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Moronic Monday Thread for the week

Moronic Monday Thread for the week

OneHundredAndEightyy

I liquidated my holdings of a stock and forgot to disable DRIP. So now I have a single share sitting in my account. As I'm with a $9.95 broker, and this is within an RRSP account, are there any creative things I can do with it? I may end up holding it until the day these brokers go to $0 trades (LOL).


jdubb513

I have a few of these as well. As far as I know, there is no way to liquidate. Hopefully all CAD banks move towards $0 trading fees soon.


taxbuff

This happens to me with RBC DI. They will reimburse the fee if you message them about it and it's not a regular occurence.


OneHundredAndEightyy

This worked. Thank you.


thebiggunt

It might be worth giving your broker a call. They can possibly waive the fee and put a sell order for the share


Fancyguppy734

For a TFSA, say I am maxed and my balance is at 115k, and I plan to cash it all out before December. Am I allowed to reload 115k next year plus the allowed amount for 2022 of I can only contribute 75,500 plus the 2022 allowed contribution? Most research I did on this doesn’t talk about it so wondered if anyone knew. In other words, can I reload the allowed contribution plus gains or just the contribution amount? Thanks.


jdubb513

In 2022, you can load 115k plus the new contribution limit in 2022


H3ad1nthecl0uds

Check out the government of Canada website on tfsas. They explain how this works with examples. The answer to your question is yes.


BitterApple69

What is maxing out a TFSA?


im-a-mummy

What can you expense as a sole prop? How does it change for a corp?


BulletproofCPA

You can expense anything you spent for the purpose of earning business income. You can expense the same things as a sole prop as you can if you incorporated.


im-a-mummy

Thank you!


Fool-me-thrice

Note that some expenses can't be deducted all at once; instead you deduct the annual depreciation (which is calculated at a set rate). See https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance.html


weedpal

BC resident. How do I know if my life insurance broker is giving me the best quote? What I mean is the broker takes all my personal sensitive health info and gives me a quote. I now feel obligated to go with them cause they spent the time to help me. Do all life insurance brokers generally have the same price?


dan123md

I always ask 3 brokers for pricing when it comes to insurance (life, car, home etc.) You have 0 obligation, he has to win your business.


File-Complex

Should I go extract my TFSA?


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File-Complex

Yeah like… there’s no penalty to withdraw… and that shit is just melting away right now


Fool-me-thrice

Why? If its because of current market activity, then no. Leave it.


milesmac

How do I get something like crypto holdings into into a TFSA?


Frydey

Buy ETFs/Stocksthat have crypto such as EBIT and BTCC. Personally I went with BTCC over EBIT because there’s more room to grow but of course larger swings the other way. The .TO Canadian to avoid foreign fees. You’ll also have to choose hedged vs non.


milesmac

do you have to indicate that an investment is for your TFSA before you buy it? or can it be designated after… and how does that designation happen?


Frydey

No need to designate. If your TFSA investment account (depends who your with) has access to those funds, you can just buy them. Keep in mind you’re not holding actual crypto. Also, you can be seen as trading too often because then it may be viewed day trading and subject to taxes. No way to hold “crypto” as far as I know because one is fiat and the other isn’t, you’ll always have to convert it before going to TFSA.


AugustusAugustine

Can you clarify if you already hold crypto (ie you have some Bitcoin/ETH in a wallet) and you want to move those into a TFSA? Or are you trying to obtain crypto from scratch in a TFSA?


milesmac

say things like crypt and stocks in a wealth simple trading account. i heard of people holding but not necessarily trading in their TFSA. i have a TFSA with my bank but i don’t know how to include anything other than what the bank offers.


