Search found 114 matches

by thegov
29 Feb 2024 14:02
Forum: Taxing Situations
Topic: GIC Taxation
Replies: 27
Views: 1771

Re: GIC Taxation

Thank you all for the input.
The one I mentioned was BOM -- looking at the CRA version of the T5008 as haven't got it yet. It's noted as BON (Bond).
(I understand all types of tradable bonds (including strips) get reported even if Proceeds = Cost. They used to sum up total proceeds and total costs on the schedule)
However GICs are not generally tradable ... and are obviously treated differently at a bank.
(All interest for this is reported correctly on a T5)

Noticed that TD has a couple of GICs listed in the trading summary .. tho they don't label that a T5008
Waiting to see what they sent to CRA.

BTW: Asked the question of the CRA on-line chat .... thought for 10 min .. then said sorry don't know ... call in. Typical.
Thx
by thegov
28 Feb 2024 13:14
Forum: Taxing Situations
Topic: GIC Taxation
Replies: 27
Views: 1771

Re: GIC Taxation

Had a GIC mature in non-registered brokerage account.
Brokerage appears to have submitted a T5008 record for this.
(Interest is, of course, reported via a T5)
So does that mean I have to report the $0 gain on the capital gains schedule - despite the ACB (say 10k) = FMV (10k)
- and I assume that's under the bond section?
I remembered doing this for tradable things like debentures where you bought and sold at same cost, however,
have generally bought GICs via banks and have never needed to report this.

Thx.
by thegov
06 Jul 2022 14:08
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2022) - rates
Replies: 1006
Views: 95639

Re: High interest savings, GICs and MMFs (2022) - rates

chrisw wrote: 06 Jul 2022 13:05 Heh, EQ Bank sent me an email promotion for 3.00% on a 9 month GIC.
Hubert just upped their "special" quarterly rate 1 year GIC to 3.75%.
As you can exit after 3 months this is effectively a 90 Day 3.6% GIC which is not bad.
by thegov
12 Jan 2021 17:29
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2021) - rates
Replies: 402
Views: 42611

Re: High interest savings, GICs and MMFs (2021) - rates

thegov wrote: 05 Jan 2021 15:58 It's 1.3% at Tang for 150 days now .. so have taken so its not at 0.1% ... though they will call me back in 2-5 days
We'll see. Have EQ, CTire and Motive accounts.
A very snooty rep did just phone from Tang finally. Total waste of time as had zero interest in any discussion or negotiation. 1.3% it is -- denies any other higher rates - say they went to 1.3% in mid-Dec. (This is on the total amount - 6 figures - tho he didn't mention the 1.75% on new money either). Very unpleasant character - and this is their marketing team???
by thegov
05 Jan 2021 15:58
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2021) - rates
Replies: 402
Views: 42611

Re: High interest savings, GICs and MMFs (2021) - rates

It's 1.3% at Tang for 150 days now .. so have taken so its not at 0.1% ... though they will call me back in 2-5 days
We'll see. Have EQ, CTire and Motive accounts.
by thegov
14 May 2020 15:04
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Split Preferreds
Replies: 213
Views: 51283

Re: Split Preferreds

Arby wrote: 13 May 2020 20:18 I don't think they would be considered as identical properties. They both hold very similar underlying stocks, but the weighting of each underlying stock is different between FTN and FFN. Also they have different termination dates.
Thx .. that's kind of what I thought ... could be useful to go from one to another at times.
by thegov
13 May 2020 14:55
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Split Preferreds
Replies: 213
Views: 51283

Re: Split Preferreds

Likely should be under taxation but anyway ..
Would a sale of FTN preferreds and a purchase of FFN preferreds within 30 days be a superficial loss? I.E. would you consider them identical properties?
Thx
by thegov
03 Aug 2018 13:39
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2018)
Replies: 465
Views: 47488

Re: High interest rates for savings, GICs and MMFs (2018)

Few moves on savings / TFSA:

Implicity Financial: from 2.00% to 2.15%
Outlook Financial: from 2.00% to 2.15%
Hubert Financial: from 2.10% to 2.35%
Achieva Financial: from 2.00% to 2.15%
Meridian Credit Union: from 1.40% to 1.50%
AcceleRate Financial: from 2.05% to 2.25%
MAXA Financial: from 2.00% to 2.25%

Hubert's GICs have also increased
One to five years: 2.85; 2.70; 2.80; 3.25; 3.35
Previously: 2.55; 2.65; 2.75; 3.25; 3.15

