Search found 1197 matches

by snowback96
26 Mar 2024 13:10
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: T+1 Settlement is Coming! On May 28, 2024
Replies: 58
Views: 2695

Re: T+1 Settlement is Coming! On May 28, 2024

Snowback's example is a bit different He knows exactly what day that $100k GIC is maturing and how much will be deposited in his account (principal + interest), at least within a few dollars. He does not need the BMOIL system to show the amount. He can buy an equity that very day of maturity, or at the most, the very next day if the BMOIL system won't yet acknowledge that cash being available the day of GIC maturity. Yes, that is correct. In my experience, the "practical solution" (when possible) is to take care of everything while I'm logged in and focused on the issue. When dealing with GICs and HISAs, I find it impractical to force myself to make a note on my calendar as a reminder to log into my account again 2-4 days(*) late...
by snowback96
26 Mar 2024 10:46
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: T+1 Settlement is Coming! On May 28, 2024
Replies: 58
Views: 2695

Re: T+1 Settlement is Coming! On May 28, 2024

^ Likewise, although my experience with BMOIL is that often the transactions are not fully displayed until a few business days later as backdated transactions. This necessitates keeping track of the transactions (and cash balances) on a spreadsheet. I would think that might only be necessary/useful if one is actively buying and selling in the market every day. I don't ever recall a situation where I was making multiple transactions per week. You make it sound like understanding and matching settlement dates (instead of waiting until everything is settled and backdated) is only relevant to degenerate gamblers and day traders to which I have to strongly disagree. Let's look at a real life, very conservative example... Let's say I have a $100...
by snowback96
21 Mar 2024 22:36
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: T+1 Settlement is Coming! On May 28, 2024
Replies: 58
Views: 2695

Re: T+1 Settlement is Coming! On May 28, 2024

Bylo Selhi wrote: 21 Mar 2024 10:40
snowback96 wrote: 21 Mar 2024 10:13 Are you sure? That's not the way it works at BMOIL. All GICs settle the next day, just like their BMTxxx HISAs.
Well I have the interest charge to prove it ;)

Perhaps it was too late in the day when selling the MMF/HISA and thus that took two days to settle. In any case, the warning is to be careful and ideally have enough cash in the account to cover the GIC purchase.
Yes, I think you are right that it was a simple timing problem. I checked my records and can confirm that any GICs that I have purchased at BMOIL settled the next day along with my sale of BMTxxx. Due to concerns about cut-off times, I always make sure these transactions are done in the morning.
by snowback96
21 Mar 2024 10:13
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: T+1 Settlement is Coming! On May 28, 2024
Replies: 58
Views: 2695

Re: T+1 Settlement is Coming! On May 28, 2024

Bylo Selhi wrote: 17 Mar 2024 16:55 When you buy a GIC the transaction settles that day. Even if you do a Sell on MMF/HISA at the same time to cover, it will take a day for the funds to arrive in the cash portion of the account. TD charges a day's interest on that "loan" even if the GIC you buy is issued by TD and your funds were always at TD.(Of course it will never happen.)
Are you sure? That's not the way it works at BMOIL. All GICs settle the next day, just like their BMTxxx HISAs.
by snowback96
14 Mar 2024 19:11
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: BMO Investorline
Replies: 1278
Views: 198094

Re: BMO Investorline

moneyscribe wrote: 14 Mar 2024 14:25 Hoping someone has some experience to share.

I opened a non-registered BMOIL account for my wife last summer and took advantage of one of their cash award offers for new accounts. According to their terms and conditions, this is the week they're supposed to pay her. No award paid to the account so far.

Has anyone taken advantage of one of these offers? Does BMOIL pay the reward when they say they will? Also, how is the payment categorized for tax purposes?
I did one of these in the past and they paid at the end of the week, so that would mean tomorrow. I can't recall how it was reported for taxes. I would assume it's some kind of "other income"?
by snowback96
02 Mar 2024 13:23
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Frothy Equity Markets
Replies: 1395
Views: 155882

Re: Frothy Equity Markets

Ray Dalio at Linkedin wrote:When I look at the US stock market using these criteria (see the chart below), it—and even some of the parts that have rallied the most and gotten media attention—doesn’t look very bubbly.
That guy really likes to hear himself talk. I find he always has an overconfident opinion on everything.
by snowback96
29 Feb 2024 12:27
Forum: Taxing Situations
Topic: GIC Taxation
Replies: 27
Views: 1773

