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pokeyman posted:I'm not aware of any money laundering rules. Some more info on this from a secondary source: https://questrade-support.secure.force.com/mylearning/view/h/Account/Third-Party-Deposits//a2E3NWIwMDAwMDBmelYzQUFJ
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Sep 14, 2022 01:33
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Cold on a Cob posted:I think it's all attributed back to you - both the original amount and the gains. Does this imply that there is already an attribution rule where if A gives B $x, and B invests it in a taxable account, the gains are attributable to A?
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Sep 14, 2022 22:09
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I haven't used simlpii since they were PC Financial so I can't comment on them recently. I use Tangerine, and while I still use it, it has problems like 1) desktop site often times out or down for maintenance 2) scheduled payments will fail silently and disappear from history if they exceed the interac daily limit 3) desktop site optimized for tablets 4) inconsistent autodecimal behavior in different sections of the app Once it is setup it basically works though.
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Oct 17, 2022 01:22
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I think getting dividends during your accumulation phase is a drag on growth. At a minimum you are losing on the spread when you reinvest them. I think you don't benefit from dividend tax treatment if you are earning employment income at the same time.
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Jan 2, 2023 20:10
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Killingyouguy! posted: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? The "guarantee" (the letter G in GIC) comes from the financial institution itself. The reason you get poo poo interest on GICs is because the financial institution is the one bearing the risk (the guarantee). In addition, term deposits, including Guaranteed Investment Certificates (GICs), are eligible for CDIC deposit protection. This means that if the market crashes so much that the FI fails, the government protects your deposits. https://www.cdic.ca/your-coverage/protecting-your-deposit/term-deposits/ E: you asked what the investment is in. It's not really an investment as I would describe it. Think of it like a loan to your bank. They pay you 5% and turn around and use your money to capitalize their own loans to others at 8%. You aren't investing in anything because you don't get any ownership in anything from a gic. Mantle fucked around with this message at 22:05 on Jan 18, 2023 |
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Jan 18, 2023 21:22
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Can someone clarify how to make a qualifying withdrawal from a FHSA in this situation: 1) A person owns a property, but it is not their principal residence. They are still a first time home buyer for the purposes of opening a FHSA and they open a FHSA and contribute $8000. 2) The following year, they move into the property as their principal residence. Under these circumstances, there is no way to make a qualifying withdrawal as the property was acquired more than 30 days before the withdrawal. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawing-money-from-your-fhsa.html Is it possible to just never withdraw the money from the FHSA and just roll it over into an RRSP after 15 years?
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Apr 3, 2023 20:21
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Turbo Fondant posted:Alright, there's a couple that operate heavily around here in residential stuff in around the bracket I'm looking at so I'll grab a bit of each and stay around that 20%, maybe pad the rest with ZAG? Assuming this weird volatility in bonds isn't gonna hang around much longer. If you are following an index investing strategy, your allocation shouldn't depend on what is currently happening in a particular asset class.
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Jun 9, 2023 22:17
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Jenkl posted:Pretty sure it isn't cdic insured. https://horizonsetfs.com/wp-content/product-sheets/EN/CASH-Product-Sheet.pdf?ver=1694549939 The product sheet says it is not CDIC insured, so I suppose you hold the risk of the underlying bank losing the fund's deposits? Another consideration is whether the distribution is taxed as interest as it would be if you were holding it directly, or taxed as something else because you're holding it through the ETF (dividend?). One interesting point is that the fund may be able to get higher institutional interest rates than you would as an individual investor.
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Sep 12, 2023 21:32
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Professor Shark posted:Yeah, we were sent the stuff today and we’ll look at it, but we’ve decided not to get anything for the kid. Still on the fence about CI for us. I want to look at the exclusions. One thing I think really helps when talking about life insurance products or financial products that masquerade as insurance is being really clear about who the different actors are. At a minimum, you should be able to answer explicitly who the beneficiary is, who is paying the premiums, and who's death the policy will pay out on. I've noticed in casual discussion the phrase "I have life insurance" can refer to any of these 3 things, which is not useful for understanding what the actual relationships are between the speaker and the policy.
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Sep 13, 2023 21:19
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CRA has an interpretation bulletin on how they determine residency: https://www.canada.ca/en/revenue-ag...nce-status.html If you are a resident, you have Canadian tax obligations on your worldwide income. But I think it means you still get to do things that come with residency like accrue TFSA room. You probably should consult immigration and tax professionals for planning purpose so you can make an informed decision on what to do.
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Nov 26, 2023 20:36
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If you sell before mandatory redemption, you can time your disposition so that it's most advantageous for you tax wise or even market wise. Unfortunately it is a forced disposition which is a taxable event which matters if you are holding it in an unregistered account.
