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Does anyone have a recommendation for a good fee-for-service financial advisor in Toronto? A friend of mine is looking for some guidance after a divorce.
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Jan 5, 2022 18:50
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AegisP posted:Yea, I accumulate the money over the year. And specifically with registered accounts, you don't gain the opportunity to put in more money (assuming maxed out already) until the following year when you gain more contribution room, so you couldn't invest as you get it anyway. there's nothing stopping you from putting it in a nonregistered account and buying vgro or whatever every month and then moving it to your rrsp/tfsa when your contribution room opens up you really shouldn't ever sit on cash any longer than you need to unless you have some really amazing insider info
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Jan 8, 2022 01:50
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quote:Canadian dollar firms as oil prices move higher Let's goooo petro dollar. Let's get to par!  Man if we get anywhere close to par I'm moving all my investment money to USD. I regret not doing so earlier waaay back when it was par years and years ago. Even now at 80 cents it's seeming pretty compelling to move CAD to USD. I haven't done the math yet to see how to figure out when it's worth it.
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Jan 11, 2022 23:57
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Looks like a BOC rate hike is very likely in the immediate future.. as in, days. https://www.bnnbloomberg.ca/rate-hike-in-play-next-week-after-hawkish-bank-of-canada-survey-1.1709136
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Jan 18, 2022 16:13
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Folks, what is a good interest rate on a line of credit and how do I get it? I'm 33, have no debt, good salary, but am early in my career and still hold less than <100k in assets and investments, and no house. BMO only seems interested in handing me PLOCs at ~9.75% annual, but I imagine that there are Unsecured Lines of Credit and other options that should be a lot more lucrative? PoizenJam fucked around with this message at 16:37 on Jan 24, 2022 |
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Jan 24, 2022 16:33
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I've got a prime +2% (currently comes to 4.45%) unsecured line of credit from TD. You should be able to shop around, I managed to get this via asking for a better rate at TD when opening the account and agreeing to close my BMO LoC. Similar ish situation, at the time I was mid/late 20's, not a ton of assets, no debt, and early in my career path with good credit.
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Jan 24, 2022 18:02
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I have $10k unsecured loc at 2.45% at Tangerine and $15k unsecured at 4.95% at coast capital.
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Jan 24, 2022 18:12
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40k at 4% with TD last time I checked. Shop around. E: wrong number. quaint bucket fucked around with this message at 18:58 on Jan 24, 2022 |
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Jan 24, 2022 18:34
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Mantle posted:$10k unsecured loc at 2.45% at Tangerine How on earth did you snag prime + 0? I'm at prime + 1.5 and I have stellar credit.
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Jan 24, 2022 18:47
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Jesus Christ... Thanks goons. I gotta do some shopping, and maybe ask BMO what they can do to match.
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Jan 24, 2022 18:48
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Ditched BMO for Tangerine many years ago, they just can't compete with direct banking
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Jan 24, 2022 18:51
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Shame about my average account age though 
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Jan 24, 2022 18:52
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tagesschau posted:How on earth did you snag prime + 0? I'm at prime + 1.5 and I have stellar credit. I'm not sure? I didn't negotiate, they just offered it to me at that rate. I'm early 40s and I use Tangerine for my payroll direct deposit so they have visibility into my income.
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Jan 24, 2022 20:00
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Mantle posted:I'm not sure? I didn't negotiate, they just offered it to me at that rate. I'm early 40s and I use Tangerine for my payroll direct deposit so they have visibility into my income. Yeah same, but at TD. They offered it to me out of the blue. I have no idea why or what to do with it though, I've only used it once for a check for a car purchase that I paid off ASAP.
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Jan 24, 2022 21:10
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Say your RRSP contribution limit this year is just over 100k. Can someone get a reverse mortgage and contribute100k into the RRSP, for a large tax credit? My wife asked me this, besides paying the bill back on what was borrowed with the reverse mortgage, is this a thing? Legal? What am I missing.
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Feb 2, 2022 10:04
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Joink posted:Say your RRSP contribution limit this year is just over 100k. Can someone get a reverse mortgage and contribute100k into the RRSP, for a large tax credit? My wife asked me this, besides paying the bill back on what was borrowed with the reverse mortgage, is this a thing? Legal? What am I missing. I don't know why it would be illegal. I think I've even seen banks advertise short-term loans for exactly that purpose during "RRSP season".
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Feb 2, 2022 18:27
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Any legal way I can make some scratch from these truck assholes while also inconveniencing these truck assholes?
