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Hi goons please don't laugh at me too hard, but I was hoping to ask you all if things like the housing market really cool off ever at all. I've got a mom with very modest savings. Her pension should keep her alive into her old old age, however she's really interested in the idea of house ownership and is scared of buying at a poor time. Market cooling off or rates increasing dramatically would be pretty devastating emotionally for her I feel, and then financially depending on how much we're talking about. I'm basically pro rent given she can use her savings for trips or unexpected medical issues. Right now it's looking like she'd be borrowing 3-5x her downpayment, and saving a couple hundred a month on rent. Toalpaz fucked around with this message at 22:46 on Jul 21, 2022 |
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Jul 21, 2022 22:43
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| # ¿ May 21, 2024 05:50 |
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My brother dumped simplii after they wouldn't let him use the ATMs/counters during the Rogers outage. Not that you should really be planning for a bank run type situation because chances are everything is fine, but CIBC will prefer CIBC customers in a crisis. And that's something to consider with budget banks.
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Nov 13, 2022 17:04
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I think that the banks are all fundamentally similar but RBC has hosed me with fees in the past and ignorant tellers who don't know their own services costing me hours of time and tens of dollars of fees I have to work to get back. I like their mobile app....all the banks have decent apps and similar services though. Both times working with bmo I've had good customer service so far, including managers advocating for me to their corporate services branch (idk what it's actually called, but I hope you get an idea).
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Dec 2, 2022 17:11
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Hey CanGoons, I have a question for all of you good people who may be more knowledgeable than I with regards to TFSA rules. I've tried to look up the rules online and they seem to be intentionally open ended. I think this is to keep the door open for future management about what a qualified TFSA investment is, potentially in order to tax gains. Long story short, I'm youngish. Why not buy SPXL (NYSE Arca, designated exchange security) for 6+ month or multi-year holds with post tax money rather than in a deferred tax RSP. If I don't touch the money for over several months, I don't see any reason why it should be considered business income or long-term cap gains. However, everything I see online warns that the CRA has discretion in examining the type of trade and asking for taxes. Would a 3x leverage ETF following the SP500 end up getting flagged as business/cap-gain income without being sold? Would this put me at risk of being taxed later, defeating the purpose of the TFSA vehicle? Please don't talk to me about leverage ETF decay, I understand the risks. Thanks!
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Dec 23, 2022 19:08
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Subjunctive posted:RBC just emailed me about a 4.05% savings account. there's so many multi-year 5.5% GIC's out there rn.
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Feb 7, 2023 03:14
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Have I asked this before? Has anyone done an in-depth sort of review on Canadian credit cards to tell which one gives the best bang for your buck? The cash back rates are pretty poor for Canadian credit cards, but I was wondering if people had looked at the point system to determine whether you could get over three to four percent on general purchases.
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Jul 31, 2023 22:08
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I checked and they're all the same and also unless you funnel 20k+ a year through those bad boys you probably aren't making money back on typical more premium cards. I thought the AM Express ones would be a better value proposition, but I found them somewhat lacking as someone who doesn't travel. DeadMansSuspenders posted:Though this card does not charge ForEx fees which I like. I personally never trust claims like that, because there is a 'fee' called a spread that is often associated with currency exchange that usually isn't couched in the phrase fee. I haven't read any documents but I'm assuming they're still charging 2.5% both ways on currency conversion. ( Lets say market rate for a USD is 1.35, the bank buys your USD at 1.325 and sells you at 1.375, for people who don't get it.) Toalpaz fucked around with this message at 04:01 on Aug 3, 2023 |
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Aug 3, 2023 03:58
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spoof posted:How much work do you want to do? If you don't count your time, the highest return is churning through welcome bonuses (WB) and it's easy enough to beat your 3-4% hurdle rate. Keep an account at TD and rotate through their cards yearly, rotate through the Aeroplan cards, go through each Amex card once (there's now a lifetime once-per card WB limit so you can't repeat on the same card like you can on, for example TDs cards), follow what other promos come up. Sign up for card, use it for as long as it takes to hit the minimum spend for the WB, move onto the next. The average WB is $200, but can be up to ~$1000 of "value", depending. honestly, it just feels morally wrong to hop around for welcome bonuses, although I could really use the 6x a year WB for all banks/cc. I feel like there's some way they must punish you for it eventually.