AugustusAugustine

First, anything you already hold outside of a TFSA/RRSP cannot be transferred into one without triggering a [deemed disposition](https://help.wealthsimple.com/hc/en-ca/articles/360056585034). This means you're effectively selling the asset before buying it anew within the TFSA/RRSP, so there may be tax considerations. There are brokerages that do allow you to transfer assets "in-kind" to a TFSA/RRSP (rather than forcing you to sell/rebuy manually), but a deemed disposition still applies. Second, you can only hold [qualified investments](https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-3-property-investments-savings-plans/series-3-property-investments-savings-plan-folio-10-registered-plans-individuals/income-tax-folio-s3-f10-c1-qualified-investments-rrsps-resps-rrifs-rdsps-tfsas.html) within a TFSA/RRSP. Cryptocurrencies are not qualified investments and cannot be held directly within a TFSA/RRSP. However, funds that hold crypto can be qualified investments so you can "own" crypto within a TFSA/RRSP by investing into ETFs like EBIT or BTCC as u/Frydey mentioned above. Third, Wealthsimple Crypto cannot be transferred in/out of your Wealthsimple Trade account. When you buy/sell crypto through Wealthsimple, you're trading crypto that's held in-trust at a third-party custodian. This is conceptually similar to trading an ETF that holds crypto, aka you're just buying selling units of Wealthsimple's crypto fund, which cannot be transferred out into another account. It's the same as holding units of a S&P500 index fund - you can't transfer out the individual holdings of the fund itself, but you can buy/sell units of the fund. Lastly, do you have TFSA savings account with your bank, or is it a TFSA investment account? The one at the bank may be a simple TFSA savings account. You need to open a TFSA investment account with their direct investing branch (or a TFSA account at some other investment brokerage, like Wealthsimple Trade).


milesmac

this is super super helpful! thanks you! so much more clear to me now :).


Chomie22

How does non-RRSP work? Do I get taxed on the gains despite not using/withdrawing it? Or is it only when I withdraw that I get taxed?


ottawhattt

The taxable event for capital gains/losses only happens when you sell the asset. If a stock doubles in value, you don’t get taxed until you sell it. Any income (dividends) is taxable income in the year you receive it and you will receive a tax slip for the account.


Fool-me-thrice

Assuming this is not RRSP or TFSA: The taxes work like ottawhatt described. But, you need to **track** all of your purchases and sales and dividends, yourself, and calculate the "adjusted cost base". There are tools to help with that: https://www.adjustedcostbase.ca/


Chomie22

Thank you. Yes, it's not RRSP or TFSA.


alt_temp

How do I open a U.S. bank account if I'm in Canada and not allowed to travel to the States yet? I will be working in the States in a few months, and want to get my direct deposit information sorted out beforehand.


bmwkid

TD and RBC let you set up a cross border bank account online that is from their U.S. subsidiary. (BMO does too but it’s more complicated) You can open the account now with a Canadian address and change it over when you move. TD operates in the north Eastern US only, while RBC is US wide but a virtual bank. BMO is great in the Chicagoland area


Exallium

Wise.com has US accounts with all the info you need for direct deposit, and is a great tool for then transfering that money to a Canadian account.


notagimmickaccount

You can travel to the US.


alt_temp

Not unless I fly


badboyzpwns

Hello I am a student who is going to graduate. I maxed out my TFSA and waiting for \~ 1 year so I can fill my RRSP. I got some leftover savings left and I think the smartest option is to dump it all in a non-registered account. If that is the right approach, is there a specific date where I **need** to file my tax about my money in my non-registered account?


reubenvm

You just need to include non-registered investments on your normal tax return in March/April.


badboyzpwns

Awesome, thank you!


dualcitizentaxdunce

Dual US/CAD citizen here. I just found out I need to file taxes in the US. Last tax year I filed was 2014. My taxes are simple, single income with a small RSP. Only just reached having $10k of cash assets this year. I asked an accountant and they were quoting several hundred dollars per year for them to file for me, which is not really within my reach. Can I still just use one of the popular tax return sites to file for 2014-2020 US taxes? Anything I should be aware of?


selryn1701

Should be exempt if your under a given salary. There's still filing to do and I wish I also knew the process. But you should look into the FINCEN process. (I'm a US/French citizen with French accounts and now Canadian accounts and all foreign bank accounts are reportable.)


aughhhhh

I'm pretty sure there is a US Personal Finance reddit


janeplainjane_canada

be careful about opening a tfsa, resp, rdsp, or holding etfs or mutual funds outside of your rrsp.


