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by travesty
22 Aug 2020 19:49
Forum: Under the Mattress: Protecting Your Money
Topic: Receiving a wire to TD Canada USD account
Replies: 11
Views: 3717

Re: Receiving a wire to TD Canada USD account

I eventually got it to work after providing all the details and the other side trying a couple of different things, but after all the work I didn't feel like asking what exactly was the magic recipe so I am really no more knowledgeable about how to do this smoothly than before.

I've decided to just use a US-based bank for future USD transfers.
by travesty
14 Jun 2020 18:48
Forum: Under the Mattress: Protecting Your Money
Topic: Receiving a wire to TD Canada USD account
Replies: 11
Views: 3717

Re: Reciving a wire to TD Canada USD account

kcowan wrote: 13 Jun 2020 09:11 We sold our condo in Mexico last July 3rd and the money was in our account July 5th. And July 4th was a US bank holiday!

Here is the info for TD:
TD's Institution number: 004
TD's Swift Code (international): TDOMCATTTOR (applies to all accounts and branch locations)
USD:Settlement to: Bank of America, New York
SWIFT: BOFAUS3NXXX
Fedwire ABA# 026009593
If they can't make it with that, I can't help!
That's basically the info I provided (w/o the TD SWIFT code, because TD says they should not need the TD swift for a USD wire: the BoA one "replaces it"), but the German bank is not having it.
by travesty
14 Jun 2020 18:47
Forum: Under the Mattress: Protecting Your Money
Topic: Receiving a wire to TD Canada USD account
Replies: 11
Views: 3717

Re: Reciving a wire to TD Canada USD account

OnlyMyOpinion wrote: 12 Jun 2020 23:19 Your link doesn't work, but it might be this one.

I'm afraid I can't offer any suggestions though. Did you talk to someone in your branch?
Yes, that was the link, messed that up somehow.

Yes, I talked to someone but they are mostly clueless about it and provide the info in the link. However, the people and the sending bank are confused by two SWIFT codes, two different banks, etc.
by travesty
14 Jun 2020 18:43
Forum: Under the Mattress: Protecting Your Money
Topic: Receiving a wire to TD Canada USD account
Replies: 11
Views: 3717

Re: Reciving a wire to TD Canada USD account

We receive USD international wires into our small business account almost daily at TDCT. What Mr. Cowan gave you above is what is required in 9 out of 10 scenarios (don't get me started on the MidEast or African banks). For Europe, all you really need to provide mostly is the SWIFT, your account number and the EXACT name spelling/address on your account. (A USD account, yes ??!) For instance here is the information we provide to our customers overseas on how to remit to our USD account... never missed a wire yet... :wink: WIRE TRANSFER DETAILS Toronto Dominion Bank 231 Guelph Street, Georgetown, Ontario, Canada. L7G 4A8 Account Name: Dewey Cheatem and How, 1 Main St., Georgetown, Ontario. L7G 4A8 Account Currency: United States Dollars (US...
by travesty
12 Jun 2020 23:04
Forum: Under the Mattress: Protecting Your Money
Topic: Receiving a wire to TD Canada USD account
Replies: 11
Views: 3717

Receiving a wire to TD Canada USD account

Anyone have experience receiving a USD wire from a European bank (or really, any non-US/Canadian bank) to TD Canada? The agents have been mostly useless. They just point you (or read verbatim) from this FAQ , bur this isn't very helpful. For example, European banks mostly don't know what to do with a transit code or institution number. If you aren't using IBAN they want SWIFT + account number. One account number: not account, transit and institution code. Is there some way to form a larger account number which includes that info? For example, if my short (seven digit) account number is 7xxxxxx, TD institution code is 004, and transit for this account is 9yyy0, do I form the full account number like: 004-9yyy0-7xxxxxx or something else? The ...
by travesty
21 May 2020 12:03
Forum: Taxing Situations
Topic: Filing T1136 online
Replies: 14
Views: 1129

Re: Filing T1136 online

IdOp wrote: 20 May 2020 23:41
travesty wrote: 20 May 2020 16:54 So should I assume that generally speaking the CRA accepts documents by fax?
Apparently yes

You would have to search their site a bit to find FAX numbers it seems.
Good find. I did search for a bit but did not find a number.