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Aug 3, 2023 04:36
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T.C. posted:If there a reasonable ETF that has something like a tsx index minus banks and financials. I have fallen pretty far off of my allocations and should pick up some more Canadian assets, but so much of the major indexes are financial companies and that honestly feels like a lot of systemic risk to be sinking a bunch of money into. It feels like there's a shoe waiting to drop with them pushing loan amortizations way out to avoid forcing people to go into arrears. why would you want canadian investments
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Sep 20, 2023 10:42
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Hi folks. I made a bunch of money gambling this year. Now it's time to put it away in an RSP or bite the bullet on taxes and put in in a TFSA. I know I've asked this before, but should I start filling up the TFSA first before RSP? I'm just starting my savings. I hope to have many years to sit with it in my investments. Napkin math: RSP Deposit: 1000 Retirement Age: 4000 (4x adjusted for inflation) After Tax: 3000 TFSA Income:1000 After Tax: 750 Retirement Age: 3000 (4x adjusted for inflation) what a scam... they're the same!
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Dec 15, 2023 05:47
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Jordan7hm posted:Not if it’s a gambling windfall. Seems like putting it into the TFSA to entirely avoid taxes is the way to go. Lol, I guess this question was a fancy trick problem for the thread and you actually won. I inadvertently posed it not knowing the actual gambling and lottery tax laws, and language around windfall. Unfortunately my situation is different, it's business income from short term capital gains of an investment account. E: Yes, I hope to be in a bigger and better tax bracket in ten years so I will try and save my rsp contribution room.
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Dec 15, 2023 16:56
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Hi folks, I'm looking for advice on opening not just a US dollar account, but an American domiciled US dollar account as a Canadian with no American citizenship or SSN. I think this is possible, but the steps are very unclear and the SEO is horrible given the terms involved. I see my need like this:
As a result, I'm thinking my solution looks like this:
Canadian USD accounts fail in these ways:
I'm a little embarrassed that I wrote out so much trying to solve 30-60 dollars CAD a year in Wire/Swift transfer fees... I've spent a long time trying to optimize this transaction poorly. I don't want people to have to do research for me, but if anyone else has existing experience with opening a US account they could share that would be nice!
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Jan 3, 2024 23:25
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Pixelante posted:I can't help with that, but I swear I've seen you post about having ADHD. Wondering if you might qualify for the Disability Tax Credit, which would get you a break on your income tax. It would also let you open a Registered Disability Savings Plan. Hit me up if you want more info on that. Thanks, this is good news! I'm pretty enthusiastic about navigating finance and taxes, so I'll probably handle getting the statement from my Nurse Practitioner and filling the form t-2201/application myself. This could be an amazing windfall personally, so thank you so much. I feel my innattentive ADHD has been disabling and have had my symptoms rated above moderate (I've skipped work and dropped out of graduate school, mostly due to ADHD symptoms and inability to cope). If you ever know someone who consistently has difficulty planning, remembering what you say in conversations or starting/finishing projects that they seemed enthusiastic about in the past - mention it, you can get checked out via nurse practitioner clinics easily and economically. Nurse practitioners can also vouch for the seriousness of symptoms to the CRA in a recent update to enhance northern communities access to healthcare. Now that I'm getting treated I'm doing much better, but still trying to find the right dose and therapy to develop better work strategies. US cross-border banking! I went through calls with the big banks! I have realized the real issue back when I started was I didn't have my appropriate photo ID (they do not accept certificate of Indian status cards) or proof of address. I have my passport now but my name isn't on the lease and I have been paying into a pay as you go plan with freedom - no proof of address. In Canada, a status card is usually 'proof of address' or residency or citizenship and ticks most boxes being a federal card. Sometimes you have to argue a bit but that's how I've gotten by. My issue with US banking was likely because I'm under documented. Proof of address is tricky, should pick up that state ID - but part of getting it is attesting to them you don't plan on getting a driver's license and I didn't want to do that. I'm going to enrol in a real phone plan/contract and get a proof of address. Toalpaz fucked around with this message at 15:41 on Jan 9, 2024 |
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Jan 9, 2024 15:30
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slidebite posted:That makes sense - thanks. thats a really loving good deal for maple leaves, tbh. they're going to ruin all the mom and pops (fuckers) Thats 37.6 per maple leaf for under a hundred. Most budget places would have given you 43 per oz under a hundred just a few weeks ago.
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Mar 3, 2024 18:14
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| # ¿ May 21, 2024 05:50 |
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Oxyclean posted: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)  yeah you pay bank interest. if you have substantial savings in a bank account, you should consider buying stocks or something. You don't pay tax on unrealized profits from capital gains; so you can just hold until retirement or until you're ready to spend monies. You could also contribute to a tfsa or whatever, or do a variety of other things that will meet your needs for flexibility but not pay you out 12 times a year. If your bank interest is lets say 1000 dollars, you get taxed on that at your marginal tax rate. Lets say your marginal rate (the bracket you're at for this next set of income) is 30%. You owe the CRA 300 dollars, 30% of 1000.
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Mar 7, 2024 17:54
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