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Feb 2, 2022 18:36
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Outrail posted:Any legal way I can make some scratch from these truck assholes while also inconveniencing these truck assholes? Sell them gas with water in it and food with exlax in it
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Feb 2, 2022 19:02
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large hands posted:Sell them gas with water in it and food with exlax in it Driving over to Ottawa immediately brb
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Feb 2, 2022 19:12
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Joink posted:Say your RRSP contribution limit this year is just over 100k. Can someone get a reverse mortgage and contribute100k into the RRSP, for a large tax credit? My wife asked me this, besides paying the bill back on what was borrowed with the reverse mortgage, is this a thing? Legal? What am I missing. pokeyman posted:I don't know why it would be illegal. I think I've even seen banks advertise short-term loans for exactly that purpose during "RRSP season". Yeah, as I recall, you can use a loan to contribute to an RRSP provided you have the room. I don't see why a reverse mortgage or HELOC for a one-time large contribution would matter. Just remember you can't deduct any interest used to invest in a tax-advantaged account at all so it's up to you to determine whether or not it's worth the price.
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Feb 4, 2022 18:52
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mojo1701a posted:Yeah, as I recall, you can use a loan to contribute to an RRSP provided you have the room. I don't see why a reverse mortgage or HELOC for a one-time large contribution would matter. Thanks for the advice. It is something the wife and I will definitely consider. We got the house in 2017, since then its value has doubled. While I don't like the idea of a HELOC for renos in our forever home, investing the money through an RRSP, with the goal of paying off the mortgage 8-10years from now sounds like a solid idea. Our 5year term is up this spring, Ill see what rates I'm offered and post here if we do this.
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Feb 5, 2022 00:47
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Remember, using a HELOC to invest in stocks means you could be in a bit of trouble if a recession causes a drop in housing prices and stock prices simultaneously. The HELOC is not subject to the same repayment terms as the mortgage and a bank might want you to start amortizing it if they get nervous. Investing in an RRSP in this case is particularly dicey because not only you might have to sell stocks at a low point in the market, but you will also be charged withholding tax on the withdrawals and lose the RRSP room permanently.
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Feb 5, 2022 21:21
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qhat posted:Remember, using a HELOC to invest in stocks means you could be in a bit of trouble if a recession causes a drop in housing prices and stock prices simultaneously. The HELOC is not subject to the same repayment terms as the mortgage and a bank might want you to start amortizing it if they get nervous. Investing in an RRSP in this case is particularly dicey because not only you might have to sell stocks at a low point in the market, but you will also be charged withholding tax on the withdrawals and lose the RRSP room permanently. Exactly. Not to say you can't do it, but be aware of correlated risks. We had a client who lost an awful lot of money in 2008 by trading heavily on margin. When the markets crashed, his brokers insisted on liquidating his portfolio at a low point and forced a hefty loss instead of holding on for the eventual market rebound.
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Feb 14, 2022 21:30
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Just wanting a quick reality check. I should be filling up my TFSA before my RRSP, right? I can get an extra $4,000 on my tax return by contributing to an RRSP instead, but I'm guessing the tax-free gains on a TFSA will typically far far outweigh that. It's regrettably been a while since I've been in a position to contribute to either, so I just don't want to gently caress anything up. Edit: vvv That totally tracks. Thanks! vvv mom and dad fight a lot fucked around with this message at 22:04 on Feb 14, 2022 |
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Feb 14, 2022 21:43
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mom and dad fight a lot posted:Just wanting a quick reality check. I should be filling up my TFSA before my RRSP, right? The rule of thumb is that if you believe your income will be higher in the future, it's best to contribute to your TFSA first and save your RRSP contribution room for when the tax deductions are worth more (i.e. when your income is higher).
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Feb 14, 2022 21:56
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mom and dad fight a lot posted:Just wanting a quick reality check. I should be filling up my TFSA before my RRSP, right? You're almost certainly not loving up either way. One might be more advantageous, but the future is uncertain so we can't know for sure. The key part: If you reinvest your RRSP deduction, and your tax rate now equals your tax rate in retirement, there's no difference between RRSP and TFSA. That should give you the knobs to twiddle as you like: • Higher tax rate now than retirement? RRSP wins. • Spend your RRSP deduction? You're no longer comparing like with like, and contributing the same $ amount to your TFSA is the larger contribution after taxes.
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Feb 14, 2022 22:08
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pokeyman posted:You're almost certainly not loving up either way. One might be more advantageous, but the future is uncertain so we can't know for sure. The key part: Yeah this. But also don’t take for granted the benefits of being able to withdraw from the TFSA with no consequences. This can be very attractive if your life is a bit less predictable and you might actually need the money sometime before retirement. For me anyway, it isn’t really a choice between TFSA and RRSP, but rather between RRSP and a fully taxable non-registered account. For flexibility I generally prefer non registered if my tax rate hasn’t hit the upper-forties/fifties and at some point I’ll dump a huge lump sum in an RRSP and claim a massive refund, but ymmv.
