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slidebite posted:Also, about PC Financial and online banks; I've been with PC F for years. I think the thing that is keeping me with them is the ability to use a CIBC ATM for easy deposits and withdrawals since they're almost everywhere. Yeah, as much as you're able to use the Exchange network for ING and not only ING branded ATMs, I still envy the convenience my wife enjoys using her PC card at any CIBC. Part of the problem isn't even the difference in locations but lacking the knowledge of where to even look. I'm lost without the app. For example, the closest bank machine to my work or home is a municipal employees union machine nestled in next to the washrooms at Metro Hall, with zero notice or visibility. Most people's mental maps of the city neglect to include places like that (or would actively avoid like that credit union bank machine on the corner at College & Spadina) whereas I've never even touched BMO but could rhyme off dozens of locations because they're much easier to spot and remember. Then again, I get free email transfers and she doesn't so it balances out. Lobok fucked around with this message at 20:54 on Sep 30, 2013 |
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Sep 30, 2013 20:50
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Lexicon posted:PSA: TD is offering a free $100 if you open and automate mutual funds savings by Nov 1st. I assume this automation won't work with transfers from accounts outside of TD correct? I don't have any chequing or savings accounts with TD anymore, just a line of credit. While we're on the subject, is there a quick 1-2-3 explanation of exactly what one would ask for in setting up these accounts? You have to make a full-on appointment with one of the investment managers at a branch so I don't want them to give me some spiel that distracts me from getting the very simple thing I want. I want to have the e-series TFSA that this thread mentions time and again, which I will have to do the final conversion of myself through the mail-in forms.
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Oct 30, 2013 16:12
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I just came from the bank and set up the mutual fund TFSA. Do I have to let it sit for a month as they say before making changes or can I start the e-series conversion right away?
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Oct 31, 2013 20:17
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Lexicon posted:Get it going right now All right thanks. And thanks for the heads-up about the $100 bonus - I had wanted to do this for a while, especially since the thread began but that was the perfect impetus I needed to actually get to the bank and do it. (Though I misread and the bonus was up to $100. Still, free money.)
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Oct 31, 2013 20:22
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While it sounds like a great idea on the face of it to teach high schoolers all about the financial world, would it even stick? I couldn't tell you the first thing about solving derivatives nowadays even though I took a couple calculus courses because I've never had the opportunity to actually use that info. If half the students in the class don't even have any income to speak of yet how would you get them all to remember the ins and outs of various investment vehicles? I feel like they'd be better served being taught about the financial myths and misconceptions to instill some positive confirmation bias early rather than teaching them the technical processes of going out there and growing their money. Stuff like "No Suzie, keeping a balance on your Visa does not help your credit score." Lobok fucked around with this message at 14:55 on Nov 1, 2013 |
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Nov 1, 2013 14:53
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HookShot posted:When I was in Grade 10 as part of CAPP we had a project where we had to find a "job" in the paper, and the find an "apartment" to live in and budget and figure out how much everything we had to buy would cost, basically make a fake budget for when we were adults. It was actually pretty useful, and I could see in grade 12 how taking it a step further and talking about investment would make sense too. In Grade 12 we had a project where groups had to run their own country with each member of the group managing a different ministry. Our group was a despotic hellhole for decades that only spent money on energy infrastructure and the teacher was really kind of eyebrow-raised-disappointed in us until the energy economy started taking off and we had enough money to turn our country into a paradise and blow past all the other groups who were using their piddly little democratic institutions to merely tread water. Years later it still gives me a strange perspective on global politics.
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Nov 1, 2013 18:20
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tuyop posted:Isn't this how Alberta is run? We turned out more like a tropical Norway.
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Nov 1, 2013 21:34
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I do wonder why it was decided to call it an "account" rather than a "plan" like with the RRSP. Savings account definitely has that connotation of dumping some money in there to buy a couch six months down the line and not something that's supposed to be growing for decades.
