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Cultural Imperial posted:That sounds like bullshit to me. Enjoy filling out a t1135 though. Holdings within registered accounts don't count.
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Aug 29, 2015 05:55
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Lexicon posted:Anyone with an account have any thoughts to share about Zag? Haven't heard it mentioned much here. The website works, money transfers in and out quickly enough. Their account linking process requires paper cheques (written to Zag rather than yourself, but the money ends up in your account) and they have mobile cheque deposit except it really hates some people's phones and, depending on ambient lighting, may work better for you some days than others. I have the bulk of my non-"3.0 at Tangerine" savings there because micromanaging the PCF 2.6% for a few weeks wasn't worth the hassle and have no complaints.
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Nov 12, 2015 05:52
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HookShot posted:I don't, mainly in a vain attempt to keep the money from ICBC for as long as possible, and also because usually that money in stocks makes more than the 2% interest they charge. TD Prime + 3%, for a current rate of 5.7% on after tax dollars?
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Nov 15, 2015 00:37
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Saltin posted:Parliament likely won't even resume until the first week of January 2016 (although this is debatable). If that is the case, by that time many people will have preemptively jammed another 10k in there. My own suspicion is that rather than figure out that boondoggle, 2017 will be the first year they can adjust. Parliament's already been recalled for December 3rd, leaving a couple weeks for a majority government to easily get a ways and means bill to enact the tax & TFSA changes past second reading at which point the CRA will treat it as gospel. Personally I fully expect the combined 2015-2016 limit to be 11k, meaning only 1k more, each, for those of us who are maxed, but hey, I'm certainly happy to stick 20k into our accounts if not. The other question will be whether they (surprise!) nuke the family income splitting tax credit for the 2015 tax year too. I haven't noticed anybody even speculate about that, but easy way for them to score points with most people and do overall federal finances some good.
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Nov 17, 2015 08:46
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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.
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Nov 25, 2015 18:08
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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)
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Dec 1, 2015 03:46
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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.
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Dec 8, 2015 07:49
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the talent deficit posted:DON'T start a TFSA. the IRS will want to tax you on any gains. i'd probably keep like $20k or so liquid and dump the rest into your questrade/td account Same goes for RESPs, they're also a reporting nightmare in the US, so you likely want to liquidate before leaving if you have any open. You should probably consult a cross-border accountant for all this stuff. Canadian brokers generally don't let you trade once they learn you're non-resident, so choose investments wisely if you're not bringing the money with you. (You should bite the bullet and bring it with you.)
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Jan 5, 2016 06:39
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Count Roland posted:This is only tangentially related, but do any of you have resources for someone (me) who's interested in starting a business in Canada? Pretty basic stuff is what I'm looking for right now. A forum-type interface would be handy. This is pretty generic but probably a somewhat helpful starting point: http://www.canadabusiness.ca/eng/page/2856/ If you want vaguely specific checklists, province and business type matters. Otherwise, there are a few things to get started as a sole proprietor (usually all you need). - Business name search & registration (or just operate under your own name) - Business bank account (best to use a separate one for ease of accounting - will need this if you use a different name and ever get paid with/issue cheques) - GST/HST registration and PST registration if a) you're selling taxable goods/services (probably) and b) you'll exceed the small seller exemptions of 30k for GST/HST, PST varies. - Local business licensing - depending on business type and location you either must have this before beginning to operate or you could skip it and probably nobody will ever notice. Bears investigation. All of the above can typically be done start to finish within a two to five business day turnaround when you know what you're doing (unless you need renovations/inspections done on a storefront). Canada's among the easiest countries in the world to start a business. Otherwise, make sure you file a copy of every single receipt and invoice! Ideally roughly organized and not just in a shoebox.
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Feb 2, 2016 08:08
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spoof posted:Tax question: Assuming you can do it (never checked), you'd also owe interest on the amount of the deduction for the 2016 tax year, which would mean it takes that much more of a change in marginal rates to be worthwhile.