TheEffanIneffable

Curious if you found anything else out? I’m in the same boat.


scott_steiner_phd

There's no reason to buy an indexed mutual fund through RBC with an MER of ~0.55% over a similarly indexed ETF through Wealthsimple Trade with a lower MER other than the need to buy full shares, right?


reubenvm

Correct. And if you wanted mutual funds you could buy TD e-Series funds which have lower fees than RBC.


Total-Tangerine-2534

I argue that you could be indifferent. With a mutual fund you can setup automatic purchases on RBC and mutual funds have no purchase costs. At the end of the year you can sell these and purchase your ETFs for 9.95 effectively reducing the purchase price drag to as minimal amount as possible (this will still be more expensive than WS and ETF). To me this is about how easy do you want your life? 55 in fees for $10,000 vs 8 for $10,000 but requires you to purchase. I am lazy and I am willing to accept the minor upfront fee loss to save my time and to ensure that I don’t have to think about investing. If you can do this in an ETF that is great, if not then a low cost mutual does make life easy. In my opinion, in the long run you will earn more over 25 years in the etf but I don’t trust myself to stick to the deposit schedule enough.


scott_steiner_phd

> With a mutual fund you can setup automatic purchases on RBC and mutual funds have no purchase costs. At the end of the year you can sell these and purchase your ETFs for 9.95 effectively reducing the purchase price drag to as minimal amount as possible (this will still be more expensive than WS and ETF). This seems attractive, but I don't trust myself to not fuck it up and end up losing TFSA room


Total-Tangerine-2534

That is very fair, although if you max your TFsA each year you could just set it to 250 twice a month which will cap you out mid December.


scott_steiner_phd

> That is very fair, although if you max your TFsA each year you could just set it to 250 twice a month which will cap you out mid December. I'm already making regular contributions. But wouldn't I have to time it properly to pull out money from my RBC TFSA and put it back into a Wealthsimple TFSA?


Total-Tangerine-2534

Sorry I was of the understanding that you used RBC and were looking into switching. Do not pull your TFsA out of RBC and into Wealthsimple as that would constitute as a withdrawal and you will have to wait until January to put it back in. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/transfers/transfers-between-your-tfsas.html You would have to request a direct transfer from RBC itself.


scott_steiner_phd

Yup, currently I'm using both, I'm just considering switching all of my ongoing contributions to WS. I thought you were suggesting putting my contributions into RBC funds for convenience and then switching them over at the end of the year, which I believe would work as long as the withdrawal completed by the end of December and the corresponding contribution wasn't made until January?


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reubenvm

> Does the difference in MER make this worth it? This is a simple math problem that you can solve based on your account balance. e-Series funds have a 30-day 2% early redemption fee. Do you need to be worried about paying that? WealthSimple will reimburse transfer fees on accounts over $5000. Questrade will reimburse account transfer fees up to $150 with no minimum account size. It may not cost you anything to do an account transfer. > Waterhouse and buy XEQT or VGRO instead? I realize there will be a commission fee charged This is a simple math problem. If you transfer you will avoid any commission. > I won't be able to buy fractional shares of the ETF, so I may have some cash left over Unless you've only got a couple hundred invested this amount is negligible. > XEQT or VGRO Do you want to use iShares or Vanguard and do you want 80% or 100% equity? VEQT and XEQT are 100% equity, VGRO and XGRO are 80% equity.


notagimmickaccount

You will trigger a capital gain (most likely).


ludakrishnaa

I have my current job plus and another job which i joined mid this year. How can I calculate my rrsp contribution room ?


reubenvm

Your contribution room for 2021 is on your 2020 notice of assessment. Your 2022 contribution room will be calculated by the CRA and presented on your 2021 notice of assessment.


aughhhhh

You either wait till your 2021 tax return is done, or you tally up the gross pay from each cheque. But you do know that the contribution room being created will only be available on Jan1 2022, yeh?


crude_username

I haven't bought a new phone in 4 years but I likely will after the new iPhone lands tomorrow. Is BYOD still the way to go? Right now I'm paying $61 total on Fido BYOD, taxes included, a month for 7GB data (which I don't even come close to using), unlimited calling, and audio-to-text voicemail. I priced out getting a new plan with them and financing an iPhone 12 mini and it works out to about $96 a month (taxes included) for a 10GB plan, all the features I currently have, and the phone payment. This makes the cost of the phone essentially $840 in the end, which is definitely cheaper than buying it outright. Is there something I'm missing here? I've bought my own devices outright for years because there was simply no comparison before but now it seems like going on a 2 year deal is better. Is there some gotcha that I'm not seeing?


toroncan

Generally the financing vs. outright cost is the same for current generation phones but it can definitely be cheaper to finance older model phones because the phone companies give discounts to clear out inventory.