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Nov 7, 2013 22:38
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Lexicon posted:It's horseshit to debate the semantics and suggestibility of "account" or "savings" or "plan" or whatever. Don't worry, I'm not saying it's all the fault of the name, I'm just curious as to why they named it that way considering RRSPs are hugely familiar to Canadians and would be the obvious precedent to use in naming something.
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Nov 7, 2013 23:02
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Kal Torak posted:22.5 million in TFSA penalties for 2012. There should really be some kind of relaxing or reworking of the rules. Terrible disincentive and mixed message to have everyone say "Canadians need to save for retirement!" and then when Canadians go "Here's a shitload of money for our retirements!" the government goes "Oooo sorry, that was too much. Take this tax hit, bitches." I don't know, maybe some kind of allowance to move spillover amounts into your RRSP?
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Feb 27, 2014 17:36
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Kal Torak posted:The rules really aren't that difficult. There's a contribution limit for RRSP's as well but few people over-contribute to those. The main problem here is that people are trusting the banks and financial advisors who don't understand the rules themselves. This seems pretty contradictory. The rules aren't difficult but one can't trust even a bank or financial advisor to understand them?
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Feb 27, 2014 20:13
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Kal Torak posted:Not contradictory. People don't take the time to learn and understand. That includes the average Canadian as well as the low paid, under-educated, bank employees. If lots of people don't understand then doesn't make it hard to understand? But my problem is the penalty. Drilling into everybody's heads for decades that they need need need to save up for retirement in this account over there and then penalizing people for over-contributing in this other account over here when the battle has always been to get people to meet their relatively huge RRSP limit just seems like very poor policy or a tax grab and is another example of how confusing the TFSAs have been from day one. This very thread has a litany of people wondering what the hell the differences are for use as retirement funds. And as much as we in the thread might not trust employees in the financial business, I think it's naive to think that the majority of Canadians could or would. Who are people supposed to turn to if not them?
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Feb 27, 2014 21:21
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Kal Torak posted:The TFSA has been around for 5 years now and the CRA has waived the penalties for pretty much everyone who has bothered to make the request. I don't know how you can take issue with something like that. Calling it a tax grab is pretty ridiculous since it costs the Federal Government millions every year (66 billion is currently sheltered tax free in these accounts) and is really the exact opposite of a tax grab. I can take issue with a penalty that even the government itself doesn't seem to take seriously if all anyone needs to do is say "my bad" and it's waived. What's the point then? And the tax grab was specifically about the penalty not the TFSA overall.
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Feb 28, 2014 06:06
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Skizzzer posted:I was thinking about switching to Tangerine for their credit card, which sounds pretty good because of the no fees, 2% cash back on select categories and 1% back on everything else. I'm currently using the Amazon Chase card, which is similar but only 1% back on non-Amazon charges. Is this a good idea? I use the Tangerine MasterCard for all purchases that qualify for my 2% categories and a Visa for everything else. You can keep banking with TD if you want and have a credit card through Tangerine. I've got my banking spread among a few banks.
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Sep 15, 2016 19:13
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Skizzzer posted:I guess I should clarify: is there a better credit card for Canadians; and if you're choosing to invest through Tangerine or TD, and you have a small portfolio, should you stick with TD? There is no one best card. You need to pick one that suits your needs and wants. The Tangerine one is good because you can choose your own categories, so that if you're like me and you hardly ever pay for gas you can pick a better category. There are cards with better rewards, perks, or lower interest rates but they may also come with higher annual fees that you may not be able to justify paying. Or you might simply not qualify for them in the first place.
