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Ccs posted:This is slightly off topic, but my partner just got a new job lined up in a month and a half. She is currently collecting EI, but does she have to stop now that she has accepted a job? Or can she continue to collect until the job starts? Does she still have to be applying for other jobs during this next month in case they check that she's doing a job search? I am not a...EI expert, but it seems very unlikely they are going to check if she's been doing a job search over the next month in a half, though you might want to still say that she is. The question for the report is "have you started a full time job". Answering that honestly is what matters, and since she hasn't started yet the answer is no. I would just tell her to continue to do the reports and answer the questions honestly.
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Oct 4, 2018 18:55
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I do half my family's taxes each year and use SimpleTax. It's decent.
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Apr 19, 2019 00:51
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Postess with the Mostest posted:Mother in law owes 10k in credit card debt. Has almost no assets, old car and bedroom furniture. Lives in a retirement home. Has a $2k/month pension which covers most of her monthly expenses, I pitch in another $400 a month because I'm such a great guy. She called my BiL and asked him to pay her ~$200 a month for 4 years to help pay off her credit card debt. She's ~75, we're all in Ontario. I'm pretty sure it's time to investigate bankruptcy? If she has no other assets I recommend getting her to sign up for more credit cards and lines of credit and then maxing them out on cool things for her and her kids. edit: oh, and never paying them off, obviously Tsyni fucked around with this message at 04:16 on Jul 26, 2019 |
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Jul 26, 2019 04:11
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mila kunis posted:I've ways had my taxes done by a family friend but this year they're not available, and this is also the first year I've contributed towards an RRSP and a TFSA. How easy is it to do your taxes yourself on the CRA website? Or is it recommended to use some kind of helper software? SimpleTax is my go-to. I do most of my family's taxes on it. Free and straightforward.
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Jan 17, 2020 16:14
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Cyril Sneer posted:So I went ahead and set up my Questrade account. Use bill payments from your bank to Questrade. It's much faster in my experience.
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Apr 3, 2020 05:15
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TrueChaos posted:I have some questions related to what to do with savings, as I'm not sure I'm doing this correctly: This might be a controversial view, but if you have large enough lines of credit with low rates, the opportunity cost of sitting on 30k in an emergency fund doesn't make a lot of sense. Even if you ignore that completely, having to withdraw $5000 a month from your investments at some loss is likely still worth it vs. the opportunity cost of not investing your emergency fund. Looking at 2% HISA vs a conservative 6% return on an ETF, over 10 years, you're looking at a difference of $17,000. If the market tanks at the same time you both lose all sources of income, you'll only be taking a loss on what you have to withdraw. Over 20 years the difference is over $50,000, not accounting for inflation. Looking at the Dow, the week after 9/11 it was down ~14%. The week after the housing market crash it was down ~18%. Anyway, if it were me I'd invest a large chunk of that in a market ETF. Max out your TFSA.
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Dec 3, 2020 01:37
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Jenkl posted:I'm glad someone mentioned this. Maybe I'm just paranoid, but the situation where a bank is calling the loan is probably very similar to the economic downturn that has you relying on it. Then you sell some of your investments at a loss. I feel like people are imagining a 50% market downturn or something that has never happened and if ever did happen paying your mortgate would be the least of your worries.
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Dec 7, 2020 04:38
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Nofeed posted:If you want to understand how unfortunately complex the RRSP investment decision is, feel free to take a gander over to Retail Investor. Buddy has a nice spreadsheet you can use to model your planned contributions with. Thanks for this site. It pointed out a few things that I hadn't considered about RRSP contributions.
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Feb 28, 2021 05:10
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PoizenJam posted:Ok, that sounds like I've got a pretty good strategy going. I'll offer a slightly alternative take to consider. I keep my chequing/savings account at effectively zero, though there is often a balance for upcoming bills and rent. I'm weighing the opportunity cost of not investing a 3-6 month chunk of spending vs the likelihood that I'll lose my job + not be eligible for EI + my bank calls in my line of credit + there is a severe enough economic downturn that the losses I take withdrawing from my investments are greater than the interest over X amount of time of having an emergency fund sitting there. My risk tolerance is obviously sightly higher than average, but mostly I could easily survive on EI/line of credit because my monthly spending can be less than $2000. I also use a no fee bank account so that's not a consideration for me. Definitely do what you're most comfortable with, and if your spending and lifestyle requires much greater than $2000 (which is certainly a normal situation if you own a house) then I can see an emergency fund being potentially useful for peace of mind.
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Mar 2, 2021 19:30
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DrBox posted:Hello, As someone with no mortgage payment, no kids, and no other debt,, I have effectively zero emergency fund. I have a line of credit that I use in case of an emergency. The way I look at it is, every year without an emergency I'm losing ~6% gains with high interest savings vs an index fund. Catastrophic losses on the market are few and far between, and even if I had an emergency in the middle of a steep downtown, the chances are my gains will have already offset that. Being down 20% and having to take out a few thousand isn't going to be the end of the world. My monthly expenses are around $2000 living large. I know many people don't feel comfortable in that situation, but that's up to you.
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Jul 14, 2021 17:39
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Outrail posted:Rapidly approaching this mindset. I'm in my mid 30s and I have everything in XEQT, which is around 50% US holdings. My risk tolerance is probably higher than average though.
