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Baronjutter posted:So it looks like wealthsimple charges .5 to .3 percent management fees plus about $500 a month, with yearly fees going UP as your portfolio grows. With TD I can get the same but with no 500-1000 a year fee for a slick interface and mobile app. I guess the question is, is wealthsimple worth 500-1000 a month for all it's fancy features? Where are you seeing this? I see percentages (0.5% and lower) only.
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Oct 25, 2017 18:40
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namaste friends posted:Has anyone actually managed to get a Home Trust Visa? I think it's been like 2 months since I applied and they keep asking me for documentation but still no card approval. Applied sometime in January, got my card several weeks ago. 
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Mar 5, 2018 20:40
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Jan posted:I think the idea is that by including it in FBAR filings, you also have to pay US tax on any interest/capital gains in there, and the accountant fees to handle all of that end up outstripping any TFSA benefits. I have enough RRSP contribution room left to liquidate my entire TFSA and put it in my RRSP instead. OTOH, I have less than 10,000$ USD in there so I might not have to report it at all, but I have an appointment with a lawyer this week to figure out tax details. You have to pay U.S. tax on any income from that account regardless of whether you include it on your FBAR, and you have to include it on your FBAR if the total value of your non-U.S. accounts exceeds US$10,000 at any point during the year. These requirements are independent of one another. (The FBAR threshold is per filer, not per account—if you have four accounts worth $3,000 each, and one worth $30, all five accounts go on your FBAR.) Subjunctive posted:There aren't TFSA tax complications as long as you don't touch it As far as I know, the IRS considers it a foreign trust, and it has to be reported as such. The gains from it are certainly part of your U.S. taxable income, but I'm guessing you don't actually get a tax form at the end of the year because those gains aren't taxable in Canada. Any Canadian tax savings from a TFSA are going to be wiped out by what you have to pay your accountant to figure out what to tell the IRS about it.
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Apr 3, 2018 13:07
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Subjunctive posted:I received a T3 today. If you're a U.S. person, my accountant's advice is that the IRS really, really doesn't like those, and you could be facing a ton of extra billable hours if they decide to remove the streamlined method of declaring PFIC income.
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Apr 3, 2018 22:47
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Subjunctive posted:I am no longer a US person, and I have a reminder in my calendar to celebrate that fact weekly. That nudge from the accountant got me to move into investments with significantly lower fees, so 
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Apr 3, 2018 22:55
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Ccs posted:Hoo boy, good to know. I think she'll be okay keeping the finances separate and we're not planning on buying a house anytime soon (I'm much more of a rent and invest guy.) It would suck if the US goes after her TFSA. I already can't have a TFSA cause it makes non sense to have one only to get it taxed by the IRS. I sold mine. Keeping them would just make my accountant rich instead of (hopefully) me.
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Jul 13, 2018 12:49
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Methanar posted:Don't open a joint account ever Not that this would be good advice even with an explanation, but it's particularly terrible in the absence of one. (I see no reason to force my wife to get a court order in case I'm incapacitated just so she can keep the bills paid.) Killingyouguy! posted:Unfortunately immigration thinks our lack of a joint account is proof our relationship isn't serious Yeah, assuming this is still true (I had to open a joint account in the U.S. for essentially the same reason), you will probably want to make sure it's a checking account, so you can at least pay bills from it.
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Aug 14, 2019 17:51
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Killingyouguy! posted:Alright, thanks This starting to get beyond the topic of this thread, but assuming you don't mean common-law, a conjugal application for a Canadian and an American will almost always fail, from what I (neither a lawyer nor an immigration consultant) have seen, the reason being that there is no barrier to you getting married.
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Aug 14, 2019 19:53
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Risky Bisquick posted:If you’re an American tax resident do NOT touch a TFSA. The US tax system doesn’t recognize them as Roth’s in kind but as a taxable account. Do not start a problem with the IRS. This. Also, no Canadian mutual funds or ETFs.
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Feb 7, 2020 05:31
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Run-of-the-mill bank accounts aren't PFICs.
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Jul 17, 2020 14:21
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mojo1701a posted:We've got a few clients for whom we file 1040's for, and as long as there's no tax withheld or owing, it seems pretty straightforward. That is, we just download the 1040NR (I assume you're a non-resident here) in a PDF from the IRS, fill it in manually, get the client to sign it, and we mail it to the IRS. Uh, U.S. citizens can't use a 1040NR. If you have any sort of Canadian income, retirement savings, pension, or enough assets, there's more paperwork for that, too. (And don't forget your foreign bank account report that has to be submitted to the Treasury every year...) $1,000 might be high for just a U.S. return for a single person, but for an American couple living in Canada, $1,000 per year in tax prep costs is not shocking.
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Oct 20, 2020 21:19
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Shappa posted:With that said, if you're not near the 105,9000 US threshold, you can use a TFSA without any issue or taxation. I am pretty sure this is incorrect. The $107,600 (for 2020) applies only to earned income, and cannot be used to reduce taxable income from dividends or interest on assets held in a TFSA (or elsewhere). The number you're looking for for 2020 is the standard deduction, which is $12,400 for single taxpayers ($24,800 for married couples filing jointly). Any unearned income over that amount may incur taxes, but you ought to get a credit for the taxes you pay to Canada.
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Oct 23, 2020 05:27
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Shappa posted:Where did you get that number from? That's the standard deduction, which counts against all taxable income, earned or unearned.