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Jan 17, 2017 06:42
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Lexicon posted:My wife is pregnant and so I need to start thinking about RESPs. Any tips in general? Not all discount brokerages are equal in their support of the misc provincial RESP programs that come and go. For example, TD only supports basic grant at Waterhouse and makes you stick things like the BC TESG into a separate GIC account. Also there's a strict time limit on when the plans have to be wrapped up (30-35 years after creation? Can't remember) which may be relevant with family RESPs... And if you transfer between accounts, oldest date is used. If you jump on creating RESP immediately after birth of first then have additional kids enough years later, this could create an issue with sharing funds. At least one of the RESP books I read gets the individual -> family account transfer / account aging facts wrong.
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Jan 20, 2017 21:10
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grack posted:This isn't true. If a withdrawal is made under the Refund of Contributions rule or transferred to a subscriber's RRSP the CESG is automatically returned to the government. But that is only if you are making the withdrawal prior to the student sucking the CESG out themselves as an EAP...
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Jan 20, 2017 21:12
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Bajaha posted:TD Waterhouse / Direct Investing seems so much more intuitive and easy to understand than this. I've got it setup for my TFSA to invest in e-series as well and I'm finding it to be a pretty nice interface. But I can see it being intimidating in that it actually provides you with a lot of useful information and that can be overwhelming. Hopefully not recently - TD changed account fees to be waived after 15k or 25k in all household accounts, with no per-account minimum. But probably no point in rushing to change things either.
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Jan 21, 2017 22:34
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Subjunctive posted:It's pretty simple. Took about 20 mins to do 5 accounts for me and my wife, 17 years ago. The average competence level of branch retail staff was a lot higher back then, but yeah, you can still get good ones... Discriminate based on age: Under 30 = useless.
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Feb 11, 2017 15:39
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Koskinator posted:2016 was the first year I actually did anything with my registered saving accounts. I have a RDSP that I invested into low-MER index funds in the summer of 2016, that has produced a nice return since then. Will I receive a T5 slip or some other tax form for this or need to do anything differently for my taxes? If just registered accounts, no, no T5 slip(s) for you on the embedded interest/dividends and no changes.
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Feb 18, 2017 04:40
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You would "claim" (ie, report) it on your 2016 tax return but only deduct it come 2017, where the 2016 notice of assessment would show you your total limit for 2017, this 4k as contributed previously but not deducted, and then the total less 4k - probably zero by the sounds of it. It's not an overcontribution, though it can confuse people at times. Edit for clarity: I assumed from context that we're talking 24k in total contributions, not just 4k. James Baud fucked around with this message at 05:22 on Feb 21, 2017 |
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Feb 21, 2017 04:51
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Kalenn Istarion posted:[Removed since Kalenn deleted it and why keep mistaken info?] No, this is still wrong. In the simple case, if 2016 is the first year you worked and you earned 50k you are allowed to contribute zero and deduct zero until your 2017 tax return. Your 2016 NoA would say "your contribution limit for 2017 is 9,000". If you put in more than the allowed 2k excess before January 1, 2017, you'll be paying penalties. Your RRSP room is 18% of the previous year's earnings (plus unused from past), not the current year. James Baud fucked around with this message at 10:30 on Feb 21, 2017 |
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Feb 21, 2017 10:26
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Skizzzer posted:Any thoughts on the Canada Saving Bonds Program? http://www.csb.gc.ca/ CSBs are so bad that the government is considering shutting down the program because usage is so low that the administrative hassle isn't worth it. Dunno what's taking them so long, either... Mortgage brokers often have a sideline doing GIC deposits for the best rates available if you have cash you want to put away for a while. CSBs pay 0.5%, the best nonregistered cashable 5 year GIC on the market right now pays 1.8% and has CDIC protection... Tough choice!
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Feb 21, 2017 22:04
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Risky Bisquick posted:I thought the banks clamped down on this practice 10 years ago when people on RFD were ramping up their use of HELOC as a chequing account with free overdraft. TD and CIBC are pretty well known for allowing positive balances on lines of credit, effectively yielding a no-fee chequing account with free cheques and no overdraft fees. I believe they're the only ones among the majors though.