Re: GIC Taxation

Marcus Aurelius wrote: 29 Feb 2024 11:37 I just received a T5008 from Questrade for a GIC that matured last year. I am inclined to report the amounts on Schedule 3 (as a wash) just because CRA will have the T5008 data and probably not know what it is. I don't want to get caught by the T-slip matching program and have to explain it later.
If they want to come after me for an additional $0 owed on the additional $0 capital gains (plus $0 interest), have at it. So far my rebellious behavior is flying under the radar. LOL.
by snowback96
28 Feb 2024 20:05
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2024)
Replies: 200
Views: 16783

Re: High interest savings, GICs and MMFs (2024)

If I see an equity that I want to purchase, and don't have any actual cash in my account, the TDDI HISA serves as cash for an immediate purchase, where an external HISA would require a transfer. I have never found that to be an issue. Even if I have no cash in my BMOIL margin account, I can make the purchase for settlement in 2 days (soon to be 1 day per AltaRed), then go into my Tangerine (or other HISA account) and transfer the cash to BMOIL for the next day. The trick as you move money around is to make sure you always have some cash that doesn't have a 5-day hold from a recent transfer (plus you need to have margin enabled to make sure your broker will allow you to buy without cleared funds already sitting there). As annoying as the HI...
by snowback96
28 Feb 2024 16:37
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2024)
Replies: 200
Views: 16783

Re: High interest savings, GICs and MMFs (2024)

the funds are in transit for a day so I will likely lose 1 day of interest. Some of the differences in yield seem small to me, so is a day of interest a concern or do you have an algorithm to flesh that out? ltr Just back of the envelope but even if losing a day of interest, it almost always makes financial sense to move the money. Here's a realistic example from recent memory: $100k deposit is earning 4.75% and a 3m promo offers 6% for the next 3 months. Now let's assume this is one of those situations where I cannot move the money without losing a day of interest. Approximate extra interest earned = $100,000 x (6%-4.75%) x 3m/12m = $312.50 Approximate loss of one day interest in transit = $100,000 x 4.75% * 1d/365d = $13.01 That's a net ...
by snowback96
28 Feb 2024 16:02
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2024)
Replies: 200
Views: 16783

Re: High interest savings, GICs and MMFs (2024)

like_to_retire wrote: 28 Feb 2024 15:54
snowback96 wrote: 28 Feb 2024 15:45 Every time there is a nice promo, I do the math, swallow my pride, and fund the account.
I've often wondered if you guys who play this whack-a-mole game of moving funds around to the latest HISA offerings, if you account for and lose any interest in the transfer times? Or is there no loss?

ltr
In my case, it depends on which banks are involved and whether I can pull the funds over or need to push them into the new account. Usually, I am able to move the funds by pulling and not losing any interest. Sometimes, I can only push the funds and in those cases, the funds are in transit for a day so I will likely lose 1 day of interest.
by snowback96
28 Feb 2024 15:56
Forum: Taxing Situations
Topic: GIC Taxation
Replies: 27
Views: 1773

Re: GIC Taxation

AltaRed wrote: 28 Feb 2024 14:12 It may be a TDDI oddity (for GICs). I've never seen that sort of thing before at other brokerages.
Actually, BMOIL also puts the face value of matured GICs on the T5008. I just ignore them. No point in reporting a GIC redemption at $10k face value with a purchase price of $10k for a $0 capital "gain".
by snowback96
28 Feb 2024 15:45
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2024)
Replies: 200
Views: 16783

Re: High interest savings, GICs and MMFs (2024)

Koogie wrote: 28 Feb 2024 12:11
Bylo Selhi wrote: 28 Feb 2024 11:39 Shame on TING. And shame on Scotia for letting them do it.
Maybe you could stop enabling them ? They'll continue to do it as long as customers continue to play the game. It takes two....
Well said! Unfortunately, once addicted it's hard for many of us to wean ourselves off that sweet HISA crack pipe. Every time there is a nice promo, I do the math, swallow my pride, and fund the account. Then I take a shower because I feel so filthy.
by snowback96
25 Feb 2024 23:29
Forum: Retirement, Pensions and Peace of Mind
Topic: Retirement Strategy of living on Dividend Income?
Replies: 37
Views: 2273

Re: Retirement Strategy of living on Dividend Income?

