that much would it?
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Apr 21, 2014 17:15
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I opened a RSP account with National Bank through my work because they don't have a conventional pension. After consulting the advice in this thread I stop after one 100 dollar contribution, I got a letter yesterday showing that 100 dollar contribution was down to 1 cent due to a yearly 99.99 "administrator fee". I haven't talked to anyone at all at the bank at all and my work was already covering 500 dollars in fees for setting up the account.
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Jul 16, 2014 21:22
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I just have had a series of the worst interactions with my bank I think I've had in my life with any company. How bad does it hit my credit rating if I cancel my line of credit and move it to a new bank?
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Sep 20, 2014 07:01
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Kalenn Istarion posted:Not a huge amount and not for a significant amount of time. It's much easier these days to switch banks so if yours is poo poo there's almost no reason to stay. You should try to lever your new bank into giving you better rates by hinting at all the business you might bring them while you're talking about switching. Good to know. I've been with Scotiabank since I was 13, was a little worried about switching, but I don't think it can get any worse.
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Sep 20, 2014 18:23
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Slow up guys, I literally just started the process of switching all my investments to E-Series and now there's something better? I was just going to follow the guide on Couch Potato and switch to ETFs once my accounts start hitting 50k.
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Nov 10, 2014 18:05
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Is there any indication that your TD RSP accounts have been converted to E-Series? How long did it typically take everyone to get converted?
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Nov 12, 2014 17:05
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When I got laid off from Canadian Pacific they transferred all the shares I had into an electronic account with ComputerShare and I had to send them 3 pieces of ID to get an actual share certificate so I could deposit them into a real brokage account so I could sell them. Whole process took almost 8 months.
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Nov 21, 2014 23:23
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This is somewhat out of place, but it's a Canadian question. Anyone have any experience with online universities? I'm in a position where my employer is going to pay for me to get my BA in commerce and for a CPA. I have to work full-time during the day so if I take night classes at the U of Manitoba or Winnipeg it could take me 6-7 years for the Bachelors where as if I take online courses through Athabasca or Laurentian University I can lock myself in a room in my free-time and get done in 4 years. Do employers look down on online degrees? or would it only matter in the end that I got the CPA?
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Nov 24, 2014 14:54
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slidebite posted:I am an Athabasca student going through an undergrad program. I did some research on accreditation before I signed up, their accreditation is solid. Thank you for the replies. My Girlfriend was more worried about the accreditation part than I was. I went to a CPA info night and Athabasca was the first thing the presentation brought up in regards to getting a degree for qualification to get into the CPA program. CPA is also done entirely online for the education along with a work certification. I can see myself maybe taking on 1 course at a time and seeing where I can go with it. According to the advisor I can register for courses on a monthly basis and go completely at my own pace as long as I take one course a year. I just have to put a plan together to get my employer on board and then I'm back to school!
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Nov 25, 2014 20:30
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book of blue posted:I know this is a bit of a change in topic but I have some questions with. My friend basically stopped paying attention to his financial state for 3-4 months. We’re talking no minimum payments on his 3 credit cards. He’s had no issues before this. He might be able to get a Secured Credit Card? That's how I got a credit card when I was 16. He would need cash he can lock up against it though.
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Jan 22, 2015 18:43
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I always used UFile.ca and then ran it through TurboTax to double check and I haven't had an issue, other than I forget I always have $1 of unused Tuition credit each year that could really pay off.
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Mar 3, 2015 21:17
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Can't even get close to maxing my TFSA yet, now I'm going to feel even more behind.
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Apr 7, 2015 16:59
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Franks Happy Place posted:Anyone have opinions on good all-inclusive banking packages? TD decided to go and lose my business in the most obnoxious way possible, so I'm shopping around. What did TD do? I just went through the apparently credit-destroying process of switching from Scotiabank to TD.
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Apr 8, 2015 19:56
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sbaldrick posted:You could always roll the dice on an oil company, Canadian Oil Sands is way under valued and Cenovus is a bit under valued if you can get into it in the next few days. Thank you Americans who took over CP!Can I have my job back please
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Apr 9, 2015 18:16
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sbaldrick posted:CP has always had horrible turnover like every 10 to 15 years. I honestly don't believe any other company operates more in a state of Civil War with itself then CP, it use to be worse when it was like 7 different divisions. The last takeover especially was just a major shock for everything, not that it happened, everyone knew that the CEO was getting ousted. It was going from Fred Green who knew nothing about cost-effective railroading to Hunter Harrison Mr. Efficiency himself. Buyouts came down within the first 3 months and I think they are operating with a third of the amount of people than what was their prior to his taking over.
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Apr 9, 2015 21:12
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Holy poo poo, how much do you make to owe 20k? Jesus I got back 3k, but that's going towards previous years owing, mostly stemming from when I got bought out from a previous employee and not handling that money properly.
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May 6, 2015 15:26
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Does a drone deliver you the physical card within 8 hours?
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May 13, 2015 19:11
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sbaldrick posted:It's better then those loving PC points that get you nothing. The worst part is the people they hire to sell you PC credit cards while you loving shop. "Do you want to sign up for a PC Mastercard today?" "No I'd rather just take my cart full of junk food and leave thank you"
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May 25, 2015 17:06
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My mom is currently working in the US under a Visa for her company and is applying for a SSN, she is a life-long Canadian Resident. Is there anything tax wise she should be worried about? I feel like my parents won't research this at all until it's too late.
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Jun 17, 2015 16:45
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Cultural Imperial posted:Any savings in taxes that she'll receive will have to be offset by Canadian taxes. Tell her to make sure to be ready to receive a tax bill from the CRA at the end of the year. This is if she is still resident in Canada. It's just a temporary work Visa I believe. She's been going down to Texas for 2 weeks a month for the last few months, but she still is a resident here and employed by the Canadian branch of her company.
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Jun 17, 2015 17:25
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Cultural Imperial posted:Is she getting an L1/TN? She's getting a L1, her work is handling most of the process I believe, everything is out of Winnipeg.
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Jun 18, 2015 16:49
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Is there a good website to compare Canadian Credit Cards, is the Scotiabank Momentum still the best cashback and the Amazon one the best to have for US dollar purchases? What do people use at Costco now that they use Mastercard?
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Mar 18, 2016 16:25
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I have this argument with people all the time when they tell me how lucky I am to have a house and mortgage. "Think of all the money you're making" they say!
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Jun 29, 2016 15:02
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Are you tied down right now? Come to Winnipeg and take the 2-year culinary arts program at Red River College.
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Aug 25, 2016 18:27
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I'm going to be doing some travelling for work over the next few months(10 Canadian flights or so). We have to book on our own then they reimburse us. Anyone got a link to that credit card picker or know what the best rewards card for travelling for be?
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Aug 31, 2016 15:37
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toe knee hand posted:Your provincial auto insurer might have something (depending on if you have a provincial auto insurer or a more privatized system). ICBC in BC for example has RoadStar ($21/year, must be at their higher accident-free tiers) and Roadside Plus ($78/year) which include rental car coverage. Manitoba PI charges $7 bucks a day for a rental car in the US, $4 a day for in Canada, it's a loving godsend.
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Sep 9, 2016 23:00
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My companies private stock plan qualifies for the LTCP exemption and I buy so much of that poo poo  (along with other diversified investments)
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Nov 25, 2016 17:04
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