N.B. The 1-year is still the quarterly version (2.7% - 3.0%)
by thegov
10 Dec 2017 17:20
Forum: Taxing Situations
Topic: CRA Refund Cheques
Replies: 3
Views: 475

CRA Refund Cheques

Does anyone know if CRA still issues refund cheques? I know they're pushing everyone over to direct deposit. But if you don't fill in the info will they issue a cheque?
I will have to file a final tax return for a non-probate will (all to spouse) and expect a refund.
However, there's no bank account for the estate.
(The particular bank equates estate accounts with probate -- internal nonsense -- but would accept cheques to the estate into the previously existing joint account which will be kept open).
Anyone know.
Thx.
by thegov
05 Oct 2017 12:41
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: FTN Split Shares
Replies: 16
Views: 2165

Re: FTN Split Shares

FYI:
After the recent offering at $9.90 (if you bought the matched units), FTN.PR.A is now trading $10/$10.01.
After the similar offering last night FFN.PR.A is currently $9.98/$9.99.
Possibly interesting chance to get in at or below par without going through the IPOs and getting involved in the capital units.
Both announced increases to their divs from 5.25% to 5.5% (based on $10) starting Dec 1, I believe.
Of course, they could continue to drift lower if interest rates continue to rise.
by thegov
20 Sep 2017 17:57
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2017)
Replies: 463
Views: 46462

Re: High interest rates for savings, GICs and MMFs (2017)

Just noticed Tang have dropped their online daily external transfer out max to 25k from 50k.
Must be noting all the withdrawals at the end of the quarters and want people to phone in before transferring.
Pulls from external accounts are still unlimited at Tang's end apparently.
And they're up to 1.0% interest!
by thegov
18 Sep 2017 18:06
Forum: Under the Mattress: Protecting Your Money
Topic: Equifax security breach
Replies: 19
Views: 2006

Re: Equifax security breach

I've had those security alerts on both Equifax and TransUnion since the Home Depot and Peoples Trust events.
They're supposed to last 7 years.
They are there - kind of -- tacked onto a sub-comment on the file.
They don't show up if you're using creditkarma or the like.
When I applied for a CC about 2 years after this, there was no reference to it at all -- no phone calls to check anything unusual -- so I don't know how effective they are.
by thegov
07 Jul 2017 09:37
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2017)
Replies: 463
Views: 46462

Re: High interest rates for savings, GICs and MMFs (2017)

ig17 wrote: 06 Jul 2017 11:54 The option to open joint accounts online is no longer available. I used it a few months ago and now it's gone. :(
I noted the same. Is there a way around this - or do you have to fill out paperwork.
Can you change the single account to a joint one after creation?
(Got 3.1% was 2.97%, FM got 2.97% twice)
by thegov
15 Apr 2017 13:12
Forum: Taxing Situations
Topic: Hospital Room Upgrade Cost Deductible as Med Exp?
Replies: 1
Views: 305

Hospital Room Upgrade Cost Deductible as Med Exp?

Hi. I've seen highly contradictory answers to this.
Had semi-private room in hospital ($240/day) in Ont. Private insurance covered part ($200/day).
Is the remaining portion $40/day billed from the hospital a valid medical expense.
Any informed opinions? Thx
by thegov
10 Jan 2017 16:30
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2017)
Replies: 463
Views: 46462

Re: High interest rates for savings, GICs and MMFs (2017)

ig17 wrote:Ditto. Accepted 1.6% on Dec 15, emptied the account a few days later, didn't receive a better offer. I wonder if their system thinks that we are happy with 1.6%. We accepted it, didn't we.
If you accept a phone-in offer (e.g. the 1.6 or 2%) you are very unlikely to receive one of the "special" offers.
This time I did not accept anything (so stayed at 0.8%) but moved almost all $ out. Got the 2.83% offer on new $ on Jan 5 or 6.
Whenever I previously "negotiated" a rate on the phone I never got the "specials" sent to me.
by thegov
02 Jan 2017 18:32
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2017)
Replies: 463
Views: 46462

Re: High interest rates for savings, GICs and MMFs (2017)

Re: Hubert GICs & partial withdrawals.
You don't have to buy 1 big GIC. You could buy 3 or 4 or whatever of whatever individual values you choose.
So you could redeem a small amount (1 GIC) after 90 days if you wish. At least gives you a bit more flexibility if that's important.
I've sometimes also staggered by time -- but if you think rates are going down soon that may not be helpful.
by thegov
12 Dec 2016 17:01
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2016)
Replies: 489
Views: 45227