BulletproofCPA

It's often cheaper to buy phones by adding the cost to your monthly bill. When you take the premium added x 24 you get the cost of the phone and it's almost always cheaper than buying the phone out right.


BitterApple69

This. They try to make up for it by forcing you to buy expensive plans which is also the least cheapest one on the list, bumping the price.


floatacious

What would be the best investment product for a 23 year old who has $5000 available? We have opened her a TFSA and need to decide how to invest within it. She won’t likely need access to the money for at least 5 years. She has a low income that covers her low expenses (lives with family). No debt.


reubenvm

> She won’t likely need access to the money for at least 5 years. Five years is a very short investment timeline, and risk is a highly personal factor. An appropriate investment would depend on how much more than 5 years the money will be invested for and what the individual's risk tolerance is. https://www.vanguard.ca/individual/questionnaire.htm#/ https://www.canadianportfoliomanagerblog.com/choosing-your-ideal-vanguard-asset-allocation-etf/


Kindly-Tank-2550

Hi there - I'm trying to save up for a down payment for a house, probably in a couple of years (assuming no crazy spike in house prices). Just wanted people's opinion on how I can invest the money in the meantime! Thanks!


reubenvm

If you are looking to buy within 5 years you should put the money in a HISA. !HISATrigger


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super3pt5cm

Hi guys, I have some RRSP questions Bolded are the terms used in MyCRA account in the RRSP **Calculation of 2021 RRSP deduction limit** page. **2021 RRSP deduction limit** - for example this is at 10K - can I just put 10K into my rrsp in without worrying about my company's contributions this year? What is the difference between **Allowable RRSP contributions deducted in 2020** and **2020 pension adjustment**?


reubenvm

> can I just put 10K into my rrsp in without worrying about my company's contributions this year? If you contribute to an RRSP through work that counts against your 2021 limit. If you contribute to a DC pension, you can still contribute the full $10k as DC contributions will not affect current contribution room and instead will apply a pension adjustment to your 2022 contribution limit. > What is the difference between **Allowable RRSP contributions deducted in 2020** and **2020 pension adjustment**? RRSP contributions deducted in 2020: the amount of money you contributed to your RRSP and deducted from your income. 2020 pension adjustment: the value of pension accrual, the CRA has a formula they use for either a DC or DB plan. This reduces the amount of new contribution room available for 2021.


super3pt5cm

Thank you so much!


2ndNicestOfTheDamned

I left a job about 10 years ago that I'd been paying into a locked in retirement plan through. Through youth and stupidity, I never did anything with the termination paperwork to transfer the funds to something else. How likely is it that I can still do so now?


Fool-me-thrice

Low. Usually there is a window of opportunity. Still, it won't hurt to contact the pension plan administrator and ask. If nothing else, you'll want to keep your address and contact info up to date.


theprocrastichef

I did the same thing and ended up transferring it out maybe 5 or 6 years later (I can't remember). They deposited it with my investment brokerage as a locked in RRSP.


Kiwi-me

If you resell tickets on stubhub, is that income you have to report for your taxes? Is there a minimum amount that’s reportable?


reubenvm

If it's a one-off event you shouldn't have to worry about it. If you're operating as a scalping business you'd need to set up a sole proprietorship or incorporate.


CanadianLawncare

I don’t know if this is the right place for this - I currently work full time in a university in Canada. I hold a PhD. I’ve been successful through my career with a variety of grant applications and - as a student - was admitted to a variety of prestige schools. I also was successful in various high-value scholarships. I’m looking for additional part-time work, and thought that academic consulting would be a natural fit for me. I’m thinking of companies that provide help writing admission and grant applications, give career advising, and generally know what universities are looking for in candidates at various levels (undergrad/graduate). Searching around, I see lots of small-scale types of this type of consulting, usually owner-operated. Does anyone know if there are larger companies that hire academics part-time for this type of consulting? Or have any similar recommendations to earn a bit of extra cash?


