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DariusLikewise posted:How bad of idea is life insurance? Does anyone have any good recommendations for a good life insurance plan? Why would you think it's a bad thing? It really depends, if you have literally no family and literally no dependents and literally nobody in your life (who would experience financial loss in event of your death) who you would want to have financial compensation if you die, then yeah I guess it's a waste of money. If not, then it's a good idea. Isn't the question here really how much you'd be paying and how much the payout would be? IE if it was 2 cents a year and the payout was several million, you wouldn't consider it a bad idea. I have Square One for condo insurance but they don't directly offer life insurance, instead they seem to be partnered with "Goose" for that and I have no idea if they're good or bad. I've been very happy with Square One for my other insurance needs for what it's worth.
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Sep 21, 2022 16:40
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Life insurance is best when it's cheap and you have dependents that would be broke if you died spontaneously because you have little savings of your own to pass down. So it's best when you're young, basically. It's worthless if you're older because nine times out of ten those two things don't apply.
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Sep 21, 2022 17:44
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I don’t think it’s weird. I bought life insurance while my partner was in school, because if I’d keeled over he would have been screwed on the mortgage/housing/career situation. I actually haven’t cancelled it yet, partly because it’s dirt cheap and partly because a family member made ominous rumblings about people needing to pay taxes on things to inherit them? I don’t know what that’s about at all but I want to look into it a little before I cancel. I don’t think it’s true if things are going to a common law spouse (maybe they were just fishing for inheritance info lol). Edit. Wait you asked for recommendations. I spoke to a broker and I recommend doing this. For life insurance you need to fill out some paperwork to get a legit quote and how much information you need to provide varies depending on your circumstances and what type of life insurance you want, but a broker will be able to give you a sense. kaom fucked around with this message at 22:46 on Sep 21, 2022 |
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Sep 21, 2022 22:43
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Canada doesn't have an inheritance tax per se, but if you die and you don't have a spouse or surviving partner, the CRA says that all of your capital assets are "sold" for fair market value at the time of your death and your estate has to pay capital gains tax on any capital gains.
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Sep 22, 2022 01:22
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DariusLikewise posted:How bad of idea is life insurance? Does anyone have any good recommendations for a good life insurance plan? do you have a mortgage and a partner who would struggle to pay it on their own? are you worried your next of kin will be stuck with your burial costs and can't float them until your estate is settled? do you make like a poo poo ton of money and have a whole parasitic apparatus sucking you dry that would wither and perish if you died? it's probably a good idea in any of these cases. probably a bad idea in any other cases
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Sep 22, 2022 08:06
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If you're going to need insurance it's good to start carrying it before you get too old and decrepit as well. Trying to get insurance north of 40 years old is a lot harder.
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Sep 22, 2022 12:03
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A "good life insurance plan" depends entirely on your needs. For most of us, that means we have a spouse who we want to not have a mortgage in case we die, and the best plan is the cheapest term insurance product you can find, covering the remaining term of your mortgage. If you get benefits through work, keep in mind that younger, healthier employees with fewer dependents typically subsidize the rest. If you are the former, avoid buying additional insurance through your benefits. If the latter, go nuts. Additionally, consider if work provides some baseline and include that in your assessment of how much you need.
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Sep 25, 2022 20:46
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Is anyone else having an issue with Questrade's interface? I was going to reinvest some dividends, but I can't seem to get fund information after I click on the fund in the trading window. Can't even search the funds in their search bar.
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Oct 5, 2022 15:48
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mojo1701a posted:Is anyone else having an issue with Questrade's interface? I was going to reinvest some dividends, but I can't seem to get fund information after I click on the fund in the trading window. Sorry what are you using, their website or IQ edge? Phone app?
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Oct 5, 2022 16:31
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VelociBacon posted:Sorry what are you using, their website or IQ edge? Phone app? Sorry, I'm using their website in Chrome at work. Should have probably checked last night when I got home at least in Firefox or something, but it's just something I noticed again today. Edit: Never mind, seems to be working now. mojo1701a fucked around with this message at 19:33 on Oct 5, 2022 |
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Oct 5, 2022 17:46
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My partner and I want to open a no fee chequing account to use for shared expenses that we can both transfer money into from our personal accounts. Narrowed the choices down to Simplii and Tangerine and they seem pretty much identical which is making it hard to decide. Any goon reviews on their online banking website UI and mobile UI? Ease of connecting external bank accounts for transfers in?
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Oct 16, 2022 23:15
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I haven't used simlpii since they were PC Financial so I can't comment on them recently. I use Tangerine, and while I still use it, it has problems like 1) desktop site often times out or down for maintenance 2) scheduled payments will fail silently and disappear from history if they exceed the interac daily limit 3) desktop site optimized for tablets 4) inconsistent autodecimal behavior in different sections of the app Once it is setup it basically works though.
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Oct 17, 2022 01:22
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I’ve never had issues with the simplii app or website, the app has an intuitive UI, and I’m able to do everything I want to do on the app, outside of maybe like ordering cheques or something.