I also called the CRA and apparently they are slammed right now because the hold time was "over two hours" and the "over" part is definitely operative because I was on hold for over three hours before I got disconnected (the disconnect was probably on my end).
by travesty
20 May 2020 16:54
Forum: Taxing Situations
Topic: Filing T1136 online
Replies: 14
Views: 1129

Re: Filing T1136 online

Thanks for all the tips, guys. So should I assume that generally speaking the CRA accepts documents by fax?
by travesty
17 May 2020 12:51
Forum: Taxing Situations
Topic: Filing T1136 online
Replies: 14
Views: 1129

Filing T1136 online

Anyone know if it is possible to file the T1136 online?

If that fails, anyone know a Canadian remailing service where I can send a PDF and then they print and mail it, within Canada (for money, obviously)?

Asking on behalf of someone who needs to send this form from a country with no international mail in or out due to the current virus situation.
by travesty
30 Dec 2019 12:17
Forum: Taxing Situations
Topic: "Net income" for GST rebate
Replies: 3
Views: 468

Re: "Net income" for GST rebate

Thanks to both!

Not sure how I missed that page since I definitely trawled through many similar GoC pages :).
by travesty
27 Dec 2019 16:13
Forum: Taxing Situations
Topic: Tax loss harvesting
Replies: 85
Views: 9277

Re: Tax loss harvesting

There's a drawback though. Imagine your XIU is down, and you realize the loss, and buy XIC instead. The market goes up, say back to where your XIU was. You now have a realized capital loss you can use against realized capital gains, but your XIC has a capital gain (unrealized). If you would have just held on to XIU you would be back to where you was before XIU went down, with no additional unrealized capital gains. How is that a "drawback" though? That's the whole point: to trade an unrealized loss for a realized loss, right? Of course, the total loss/gain isn't affected: you aren't generating losses out of thin air. The worst case (assuming omniscience) would be where you ultimately use your realized loss to cancel out the incre...
by travesty
27 Dec 2019 15:58
Forum: Taxing Situations
Topic: Survey for those who prepare their own taxes
Replies: 48
Views: 2560

Re: Survey for those who prepare their own taxes

I use SimpleTax now after many years of TurboTax (or whatever it was called before) and a couple years of UFile, and as far as I am concerned it is "first tier" and certainly suitable for those with simple returns.

I would hesitate to call it "free" (although that's the option I selected) as it's rather "by donation", you can pay what you want after your return is done, including $0.
by travesty
27 Dec 2019 14:32
Forum: Taxing Situations
Topic: "Net income" for GST rebate
Replies: 3
Views: 468

"Net income" for GST rebate

It's easy to find a description of the GST rebate mechanism, but it usually just refers to "Net income" or "Adjusted net income" - but what line does that correspond to on the T1?

In particular, do RRSP deductions reduce the "net income" for GST rebate calculation purposes?
by travesty
07 Nov 2018 17:22
Forum: Taxing Situations
Topic: Maintaining withdrawal ability with margin account
Replies: 25
Views: 1177

Re: Maintaining withdrawal ability with margin account

It seems perfectly logical that any investment proceeds received would have to be committed to incremental investment purposes, or to reduce the debt incurred to purchase the investments. Can't imagine anyone actually trying to scoop it out for personal purposes. Correct, and that's not what I'm trying to do here. I'm trying to simplify the book-keeping and make it very obvious where the debt is going. To clarify, my response was in reply to P_I's post on the tax court decision, i.e. not directed to you. Apologies if it appeared that way. I have never borrowed for investment purposes so have no comment on record keeping processes and procedures. I would simply suggest it best to maintain clarity and transparency since this has to be a targ...
by travesty
07 Nov 2018 12:17
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: transfer of USD between brokerage and bank
Replies: 5
Views: 374

Re: transfer of USD between brokerage and bank

EFT works just fine between USD-denominated accounts held in Canada. I haven't had any issues with USD transfers in almost any scenario between a variety of brokers and banks. As long as one side lets you set up an EFT, and allows you to send money in USD, it should work (but test with a small amount first in case there is an unexpected conversion).