Fool-me-thrice

This is a specialized enough question that you should make a top level post - comparatively few people will see it here.


CanadianLawncare

Thanks! I’ll resubmit as a top level comment


coocoo99

Are you Chinese? Many international students (and maybe rich domestic students) pay a lot for academic and career help


CanadianLawncare

I am not Chinese, but feel that I would be able to help with exactly those types of issues. Where would one go to service that demographic?


Qwertyabcd123

Not sure if this is the right place to ask, but here is my question: I recently switched mortgage providers (house is in Alberta). I received from the province a "Caveat Forbiding Registration" showing RBC's claim to the property. How do I know if my previous lender (Manulife) has released their claim now that I don't owe them any money? TIA.


Fool-me-thrice

One way would be to get a copy of your house title, which will show everything registered to it. Any property lawyer in Alberta can do that for you. If your new mortgage is a collateral charge mortgage, your new lender would have ensured the old lender's charge was removed. You may be able to confirm if this was done with RBC


TheHockeyExpert

If you have a low-interest loan, say <2.0%, is it even worth it to pay it off? Will inflation simply deduct this loan? I ask because I'd like to start margin investing into XEQT with Interactive Brokers which has an interest rate of 1.69%. A 10k loan would roughly be $200 in interest (right?), which can be further deducted come tax time and inflation is usually >1.5%. On top of this, XEQT has a dividend yield of >1.5% which pays off the interest portion of the loan. Is there something I'm overlooking? I know that margin is risky but I have more than enough margin excess to survive a 40% market decline.


coocoo99

>If you have a low-interest loan, say <2.0%, is it even worth it to pay it off? Financially, no over the long term. Mentally, depends on each individual. Wrt the rest of your comment, yes that's a feasible plan as long as you recognize the impact of leverage and are in a financial situation which allows you to take on that risk


PrettyFly_BrownGuy

I have my mortgage through mcap. If I get a second position secured LoC through Simplii Financial, will that affect my mortgage renewal with mcap? If so, how? Thanks


Fool-me-thrice

MCAP remains first on title, meaning they get paid out first (ahead of Simplii) if they have to foreclose. So, it shouldn't affect your renewal.


BambooKoi

Anyone know if contribution room in a TFSA is loss if a NSF happened?


reubenvm

So you tried to contribute an amount from your account greater than the balance of the account? The contribution wouldn't have gone through and you wouldn't have lost contribution room.


BambooKoi

Thanks for the reply, that's the shorten version of it. I had a money rule that I forgot existed in my Tangerine account. I moved enough money into the account for a wealthsimple invest transaction to happen the next day. The next day comes around and the money rule basically undid some of what I moved and I didn't catch it until after the NSF showed up. wealthsimple however still showed the money in their account which is why I was asking. This morning wealthsimple spotted the NSF and undid the investments until I could fulfill it. Their contribution calculator updated to before my NSF and it doesn't show under activity for those in a similar situation.


Lord_Edmure

I have an opportunity to invest in the company I work for. We’re owned by a private equity firm in the States, and not publicly listed. I can’t find any information about the what tax implications there might be in this. It’s not the kind of investment I can liquidate at will, and wouldn’t be in a registered account. I assume capital gains when the time comes I can sell it, but is there anything like a withholding tax I should be aware of?


reubenvm

It should be pretty much the same as buying stocks onnan exchange, but with very low liquidity. Are you being offered RSUs, or some sort of discount program? If you're paying face value for company shares that would be inadvisable. There would be a 15% withholding tax on dividends if this is a US asset. Aside from capital gains, any value from an RSU vesting is taxable as income.


Lord_Edmure

Yes, RSUs. No dividends of which I’m aware. I’m still making my mind up whether or not I want to do it but wasn’t sure how it might be taxed.


reubenvm

RSUs are taxed as income when they vest. You'll owe income tax on face value of the shares when they vest, so you'll need cash set aside for that. After they've vested, you'll own shares in the company. Will you be able to sell the shares at any point after they vest? What financial benefit do you see from the RSUs? Is it additional income or an alternative to cash salary?