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Jan 30, 2024 20:16
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You don't NEED to immediately reinvest your dividends, especially if it doesn't make financial sense
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Mar 5, 2024 08:55
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Nofeed posted:Assuming this is in a tax sheltered account, I can't think of a reason why it would make financial sense to not reinvest immediately? If the transaction cost of investing outweighs the amount invested. I have some bond ETFs that pay me $100/mo. If I had to pay $10 per buy, it wouldn't make sense to reinvest immediately every month.
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Mar 5, 2024 22:00
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How is wealthsimple for passive ETF investing and/or chequing? I'm sick of banks using sms for "2step" authentication and wealthsimple seems to use TOTP.
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Mar 14, 2024 04:16
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qhat posted:If you're just planning on dumping all your money into a few CAD ETFs then it's good, and yes it authenticates with authenticator so for security it's good. Anything more than that and the interface is probably just too simplistic. I should mention that I'm already using Questrade and passive investing. The reason I'm considering moving over is to get synergies with their other services like chequing and tax preparation. It's really driven by being pissed off at (all?) banks requiring SMS and phone service. I couldn't find info about their commission pricing on their website and their mobile app crashes when I try to use it. Are all ETF buys free or only certain ones on a list?
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Mar 14, 2024 06:44
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Why not just use XAW to exclude Canada and diversify outside of the US? It's also CAD denominated to boot.
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Mar 15, 2024 06:25
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Here's a discussion on some reasons you may want to hold Canadian equities (or not). Predicting performance (or lack) of shouldn't be one of the considerations. https://canadiancouchpotato.com/2012/05/22/ask-the-spud-does-home-bias-ever-make-sense/
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Mar 15, 2024 08:59
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qhat posted:Good video. But yes some home bias makes sense since it’s the one country on the planet that there is virtually no risk of being penalized, or worse shut out of entirely, because you’re foreign. I'm not following why this matters. If I'm fully invested in foreign denominated holdings, in foreign domiciled entities, what would I be shut out from if my broker is Canadian domiciled?
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Mar 15, 2024 17:20
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In the accumulation phase I don't see any reason to hold Canadian equities. In the drawdown phase I can see how favorable tax treatment and lower currency risk could be attractive.
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Mar 16, 2024 01:14
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tragic_ethos posted:Eh, I'm still generally of the mind that worrying about dividend withholding for US stuff is pretty marginal in terms of total gains. The current average yield of S&P 500 tickers is 1.84% per Google, it sucks to be sub-optimal obviously, but likely not worth much mental expense if we're talking a 0.2 to 0.3% loss each year (ie. taking a 30% withholding hit on US dividends rather than 15%). Here's a cost benefit analysis of a hypothetical $200k portfolio fully invested in XAW (https://www.blackrock.com/ca/investors/en/products/272108/ishares-core-sp-us-total-market-index-etf). Say $100k is in the TFSA and $100k is in the RRSP. Only the $100k in the RRSP can be optimized. Of the $100k of XAW in the RRSP, only 64% ($64k) of that is in US domiciled equities, made up of IVV (54%), ITOT, (4%), IJH (4%) , and IJR (2%). The optimization would be to replace those US domiciled equities with their equivalent funds held in USD. Those $64k in equities currently pay 12m trailing yield of: $729 = $54k * 1.35% (IVV) $54 = $4k * 1.38% (ITOT) $280 = $4k * 7.01% (IJH) $26 = $2k * 1.32% (IJR) Total dividends $1089 Withholding 30% on dividends = $326.7 Potential return 15% of dividends = $163.35 Out of the gross return of $163.35, your net return needs to account for losing money on currency exchange to USD each time you accumulate and from USD each time you drawdown. You also lose money on the spread each time you rebalance, which you are now responsible for doing at the correct time and with the correct holdings. At what point does it even net you positive EV financially, let alone become worth your time? Even if the optimization is to shift all of your US exposure into the RRSP ($128k) and have the remainder in your TFSA ($72k) you still only would have a gross savings of $326 on every $200k of AUM. That's still not worth having to manually manage weightings IMO. If you choose to hold bonds or have less than 64% US exposure your numbers get even worse. Please double check my calculations. Mantle fucked around with this message at 02:40 on Mar 17, 2024 |
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Mar 17, 2024 02:37
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T.C. posted:You can generally add people as secondary card holders to your credit account. They will normally issue a card to that person with their name on it but it will show up on your statement and you are responsible for their charges Another consideration is that sometimes the card issuer charges a fee of around $100 to issue a secondary card. I have no idea why they would do this, as a secondary card increases the amount of spending that goes through an account. Personally I would never subscribe to an issuer that charged a fee for secondary card.
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Apr 25, 2024 20:24
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