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Feb 15, 2022 00:40
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Getting to be that time of year again, What's the go-to tax program recommendation that covers investments and spouse? Seems to me there was one that even imported past filings with Quick tax, or am I misremembering?
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Feb 20, 2022 19:00
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I'm still using what is now Wealthsimple Tax, used to be SimpleTax. Now I don't feel bad paying $0 for it. I'd prefer to avoid a web app, but that preference doesn't overcome my desires to pay $0 and avoid Wine.
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Feb 20, 2022 20:42
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genutax is the way
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Feb 20, 2022 21:44
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I use StudioTax in a Windows VM. I don’t trust Wine for taxes.
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Feb 22, 2022 00:09
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I invested for the first time this year, opening both a TFSA and an RRSP through Questrade. I do not yet see this information reflected in my 'CRA My Account', though I am able to download slips for the RRSP contributions through Questrade. I have not really been able to find any consistent information on how Questrade communicates with CRA or SimpleTax to disclose this information. Will this prevent me from filing my taxes, or is everything on the up-and-up so long as my declarations and deductions are correct? Is there any way to upload the contribution slips for the RRSP to SimpleTax or CRA My Account?
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Feb 22, 2022 21:54
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PoizenJam posted:I invested for the first time this year, opening both a TFSA and an RRSP through Questrade. I do not yet see this information reflected in my 'CRA My Account', though I am able to download slips for the RRSP contributions through Questrade. I have not really been able to find any consistent information on how Questrade communicates with CRA or SimpleTax to disclose this information. I think brokerages have until March 31 to report your slips to CRA or something like that. Normally what I do is file on the earliest possible date with the information I have, get my refund, then file an amendment when the slips are released. This hasn't been a problem for me because I've always received more money from CRA when I file the amendment. Your risk tolerance for this approach may vary.
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Feb 22, 2022 22:00
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Can we raise interest rates, destroy the economy and tank the housing market so I can afford a home already?
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Feb 22, 2022 22:06
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Guest2553 posted:genutax is the way Just used it to netfile my poo poo.
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Feb 22, 2022 22:15
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PoizenJam posted:I invested for the first time this year, opening both a TFSA and an RRSP through Questrade. I do not yet see this information reflected in my 'CRA My Account', though I am able to download slips for the RRSP contributions through Questrade. I have not really been able to find any consistent information on how Questrade communicates with CRA or SimpleTax to disclose this information. Not a tax season concern, but if you’ve made the tfsa contribution in 2022, the CRA won’t find out about that until Q1 2023. Make sure you’re tracking TFSA contributions yourself to avoid exceeding any limits there, regardless of what shows on the CRA site.
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Feb 22, 2022 22:15
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Mantle posted:I think brokerages have until March 31 to report your slips to CRA or something like that. Normally what I do is file on the earliest possible date with the information I have, get my refund, then file an amendment when the slips are released. This hasn't been a problem for me because I've always received more money from CRA when I file the amendment. Your risk tolerance for this approach may vary. Good to know. Pretty sure I will go this route. Especially since I just learned my employer will be issuing T4s tomorrow but they won't be available on MyAccount until the second week of March. Will be filling in several things manually it seems. tragic_ethos posted:Not a tax season concern, but if you’ve made the tfsa contribution in 2022, the CRA won’t find out about that until Q1 2023. Make sure you’re tracking TFSA contributions yourself to avoid exceeding any limits there, regardless of what shows on the CRA site. I'm only halfway to my contribution limit, not really a concern. Questrade also provides a helpful contributions summary as well for keeping track.
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Feb 22, 2022 22:27
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Outrail posted:Can we raise interest rates, destroy the economy and tank the housing market so I can afford a home already? You have my sword.
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Feb 22, 2022 22:57
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And my puts.
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Feb 23, 2022 00:16
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TD decided that my risk and investment knowledge has changed since I opened my online account and cancelled my annual portfolio balance purchases so that "they could be sure I was getting the best advice", which can only be done on the phone or in person. In a pandemic. At RRSP time. Does Questrade unilaterally decide these variables change? If they wish to update your risk (assuming this is mandated by regulations) do they just do it via an online form rather than having to spend and hour and 40 minutes (and counting) on hold? I am currently filled with a seething rage towards TD and just want a reality check. I know we aren't supposed to time our investments, but my US holdings is indexed to S&P500 which closed really low yesterday but due to this nonsense I missed that window.
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Feb 25, 2022 16:26
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