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Kalenn Istarion posted:Posted in the housing bubble thread but crossposting here in case you missed it. Jim Flaherty passed away yesterday. Here's hoping whoever comes in can maintain the conservatives relatively measured fiscal policy. Whoever comes in? Joe Oliver replaced him when he retired a month ago.
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Apr 11, 2014 18:32
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Kal Torak posted:Whoever comes in? Joe Oliver replaced him when he retired a month ago. Haha, whoops. Guess I missed that!
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Apr 11, 2014 19:32
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Kalenn Istarion posted:Posted in the housing bubble thread but crossposting here in case you missed it. Jim Flaherty passed away yesterday. Here's hoping whoever comes in can maintain the conservatives relatively measured fiscal policy.
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Apr 11, 2014 23:36
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cowofwar posted:What? Flaherty peddled garbage financial policy for years at the behest of the CPC until reality forced him to change his policies. His measured fiscal policy is mostly undoing the dumb poo poo he implemented earlier on. His legacy is that he had enough integrity to follow reasonable advice and actual data instead of just doubling down on dumb ideological driven financial policy. Which, coming from a politician, is on the upper end of the bell curve.
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Apr 11, 2014 23:50
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Guest2553 posted:Which, coming from a politician, is on the upper end of the bell curve. Can't really argue with that. It's a rare politician that looks at data and goes "Welp, I hosed that one up, better backtrack." See also: The F-35.
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Apr 11, 2014 23:54
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I seemed to have hosed up this year with regards to RRSP contributions, not sure if this is the correct thread in which to ask but will give it a shot anyway. I had set up my RRSP contribution to come out of my salary automatically at the max available rate of 18%, however because I only started working half way through 2012 apparently now that I am doing my taxes my maximum RRSP contribution limit was just under 10 grand. So I've now put almost 7 grand extra into my RRSP than my allowable contribution, and because the company gives me my tax relief on my pay rather than waiting to get it at tax time I have to pay in almost two thousand dollars. I didn't realize I suppose that RRSP contribution limits were based upon the year previous rather than the amount made this year, an amateur mistake I'm sure. So my question is I guess what is the best way to go about rectifying this? The extra contribution will put me over next year if I keep at current rates so I suppose I should reduce the contribution amount for 2014 so I don't run into the same problem next year? What about withdrawing some of the RRSPs to pay off the taxes owed? Or would I get taxed on the withdrawl as well (would I be taxed on what I withdrew or is that already accounted for in the excess I have to pay in now?) Perhaps it is best for me to go see an adviser as I am a layman but I am trying to get an idea of my options before doing anything. I think regardless I'm going to set up 5% to go into a TFSA as an index fund or something because I am not really seeing that much of a benefit on this side tax wise from the extra I am sinking into RRSP.
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Apr 12, 2014 16:00
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flashman posted:I seemed to have hosed up this year with regards to RRSP contributions, not sure if this is the correct thread in which to ask but will give it a shot anyway. I had set up my RRSP contribution to come out of my salary automatically at the max available rate of 18%, however because I only started working half way through 2012 apparently now that I am doing my taxes my maximum RRSP contribution limit was just under 10 grand. So I've now put almost 7 grand extra into my RRSP than my allowable contribution, and because the company gives me my tax relief on my pay rather than waiting to get it at tax time I have to pay in almost two thousand dollars. I didn't realize I suppose that RRSP contribution limits were based upon the year previous rather than the amount made this year, an amateur mistake I'm sure. I would start here: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/t1vp-eng.html But you may want to seek some tax advice on this from someone with more experience than those in this thread. I believe when you over-contribute you need to file the T1-OVP, pay the penalty, and have the excess contributions immediately withdrawn. But I'm no expert. Oh, I might also add that the T1-OVP is perhaps the most confusing and difficult form to fill out regarding Canadian income tax. I don't know how they expect the average person to accurately complete that form. Kal Torak fucked around with this message at 21:01 on Apr 12, 2014 |
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Apr 12, 2014 20:58
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I'm a Canadian graduate student who lives in the US but who is planning on returning to Canada after graduating in ~5 years. My wife and I are just getting things settled financially after making a big move and the two of us living on a single income for seven months, and I'm now looking at investing a bit on the Canadian side with what modest funds we have available. We can for the most part live comfortably off of my fellowship income, and now that my wife is working we are planning on beginning to contribute regularly to investments. I eased my way into managing my finances by getting an INGDirect account years ago, and I've contributed sporadically to RRSPS, TFSAs, and GICs ever since, though recent pressing needs (wedding and moving costs, mainly) have diminished these significantly. With INGDirect (or, I guess, Tangerine now), I currently have $1000 in an RSP savings account, $2100 in a TFSA, and $700 in a RSP GIC, all accumulating a depressing 1.3-1.75% interest. Now that we both have a steady US income I shouldn't need to touch these in the foreseeable future, and I'd like either to reorganize them to make them more profitable, or simply to change things completely to put these funds to a better purpose. I always hear that TFSAs are great for investing, but the best rates out there that I can find don't even keep up with inflation. I'd like to look into mutual funds, but I have no idea if this is worthwhile given the small amounts I'm currently working with. What would you recommend I do?