I wouldn't be surprised if folks' views on the dividend strategy are in part influenced (consciously or not) by whether or not they have a pension in addition to CPP. We don't have pensions, and this definitely influenced us to adopt a dividend strategy for part of our approach. I think this is very insightful and true. I am hesitant to take investing advice from someone with a large DB pension too seriously. They have the luxury to treat their non-pension portfolios as supplemental income (i.e. not food & rent money), sources of gifting, large inheritances, "play money", etc. It's a very different mindset! To be clear, lack of diversification is clearly a risk of of relying heavily on Canadian dividend payors. So, in that se...
by snowback96
25 Feb 2024 10:17
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Frothy Equity Markets
Replies: 1395
Views: 155882

Re: Frothy Equity Markets

ghariton wrote: 25 Feb 2024 10:05 I'm a reformed gambler. Following PLTR and not buying it is part of the treatment.

George
Once an addict, you will always be in recovery. Are you going to the meetings? Are you working with a sponsor? Did you get your 1-year chip? :D
by snowback96
23 Feb 2024 11:53
Forum: Retirement, Pensions and Peace of Mind
Topic: Decumulation? Really?
Replies: 94
Views: 5662

Re: Decumulation? Really?

Don't take it personally; all generations have their own sources of shame. The boomers are not solely at fault for the current situation but it seems obvious based on sheer cohort size and influence that they did play an outsized role.

Maybe y'all don't see the cumulative impacts of environmental degradation, climate change, demographic collapse, weakening of western democratic institutions, reversal of globalization, and unfathomable and unrepayable debts as a headwind to future generations? If that's the case, I guess we can agree to disagree.
by snowback96
23 Feb 2024 10:21
Forum: Retirement, Pensions and Peace of Mind
Topic: Decumulation? Really?
Replies: 94
Views: 5662

Re: Decumulation? Really?

Bylo Selhi wrote: 23 Feb 2024 08:24
hamor wrote: 23 Feb 2024 07:00 Oh, 'the good problem to have' no wonder every later generation hates boomers
Huh? Not all boomers are fortunate enough to have this problem. Many have the opposite problem, depending on others, from Ottawa to their kids, to stay solvent.
There are always exceptions, but I think it's fair to say that no generation has had as much demographic and economic wind at their backs as the boomers. Yet that wasn't enough. When you look at the enormous debt and environmental degradation left in their wake, I don't blame the later generations for their disgust at boomers.
by snowback96
12 Feb 2024 11:27
Forum: Under the Mattress: Protecting Your Money
Topic: Best Credit Card (2021 - 2025)
Replies: 515
Views: 33158

Re: Best Credit Card (2021 - 2025)

You could bump up your earn rate by using a second card that earns 3% for your grocery spending, such as the PCF World Elite (if you shop at Loblaws-owned stores) or the Triangle World Elite. (This assumes that you value PC points or Canadian Tire Money the same as cash.) Yes, unfortunately that was already taken into account with my $25k annual spending estimate. I use Triangle WE for 3% groceries and 4% at CT stores. Plus I have CIBC Costco MC for 3% restaurants & Costco gas. The $25k figure is everything else. It might be a good idea to wait a few months before switching anything to Rogers, especially if it involves giving up grandfathered plans. Credit card offerings change constantly and perhaps there will be a comparable offer fr...
by snowback96
11 Feb 2024 15:22
Forum: Under the Mattress: Protecting Your Money
Topic: Best Credit Card (2021 - 2025)
Replies: 515
Views: 33158

Re: Best Credit Card (2021 - 2025)

I wonder whether "Rogers Services" might also include devices purchased outright. I think the cash rewards is manually redeemed, so there may be a possibility that accumulating the reward cash until it's time to buy an unlocked phone might give you 3% (and 4.5% minus vig for US purchases). The announcement is recent and not applicable until April. It may be too early to know. Good point. That just might work! The other thing crossing my mind is that instead of waiting out my Koodo commitment, I could always switch from Primus Internet (which just re-sells Shaw in my area) to Shaw Internet directly. I could do that in April to coincide with the recently announced program changes and begin earning and redeeming at the higher rate r...
by snowback96
11 Feb 2024 12:34
Forum: Under the Mattress: Protecting Your Money
Topic: Best Credit Card (2021 - 2025)
Replies: 515
Views: 33158

Re: Best Credit Card (2021 - 2025)