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Mar 1, 2017 21:17
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So, after resolving to not use paid tax software any more after some changes in my standby last year made me grumpy, I just found (& reported) a bug in StudioTax where it shortchanges me by the entire provincial portion of the credit for foreign income taxes paid, and it goes back years - I had 2014 installed and it's busted, and the affected T2209 form hasn't really been updated since before the first ever version of StudioTax was released. I wonder how much it cumulatively cost their users. It's a federal form that affects all provinces, but you need a) foreign taxes paid on investments and b) substantial non-refundable federal tax credits for it to make a non-negligible difference.
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Apr 16, 2017 09:52
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pokeyman posted:edit: ^^^^ Rick Rickshaw posted:You can even also run it through TurboTax for free - they only charge when you try to submit. I used to this back when my return used to be more complicated. StudioTax has never let me down though. I've now got three different answers from four different tax software families and StudioTax argues their behaviour is correct. Bit of fun with a situation that's outside the CRA's NETFILE certification tests, clearly.
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Apr 16, 2017 22:10
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Although the risk of marginal rates being significantly higher when higher-income earners retire is significant...
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May 3, 2017 20:43
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Good grief, you guys are getting ripped off, I haven't paid the equivalent of even 30/month possibly ever... And I do carry around 60k in possession coverage. My current coverage is through TD but sonnet.ca quotes substantially cheaper and is my current go-to recommendation. Free online quote, etc. Incidentally I think earthquake coverage on (most) tenant policies is usually an expensive joke. Is your home really going to be reduced to a flaming pile of rubble even in a truly massive earthquake? And you're going to live and the insurance company will pay out? Owners at least have a structure to repair. James Baud fucked around with this message at 22:15 on May 8, 2017 |
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May 8, 2017 22:02
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(I haven't sorted out details on what I was going to post about, should try to get confirmation first)
James Baud fucked around with this message at 09:13 on May 26, 2017 |
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May 26, 2017 09:00
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So anyone in BC with a kid born between 2006 and 2011 who hasn't done it already should be jumping on the BC-TESG right now because it will almost certainly be killed sooner than later. $1200 in free RESP money Link
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May 31, 2017 01:45
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Lexicon posted:Anyone have any thoughts on RESPs? Any reason not to use a family plan if you have multiple kids? Reasons not to: - it makes it harder for your financial institution to screw up the attribution of contributions, withdrawals - big age gaps between kids - RESP must be dissolved after 35 years, which may not give younger ones enough time. 15 year spread between my oldest/youngest siblings, for example. I started off with separate but merged them together when I changed brokers.
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Jul 4, 2017 21:53
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Lexicon posted:When I was self employed, my accountant told me not to bother paying either. If you were under 18 or over 65, that was potentially valid advice. Otherwise dead wrong re: CPP.
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Jul 8, 2017 18:00
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grack posted:If you're self-employed you can opt out of CPP by filing an election. You did read the very next sentence, right? "The date cannot be earlier than the month you turn 65 and you are receiving a CPP or QPP retirement pension"
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Jul 8, 2017 18:48
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grack posted:Government still allows you to opt-out. I'm self-employed, have done so for ~10 years and I've never had a return come back with CPP owing. They roll the CPP in with the other money owing/refunded, but if you fill the return in wrong, sure, it'll be processed wrong and they may not catch something that easy to do with computers because lol. Gotta pay yourself with dividends to avoid CPP properly, and that has other tradeoffs.
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Jul 8, 2017 19:08
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Jolarix posted:Question about a balance transfer promo... 260 cost up front, interest income of 275-300, maybe a tiny speck more since rates could rise more than 0.25 in this timeframe... But you won't collect the full six months' interest because you'll pay the bill a few days early. Then you're going to lose a good 20-40% of the interest income to taxes assuming you have a full time job which makes this whole exercise break even at best, more likely a net loss. Equation changes a bit if you were to do bank/utility stocks, time it well, and collect dividends, but then there's the risk of a capital loss and needing to make up the difference from other cash you may not have available. Edit: Some people will say to deduct the balance transfer fee as a carrying cost. I don't know that the CRA officially goes for that, although it's also chintzy enough that auditors probably wouldn't think it's worth their time to pursue. James Baud fucked around with this message at 15:06 on Jul 9, 2017 |
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Jul 9, 2017 14:31
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Jan posted:Tangerine is running their promotional 3% savings interest thing again. I'm wondering, what's to prevent me from moving everything out of my savings and then back into it to benefit from this? They run the promos every quarter, but you don't always get an offer. Still, it pays to have an account at PCF / EQ and move the money there a few days before the end of each Tangerine promo period. Then you only move it back if you get a better offer from Tangerine. PCF often does the recurring promo offer thing too, but I don't seem to get 3%+ from them as often as Tangerine.