The only real problem I've had is PayPal which as a part of their business model seems to want to prevent USD EFT transfers to Canadian banks, probably so they can scrape out their 3% or so currency conversion charge.
by travesty
07 Nov 2018 12:12
Forum: Taxing Situations
Topic: Maintaining withdrawal ability with margin account
Replies: 25
Views: 1177

Re: Maintaining withdrawal ability with margin account

It seems perfectly logical that any investment proceeds received would have to be committed to incremental investment purposes, or to reduce the debt incurred to purchase the investments. Can't imagine anyone actually trying to scoop it out for personal purposes. Correct, and that's not what I'm trying to do here. I'm trying to simplify the book-keeping and make it very obvious where the debt is going. As my examples in the initial post show, the "idea" is simple, but the interpretation and implementation isn't. Two people could make exactly the same same set of transactions, but in a slightly different order, or in different accounts, and the appearance of "personal" versus "investment" debt would be reduced.
by travesty
03 Nov 2018 12:25
Forum: Retirement, Pensions and Peace of Mind
Topic: TFSA contribution room
Replies: 28
Views: 2399

Re: TFSA contribution room

Sorry, but I am just annoyed that their records aren't accurate given the length of time since my last contribution. I wonder how many people are getting away with extra contributions based on dishonesty or ignorance -- by taking the numbers in their SC account at face value. These people are getting ahead of people like me who are honest and track our own contributions. I don't think it works how you think it does. Just because the records take time to update, doesn't mean you can contribute and not get caught! When the CRA has all the information for a given year, everything applies retroactively and you'll probably get dinged regardless of what number was showing online when you contributed. So there is no "free lunch" by taki...
by travesty
02 Nov 2018 22:21
Forum: Community Centre
Topic: Cutting the cord from hydro
Replies: 8
Views: 418

Re: Cutting the cord from hydro

Another example that will play into this change is lighting. Modern LED lighting is now price competitive, so why distribute 120VAC through the house and then plug lamps in (With 100 year old Edison fittings) that need to rectify and drop the voltage to 5-12V why not have low voltage DC wiring throughout your house for lighting? (And consumer device charging). Because it is convenient to have a single standard for wiring, outlets and receptacles? Having DC wiring in your house will offer little to no savings. Low voltage wiring dramatically increases resistive losses in the wire: running the same lights using 12V wiring rather than 120V needs 10 times the current which means 10*10 or one hundred times the wiring losses. For 5V wiring you'd...
by travesty
02 Nov 2018 22:05
Forum: Community Centre
Topic: Cutting the cord from hydro
Replies: 8
Views: 418

Re: Cutting the cord from hydro

Battery technology is VASTLY better than just 5 years ago, so look ahead 5 years and imagine. The majority of phone batteries last all day now, and speaking of charging them. It'll be straight DC to DC, no need to convert anything :thumbsup: My 2 year old Milwaukee power tools have small, very lightweight lithium ion batteries that just keep going and going. My co-worker's 5 year old Dewaldt NiCd batteries are heavy, have terrible memory affects, can't stand extreme cold or heat. Trust me, they're getting much better by the day. Commercially available battery technology has barely moved in the last five years. Lithium Ion cells have existed for decades and the ones you had five years ago are more or less the same as the ones you use today....
by travesty
01 Nov 2018 22:26
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Scotiabank DPP (like a DRIP)
Replies: 7
Views: 2965

Re: Scotiabank DPP (like a DRIP)

DRIP programs for US traded stocks are obviously a problem for some platforms such as iTrade. I guess there are 2 solutions. Either don't drip US stocks or find a brokerage that does these drips and doesn't have the forex conversion issue. I doubt any of the big bank brokerages do it, but could be mistaken. I think it is largely moot now that iTrade has suddenly decided to offer true USD sub-accounts. I assume now divs will be paid in USD and purchases are made in USD so there will be no conversion, whether DPP/DRIP or manual purchases are being used. All the USD stocks were de-registered from DPP when they were moved to the USD sub-account, but I've re-unrolled them and will check next time a distribution comes in. P.S. I have never drip'...
by travesty
01 Nov 2018 21:39
Forum: Taxing Situations
Topic: Dividend Tax Advantages May Be An Illusion
Replies: 61
Views: 4317

