Search found 2018 matches

by poedin
27 Mar 2024 10:10
Forum: Taxing Situations
Topic: New T3 requirements for joint accounts [that might be bare trusts]
Replies: 204
Views: 44281

Re: New T3 requirements for joint accounts [that might be bare trusts]

The brokerage account was set-up with the adult child as the primary account holder with their own account number, access, etc., including trading password. It was a financial services manager at TD that suggested that the account be joint, although in retrospect trading authority will do. As is the case here I suspect that many times for convenience accounts were setup as joint accounts as there is less paperwork involved. Until now there were no perceived tax consequences of this type of arrangement. In reality, now that there are new tax considerations many of these types of arrangements should be setup "properly" via either trading authority and/or a Power of Attorney. Trading authority or Power of Attorney is how we have est...
by poedin
27 Mar 2024 10:02
Forum: Taxing Situations
Topic: New T3 requirements for joint accounts [that might be bare trusts]
Replies: 204
Views: 44281

Re: New T3 requirements for joint accounts [that might be bare trusts]

Poedin, I notice you've got your son as the Primary holder, which suggests to me that the intent here is to have the SIN under his name and the taxes as his responsibility. You also mention that the account was made joint for the purpose of allowing you/the parents to trade on his behalf. Wouldn't a trading authority/POA have accomplished the same thing? Or are we missing something here, such as a desire for some further degree of control such as withdrawal rights over the account? Thanks for the response. No desire for control beyond some mentoring and some timely trades/transactions. She is nearing completion of her undergraduate studies (process of confirming an internship - grant from the Canadian space agency). Last fall while on anot...
by poedin
27 Mar 2024 09:32
Forum: Taxing Situations
Topic: New T3 requirements for joint accounts [that might be bare trusts]
Replies: 204
Views: 44281

Re: New T3 requirements for joint accounts [that might be bare trusts]

Last summer we set-up a joint cash non-registered brokerage account with our adult child (currently in university) who is also listed as the primary account holder. It was recommended that having us (parents) on the account was an easier / more direct way for us, at this time (while in university) to trade on our child's behalf. All trades and securities holdings have been with sums (>50k) from our child with no distributions/income/gains/losses/etc. attributed to us. From my limited understanding a T3 Trust Return will need to be completed, even though my partner and I have no attribution/benefit to us? As I understand it it depends on the intent and operation of the account. Whose money is it, who manages it? If you manage the assets on ...
by poedin
26 Mar 2024 14:00
Forum: Taxing Situations
Topic: New T3 requirements for joint accounts [that might be bare trusts]
Replies: 204
Views: 44281

Re: New T3 requirements for joint accounts [that might be bare trusts]

Late to the conversation. Some clarification will be appreciated.
Last summer we set-up a joint cash non-registered brokerage account with our adult child (currently in university) who is also listed as the primary account holder.
It was recommended that having us (parents) on the account was an easier / more direct way for us, at this time (while in university) to trade on our child's behalf.
All trades and securities holdings have been with sums (>50k) from our child with no distributions/income/gains/losses/etc. attributed to us.

From my limited understanding a T3 Trust Return will need to be completed, even though my partner and I have no attribution/benefit to us?
by poedin
26 Mar 2024 12:34
Forum: Financial News, Policy and Economics
Topic: Inflation
Replies: 1010
Views: 155677

Re: Inflation

Principal residence insurance (Vaughan, GTA) up 9.5% y/y. Longer time it's up 43% in 9 years.
by poedin
25 Mar 2024 11:16
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Housing Market 2024
Replies: 56
Views: 3423

Re: Housing Market 2024

Long time since I was in that situation. Short answer - in a multi-unit building less chance of being reno-victed or similar versus that in an owner of a condo or basement apartment.
by poedin
25 Mar 2024 11:04
Forum: Retirement, Pensions and Peace of Mind
Topic: Planning Retirement for Immigrant Parents
Replies: 3
Views: 208

Re: Planning Retirement for Immigrant Parents

Anecdote. My FIL was also paid about 1.5K euros from Italy for working a few years before making his way to Canada. Not much for most people, yet helpful as related to their frugal lifestyle. Certainly made an impression in my earlier days (especially for my relation with their daughter as we progressed through university and life afterward. :D )
Odd though was the range of monthly deposits ranging from ~50 to ~150 €.
by poedin
25 Mar 2024 10:39
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

AltaRed wrote: 25 Mar 2024 10:21
poedin wrote: 25 Mar 2024 10:04 ^ 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.
Rarely in my case, yet I do like knowing the details of the transactions as they occur. Old habits even in retirement. :wink:
by poedin
25 Mar 2024 10:04
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.
by poedin
21 Mar 2024 13:36
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2024)
Replies: 200
Views: 16775

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

^ When it comes to MMF yields it's: CIB238(Premium) 5.21%, BMO95142 5.10%, TDB2913 4.95%.
by poedin
21 Mar 2024 13:27
Forum: Financial News, Policy and Economics
Topic: Clippings 2024
Replies: 129
Views: 10330

Re: Clippings 2024

A passive niche-sector investor?
by poedin
21 Mar 2024 13:18
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2024)
Replies: 200
Views: 16775

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

StuBee wrote: 15 Mar 2024 15:46 I have two GIC's coming due in a few weeks. I just checked Tangerine. Good news:
They have recently raised their 6 month, 9 month and 1 year rates to 5%, 5.25% and 5,2% respectively.
Thanks for pointing that out, forgot about their GICs - only there for their lottery.
1 year rates at our other go-to (CDIC) FIs: Oaken 5.35%, TDDI 5.13%, BMOIL 5.16%.
by poedin
20 Mar 2024 14:30
Forum: Financial News, Policy and Economics
Topic: Federal Reserve Rates
Replies: 21
Views: 2334

