|
cowofwar posted:Wow what a lovely card. I had a discussion with someone earlier who told me about a $5000 prepaid credit card he uses as his emergency fund. Apparently, the company pays 5% interest per annum on positive balances, making it better than nearly any other fixed income option out there. It's a loss leader geared towards people with lovely credit who are more likely to overdraw and rack up fees, but he made it work for him.
|
#
?
Nov 20, 2015 03:08
|
|
|
|
| # ? May 15, 2024 01:19 |
|
|
Guest2553 posted:I had a discussion with someone earlier who told me about a $5000 prepaid credit card he uses as his emergency fund. Apparently, the company pays 5% interest per annum on positive balances, making it better than nearly any other fixed income option out there. It's a loss leader geared towards people with lovely credit who are more likely to overdraw and rack up fees, but he made it work for him. Must know the name of this credit card, now!
|
|
#
?
Nov 20, 2015 05:58
|
|
|
Franks Happy Place posted:"The limit this year is $1000 unless you didn't contribute anything last year, in which case it is $5500." Except limits carry over even if they aren't used and everyone regardless of what they contributed has an equal limit right now. You're proposing some people's total limit goes higher than others based on what they actually contributed. It's not a fix, it's actually unfair. Whatever they do to limits, it will have to be applied to everyone to be equitable. How much of it you've actually used is irrelevant. Saltin fucked around with this message at 15:14 on Nov 20, 2015 |
|
#
?
Nov 20, 2015 15:09
|
|
|
Guest2553 posted:I had a discussion with someone earlier who told me about a $5000 prepaid credit card he uses as his emergency fund. Apparently, the company pays 5% interest per annum on positive balances, making it better than nearly any other fixed income option out there. It's a loss leader geared towards people with lovely credit who are more likely to overdraw and rack up fees, but he made it work for him. seriously, that's a pretty loving great place to stash money.
|
|
#
?
Nov 20, 2015 15:12
|
|
|
sbaldrick posted:seriously, that's a pretty loving great place to stash money.
|
|
#
?
Nov 20, 2015 17:45
|
|
|
Ashley Madison posted:• A NEW inactivity fee will be introduced. The inactivity fee will be charged if on your statement date there is a credit balance on your account and there has been no activity (meaning no debits, credits, interests or fees) on your account for the preceding 12 consecutive months. The fee charged will be a fee equal to the lesser of $10 or the credit balance amount. Some years back the government banned the practice of doing this to gift cards (slowly draining the balance if you didn't use it fast enough). Nice to see those rules don't apply to credit cards lol.
|
|
#
?
Nov 20, 2015 19:50
|
|
|
I cancelled a couple of Scotiabank cards recently due to the inactivity fee. They were nice enough to send a letter and warn me, so I didn't get hit with the fee.
|
|
#
?
Nov 20, 2015 19:58
|
|
|
cowofwar posted:You probably can't withdraw the balance, only credit it against your spending. true but as a place to stash money while making a small purchase every once and a while to cover cost it would work well.
|
|
#
?
Nov 23, 2015 16:54
|
|
|
Jesus, folks, enough with the microoptimizations
|
|
#
?
Nov 23, 2015 17:18
|
|
|
This is slightly off topic, but has to do with Canadian banks. Are there any banks that offer free interac e-transfers? Even with a minimum balance? My CU charges $1.50/transfer, which seems to be par for the course. Ultimately it is usually worth it, as it saves me the time and hassle of writing checks/withdrawing money and delivering payment. I only send 2-3 a month on average, but that's steadily growing and I like to avoid bank fee's as often as possible.
|
|
#
?
Nov 25, 2015 16:16
|
|
|
Reggie Died posted:This is slightly off topic, but has to do with Canadian banks.
|
|
#
?
Nov 25, 2015 16:24
|
|
|
Reggie Died posted:This is slightly off topic, but has to do with Canadian banks. No bank that I know of offers them free. If they were free, Interac wouldn't make money.
|
|
#
?
Nov 25, 2015 16:27
|
|
|
Kal Torak posted:No bank that I know of offers them free. If they were free, Interac wouldn't make money. Or the banks would lose moneyyyyyyy......ahhhhhhhhhhhhhhhhhhhhhhhhhh... Narrator's Voice: Forums poster Rick Rickshaw has been sucked into a spontaneous singularity after daring to invoke the thought of a bank losing money.
|
|
#
?
Nov 25, 2015 16:42
|
|
|
It's pretty annoying though; many other countries' financial systems somehow manage to muster the ability to offer free digital transfers without imploding.
|
|
#
?