Re: Dividend Tax Advantages May Be An Illusion

longinvest wrote: 24 Sep 2018 20:07 For interested readers, there was a thread about asset location and managing asset allocation across registered and non-registered accounts in June: Asset Location Gets REALLY Complex
Thanks, it was very relevant!
by travesty
27 Oct 2018 23:14
Forum: Taxing Situations
Topic: Maintaining withdrawal ability with margin account
Replies: 25
Views: 1177

Re: Maintaining withdrawal ability with margin account

... Phantom ROC distributions that don't show up as cash but are automatically reinvested seem like they would be handled similarly. What's a Phantom RoC? If you mean a Canadian ETF that has paid re-invested distributions aka phantom distributions that don't increase the units but should be increasing one's cost base Yes, this is what I meant. ... then it won't be similar. There will be a taxable CG reported on the T3 form but nothing will be received in the margin account. It won't affect the destructibility of the interest but should your broker (and yourself) miss increasing the cost base, CG of say $x will be reported on one's annual tax return then later when selling, a second round of $x CG will be paid. Yes, but I meant nothing spec...
by travesty
27 Oct 2018 20:25
Forum: Taxing Situations
Topic: Maintaining withdrawal ability with margin account
Replies: 25
Views: 1177

Re: Maintaining withdrawal ability with margin account

The bottom line here is that you need to keep the investment loan separate from personal loans. The way you do it is simply unacceptable. No one here can say whether CRA will turn a blind eye to it, but they don't have to, nor would I, so I would not expect it. As you stated, when you have a negative balance in your margin account you intend to deduct all of the interest The ability to deduct that interest is based on where it went. I have no problem with your dividend stock investments but that is not necessarily where all the capital is going. If you owed $20,000 and then withdrew another $5,000 for personal use, then all the interest you pay in that account is no longer deductible. I doubt you could keep a paper trail that would accurat...
by travesty
22 Oct 2018 22:23
Forum: Taxing Situations
Topic: Maintaining withdrawal ability with margin account
Replies: 25
Views: 1177

Re: Maintaining withdrawal ability with margin account

About higher float, I'm not exactly sure how to accomplish this. What I meant was try to keep a higher personal float for personal expenditures seems like you are trying to maximize down to the last dollar, nothing wrong with that. I have enough things going on without falling afoul of any CRA rules. I would never co-mingle things like this but I have the ability to have a large personal float as explained elsewhere. I'm in or close to the de-accumulation phase so that may be a difference as well. Right, I guess I could keep this float in another account - but to last for a few years it would probably need to be on the order of $100,000 which seems like a lot of foregone interest (maybe not actually: some high interest savings accounts are...
by travesty
22 Oct 2018 16:20
Forum: Taxing Situations
Topic: Maintaining withdrawal ability with margin account
Replies: 25
Views: 1177

Re: Maintaining withdrawal ability with margin account

Berkshire Hathaway? Do you think is plausible the CRA would start denying the interest deduction on Berkshire shares? That article indicates the 88-year old founder doesn't think dividends are a great idea and he doesn't plan to pay them at the moment. I think it is entirely likely that Berkshire will decide to pay dividends at some point in the future, at a point in time where they don't find additional viable investments that match their scale, but even if they don't - it is certainly plausible today that they will in the future. As far as I can tell, they don't have any sort of covenant against paying them - just a sort of: "I think we can reinvest our profits more profitably" ethos. That actually describes a ton of public com...
by travesty
22 Oct 2018 14:50
Forum: Taxing Situations
Topic: Maintaining withdrawal ability with margin account
Replies: 25
Views: 1177

Re: Maintaining withdrawal ability with margin account

... I claim the margin interest as a carrying cost on my tax return, and so I want to ensure all the interest is "cleanly" deductible, i.e., can be directly traced to (potentially) income-producing investments ... Where one wants to be sure of the deduction, articles I have seen have indicated interest and dividends are the way to go. Investments that pay return of capital (RoC) are described as reducing the loan and thereby the interest deduction https://www.milliondollarjourney.com/key-tax-considerations-on-an-investment-loan.htm https://www.taxtips.ca/personaltax/investing/interestexpense.htm In a margin account, ROC seems to "cancel out" in that a ROC payment reduces conceptually the amount of the loan, and also act...