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Please redirect me if this is the wrong thread! I'm an extreme newbie to money in general, but I know I'm not thrilled with my current bank. I'm interested in opening a savings account with the online-only Alterna Bank - maybe their generic one, maybe a TFSA (the TFSA has a lower interest rate though?). Alterna Bank is a subsidiary of Alterna Savings, a credit union. I like the idea of putting my money in a credit union, but I don't understand how that setup works. My understanding is that credit unions can offer better deals than banks because credit unions are non-profits. Does that mean their online-only accounts are for-profit?
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May 13, 2018 22:48
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VelociBacon posted:Doesn't it make sense to use a TFSA for an investment account so you can take advantage of the taxless returns on it? You shouldn't really have so much money in a savings account for the interest to matter more than the convenience when you're choosing a bank/Credit Union. There is always a better place for that money where it can be equally safe but earning you more delicious money. I don't have a ton of money right now (just finished university, looking for a job), but I was under the impression that ones emergency fund should go in a savings account rather than an investment so it can't decrease (aside from inflation, which Alterna's high interest savings accounts would help buffer a little)? Wouldn't I want my emergency fund in a tax-free account so I don't get punished for being in an emergency situation? Subjunctive posted:Credit unions aren’t necessarily non-profits, or even commonly so in Canada. (In the US they are exempt from some taxes, but not because of a charitable purpose.) Is there a way to find out who is and isn't? I haven't been able to find anything searching this issue. Killingyouguy! fucked around with this message at 23:15 on May 13, 2018 |
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May 13, 2018 23:13
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So I actually already have a TFSA with my current bank, it's got a lovely mutual fund in it. (Don't quite understand how that works, but like I said, newbie) Does that complicate the process of getting one with Alterna at all? I know I should probably reinvest the money in the mutual fund.Subjunctive posted:I don’t know of any that are. Why does their taxation status matter to you? Credit unions are a governance structure, really. Sorry, I don't mean their taxation status. I just mean everything I've looked up has said one of the differences between a bank and a credit union is that banks are interested in creating profit while credit unions aren't (ex), so I'm a bit confused as to what it means for a bank to be a subsidiary of a credit union.
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May 14, 2018 04:20
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pokeyman posted:What part(s) do you feel you don’t quite understand? Most of this stuff is unnecessarily complicated but it’s worth having a good handle on it, and this thread is pretty patient and helpful. I don't understand why the mutual fund goes inside a savings account. It seems to me like that's an account within an account, and the mutual fund could just exist on its own. (But I'm willing to roll with 'just accept it' as an answer lol) pokeyman posted:If you’re comfortable posting the mutual fund you’re holding, I’m sure the thread would be happy to give advice about whether to hold it or dump it. Totally up to you. It's called the 'TD Comfort Balanced Income Portfolio'.
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May 14, 2018 06:00
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My new years resolution was to improve my investing situation, because aside from a lovely mutual fund i put money in once, all my savings are just in a """high interest""" savings account. Is the old 'put it in an index fund' advice still applicable? Are all index funds created equal? I actually don't know if there's more than one index fund available but the indefinite article suggests so Also, are there chequing accounts that won't charge me every time the balance drops below $5K, because mine does, and I'd like for that $5K to not be held hostage like that
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Jan 20, 2019 05:33
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Mantle posted:There are lots of indexes. What people normally are referring to when they say index investing is buying a fund based on a broad market index that covers all countries and industries, with a balance of equities and bonds. I didn't realize an index fund was literally just 'stocks in every company'. I looked at the breakdown of VBAL and it's like 10% "Oil and Gas", to which I'd rather not voluntarily give more of my money. Searching claims what I want is 'socially responsible investing'. Are there decent funds in this department or would I be better off buying, idk, government bonds or something? cowofwar posted:If you don’t have Tangerine and are paying for a chequing account then you are a sucker. lmao sorry
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Jan 20, 2019 17:08
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Any return is probably better than my 0.5%-interest savings account
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Jan 20, 2019 17:15
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I'm gonna do my own taxes for the first time in my life! So do I just buy a copy of QuickTax or will that not get me the best tax dealz or whatever
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Mar 1, 2019 00:31
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SimpleTax's autofill seems convinced I've made RRSP contributions and need to fill them out, but I don't have an RRSP. I think I have a pension plan through work but I don't know how to access the contributions for that. Where would I find this information?
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Mar 17, 2019 18:59
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VelociBacon posted:Do you have any investment accounts that may be incorrectly recognized as RRSP? I'd call the CRA if you can't figure it out. Unless my employer is doing something crazy in my name (which I don't think they are) the only investment I have is a bank mutual fund in a TFSA. Would this be likely to be misidentified? If I'm safe just leaving it all blank I can do that
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Mar 17, 2019 21:54
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hey thanks to whoever recommended me simpletax. did my own taxes for the first time in my life and got some sick free money also i paid for simpletax and it gave me a dark mode 
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Apr 25, 2019 00:49
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I need to open a joint account with my American fiancé, the plan is for him to eventually be a Canadian too. Is there anything in particular we should be looking for?