Re: High interest rates for savings, GICs and MMFs (2016)

Tang decided to offer only 1.6% -- lowest I can remember -- irritating as others were getting the standard 2.0% (per RFD).
Wasn't in mood to escalate so just said stuff it and told them to withdraw six figures. Enough games.
by thegov
12 Sep 2016 15:31
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2016)
Replies: 489
Views: 45227

Re: High interest rates for savings, GICs and MMFs (2016)

Hmm.. just called Tang to extend my 2% which expired on w/e ... I didn't have an offer or anything .... gave me 2.5% for 3 mos (on whole amount) .... the terms look like they may have been from a targeted offer but gave to me anyway... limit $500k.... that was easy and unexpected.
by thegov
25 Apr 2016 10:39
Forum: Taxing Situations
Topic: Spousal RIF withdrawals & subsequent investment attribution
Replies: 2
Views: 468

Spousal RIF withdrawals & subsequent investment attribution

Hi.
Spouse has been withdrawing minimum amount from Spousal RIF for many years. Husband contributed to the RIF before retirement many years ago. (There's no 3 year rule impact).
She pays the tax for this income as expected.
However once the money is out of the RIF, is there any attribution back to the original contributor (husband) when she now goes to invest these payments? So if she invests say a $10k payment and gets $1k of interest/dividends/whatever -- is that $1k taxable for her or her husband.
Thx
by thegov
08 Mar 2016 14:15
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2016)
Replies: 489
Views: 45227

Re: High interest rates for savings, GICs and MMFs (2016)

I have a balance with EQ slightly over 100k -- account opened in Jan so limit should be 500k.
However, their transfer system will not accept anything more - "This will put you over 100k!" comes up immediately.

Edit: Never mind -- sent them a note -- no reply -- but put a 1 in the $ amount - lots of flashing -- no message -- then put in proper amount and it accepted it -- very quirky
by thegov
22 Dec 2015 12:04
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2015)
Replies: 571
Views: 56249

Re: High interest rates for savings, GICs and MMFs (2015)

Took ages (30 min yest - no answer, 18 min then hangup, 25 min then a person today) to get thru to Tang.
The usual "Oh no - there's no specials" startup. Then I mention offers of 2%, 2.4% and Zag's 2.5%.
Suddenly the 2% for six months (no nasty rules, just a straight rate - max 500k) appeared -- which I took. Asked me to spell "Zag"!
Wasn't going to hunt for this 2.4% thing as I had to remove a large chunk of the current amount.
Funny when he asked me if I wanted to xfer some more funds in and I said no I have to fill up Zag first (from Tang primarily).
Crazy games.
(P.S. I notice the auto-offer GIC for 25K withdrawal is only 1.5%)
by thegov
24 Jun 2015 18:14
Forum: Under the Mattress: Protecting Your Money
Topic: High interest rates for savings, GICs and MMFs (2015)
Replies: 571
Views: 56249

Re: High interest rates for savings, GICs and MMFs (2015)

Got the 3% with a little work ("heard from a friend" --> "targeted offer" "know many who have just phoned in" --> "ok") Its for 180 days from when you call -- so if you have the 2.1% deal may (or may not) want to wait a day or two. At this rate, its going to make a mess of promoting TFSAs (for those who use savings accounts or GICs only and not equities) as there's no TFSA rate close. What's the point of using Tang TFSA getting 1.05% when you'll earn more if you withdraw it and get the 3% -- you'll still earn more after tax. Even at other places, depending on your tax rate, you'd need to be up over 2% to make it beneficial (e.g. Zag 2.5%, Peoples 2.25%). For many that's setting up new accts etc. The C...
by thegov
11 Apr 2015 18:57
Forum: Taxing Situations
Topic: Attendant Care Expenses
Replies: 11
Views: 1674

Re: Attendant Care Expenses

Ok .. just to make this slightly more complicated.
Assuming it is my mum with the DTC plus some attendant care expenses.
My Dad is eligible for DTC but does not claim as claiming large medical expense for nursing home per RC4064.
Is it still ok to put both my mum's and dad's medical expenses on the same (likely my dad's) return as usual -- or does the DTC claim force the med expenses to a particular spouse's return?