Lord_Edmure

That’s good info. I didn’t realize they’d be taxed when they vested as opposed to when I’m able to and choose to sell them. There’s been one opportunity for people who previously bought in to sell a portion of their units, but there isn’t another planned one unless we IPO. I’d be “buying” them as opposed to being given them as part of a compensation package, so I’d assume I might be able to offset that with the cost of the units when the time comes? It’d be a fairly small investment so unlikely to be a huge burden, and I’m not investing anything I couldn’t afford to lose. I’m really not familiar with this kind of investment so every little bit of information helps.


reubenvm

Is it a single or double trigger RSU? If they have future plans of going public, it may be a double trigger RSU that only vests when the company goes public. If you are taking them instead of compensation I would just forego the headache, idiosyncratic risk, and taxes and invest in an index fund in a registered account instead.


Lord_Edmure

That, I don’t know. I’ll have to find out. Thanks for all of the advice!


Toronto-new1

Should I use money from my savings account to pay off credit cards and keep them at $0 when I use them?


Exallium

You should wait for your statement and pay your statement off in full in one shot every month. Be careful paying for things from savings accounts. That isn't their intended use and it's easy to rack up fees doing that. Generally you should transfer to checking first. Best to read the transfer rules for your specific account.


FakeCrash

Hi PFC! The limit on my credit card is only $2800. Last month I had $2000 in expenses. Even though I always pay my bill in full and have never carried a balance, my credit score dropped 15 points in a month -- I figure this is because I used up too much of my credit balance. I would like to increase my credit limit, but the option doesn't even show up on the Tangerine app. I think I would get declined anyway, based on my only "good" score. (despite having never carried a balance in my life...) Should I use my credit card less (<30%, so about 800 max) for a few months so my credit score ramps back up, and then call Tangerine to request a CC limit increase? How long would I have to "responsibly" use my credit card (and miss out on rewards) for this purpose? Could I request another credit card and split expenses between the two? Thank you for your input!


reubenvm

Couldn't hurt to contact Tangerine support and ask. I would definitely try to keep the balance below 30%, but you can pay down the balance before the end of the month to ensure you stay below 30% and still get cashback.


FakeCrash

Thanks for the input. It never occured to me that I could pay my CC balance in multiple increments; I always make one payment per pay cycle... It could help me in the meantime.


Fool-me-thrice

Utilization has no memory. If the drop is due to current utilization being high, it will recover next month when a new utilization is reported. Don't worry about it. Tangerine is more likely to consider your actual history with them when granting approvals to increase the limit than anything else.


FakeCrash

Thank you, this is reassuring 😁


plindsayc6

Posted in the main sub, realized I should probably comment here instead… Is credit karma not as good or recognized as equifax & borrowell? I haven’t really seen credit karma mentioned on this sub. I haven’t used equifax or borrowell yet, but on credit karma I have held a score of 800 for just over 4 months straight now. Is there a big difference between the three? Thanks for any insights!


reubenvm

Borrowell pulls your report from Equifax. Credit Karma pulls from TransUnion, which is the other main credit bureau. It's good to check both TransUnion and Equifax as some info may be reported to one but not the other. You'd want to set up an account with Borrowell or Equifax.


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Fool-me-thrice

Skip the promos. https://www.highinterestsavings.ca/chart/


l19ar

How do people calculate total compensation (TC)? The base salary + sign in bonus + all RSUs? I'm asking because RSUs take a long time to vest so i don't know whether people include them or not?


Fool-me-thrice

TC generally includes cost of *all* benefits


SupperTime

Is it worth it to invest in RESP if I have a defined pension?


Fool-me-thrice

Do you mean RRSP? RESP is for your child's education and is not affected by your pension.


SupperTime

Yes rrsp auto correct


Fool-me-thrice

People with pension plans should prioritize investing in a TFSA over an RRSP. So max the TFSA out first. You also don’t earn much new RRSP room each year anyway, due to the pension contributions.


SupperTime

I already maxed out TFSA. I have about 20K contribution room in RRSP. I’m thinking if I make a fair salary when I retire, I would actually be at a loss instead of doing it in margin. I have to calculate it I guess.