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Aug 14, 2019 14:34
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Methanar posted:Don't open a joint account ever Unfortunately immigration thinks our lack of a joint account is proof our relationship isn't serious
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Aug 14, 2019 16:51
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tagesschau posted:
Alright, thanks  And yeah we got a conjugal sponsorship denied a few months ago and the bank thing was one of their cited reasons for the denial
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Aug 14, 2019 18:24
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Lmk if I should cut off the off topic discussion, but yeah, our consultant ran with our case on a clause in the conjugal sponsorship law that says immigration isn't supposed to be able to 'force' us to get married if we don't believe in it, but that didn't work out lol
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Aug 14, 2019 20:05
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Hi thread, I was raised to be afraid to do anything. I want to switch banks (or rather, switch from a bank to a credit union). Is there any particular way I should go about it? Is it even possible without going in to sign papers? Will it ruin any secret reputation I have (credit score, other mysteries)? I do not have any investments or special accounts
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Jan 7, 2021 22:39
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My chief concern is accidentally investing in the fossil fuel industry. If I get poor from not investing then so be it I'd rather be poor than have the blood of the planet on my hands. My understanding is that all the 'green' mutual funds still invest a bunch in oil and poo poo but also throw in like, a single producer of cardboard straws or whatever the gently caress. Wealthsimples marketing material for their socially responsible funds sound like they address my concerns, but of course, it's wealthsimple, so I'm skeptical. Can someone smarter than me tear it apart and break it down for me? E: ps I am not willing to consider 'profit from oil but donate some back to charity' equivalent, I do not want that oil leaving the ground in the first place Killingyouguy! fucked around with this message at 23:02 on Mar 15, 2021 |
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Mar 15, 2021 22:53
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Nofeed posted:Luckily for you, owning a small slice of a fossil fuel company doesn't result in any more oil being removed from the earth than would have had you not owned that tiny slice, it only entitles you to a small amount of the profit generated thereof, so invest freely and with no guilty mind! That's not my understanding of how investing works? I thought the point was I hand over my money so the company can spend it to do some activity which generates a profit and I get a slice of the profit. If I don't hand over my money it becomes (very very very...) slightly more expensive for the company to do their work of removing oil from the ground But that's what I figured that breakdown would look like, just didn't know where to look for it. Thanks!
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Mar 16, 2021 00:01
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My credit union is pretty gung ho about GICs. What I don't understand is, I can't seem to find a portfolio for them. What is this investment in? Where does the growth come from? And if the market crashes, how do they guarantee the return? Ps years ago I asked this thread about how to switch off my childhood bank and the responses I got were very helpful, I'm much happier with my new credit union, thank you!! Killingyouguy! fucked around with this message at 20:59 on Jan 18, 2023 |
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Jan 18, 2023 20:55
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If I have a tfsa already is there any good reason to get a First Home account? I can't afford a home in my city even with the world's best investment returns
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Apr 3, 2023 15:38
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So, doesn't apply to me, got it lol. I can't even hit the contribution cap on the tfsa I do have, haven't bothered with an rrsp because of it Thanks!
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Apr 3, 2023 15:54
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Internet claims I can contribute to an RESP I don't own as a gift. If the RESP dissolves for whatever reason, does the gift go to the subscriber too or do I get it back? Also, the subscriber has to provide proof of the beneficiary's enrolment to withdraw, but is there any check that the funds are actually used to pay for school?
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Dec 7, 2023 17:44
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lmao wtf. maybe my credit union will be chiller than a bank and let my sister zoom in or something. like we don't live in the same city
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Dec 8, 2023 16:16
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If I get one of those stock/bond balanced funds, do I still also need GICs? Aren't GICs just bonds?
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Mar 3, 2024 17:18
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Wait how is a GIC cash if you have to wait to get your money back
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Mar 3, 2024 17:41
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e: nvm apparentlyiI asked this question a year ago lol
Killingyouguy! fucked around with this message at 17:59 on Mar 3, 2024 |
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Mar 3, 2024 17:51
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tragic_ethos posted:I think main thing with GIC, you are getting your principal back with interest. When you’re getting a bond fund (or an ETF balancing some percentage of bonds and stocks), you will see the bond portion of portfolio reduce in value when interests rate increase. You can look at a bond ETF like ZAG after 2021/22 and see how that ended up impacted when rates bounced up. Why would interest rates going up mean the value goes down? Also does this mean I should opt for all-stock funds?
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Mar 3, 2024 18:01
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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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