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Apr 13, 2014 02:18
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MeinPanzer posted:I'm a Canadian graduate student who lives in the US but who is planning on returning to Canada after graduating in ~5 years. My wife and I are just getting things settled financially after making a big move and the two of us living on a single income for seven months, and I'm now looking at investing a bit on the Canadian side with what modest funds we have available. I'd recommend that you read Canadian Couch Potato and Bernstein's The Four Pillars of Investing. Or just go to a discount brokerage like Questrade, or open an investment account with TD and switch it over to e-series funds and open an RRSP and TFSA with them. Transfer your funds into those and buy some Exchange Traded Funds or e-series mutual funds with a distribution based on your tolerance for risk.
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Apr 13, 2014 03:03
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Better check on your residency status throughout all this, though. Nonresidents cannot accrue TSFA contribution room.
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Apr 13, 2014 07:36
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Guest2553 posted:Better check on your residency status throughout all this, though. Nonresidents cannot accrue TSFA contribution room. Additionally, the filing requirements TFSAs and in certain circumstances RRSPs are comically onerous if you are required to file US taxes. Given the value of your current investments and what you describe as moderate income, it may not be worth using tax sheltered investments of any kind as the compliance costs will eat up any savings or increased growth.
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Apr 13, 2014 21:27
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This is my first year reporting capital gains/losses in a non-registered account (I bought some stocks in Questrade over the past few years, and ended up selling them in late 2013 to move over to BMO Investorline - I was too lazy to have them transferred properly and wanted to liquidate anyway. So I have a few minor capital gains and losses). The problem is, TurboTax Online is frustrating as hell. I've worked out the actual capital gain/loss that I owe based on the ACB I've been tracking. Is there no way to simply enter this in? It wants proceeds of disposition and other info, and doesn't seem to account for the scenario that stock X might have been bought at multiple instances before finally being redeemed. Anyone been down this rabbit hole?
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Apr 14, 2014 05:31
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Lexicon posted:This is my first year reporting capital gains/losses in a non-registered account (I bought some stocks in Questrade over the past few years, and ended up selling them in late 2013 to move over to BMO Investorline - I was too lazy to have them transferred properly and wanted to liquidate anyway. So I have a few minor capital gains and losses). Just enter your abc as purchase price and your proceeds are the number from the trading slip, shouldn't be more complicated than that. I haven't done through turbo in a couple years though.
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Apr 14, 2014 09:42
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Lexicon posted:This is my first year reporting capital gains/losses in a non-registered account (I bought some stocks in Questrade over the past few years, and ended up selling them in late 2013 to move over to BMO Investorline - I was too lazy to have them transferred properly and wanted to liquidate anyway. So I have a few minor capital gains and losses). You should get a T5008 from Questrade that will have all that information on it.
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Apr 14, 2014 15:02
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Kal Torak posted:You should get a T5008 from Questrade that will have all that information on it. Ah, yes, I did in fact. So that helps with some of this as it shows the account credits. As far as mapping it to TurboTax: - I started with an ACB of 8828. Then I sold a bit over half the units (a TFSA contribution - deemed sale in fact), 'crediting' me with 5420, and with a capital gain of (-397), which I calculated based on the ACB. - With ACB now at 3310, I sold the remainder, was credited '3345' and had a gain of 249 on that portion. - My capital loss, as best I can tell, is 249 - 397 = (148). It's really not clear to me how to map this to TurboTax. Would it make sense to try and cook all that into a single transaction that results in that capital loss, or try and do it as separate dispositions? (side note: I really, really don't understand why banks can't automate this calculation. I get that it's complex if you have the same holding across multiple institutions, but barring that... they could easily do it).
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Apr 14, 2014 15:20
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Lexicon posted:Ah, yes, I did in fact. So that helps with some of this as it shows the account credits. I don't use Turbotax so I don't really know how it works, but I would just report proceeds of 8765 and a cost of 8828 in a single transaction/line.
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Apr 14, 2014 15:23
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What Kal Torak is suggesting is fine. This is how I've been doing it forever and it's never been an issue. Your ACB didn't change between sale 1 and 2, so you can just subtract your proceeds from ACB and call it a day. One line in Turbo Tax is all you require.