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Sep 15, 2016 19:18
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Skizzzer posted:Sounds like Tangerine is the one I want. What are these other cards? There are a lot so I don't have an exhaustive list but generally the better cards just sound better. Using words like Platinum, Gold, Elite, SuperDuper, etc. They'll have better perks like [higher] insurance coverage for travel and auto, better cashback rates, better cash advance rates. You would have to do the math though to see if the annual fee is a good deal for that stuff. If you never accrue a balance then the general interest rate of the card is of no use to you but the insurance might be. Or preferred travel or entertainment booking. Again though, you have to qualify for these better cards. I doubt a bank would look at my income and give me a Platinum card for example. Otherwise, the Tangerine card has been good to me. They had a thing running this summer where all my 2% categories actually gave me 4% and the cashback is monthly not annually (ugh) like other cards so it definitely helps with the instant gratification and seeing where/how you're earning your cashback from.
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Sep 15, 2016 21:23
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Lead out in cuffs posted:b) I'd be very, very surprised if Google was still growing a century from now, and honestly at least a little surprised if it even still existed. (I really hadn't known about the zero-dividend thing with Google, and now am kinda struggling to see much difference between investing in Google and, say, buying Bitcoin. I guess because there's a real company whose performance the share price is supposed to track, but that kinda breaks down too, since investors don't see any of Google's profits, so it's all perceived value.) It's kinda like money. We all believe it has value, so it does.
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Feb 7, 2017 03:39
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Haha, wanted to transfer a TFSA out of TD and found out they started charging a fee for it in March. gently caress me, of course I had to procrastinate.
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Apr 2, 2017 20:11
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Risky Bisquick posted:How much is the fee? $75 plus tax, which they proudly proclaim is in the mid-range.
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Apr 2, 2017 22:24
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Rick Rickshaw posted:Is the amount you have in there greater than (half your total contribution room + the amount you are contributing in 2017) ? Oh, I withdrew it all if that's what you were going to suggest. It wasn't a big amount. And it wasn't a big amount because TD has a real problem accepting funds from my chequing account with another bank so I got fed up and wanted to transfer it. They also have a problem not knowing how to handle fixed portions of my line of credit so I really don't think I'll be banking with them ever again.
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Apr 2, 2017 22:38
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Rick Rickshaw posted:Did you withdraw or transfer? Withdrawal should be free, I think... The transfer required a fee so I withdrew instead and will put that cash into a different TFSA.
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Apr 3, 2017 02:06
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Yeah, it was a small amount. I have plenty o' space left to contribute. Appreciate you guys making sure!
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Apr 3, 2017 14:56
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Also, wear a beanie with a propeller.
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Apr 7, 2017 14:57
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Aug 21, 2018 17:33
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So I am just a goddamned idiot apparently and got a new credit card this week but it is the wrong one. What's the best way to get the card I actually wanted, in terms of how soon to cancel the wrong one, when to apply for the correct one, etc.? I'm not really worried about my credit score but I also don't want to compound my errors here.
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Jul 13, 2019 21:41
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xtal posted:What kind of fuckup are we talking about? In most cases you can just call the issuer and they'll switch between their any of cards for free instantly. The type is just a row in a spreadsheet to them. If you paid an annual fee, or have started to accrue rewards already, it might be hard to refund or preserve those, though. I have one charge on the card so far, like $25. There is an annual fee but the first year fee is waived anyway so I don't think that will matter.
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Jul 13, 2019 21:55
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In general you should do an income check on yourself for a given credit card because any annual fee or the card's rewards may not be for you if you don't make enough to put $X through the card in a year. Like with cash back cards sometimes the bottom tier % reward doesn't start triggering until after you've charged a certain amount on the card in that year in total or on the other higher % merchant categories.
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Jul 25, 2019 21:39
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odiv posted:Ha ok. To be fair I don't think I can be blamed for thinking someone means mining stocks when they say mining stocks. I only give my money to real miners. Whoa officer, hold on, it's a homonym, lemme go
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Jun 9, 2020 14:29
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cowofwar posted:I have a Tangerine mastercard (the ~better~ one) and had an issue with some merchant and Tangerine told me they straight up reject some merchants by default unless the cardholder calls in because they get so many fraudulent transactions. Something you'd want to know before the transaction and not after but I guess it's problematic to publish a list of merchants to watch out for.
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Aug 19, 2020 21:15
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