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Oct 25, 2020 22:59
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Subjunctive posted:wah waaaaaaaaaah Are the responses to your previous requests outputs from TECS, or from some other system? The ones I requested in 2014 had border-crossing activity (in TECS) from 2003.
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Dec 20, 2020 16:55
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This one, from the government, isn't too bad.
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Feb 11, 2021 23:04
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yippee cahier posted:The one gotcha is the the TFSA, though, right? I’ve only seen this in similar discussions online, so please consult a more authoritative source, but basically do some more research if you’re investing your earnings. The only tax-advantaged account the IRS views as legitimate is the RRSP. Everything else requires mountains of paperwork.
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Jul 12, 2021 16:47
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Shappa posted:if you're under the approx 150,000 income limit, and under the X amount of capital gains allowed without taxation, is a TFSA still worth it? Say you're a 75K a year kind of person with approx 10 thousand in your TFSA, I can't see a scenario in which you'll owe the IRS tax, so why not use a TFSA? You're not going to get a tax form for the income in your TFSA. That income is still reportable to the IRS, so you'd have to calculate the numbers yourself. Have fun with that. The paperwork for PFICs (Canadian ETFs and mutual funds) held outside an RRSP is so onerous as to really make it not worth it, whether you pay someone to do it or do it yourself. The estimated time burden for form 8621 is: quote:Recordkeeping: 16 hr., 58 min.
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Jul 16, 2021 04:38
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Shappa posted:Say I have $10000 in my TFSA at the start of the year, I put in 2500 throughout the year, and at the end of the year I have $14555. Seems pretty easy to subtract 12500 from 14555 to find out you made 2055 in gains that year, no? Capital gains (or losses  ) aren't calculated by subtracting the paper value of your account at the start of the year from the paper value at the end.Let's say you started on January 1, 2020, with 60 shares of VTI ($9,898.80), and didn't buy or sell anything during the tax year. On December 31, you'd have had 60 shares of VTI, worth $11,625, and $166.20 in cash. The $1,726.20 in unrealized capital gains isn't something that you'd report as having made in 2020, since you didn't sell anything. Now, think about how annoying it would be to keep track of multiple securities that throw off more than one type of income (ordinary dividends, qualified dividends, short-term capital gain, long-term capital gain). I think the main caution against the use of TFSAs by U.S. persons is because correctly doing it yourself is non-trivial, and paying someone to do it correctly is expensive enough to offset any tax savings, unless you have a lot of money.
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Jul 16, 2021 19:54
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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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Square Peg posted:So QuestTrade is heavily pushing their new lower-rate (sub-prime?) mortgages, just as housing is poised in the edge of a cliff. Is anyone else invested with QuestTrade, uh, worried? The CIPF exists, so no, not really.
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Mar 28, 2022 02:57
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McGavin posted:This indicates that this reprieve from skyrocketing housing prices is only temporary Unlikely unless incomes grow much faster than inflation all of a sudden. But guessing either way is trying to time the market.
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Jul 22, 2022 17:49
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McGavin posted:lol if u still think income has anything to do with housing prices in Canada after the last 30 years. If you think we were in bubble territory at any point between 20 and 30 years ago, you should probably take your first look at the relevant data. And if you think house prices can grow faster than income forever, please explain a non-imaginary mechanism by which that's possible.
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Jul 22, 2022 20:33
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Subjunctive posted:“Forever” is uninteresting to reason about, and conveniently unprovable. Fine, then substitute "indefinitely" for "forever" if you'd prefer. Subjunctive posted:The link between local income of various cohorts and residential real estate can remain strained for a long time, because money exists that isn’t from local individual current incomes. Nearly all of the money going into the Toronto housing market is from locals, and always has been. The fact that the current marginal buyer is an idiot borrowing far more than they can afford in order to keep up with the Joneses does not mean that that's who'll be buying the houses in an environment where you can no longer borrow unprecedentedly huge amounts of money at historically low interest rates.
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Jul 22, 2022 21:04
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Ours is down, but house prices are down more. 
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Aug 20, 2022 16:45
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qhat posted:Borrowing to invest is almost never a good idea, unless you are okay with losing all your money. This goes for housing and not just equities, by the way. Some Canadians are about to get hands-on experience with this fact.
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Dec 4, 2022 22:50
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qhat posted:Get the self directed RDSP with TD and buy as much VGRO as you can afford. VGRO is almost certainly a PFIC.
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Mar 19, 2023 17:45
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qhat posted:What are the actual implications of this? One year, I got a handwritten note from my accountant attached to my return letting me know that not selling them could cause my U.S. tax prep costs to triple. I now don't own any PFICs outside my RRSP, which is about the only place you can have them that doesn't call Form 8621 into play. IRS posted:The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual taxpayers filing this form is approved under OMB control number 1545-0074 and the estimated burden for business taxpayers is approved under OMB control number 1545-0123. The estimated burden for all other taxpayers who file this form is shown below. That's per fund. tagesschau fucked around with this message at 22:20 on Mar 19, 2023 |
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Mar 19, 2023 22:15
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Your maximum insurable earnings are $63,200 this year, and $61,500 last year, so if you earned more than that, it didn't have EI deducted and doesn't factor into your benefits.
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Feb 3, 2024 17:06
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That's weird. Is there perhaps something wrong with your ROE? I think it's supposed to be made available electronically within five days of your last day of employment.
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Feb 3, 2024 19:10
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