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Jul 22, 2017 19:20
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HookShot posted:I was going to do the BMO one but it requires direct deposit from an employer and seeing as I have none, well... I feel like one of my friends said that he opened this account and his "direct deposit" is an automatic transfer from Tangerine that goes back the other way a day or two later.
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Jul 23, 2017 06:25
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Kal Torak posted:No, that doesn't work. Most of these bonuses either require a direct deposit from your employer OR two PAD (utility bills, credit card, etc.) Tangerine transfers worked for this BMO promo, and also a CIBC 'Smart' account one that required 1x preauth deposit / 2x preauth withdrawals. Not so confident re: this BMO promo though. But it really depends on whether they flag deposits from Tangerine or the software counts anything and only manual review might get you revoked... terms posted:Set up one (1) recurring direct deposit from your employer or your pension and have at least one (1) direct deposit transaction appear for at least three (3) consecutive months in the Chequing Account no later than January 31, 2018. James Baud fucked around with this message at 05:27 on Jul 24, 2017 |
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Jul 24, 2017 05:24
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Lexicon posted:I inquired on that BMO one last year and was specifically told by them it had to be either a salary or pension payment. Tangerine transfers won't cut it. RFD people say otherwise, notwithstanding the one guy right at the end who got static from a rep but did get the bonus anyway. http://forums.redflagdeals.com/search.php?keywords=tangerine&t=1991487 But the wording looks to have changed to more explicitly say so, as I quoted above. Does't mean the software did.
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Jul 24, 2017 05:48
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murked by dragon posted:this probably isn't the right thread, but does anyone have a suggestion for cheap tenant insurance? I'm talking to StateFarm people right now and I'm pretty sure their office is staffed by a group of morons because they're taking days to get anything done. Sonnet.ca
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Jul 24, 2017 15:57
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Subjunctive posted:Gardiner ads work! I found them from a write-up in the Globe last fall while I was doing research on why life insurance sales is so technologically backwards, don't think they advertise at all out west. 
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Jul 24, 2017 23:42
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Subjunctive posted:I think it's on both sides, but mostly because the credit card companies have said that tap purchases above $100 incur additional risk premiums. Costco's tap limit is way above 100 - might be 250. Or if this discussion limited to Apple Pay, then I have no idea. Of course, Costco also associates every purchase with a photo ID membership card...
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Aug 7, 2017 02:21
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I've never understood the love affair that Canadian broker reviewers have always had with Qtrade. There's only one thing Qtrade does better than other brokerages as best I can tell (and I have looked around and made trades in someone else's account) and that's support for holding the more esoteric RESP grants in unrestricted accounts.
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Aug 7, 2017 19:30
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Rime posted:Wealthsimple has managed to lose $2000 worth of securities while transferring my TFSA. As in, don't know where they are. If you were in any mutual funds purchased with the "help" of an advisor, the first thing I'd be checking is whether the former place charged you early redemption fees or deferred sales charges before giving you cash. Otherwise sometimes some stuff does arrive a bit later and the destination often needs to perform a second sweep to pick up loose dividends etc. If statements from old place show everything leaving, though, you do have a fun mystery on your hands.
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Aug 9, 2017 03:54
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Wirth1000 posted:Probably a silly question but for cashback credit cards does the cashback ding right away with any transactions? Or do you have to actually maintain that purchase balance past the grace period before the cashback kicks in so they manage to ding you for interest before counting towards the cashback? Transaction just has to post, although any refunds will subtract equivalent cash back from your reward balance - the cards don't redeem instantly, more like one of: annually / when you pass some $$ threshold / on demand
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Aug 9, 2017 21:35
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