Saltin fucked around with this message at 16:01 on Apr 14, 2014 |
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Apr 14, 2014 15:56
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Saltin posted:What Kal Torak is suggesting is fine. This is how I've been doing it forever and it's never been an issue. Your ACB didn't change between sale 1 and 2, so you can just subtract your proceeds from ACB and call it a day. One line in Turbo Tax is all you require. Cool; thanks all - will do. This is my first year dealing with non-registered gains/losses (in case it's not obvious). Does the CRA track these for you once you report them? How do I offset a future gain against this mild loss, in general?
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Apr 14, 2014 16:06
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Lexicon posted:Cool; thanks all - will do. Yes, CRA will track your capital loss carryforwards. If you have a 'myaccount' online, you can view them anytime. I believe the text portion of the notice of assessment may also give you the total amount of capital losses carried forward. As for offsetting them against a future gain, while I can't comment on Turbotax directly, net capital losses from prior years are claimed on line 253 of your return. I'd imagine Turbotax will track this for you if you use it each year and carry your return forward.
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Apr 14, 2014 16:42
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TurboTax definitely keeps track of this stuff, assuming you import last year's data when starting a new return. RRSP contribution space, Charitable donation carry over, capital losses, etc.
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Apr 14, 2014 17:43
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Mrs. Slidebite and I submitted our tax returns with Revenue Canada Monday night. Now we're just waiting to see if we get are of those lucky 900 to have had their SINs compromised.  Oh well, I was looking for an excuse to run a new Equifax on myself anyhow. We set up an in branch meeting at a local RBC to setup RBC Direct on Weds. Basically they'll hold a conference call with everyone and answer any questions we have and transfer over the RBC:DS accounts. I actually like the idea of them being able to do this in bank. Mrs. Slidebite is always leery of online stuff on the internet, and this RC thing is not helping.
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Apr 14, 2014 20:55
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I have never had Netfile work for me. Every single year I fix it, every year it doesn't work and I just mail my return in. I'm sure this is because I've moved two or three times a year for the past six years, but loving still.
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Apr 14, 2014 21:16
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We've actually never had an issue with Netfile. I was a little surprised this year when Turbo-Tax submits it within it's own program. No need to save the .TAX file and upload it from your browser like before, just hit the submit button and you get a conf# a few moments later. Just bought an Equifax score power for the first time in at least a few years, all seems fine and no hard hits recently. There were a couple soft hits which I didn't recognize at first but they seem legit (banks I deal with).
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Apr 14, 2014 21:34
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slidebite posted:We set up an in branch meeting at a local RBC to setup RBC Direct on Weds. Basically they'll hold a conference call with everyone and answer any questions we have and transfer over the RBC:DS accounts. I'll be curious to hear how that goes. I'm guessing they will argue tooth and nail to keep you on the expensive side of the fence. slidebite posted:I actually like the idea of them being able to do this in bank. Mrs. Slidebite is always leery of online stuff on the internet, and this RC thing is not helping. Yeah, this heartbleed stuff has been a big wakeup call to everyone - software engineers like me and 'civilians' alike. We're not as good at computer security as we think we are - not by a long shot.
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Apr 14, 2014 21:37
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Speaking of Equifax (& Transunion), it's a good idea to get this done on an annual basis. I have a recurring reminder in my calendar that goes off every March - then I fill out the request for the free one for my partner and myself. Quite eye opening if you've never seen it before.
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Apr 14, 2014 21:38
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Lexicon posted:I'll be curious to hear how that goes. I'm guessing they will argue tooth and nail to keep you on the expensive side of the fence.  quote:Yeah, this heartbleed stuff has been a big wakeup call to everyone - software engineers like me and 'civilians' alike. We're not as good at computer security as we think we are - not by a long shot.  brigade.. or people like my wife.Lexicon posted:Speaking of Equifax (& Transunion), it's a good idea to get this done on an annual basis. I have a recurring reminder in my calendar that goes off every March - then I fill out the request for the free one for my partner and myself. Quite eye opening if you've never seen it before.  "SCORE POWER" because I was curious to see what my credit score was which, of course, they never throw in for free. 
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Apr 14, 2014 21:45
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slidebite posted:I keep windows updated and run security essentials, make sure my plug-ins are updated and don't download a single thing that I am even quasi leary about.. but this just goes to show even if you think you're doing something right you're only as secure as the system itself is. This certainly won't help the Yeah. It doesn't help that people like me in tech have been rubbishing the opinions of the s for years: "Don't you know how thoroughly secure modern encryption is?" etc, etc. (It is thoroughly secure - the underlying mathematics is provably so - but it's when humans start writing the code for the implementation that problems arise. Sigh). A password manager and a policy of using strong, unique passwords (the only secure password is one you can't remember) for every single web service you use is probably the most useful thing you can do to protect yourself. I'll stop now - all this stuff is a big soapbox item of mine.