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Jul 26, 2021 20:15
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I am trying to figure out the most painless option for my parents when it comes to investing. They are not financially savvy at all and I think they have all their money in a savings account with BMO. They are good with money in the sense that they save a lot, but I want to help them meet their potential. Looking at the offerings from BMO and they don't look amazing, but there is a ton of stuff on their website with MERs above 2% on their mutual funds. I think something like questrade would be a bridge too far for them. Is the best option trying to get them to open a TD account for their E-series offerings?
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Aug 7, 2021 22:58
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VelociBacon posted:There's going to be some considerations to be made with people our parent's age, assuming you're 24-35 and your parents are 50+. Things like retirement planning, existing pensions, their current assets (house?), etc will likely play into how they should be investing or not investing. It might be best for them to see a financial planner to nail down a good strategy as they progress into retirement age. Yeah, I'm just trying to maximize the most efficient investment with the least amount of effort. Taking a 2% MER on some BMO mutual fund is better than earning 0.35% interest in their "high interest" savings account, but of course I'm hoping for a slightly better option. I'm just trying to brainstorm the easiest way for them to contribute monthly. I'm mindful of what kind of investments they'll want approaching retirement. If it's too complicated they will just end up doing nothing, haha.
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Aug 8, 2021 00:29
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pokeyman posted:Since they’re already with BMO, take a look at their asset allocation ETFs: https://canadiancouchpotato.com/2020/12/31/inside-the-bmo-asset-allocation-etfs/ I think they’d need to open an account or three at InvestorLine, but moving the money in will be less steps since they’re already with BMO for banking. Setting up a DRIP is a good idea in the otherwise fortuitous event that they never look at the account after getting it set up and funded. Awesome, thank you. It wasn't immediately obvious that BMO had something like this.
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Aug 8, 2021 07:27
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Oxyclean posted:Hi I'm a dum dum who has not been filing taxes because I assume I don't really need to cause my employer takes my taxes out of my pay & ran into some problems trying to file online a few years back and never really bothered to sort it out. I remember filing physically at least once, but then I think I had some problems when I tried to do it digitally after? Register for a CRA account if you haven't already and you will be able to see the last years that you filed taxes. As long as it hasn't been that long, most of your T4s and tax information for prior years should be there as well. I use SimpleTax, but I am sure there are other good, free options.
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Apr 14, 2022 23:38
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I switched to Tangerine 4 years ago or so and haven't had any problems. I think I have only contacted customer service once or twice though, for a new card.
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Mar 28, 2023 17:46
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I would just weigh the opportunity cost of not investing your emergency fund, vs the loss you might take selling stocks during a downturn. Look at 1 year, 2 years, 3 years, etc and consider the risks you face. Do you have a maxed out mortgage and no family support? Well, that's much more risky than renting somewhere with lots of family help. I think for some people, an emergency fund has more psychological benefit.
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Aug 3, 2023 20:38
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Raenir Salazar posted:Doing the meme of getting a loan to pay off my loan(s) but I think it works out. I'm reducing my debt payments from 1216$ a month to 333$ a month for 2% more interest than my previous loan but still 6% less than what my credit card was (12% 3 year to 14% 5 year basically). You rent. Do you have a family? If you didn't have the buffer, could you still borrow money? I think some kind of buffer makes sense when you have a family and mortgage payments and an emergency would be really awful, but for you maybe you'd just be paying effectively 14% on that emergency fund. I guess just imagine the worst case scenario and what would happen if you didn't have money in that situation.
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Oct 21, 2023 03:53
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Yeast Confection posted:Mint is shutting down December 31st and I'm bummed. If retrospective information is fine(not up to date every transaction), my advice is to bite the bullet and use a google sheet/excel to slowly set something up that fits your needs. I used to use YNAB to track my spending a few years ago. Now I have a google sheet setup that I just download the excel statement from various credit cards, copy and paste the debit fields and description fields into the sheet, there is a cell next to each item with a drop-down menu to pick which category each payment is for (groceries, alcohol, cell phone, monthly subs etc) and then a series of fields that populate with the totals for each category. Once a month, usually the first week of a new month, I go in and input the data for the previous month. It usually takes 20-30 minutes for a single month with 2-3 credit cards and a bank account.
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Nov 24, 2023 05:36
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VelociBacon posted:Sorry but why do you think TFSA are taxed or something? You've implied it twice. Where is the $250 going in your napkin math for the TFSA? What are the numbers meaning for retirement age? I'm so confused. You're taxed on your income before it goes into a TFSA vs getting that tax back if you put it into an RRSP.
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Dec 15, 2023 07:26
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Raenir Salazar posted:Right, I recently got laid off so I applied while searching for jobs but the notice seems to claim my max insurable earnings is only 25,000$ (my T4/R1 claims 61,500$) and that my weekly benefits are around 650$, so I'm trying to figure out if they have the correct info and if this amount is correct. I go on EI every year and I sometimes notice this discrepancy and wonder a bit how , but because I am getting the max amount of EI (like you are) I never think too hard about it. Mine says my insurable earnings are $21,000 on my current claim and I made at least $75,000 in that period. Max EI for a claim starated before Jan 2024 is $650, after Jan 2024 I think it's up a bit, maybe $668.
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Feb 3, 2024 19:22
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Lone Goat posted:My mom is going on a trip to Europe but doesn't have a debit or credit card and is being told that Sweden is mostly cashless and she'll need a card of some sort. Regardless of if this is true or not, I'd rather not just have her out there with a wad of cash, so I'm looking for a prepaid card but I'm getting conflicting reports on what's available. Does she have a bank account? Wise is very nice and handy and can be managed through an app on your phone that you can load the card up from using your bank account. Fees are good too.
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Apr 25, 2024 05:40
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