Search found 602 matches

by Mouly
27 Mar 2024 11:19
Forum: Taxing Situations
Topic: How can I quote actual tax to RevCan as part of an appeal?
Replies: 12
Views: 611

Re: How can I quote actual tax to RevCan as part of an appeal?

Houska - I agree with what you are saying. I am intending to call the person handling my objection. But since they’ve initially rejected my CCB explanation I wanted to be prepared with something more than saying ‘I found a webpage on your site supporting me’. So I’ll now be calling them with what info I have and see how that goes. I’m just off the phone with BMOIL about my question if the T5 slips issued on the ITF account can be in the Beneficiary’s SIN rather than mine as the Trustee. They came back with a hard no on that. However other institutions will do this. I can understand their hesitance on this though. If they issued it in the Beneficiary name and in fact I wasn’t satisfying the CCB requirement then maybe they would have liabilit...
by Mouly
26 Mar 2024 15:00
Forum: Taxing Situations
Topic: How can I quote actual tax to RevCan as part of an appeal?
Replies: 12
Views: 611

Re: How can I quote actual tax to RevCan as part of an appeal?

Opened some ITF accounts for the kids, hoping to avoid the issue. Who's SIN number did you put on the account?? As far as I know you are obliged to provide your SIN, you can't opt to provide the child's. Was able to use the kids SINs, got the tax slips in their name. See what happens after filing their returns. Maybe you can change it at the bank?? Ok, after 90 minutes on the phone with RevCan trying to get some clarity on the issue the guy said 'I can't answer your question, you'll need to call the person handling your objection'. But the person handling my objection is the one who will not recognize the CCB exemption. I can see why all calls are prefaced with the spiel about 'don't get mad at us'. (Sidenote: I didn't get mad, to the RevC...
by Mouly
21 Mar 2024 23:45
Forum: Taxing Situations
Topic: How can I quote actual tax to RevCan as part of an appeal?
Replies: 12
Views: 611

Re: How can I quote actual tax to RevCan as part of an appeal?

willowberry wrote: 20 Mar 2024 13:34
Mouly wrote: 19 Mar 2024 22:53 1) So how do I do that, is the actual tax law online somewhere?
First hit when I google Income tax act Canada
https://laws-lois.justice.gc.ca/eng/acts/I-3.3/
Thanks for the link, but I can't find the section that supports what I am saying. Can anyone find it?
by Mouly
21 Mar 2024 23:44
Forum: Taxing Situations
Topic: How can I quote actual tax to RevCan as part of an appeal?
Replies: 12
Views: 611

Re: How can I quote actual tax to RevCan as part of an appeal?

dwarren wrote: 20 Mar 2024 22:37 Opened some ITF accounts for the kids, hoping to avoid the issue.

Who's SIN number did you put on the account??
As far as I know you are obliged to provide your SIN, you can't opt to provide the child's.
by Mouly
19 Mar 2024 22:53
Forum: Taxing Situations
Topic: How can I quote actual tax to RevCan as part of an appeal?
Replies: 12
Views: 611

How can I quote actual tax to RevCan as part of an appeal?

I have InTrustFor (ITF) investment accounts for each of my minor children. Their Canada Child Benefit (CCB) is deposited into these accounts and then invested and dividend income is generated. I file tax returns each year for the kids and they claim the dividend income. Normally such dividend income would be attributed back to me but there is an exception when the funds deposited into the ITF are solely CCB payments, in that case the kids pay the tax. For the past six years the following scenario plays out between RevCan and me: - I file my tax and do not claim the dividend income in the ITF accounts, I also file tax returns for the kids and they claim the amounts - two years later RevCan sends me an adjustment saying I need to claim the am...
by Mouly
22 Nov 2023 11:40
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: BMOIL introducing concentration limits on Margin Accounts
Replies: 2
Views: 446

BMOIL introducing concentration limits on Margin Accounts

BMOIL has introduced a concentration limit with respect to margin accounts, video here . This isn't impacting me but the way it seems to work makes me think I'm misunderstanding some aspect of it. From what I can see you can have a portfolio that doesn't trigger the concentration issue but if one of your holdings increases in value you could trigger it because the Loan Value (as defined in the video) could rise to the point that the loan value of the one stock is more than 25% of the total Loan Value of all the stocks in the portfolio. Seems counter intuitive to me, the increasing value of one stock has introduced risk even though no more money has been borrowed and you have a more valuable portfolio. I can see how its more risky to the por...
by Mouly
11 Nov 2023 16:22
Forum: Financial Planning and Building Portfolios
Topic: Trying to contact MPL Communications about delivery of newsletters stopping
Replies: 11
Views: 2469

Re: Trying to contact MPL Communications about delivery of newsletters stopping

Ok, I'm going to try TSI's Dividend Advisor.