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Oct 17, 2022 01:42
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I don't know where you live but we've never paid anything for our coast capital chequing account and they're a real bank with humans
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Oct 17, 2022 03:04
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I can't turn on "receive one-time codes via push notification" for Simplii without also getting spam. 1Password doesn't auto-fill on the Simplii website. And that's all I can think of to distinguish the two! I'm a current Simplii user and was a Tangerine user from the ING Direct days until ~a year ago. If either of you already has an account at CIBC or Scotiabank, there may be some value in diversifying?
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Oct 17, 2022 03:09
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I’m in Ontario so Coast Capital is not an option. I’m with a credit union (Meridian) with real humans for my main account but nearly every bank/CU has a minimum balance req to avoid fees except a few of these online only banks as far as I can tell. The Tangerine desktop site being optimized for tablets is a pet peeve so I think I will avoid that. Thanks for the heads up! Edit - my partner is already with Scotiabank so having access to CIBC machines via Simplii is another good point Shofixti fucked around with this message at 03:22 on Oct 17, 2022 |
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Oct 17, 2022 03:19
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I'm a Simplii and Tangerine customer and definitely recommend the Simplii experience. Their mobile app is easy peasy. Been a customer since they were PC financial. The only issue I had with Simplii recently was I couldn't get 2FA codes pushed to my phone through their app. This was because they issued me a new debit card and it took ages to come in the mail. Once I logged in with the new card, I had it set back up again in no time.
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Oct 17, 2022 17:22
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Shofixti posted:My partner and I want to open a no fee chequing account to use for shared expenses that we can both transfer money into from our personal accounts. Narrowed the choices down to Simplii and Tangerine and they seem pretty much identical which is making it hard to decide. Any goon reviews on their online banking website UI and mobile UI? Ease of connecting external bank accounts for transfers in? Tangerine is my primary bank and honestly my biggest problem is the app just doesn't provide all the banking data I want. I know it's saved me a poo poo ton of money over the past year or so.
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Oct 23, 2022 01:09
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A big benefit I like with Simplii is that CIBC machines are handy for me for paper deposits and cash withdrawals. I still have issues with their website and 2 factor each time with Firefox though, but I either live with it or go to Edge for banking. e: Any of you people get a payout from the CRTC class action? https://www.crtclassactioncanada.ca I did and when I got to receive the e-trans I get an error message that there are unacceptable symbols/characters in the counter password.... and there is not, it's only 4 letters. slidebite fucked around with this message at 16:07 on Nov 13, 2022 |
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Nov 13, 2022 16:01
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My brother dumped simplii after they wouldn't let him use the ATMs/counters during the Rogers outage. Not that you should really be planning for a bank run type situation because chances are everything is fine, but CIBC will prefer CIBC customers in a crisis. And that's something to consider with budget banks.
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Nov 13, 2022 17:04
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drat, was very briefly hoping we’d be getting compensation for the CRTC allowing the telcos to rip us off based on that URL. I got mine, but had auto deposit enabled so no password issues.
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Nov 13, 2022 18:10
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My wife is nearing the end of her 18 month maternity leave, and instead of going back to her previous job she's decided to start her own photography business. Just starting small doing outdoor family shoots, while still staying home with our kids during the day. Is there any resourses out there that can help us learn about the tax side of things? I've been doing my own taxes my whole life, and want to try and continue doing that.
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Nov 19, 2022 18:19
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Crell posted:My wife is nearing the end of her 18 month maternity leave, and instead of going back to her previous job she's decided to start her own photography business. Just starting small doing outdoor family shoots, while still staying home with our kids during the day. Is there any resourses out there that can help us learn about the tax side of things? I've been doing my own taxes my whole life, and want to try and continue doing that. I found http://www.holypotato.net/?p=1433 very useful. It cites its sources well, so if nothing else it's a guide to the dozen or two relevant pages on the CRA site. Note the link at the top to get the series of posts as a single PDF, if you prefer. There's some province-specific stuff that isn't fully detailed in those posts, mostly iirc around naming. You'll wanna look into that too. It's not directly tax related but when it comes to making a CRA business account you'll probably want to have naming sorted. edit: no wonder I fondly remember that page, it's got mojibake! Any excuse to say mojibake is alright with me. pokeyman fucked around with this message at 18:44 on Nov 19, 2022 |
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Nov 19, 2022 18:40
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Hey Canadians, I'm not Canadian. I don't read this thread. But the OP was last updated in 2013. Do you all need any mod action here? If so, please discuss amongst yourselves and let me know if there's agreement on anything that needs to done. edit: I now see the OP posted in this thread less than 3 months ago, so hopefully (s)he will be able to act on anything needed in the OP itself!
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Nov 19, 2022 18:49
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pmchem posted:Hey Canadians, If the housing bubble here ever pops well let you know, lol.