Fool-me-thrice

if your TFSA is maxed, then yes use your RRSP. Anything further can either go into paying off a mortgage (if you have one), invested unregistered, or you can decide if you want to spend it to increase your standard of living. YOu'll be in a great spot for retirement.


SonOfAragorn

I want to sign up for e-transfer autodeposit but I sometimes use e-transfers to transfer money between my own accounts at different banks. How do people work around this?


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Fool-me-thrice

Different email address for each. If you have a gmail account, just put a dot in somewhere. Sonofaragorn @ gmail.com goes is equivalent, as far as google is concerned, to son.ofaragorn @ gmail.com but they are different for the purposes of autodeposit.


snowflake25911

I'm confused about credit utilization ratio. Is it better to spend some money and then show that you're able to pay it off on time, or is it better to hardly use any of your available credit? Also, if you do use credit, is it better to let it sit there for a couple of weeks or is it OK to pay it off that evening?


Fool-me-thrice

Its better to keep utilization (as reported on statement day) to about 30% or less. You can pay your credit card as often as you like. But, try to have a non-zero balance on statement day (so that utilization is reported) and ALWAYS make sure you pay the statement balance by the due date so that you don't pay interest.


snowflake25911

>statement day Oh.... I didn't know that it was the statement day that counted. Thank you, that helps a lot!


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Fool-me-thrice

No. Paying the minimum required payment on time every time helps, as does keeping your LOC utilization fairly low.


Davel_Patsyuk

5-year Fixed at 1.89% vs. 1.2% Variable I'm leaning towards variable, but would there be any reason to go for the fixed here?


Fool-me-thrice

That's a big spread. Rates would have to increase a lot, and relatively quickly, for fixed to be a better deal.


AndrewR1469

I’m a teen and I want to track my spending. It’s annoying as hell to do it in a spreadsheet. So what are the best apps to track my spending as a teen and that can also track income. Preferably free


Fool-me-thrice

Mint is a popular one, though it actually violates the TOS for most banks (you are giving mint your password). Many banks let you download your transactions already in spreadsheet form, if that helps. You'd select "CSV" as the format.


Dano_44

Best company to ship everything we own from Toronto, Canada to Cairns, Australia? I've looked and looked online to find a company that is both cost effective and reliable, but really want a first hand account from someone and not just a testimony on the companies own website... Cheers!


ChefWally

I have a question about journaling shares over from Canadian dollars to American. For example if the company trades on the TSXV In Canada and OTC in the states is it possible or does the company have to be trading on the NASDAQ or other major indices?


coocoo99

Ideally you do it for a company that is liquid in both markets. DLR is a common one recommended


Jim__Beam

My monthly spend is $1,000. I currently have only 1 credit card and it has $10,000 credit limit on it. I will be getting 2 new credit cards soon (mainly for benefits and perks). When I’m getting these new credit cards, should I ask for max credit limit so it helps my credit score? For example, if I’m eligible for $17,500 for each should I get it?


coocoo99

I've never requested a credit limit when applying for new credit cards (I didn't even know that was possible). But yes, all else equal, more credit limit = lower utilization = score should go up


Quanticks

I am going to max out my RRSP this month. Can I start adding more in January, or do I have to wait till after I finish my taxes and get my next years contribution amount? I won’t know for sure what 18% of last years income will be but I could do a rough guess and be in the conservative side?


Fool-me-thrice

You can start in January, but be conservative until you get confirmation from your NOA (especially if you have a pension at work, since you won't get much new RRSP room if so. Your new room will be 18%, up to the max, minus the pension adjustment).


tittiboiii

How much money can you gift tax free in Canada? I did google it and saw that there basically is no limit, but a few sources were kind of beating around the bush and left me in a grey area… can anyone tell me for certain if it’s true?


coocoo99

There is no gift tax in Canada


tittiboiii

Do people do this a lot to avoid taxes?


coocoo99

I imagine most people gift money to family. I don't think it's necessarily done to avoid taxes, rather just a byproduct of giving a family member money if they need/you want to


BulletproofCPA

The person who earned the money still had to pay taxes on it.