Re: Federal Reserve Rates

No change. ... the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective. ht...
by poedin
20 Mar 2024 14:22
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

Yup. Just had that happen this week. Submitted a BMTxxx sell Monday morning, actual posting not until this morning, backdated to yesterday.
by poedin
20 Mar 2024 12:20
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Housing Market 2024
Replies: 56
Views: 3423

Vacancies at seniors' residences open the doors to options like renting to students

The Calgary-based organization [Bonita Paquette founded the Canadian Alliance for Intergenerational Living in June 2023 after noting both the lack of affordable housing for students and the social isolation experienced by many seniors in retirement homes] is beginning a pilot program that will soon see two post-secondary students move into a retirement home where they'll pay cheap rent in exchange for spending 30 hours a month socializing with seniors, said Paquette. "I think it's good for both the students and the seniors. They both have different perspectives in life.… And they can learn from each other," she said. "Residents will have years of wisdom that they can share with their younger residents. And then the students ...
by poedin
20 Mar 2024 12:09
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Housing Market 2024
Replies: 56
Views: 3423

Re: Housing Market 2024

Asubstantial settlement recently announced by a U.S. group representing more than one million Realtors has real estate experts hopeful Canadian home sellers could soon get a better deal. Last week, the U.S.-based National Association of Realtors (NAR) agreed to pay $418 million US to end legal claims from home sellers that argued the group artificially inflated real estate commissions. The NAR, which denied any wrongdoing in the case, has also agreed to eliminate the standard six per cent sales commission and do away with other commission rules. For more details https://www.msn.com/en-ca/money/finance-real-estate/why-a-landmark-u-s-settlement-could-impact-the-canadian-housing-market/ar-BB1kdPhy? The landmark settlement in the U.S. is playi...
by poedin
19 Mar 2024 14:51
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: BMO Investorline
Replies: 1278
Views: 198070

Re: BMO Investorline

Likewise. I don't bother with checking MyAccounts at this point, though I might in the future if I think I'm missing something (more than just my memory [?]).
by poedin
19 Mar 2024 14:29
Forum: Financial News, Policy and Economics
Topic: Bank of Canada [policy rates]
Replies: 29
Views: 4141

Re: Bank of Canada [policy rates]

Canada's annual inflation rate in February unexpectedly cooled to 2.8%, its slowest pace since June, and core inflation measures eased to more-than two-year lows.
"The Canadian economy is much weaker than the headline data suggests, and we're now starting to see that weakness manifest within nearly all macro indicators, even the BoC's preferred core measures of inflation that were a major sticking point for the bank back in 2023," said Simon Harvey, head of FX analysis for Monex Europe and Monex Canada.

Money markets see a 75% chance of the BoC easing in June, up from roughly 50% before the data..
https://www.msn.com/en-ca/money/topstor ... -BB1kaabE?
by poedin
19 Mar 2024 14:19
Forum: Financial News, Policy and Economics
Topic: Inflation
Replies: 1010
Views: 155677

Re: Inflation

The Consumer Price Index (CPI) rose 2.8% on a year-over-year basis in February, down from a 2.9% gain in January. Notable contributors to the deceleration included the indexes for cellular services, food purchased from stores, and Internet access services. Offsetting the deceleration was a year-over-year increase in gasoline prices, which rose 0.8% in February, following a 4.0% decline in January.
Excluding gasoline, the headline CPI slowed to a 2.9% year-over-year increase in February, down from 3.2% in January. Prices for rent and the mortgage interest cost index continued to apply upward pressure on the headline CPI.
https://www150.statcan.gc.ca/n1/daily-q ... 1&indgeo=0
by poedin
18 Mar 2024 15:06
Forum: Financial News, Policy and Economics
Topic: Inflation
Replies: 1010
Views: 155677

Re: Inflation

^ Yes indeed!
by poedin
17 Mar 2024 02:57
Forum: Financial News, Policy and Economics
Topic: Inflation
Replies: 1010
Views: 155677

Re: Inflation

Thanks P_I and Joebaba for your replies and confirmations. :thumbsup:
by poedin
15 Mar 2024 15:33
Forum: Financial News, Policy and Economics
Topic: Inflation
Replies: 1010
Views: 155677

Re: Inflation

The current finance minister doesn't seem to understand what most people would reason the intent and meaning of 'fiscal restraint'. :roll:
by poedin
14 Mar 2024 19:24
Forum: Community Centre
Topic: Pi Day
Replies: 36
Views: 2464

Re: Pi Day

^^ Thanks P_I for the background info - had no idea! 8)
by poedin
14 Mar 2024 19:12
Forum: Financial News, Policy and Economics
Topic: Inflation
Replies: 1010
Views: 155677

Re: Inflation

You're right. Let see if I can find a tutorial on how to post links from articles posted on my TDW account without giving away my ID (???).
Really not sure how that works, not that tech savvy. Any guidance will be appreciated.
by poedin
14 Mar 2024 11:01
Forum: Financial News, Policy and Economics
Topic: Inflation
Replies: 1010
Views: 155677

Re: Inflation

Major North American stock indexes slipped on Thursday as hotter-than-expected producer prices data likely muddied bets around the timing of the Federal Reserve’s first rate cut and high-flying chip stocks extended their losses.
A Labor Department report showed the Producer Price Index (PPI) rose 0.6% month-on-month in February, compared with a 0.3% increase expected by economists polled by Reuters. It rose 1.6% in the 12 months to February, versus an estimated growth of 1.1%. [The Globe and Mail/ TD Market News]