Nov 25, 2015 17:12
|
|
|
Reggie Died posted:This is slightly off topic, but has to do with Canadian banks. BMO gives you 5 free transfers per month in their $30/mo. plan. The monthly fee is waived if you hold $5000 in the account.
|
|
#
?
Nov 25, 2015 17:25
|
|
|
RBC's no limit account ($11/mo fee, easily reducible to $6/mo) gives 10 eTransfers a month and they have account types with unlimited transfers too if for some reason you regularly use more than ten. $6/mo works out cheaper than the foregone interest on 5k. If this is just an occasional thing, though, I'd just suck up the pay per use fees instead of going to the hassle of changing over your banking.
|
|
#
?
Nov 25, 2015 18:08
|
|
|
Yeah, I looked into using direct transfers to pay my rent because I'm lazy and don't like making a cheque every month. But it seems like the only way to do this is through Interac eTransfers and I sure as gently caress don't feel like paying that much fees for the 45 seconds it takes to write a cheque and drop it off on my way out of the house.
|
|
#
?
Nov 25, 2015 18:19
|
|
|
Tangerine's free transfers are fine. Anyone I've ever paid with them is happy to jump through a whatever extra hoops there are because they're getting money out of it. Also why on earth do people pay monthly fees for basic banking? Am I missing out on a sweet deal or something?
|
|
#
?
Nov 25, 2015 19:38
|
|
|
sund posted:Tangerine's free transfers are fine. Anyone I've ever paid with them is happy to jump through a whatever extra hoops there are because they're getting money out of it. Not everyone is satisfied with a no frills banking service like tangerine, and do in fact make use of banking branches, the services as well as conveniences they offer. As for why someone pays a punitive fee of say $30 a month for a chequing account that I cannot defend given it is much cheaper to float the 5k or whatever balance is required.
|
|
#
?
Nov 25, 2015 19:54
|
|
|
jm20 posted:the services as well as conveniences they offer Could you elaborate on these services and/or conveniences? I remain baffled why there are so many bank branches in Canadian cities - it's utterly unclear to me who visits them and for what reason with such regularity their numbers are justified.
|
|
#
?
Nov 25, 2015 20:09
|
|
|
Lexicon posted:Could you elaborate on these services and/or conveniences? I remain baffled why there are so many bank branches in Canadian cities - it's utterly unclear to me who visits them and for what reason with such regularity their numbers are justified. You can walk inside a branch and talk to someone about your problems, which they generally solve for the patron after they've had to wait in a single file line for some time. There is also a "strategically" located ABM on premises that offers you a physical medium for your currency if needed.
|
|
#
?
Nov 25, 2015 20:19
|
|
|
jm20 posted:Not everyone is satisfied with a no frills banking service like tangerine, and do in fact make use of banking branches, the services as well as conveniences they offer. As for why someone pays a punitive fee of say $30 a month for a chequing account that I cannot defend given it is much cheaper to float the 5k or whatever balance is required. Actually, it really depends on what kind of rate you can earn on your money whether it's worth leaving there or not. If you can earn better than 7% on that $5000 then it's not worth it over the saved fees. Remember that if you dip below $5000 at any point in the month you don't save the fees so it's not really liquid cash. Realistically the hurdle is lower as if you treat $5000 like a hard minimum you will have some larger amount in ye account to make sure you don't go below it.
|
|
#
?
Nov 25, 2015 22:34
|
|
|
jm20 posted:You can walk inside a branch and talk to someone about your problems, which they generally solve for the patron after they've had to wait in a single file line for some time. There is also a "strategically" located ABM on premises that offers you a physical medium for your currency if needed. Is this sarcasm? Cause waiting in line during banking hours sounds like it sucks and there are tons of 711 and Scotiabank around where I can withdraw cash at without service charges-- more than any one bank can offer.
|
|
#
?
Nov 26, 2015 01:20
|
|
|
Mantle posted:Is this sarcasm? Cause waiting in line during banking hours sounds like it sucks and there are tons of 711 and Scotiabank around where I can withdraw cash at without service charges-- more than any one bank can offer. Maybe you just don't have complicated banking needs where a physical branch is a requirement? I own my own corporation for some consulting work I do and there are restrictions on what I'm able to do remotely.
|
|
#
?
Nov 26, 2015 01:25
|
|
|
Kalenn Istarion posted:Maybe you just don't have complicated banking needs where a physical branch is a requirement? I own my own corporation for some consulting work I do and there are restrictions on what I'm able to do remotely. I don't think we are discussing business accounts.
|
|
#
?
Nov 26, 2015 02:02
|
|
|
cowofwar posted:I don't think we are discussing business accounts. But it's one major answer to "who actually needs physical bank branches?" which is what started the discussion. Anecdotal, but having spent a few years overhearing teller transactions at my local <big bank> branch, the lines aren't clogged with people running errands they could be doing online through a $0 account. And seeing as bank branches seem to have a line at all hours of the day, I guess that having more bank branches than coffee shops is actually necessary. Kreez fucked around with this message at 02:26 on Nov 26, 2015 |
|
#
?