Rogers recently announced that its World Elite Mastercard will also offer 3% cashback for Rogers/Fido/Shaw customers starting April 9. There's no need to give up the WE insurance. Ahhh, I misread the announcement. Thank you for clearing that up. Now the WE card with Fido services looks quite compelling. I'll need to seriously consider making a switch to Fido once my contract is up. Too bad I just took a deal from Koodo on a new phone... only 22 months to go, LOL! Keep in mind that the cash back on the Rogers WE card will be 2% for Rogers/Fido/Shaw customers, with a 1.5x bonus when redeeming against their services. Depending on the amount you charge to the card and the amount you pay Rogers, you may not be able to get the full 3% return. Go...
by snowback96
10 Feb 2024 12:56
Forum: Under the Mattress: Protecting Your Money
Topic: Best Credit Card (2021 - 2025)
Replies: 515
Views: 33158

Re: Best Credit Card (2021 - 2025)

I have the Rogers WE card and charge close to $25k per year which works out to cash back of $375/y. I have never had any Rogers-affiliated services to I did not even consider the non-WE version. These enhancements make me wonder if once my Koodo commitment ends, I might be better off moving to Fido. It appears that the only sacrifices with a product switch would be the insurance coverage and perhaps a lower quality mobile service (or at least that's my impression here in AB). Assuming I understand correctly, at an annual spend rate of $25k, that means I need to derive at least $375/y of value from the insurance coverage to stay with WE. I have never needed most insurance coverages as I don't travel very much anymore. My other 2 cards could ...
by snowback96
14 Jan 2024 20:16
Forum: Financial Planning and Building Portfolios
Topic: Any options for when taxable space becomes a lot larger than tax advantaged?
Replies: 19
Views: 1260

Re: Any options for when taxable space becomes a lot larger than tax advantaged?

A radical suggestion, but you might consider renouncing your US citizenship. That would reduce reporting complexity and also give you more investing options in Canada. Also, you may have TFSA room already built up that would become usable. Radical, indeed! The possibility of moving back to the US one day is too great (even though I don't expect I will) to renounce my citizenship. But you're right, some doors would open up and my taxes would be a lot simpler. I disagree with the term "radical". Renunciation used to be radical, but then the US Congress and IRS made it a mainstream common sense solution for anyone that has no plans to return to the US. Your decision to keep open the option of returning to the US puts you in a disadv...
by snowback96
13 Jan 2024 08:47
Forum: Retirement, Pensions and Peace of Mind
Topic: Dual citizen, USA, Canada, social security and Canadian pension question
Replies: 14
Views: 2019

Re: Dual citizen, USA, Canada, social security and Canadian pension question

formerpatriot wrote: 12 Jan 2024 14:35 ...she applied for SS at 62.5. She is pessimistic about the SS system in particular, and about US politics in general, and she feels that former US citizens (she renounced her US citizenship a few years ago), as well as all expats, will be low on the totem pole if and when the Republicans start to cut SS benefits...
I can't really argue with her logic. The political risks are real and rising.
by snowback96
12 Jan 2024 13:32
Forum: Retirement, Pensions and Peace of Mind
Topic: Dual citizen, USA, Canada, social security and Canadian pension question
Replies: 14
Views: 2019

Re: Dual citizen, USA, Canada, social security and Canadian pension question

I seem to recall that the SSA has an online WEP calculator. Maybe that can answer the question?

You might have mentioned this upthread, but how old is your wife and when did she start her CPP? Curious if she went with the approach mentioned earlier (to minimize WEP) by taking CPP as early as possible (60) and then SSA at 65 (or later)?
by snowback96
19 Dec 2023 08:01
Forum: Retirement, Pensions and Peace of Mind
Topic: Move Roth IRA to Vanguard.ca
Replies: 3
Views: 627

Re: Move Roth IRA to Vanguard.ca

gpinbeautiful wrote: 18 Dec 2023 15:46 I am a US person living permanently in Canada. I have about $100,000 in a Roth IRA at T Rowe Price in a Retirement 4040 Acct (and about $70,000) in a 401k in the States that I would like to do something with. I realize I am not to contribute to the Roth and I have requested and received in Election from the CRA. I don't want my funds to be managed by a cross border advisor (like Raymond James) because the fees are high. What do you recommend?
You cannot move it to Canada (unless you close the account). Leave it at TRP until retirement.
by snowback96
15 Dec 2023 15:58
Forum: Under the Mattress: Protecting Your Money
Topic: Bribes from Discount Brokers
Replies: 301
Views: 24264

Re: High interest savings, GICs and MMFs (2023)

Administrator wrote: 15 Dec 2023 09:22 Per help/faq#f2r9, to attract the attention of moderators and/or admins the best way is to use the button (Report this post). Just sayin'. :lol:
Thanks for the tip. It never occurred to me to use the button. Makes sense!