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Apr 14, 2014 21:51
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Sassafras fucked around with this message at 07:31 on Apr 22, 2014 |
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Apr 15, 2014 02:29
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^^ Thanks for the insight. From what it sounds like in the news about the kid they charged today would seem to agree ^^ Well my RBC meeting was a bit of a non-starter to get my DS stuff transferred to DI. They can only transfer in Series A and D mutual funds, and I have some Series "F" in our TFSAs. So, I'm getting my DS people to see what's involved in transferring those to A so I can then do an in-kind transfer. Doesn't sound like it will be a biggy though but is going to delay me at least a few days if not week or so. Oh well.
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Apr 17, 2014 03:17
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slidebite posted:^^ Thanks for the insight. From what it sounds like in the news about the kid they charged today would seem to agree ^^ Such artificial complexity!
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Apr 17, 2014 03:25
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Speaking of security, does any canandian bank offer proper two-factor authentication? HSBC seems to offer some sort of calculator looking thing, but it doesn't sound like it's well supported.
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Apr 17, 2014 04:57
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DuckConference posted:Speaking of security, does any canandian bank offer proper two-factor authentication? HSBC seems to offer some sort of calculator looking thing, but it doesn't sound like it's well supported. Not that I'm aware of. Their online sophistication, security and otherwise, is almost uniformly awful. BMO mandates an alphanumeric password (i.e. symbols prohibited) of *precisely* length six for Christ's sake!
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Apr 17, 2014 05:15
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Lexicon posted:Not that I'm aware of. Their online sophistication, security and otherwise, is almost uniformly awful. BMO mandates an alphanumeric password (i.e. symbols prohibited) of *precisely* length six for Christ's sake! This is the absolute worst. TD was the same for a long time (I think 7 was their max), but when I checked this week post-Heartbleed you could choose longer passwords.
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Apr 17, 2014 08:12
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It's funny - being a bank is in some ways the most commodity business there is. They deal in a product with perfect fungibility. Accordingly, you think they'd be falling over each other to outcompete in the area of high-quality web and mobile experiences, with modern security and all the rest. Instead, where they do 'compete', it's in touting branch hours and other aspects no one under 60 gives a gently caress about. Yay for oligopolies I guess.
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Apr 17, 2014 12:04
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Lexicon posted:Yay for oligopolies I guess. Canada in a nut shell. I like that both banks and phone companies have arms length subsidiaries that most people don't know are owned by one of the big players.
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Apr 17, 2014 16:11
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Demon_Corsair posted:Canada in a nut shell. Yup. Canada has an odd penchant for structuring things in a way that at the outset looks like competition, but really just enshrines a domestic cartel that can't ever be unseated due to [often-legislative] barriers to entry. It seems to leave no one fully satisfied - the left correctly rails against the transgressions of 'greedy corporations', and the right correctly bemoans the total lack of competition and permission of the market mechanism to occur.
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Apr 17, 2014 16:27
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I think that's a fair assessment. I am very much a free market kind of guy, but I see the bullshit that the oligopolies try to pull (telco companies are a GREAT example) regulation is necessary. Here we are, mid 2014, and ISPs are raising prices and lowering data caps at the same time. It's like some sort of bizarro land of technology going in reverse. Lexicon posted:Such artificial complexity!
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Apr 17, 2014 19:28
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Honestly, I don't get the hate for the Telcos in this country. It makes no sense to me. The US has four major Telcos for 300M+ people. We have three of them for 1/10th the amount. That's not enough competition? These companies have spent billions building the infrastructure across a very large geographic area, employ thousands of Canadians, and get no credit for doing so. The federal government and consumers say they want more choice. Yet Wind, Mobilicity and all these other smaller carriers are going bankrupt because they don't have enough subscribers. Everyone wants choice and lower bills but will not go out of their way to seek out less expensive packages offered by these carriers. It leads me to believe Canadians don't want more choice but just lower bills from one of the big 3. Boo-hoo. Anwyay, I am way off-topic now, but it just makes me shake my head whenever someone rages on the Telcos, and then spends the next hour playing with their phone.
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Apr 17, 2014 20:02
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Kal Torak posted:Honestly, I don't get the hate for the Telcos in this country. It makes no sense to me. I couldn't resist extending the off-topic-ness. You should post this in the Canadian Cellular thread - should generate some vigorous conversation.
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Apr 17, 2014 21:01
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Lexicon posted:I couldn't resist extending the off-topic-ness. You should post this in the Canadian Cellular thread - should generate some vigorous conversation. I didn't know there was a Canadian Cellular thread. I will definitely avoid that one.
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Apr 17, 2014 21:06
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