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Nov 20, 2022 01:15
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Only complete catastrophe will necessitate a change
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Nov 20, 2022 01:24
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slidebite posted:A big benefit I like with Simplii is that CIBC machines are handy for me for paper deposits and cash withdrawals. Yeah I got my crt settlement. The E-transfer went through for me. And a friend of mine got theirs too with no issues
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Nov 20, 2022 20:39
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I have a question regarding documents for renting. I'm filling out an application and the landlords are asking for me to include a credit report. I went online to Transunion, made an account and downloaded a consumer disclosure pdf with my info on file. Is this what they need or is it something else? The document says it should only be for personal use so I don't know if it's actually what is needed for the rental application or if the rental application is using muddied wordings and I actually need a different piece of documentation for my credit info.
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Nov 22, 2022 02:09
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Wow, in Ontario the Human Rights Code does not apply if you share a bathroom with your landlord or landlord’s family.
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Nov 22, 2022 02:18
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Arc Hammer posted:I have a question regarding documents for renting. I'm filling out an application and the landlords are asking for me to include a credit report. I went online to Transunion, made an account and downloaded a consumer disclosure pdf with my info on file. Is this what they need or is it something else? The document says it should only be for personal use so I don't know if it's actually what is needed for the rental application or if the rental application is using muddied wordings and I actually need a different piece of documentation for my credit info. I haven't rented in a few years , but at that time i consented to let them do a credit check, but never had to give them one myself. I happen to have the one free per year copy you can get, but if I didn't and were in your shoes, that online report is what id likely give them (assuming just asking them isn't feasible, I know how some rental markets are right now). And yeah, your tenant rights are zilcho if your landlord lives there. 😭. Don't rent with a landlord, or a building newer than 2018, if you can avoid it.
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Nov 22, 2022 02:22
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Yeah, it's the same in BC, if you share space with the landlord the RTB stuff doesn't apply.
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Nov 22, 2022 16:28
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*looks at stock market*  Hey uh did you maybe lose money on an investment this year? This article might be worth a read. I was well aware that one could apply losses to future gains, but I wasn't aware at all that you could apply it to preceding years. quote:Tax-loss selling can turn 2022 losses into 2023 gains
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Nov 24, 2022 04:59
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quote:A qualified advisor can help separate the sleeping giants from the dogs. That’s why qualified advisors always beat the market!
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Nov 24, 2022 09:28
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Femtosecond posted:*looks at stock market* Qualified advisor would probably have you in ETFs so you can harvest without worrying about changing strategy.
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Nov 24, 2022 14:18
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I also just discovered that you can deduct qualified US-recipient donations against US-sourced income, up to 75% of said US-sourced income. Wish I'd known that for the last several years, though most of my giving is in Canada. (I was just never submitting US donation receipts to my accountant, and they never asked about them. I bet they knew all along!)
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Nov 24, 2022 16:27
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Applying losses against previous years is wild, guess that’s to help you out if you’re in a bad spot now with no sign of market recovery? Too bad for me that my losses were in my TFSA but paying down my mortgage was worth it.
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Nov 24, 2022 22:12
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kaom posted:Applying losses against previous years is wild, guess that’s to help you out if you’re in a bad spot now with no sign of market recovery? Isn't it impossible to know if paying down your mortgage is worth it unless you have a very good idea of the expected returns of that money in the market or other investment? I ask as a mortgage haver. I always thought the rule was that if your expected returns were greater than the mortgage rate you were better off investing it.
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Nov 24, 2022 22:35
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kaom posted:Applying losses against previous years is wild, guess that’s to help you out if you’re in a bad spot now with no sign of market recovery? I'm not sure what the rationale is, but I somehow got the idea that intentionally taking losses (e.g. tax loss harvesting) is not terribly useful unless you have an eligible previous year gain (as opposed to "banking" the loss to use against some future gain). If you have a gain you can apply a loss to, though, it's also very easy to do so no reason not to. VelociBacon posted:Isn't it impossible to know if paying down your mortgage is worth it unless you have a very good idea of the expected returns of that money in the market or other investment? I ask as a mortgage haver. I always thought the rule was that if your expected returns were greater than the mortgage rate you were better off investing it. That's the beep boop financial robot rule of thumb, yep. Some people figure the psychological benefit from paying off debt more than makes up the difference compared to potential invested gains. As a non-mortgage haver I've not tested it for myself.
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Nov 24, 2022 23:04
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For the record, any kind of tax loss "harvesting" is more marketing speak than actually useful for long-term returns. At its core it's nothing more than a tax deferral, you will have to pay it one day, it does however act like a small interest free loan from the CRA during that period. You also can't just sell and reacquire the same securities, it needs to be different companies or at least track a different enough index, or you need to take yourself out of the market for 30 days. Probably not worth the hassle for an average investor.
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Nov 25, 2022 01:13
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Sure, carrying a loss back 3 years is fine, but what's really wild is that you can carry forward a loss to apply it against any profit that you might make over the next 10 years.
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Nov 25, 2022 01:13
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