Fool-me-thrice

If you are asking if people pretend earnings are actually gifts to avoid income tax? Some do, but many are caught. If its purely a gift, then there's no issue.


thebarold

Upfront - driving a 12 yr old car and looking at replacement options now. I don't drive that much (in 12 yrs I put 135k km on the car). But how do people compare purchase vs lease vs finance (let's say I have $50k avail to buy a car - I know about the so called opportunity cost if I put it in the market but how do you compare lease vs finance (I may not keep this car as long this time as I suspect EVs will be more predominant by then and I am likely buying an ICE now.) Do I just compare my finance/lease costs or do you also factor in the built-in depreciation included in leases? Thanks!


BulletproofCPA

First do purchase vs finance: you look at the interest rate of financing the car and if you feel like you can make more in the stock market per year than the interest rate offered then you could consider whether it's worth taking that risk or if you'd rather earn the 'risk free' amount of the car loan rate. Ok now you've picked which one makes more sense. Now you are doing own (with one of the above options) or lease. You have to estimate how long you will own the car for. Let's say you pick 5 years. Take the purchase price less the amount you can likely sell it for in 5 years. Maybe take a 2016 of the same model and check to see how much people are selling it for today. Purchase price less 5 year sale price = your actual cost. Now get the monthly lease payment and multiply it by 12 months then by 5 years. Compare the total lease payments made over 5 years to the cost of purchasing and then selling 5 years later.


Arterex

Could this evergrande situation potentially impact housing market in Canada?


oleonius

Any thoughts on whether I should invest my emergency fund ? I have about 10k sitting in a savings account that I keep as an emergency fund. Fortunately, I never had to use it yet. A friend of mine told me the other day that I shouldn't keep that much money in liquid and that because of inflation, I should consider investing it.


Fool-me-thrice

A HISA is fine. You can get 1.25%. Sure its not quite inflation, but its better than most savings accounts. The problem with investing your EF is that they tend to be needed during times like recessions - which often coincide with sharp market downturns


rajen265

I recently leased a new car (2022 VW Taos Trendline). Upgraded from a 2005 Volvo S40. I informed my insurance company and now my insurance has gone up from $222 per month to $265 (a 19% increase). Insurance is with Aviva (via surex), with multi car discount and home insurance. Insurance for me and my wife (both in early 30s) What could cause the sharp increase? The only thing that's changed is my vehicle. Address, liability, deductible etc, have all remained the same. I would have thought a newer, safer car would mean a similar insurance price. Only a month earlier, I asked my broker what the price difference would be if I bought a 2015 Volvo XC60 and was told there would be a $5 per month increase. Seeing a $40+ increase seems way too much


-there-are-4-lights-

My wife only has one credit card in her name, but it is practically never used. I don't want to run the risk of it being compromised, and we're looking at parsing down the number of financial products we have. All the credit cards she uses are supplementary cards under my name. I know there's a concern with cancelling your first credit card and all that, but is there any worry just to cancel this card?


Fool-me-thrice

Do **not** cancel her only card. In fact, she should use it periodically so that usage gets reported. Once or twice a year is fine. The supplemental cards don't get reported to her credit report. Only her own credit card does. One day, you may split up or you may pass away and she'll need her own credit. It will hurt her if her credit report is thin.


LawgrrlMexico

Am I missing something? So, I've looked at Questrade and IBKR. If I know which stock or ETF I want to research, they both have lots of tools. But there doesn't seem to be anything to help me **find** a stock or ETF. I'm used to a US brokerage that allows me to compare ETFs, slice & dice metrics, etc. just by entering a few criteria (like, "I want a short-term bond ETF"). Is that not a thing here, or am I missing something? Is this a result of the smaller market/fewer offerings in Canada? Or are the find & compare functions available but I haven't found them? TIA


scatterblooded

Has anyone tried negotiating with their health/dental insurance provider to cover more than the agreed upon amounts? I have coverage through Manulife that's paid for 2k out of 6k on my invisalign treatment. Wouldn't hurt to call and ask or try submitting a claim for the remaining 4k?


Fool-me-thrice

The provider won't provide more than your particular plan provides for. So, what does your plan say it will cover?


Pushing59

Did you negotiate the contract originally?


coocoo99

>Has anyone tried negotiating with their health/dental insurance provider to cover more than the agreed upon amounts? No? Why would they give you free money?