Nov 26, 2015 02:24
|
|
|
cowofwar posted:I don't think we are discussing business accounts. I know a few people at my branch because I do both business banking and occasionally while doing personal banking get drafts or wire money. Some people even have safety deposit boxes for important documents or whatever. As another example some online portals don't allow you to collect 12 months of monthly statements. Ordering these documents would incur a charge per page printed, however going to the bank in person I am able to avoid fees by asking nicely to have them waived. As a benefit you also get the option to avoid being on hold for telephone banking if the branch is empty or vice versa. Options are cool and good. Risky Bisquick fucked around with this message at 02:42 on Nov 26, 2015 |
|
#
?
Nov 26, 2015 02:37
|
|
|
jm20 posted:Not everyone is satisfied with a no frills banking service like tangerine, and do in fact make use of banking branches, the services as well as conveniences they offer. As for why someone pays a punitive fee of say $30 a month for a chequing account that I cannot defend given it is much cheaper to float the 5k or whatever balance is required. At an average of 7% per annum, I expect my $5000 to return $350 per year. That lost opportunity is pretty much costing the same as $30/mo.
|
|
#
?
Nov 26, 2015 02:53
|
|
|
Mantle posted:At an average of 7% per annum, I expect my $5000 to return $350 per year. That lost opportunity is pretty much costing the same as $30/mo. I think of mine as my emergency fund. Money is there if I need it, the perks are worth more than any interest rate I'd get in savings, and if I did have to dip into that 5k I could just bump down a banking tier or eat a month of fees until it gets replenished. I have to move every few years for work so having a brick and mortar bank to deal with the poo poo that can cause is useful to me. I have also made use of the safety deposit box, and will likely do so again in the future. Tl;dr: different people have different opinions, and that's okay! Especially if they are going informed ones! Find something that works for you!
|
|
#
?
Nov 26, 2015 04:04
|
|
|
Yeah, I worked as a bank teller for about a year and while about maybe 15% of our customers were old people doing things they could have easily done at the ATM (and wanting their passbook updated!) the rest were definitely things you needed a physical branch for. Things like depositing a paycheque for an amount greater than what the ATM would release immediately, money orders, reporting fraud or a screw up with their fees, depositing 100 cheques at once (business!), depositing or ordering foreign currency, that sort of thing.
|
|
#
?
Nov 27, 2015 00:28
|
|
|
X posting from the newbie threadWeird BIAS posted:Two questions related to Canadian and Albertan taxes and small business stuff:
|
|
#
?
Nov 30, 2015 21:10
|
|
|
Honestly I'd say it's worth a couple hundred bucks to talk to an accountant about a tax question that specific.
|
|
#
?
Nov 30, 2015 21:28
|
|
|
No gift tax in Canada, no matter how large the gift, although there are income attribution rules if the "gift" is between closely related parties and is made primarily for the purpose of avoiding taxes on investment (which yours isn't). Regarding the music, you should be declaring the income and although your expenses are probably fairly minimal, you can deduct them (work related mileage, equipment stuff though most of it probably involves CCA and isn't straightforward, any room rentals fees, etc)
|
|
#
?
Dec 1, 2015 03:46
|
|
|
Weird BIAS posted:X posting from the newbie thread Most of this would probably be best if you talk to a live accountant, but yeah, if you're looking to write off expenses related to it, you'll need to start filing as an unincorporated business. It's not that difficult, but filing a T2125 (and whatever the Albertan equivalent is) requires a bit of record-keeping on your part.
|
|
#
?
Dec 3, 2015 22:08
|
|
|
I've been reading through this thread and finally made it to the end. I'm currently invested in high MER funds though my TFSA and RRSP accounts, and am ready to make the switch. Currently, my assets are as follows: TFSA: ~$10,000 (CIBC) RRSP: ~$12,000 (CIBC) RRSP: ~$27,000 (TD Futurebuilder) I've opened a Questrade account, haven't finalized the paperwork, but it's underway for new TFSA and RRSP accounts. Once that's done, the next step is to fund my account. To avoid any transfer fees, I understand that the TFSA can be simply handled by cashing out into my chequing account and just paying a bill at Questrade. I know December is the optimal time to do so in terms of TFSA contribution rollover, but I'm nowhere near my lifetime limit (I'm 31, Canadian resident since the inception of the TFSA), so this isn't a big deal if it waited until January. The RRSP situation is a bit more complicated. At CIBC I have two accounts because they hosed up when they added me to a fourth fund to my portfolio (I initially had three funds in one account). It pissed me off at the time, but now I'm wondering if the transfer fees will be higher as a result. They sure don't make it easy to find out what the fees are, but from what I've gathered it seems like it's $100 per transfer. Is the preferred method to transfer cash to Questrade rather than in-kind? The RRSP with TD Futurebuilder is a bit complicated. My company has a retirement plan through them where they match my contributions up to a certain percentage of my salary, so I've taken full advantage of that. I can withdraw the funds, that's not a problem, but unlike the CIBC accounts which I can just close and never worry about again, the TD Futurebuilder account will continue to receive funding bi-weekly, for a total of $4,200/year. I know based on the present value of this account that if I transfer everything, Questrade will cover the cost of transfer up to $150, which is great. Futurebuilder does not publish a fee schedule that I have been able to find, so I'm left guessing how much it will cost (likely around $100?). Since this fund will keep growing, am I looking at an annual transfer of funds to Questrade to minimize transfer fees? If I assume the fee is $100, that's a annual 2.3% fee, which seems to negate some of the benefit of switching to lower MER funds. Most available funds in this account have MERs between 2-3%, but there are a couple of lower MER funds; I could post what they are, but the Futurebuilder website is down again (one of many annoyances I have with it). Where should I park the new money in Futurebuilder, an index fund with the lowest MER possible? TD e-series funds are not available through Futurebuilder, or the choice would be easy.
|
|
#
?
Dec 6, 2015 16:47
|
|
|
It sounds like you'll have to pay $200 to transfer that money out of CIBC, if it's in two accounts. That sucks, but I'm not sure how you could avoid it, other than to wait until you can get one of the accounts up to $25,000. That's what I did with my TD account. Depending on your RRSP limit and marginal tax rate, you could consider contributing your TFSA amount to your CIBC RRSP and then transferring it out once you hit $25,000. Alternatively, if you bank with CIBC you could try complaining about their mistake and demand they don't charge you for one of the transfers. If you don't bank with them, I'd say it's unlikely they'll do anything for you. Can you buy ETFs in Future Builder? If so, you could consider one of the CCP ETF portfolios: http://canadiancouchpotato.com/wp-content/uploads/2015/01/CCP-Model-Portfolios-Vanguard.pdf I am running the VAB/VCN/VXC portfolio in my Questrade RRSP. You might pay commissions to buy ETFs in Future Builder. But I don't know anything about it. edit: I don't recommend the high allocation of VCN that CCP presents. I only hold 5% VCN. Rick Rickshaw fucked around with this message at 16:38 on Dec 7, 2015 |
|
#
?
Dec 7, 2015 16:35
|
|
|
If the two RRSP accounts at CIBC are actually two of the same type and not held at different parts of the bank (and maybe even then...), you should be able to get someone on the phone who can tell you how to go about merging them together at CIBC "because you don't want two separate statements", etc. Since that would be within the same bank, I'd expect no charge for it. Then, once that's done, you could transfer out. If it's only one phone call or maybe a couple forms, not too bad, but at a certain point you have to decide how much hassle that $100 is worth. Thanks, employee who screwed it up! In other news, $5500 TFSA for 2016, combined amount for 2015+2016 = $15500, so no complicated and frequently screwed up "reversing 2015" hijinks after all.
|
|
#
?
Dec 8, 2015 07:49
|
|
|
James Baud posted:In other news, $5500 TFSA for 2016, combined amount for 2015+2016 = $15500, so no complicated and frequently screwed up "reversing 2015" hijinks after all. I read so many stupid forecasts regarding what was going to happen when what they've done is clearly the most straightforward. You really get the sense that a lot of people wanted to see TFSA contributors punished (or at least people perceived to be "wealthy"). The sad thing is the TFSA is by leaps and bounds a better vehicle for low marginal rate incomes and it's actually the RRSP that benefits the higher marginal rates disproportionately. Once again the people who needed it the most were sold a bunch of bullshit - the only thing this rollback is about is the tax base the government can draw on, but it was sold as a "those 1%'ers won't get away with this any longer!" Meanwhile, they'll continue to exploit ridiculous tax loopholes and always stay ahead while you've just lost a significant part of your ability to save for retirement.
|
|
#
?
Dec 8, 2015 14:42
|
|
|
Got my Tangerine mastercard approval today. Wheeeee.
|
|
#
?
Dec 8, 2015 16:26
|
|
|
|
| # ? May 15, 2024 01:19 |
|
|
I can't figure out why my TFSA contribution room is only 16,500 according to the CRA website when I moved back to Canada in November of 2011.
|
|
#
?
Dec 8, 2015 19:19
|
|