I'm already seeing one similarity between MPL and TSI: Incredibly garish websites and promotional pitches (in my view anyways) that don't seem to line up with the conservative advise they actually deliver.
by Mouly
05 Oct 2023 11:04
Forum: Taxing Situations
Topic: Anyone with experiance in opening RRSP for a minor via BMOIL?
Replies: 6
Views: 734

Re: Anyone with experiance in opening RRSP for a minor via BMOIL?

I agree with what is being said about the TFSA but my daughter is only 14 so a TFSA is four years out. The main objective at this point is instilling a frame of mind of saving that I hope sticks (the job is two hours a week so there really isn't much actual dollars in play here). And yes, contributions would be going in now but claiming of a deduction against income is likely a decade or more out.


I'll try contacting BMOIL again for clarification, but this time by email. I had someone on the line a few months back and they seemed unsure of anything so I stopped questioning them on it.
by Mouly
01 Oct 2023 18:06
Forum: Taxing Situations
Topic: Anyone with experiance in opening RRSP for a minor via BMOIL?
Replies: 6
Views: 734

Anyone with experiance in opening RRSP for a minor via BMOIL?

My oldest daughter has earned her first pay cheque but is still a minor. As best I can tell she's allowed to have an RRSP and the only difference in rules is that the $2,000 over contribution limit is not available to her till age 18. So that means she can't contribute to the RRSP until Jan 01, 2024.

But I wouldn't mind setting it up in advance of that and having it ready to go. I'd be doing this via BMOIL if possible. So has anyone gone thru that process with BMOIL? I'm wondering if they're going to want to see a T4 first or some other kind of documentation.
by Mouly
25 Sep 2023 18:55
Forum: Under the Mattress: Protecting Your Money
Topic: Bad Customer Service
Replies: 407
Views: 49635

Re: Bad Customer Service

PAYPAL So they send me an email saying since I haven't used my account in a while they will charge me a service fee unless I either deactivate the account or use it. I of course opt for the former. I go to the site and am unable to cancel the account with some message saying I have money in my wallet and I will need to first transfer it. I click on that option and get this message: Sorry. It looks like nothing was found at this location. Maybe try one of the links below or a search? And of course there are no links below. So I just deleted all my card and bank info and left. Great idea on their part: Hey this guy hasn't used his account recently, let's threaten him, that'll make him use the account. He can't quit us, there's no way yet to u...
by Mouly
09 Aug 2023 10:06
Forum: Financial Planning and Building Portfolios
Topic: Trying to contact MPL Communications about delivery of newsletters stopping
Replies: 11
Views: 2469

Re: Trying to contact MPL Communications about delivery of newsletters stopping

Yes, now I see multiple people posting on the internet about similar experience.

I had an Investment Reporter subscription set to expire in September this year, so not much of a big deal there. But also had subscriptions for other newsletters going into 2024 and 2025. I guess there's a risk on those multi year discounted subscriptions.

Recommendations for other newsletters? I had used the Connolly Report but that guy retired.
by Mouly
08 Aug 2023 20:49
Forum: Financial Planning and Building Portfolios
Topic: Trying to contact MPL Communications about delivery of newsletters stopping
Replies: 11
Views: 2469

Trying to contact MPL Communications about delivery of newsletters stopping

I've subscribed to MPL Communications' newsletters for years. My various subscriptions aren't due to expire for over a year. However they all stopped being emailed to me at the end of June. I sent emails to customer service three times about the issue but got no reply. So I telephoned in mid July and when connected via the interactive directory to Customer Service there was just a recording saying they were all away till end of July, so leave a message and they'd get back to you in early August. So still no reply from them and when I called today there was still just the same recording from the prior month. Is anyone experiencing issues with the delivery of their newsletters and/or being able to communicate with MPL? I want to be patient bu...
by Mouly
03 Aug 2023 18:14
Forum: Taxing Situations
Topic: RESP Family Plans - One child in separate Family Plans subscribed by Maternal and Paternal Grandparents
Replies: 4
Views: 639

RESP Family Plans - One child in separate Family Plans subscribed by Maternal and Paternal Grandparents

I'm witnessing a situation where a future student is enrolled in two separate RESP family plans. One subscribed by maternal grandparents and the other by paternal. So far, so good, since the child is a blood relation to each set of grandparents. Additionally each plan holds other grandchildren unique to each plan since they're only related to one set of subscriber grandparents. Also ok since each whatever plan a kid happens to be in, they're related to the subscribing grandparents. Now the situation has developed where it looks like only this one person who is common to both plans will be attending a post secondary institution. The grandparents seem to be thinking that this person will get all the money somehow tax free. That seems unlikely...
by Mouly
22 Jun 2023 15:08
Forum: Under the Mattress: Protecting Your Money
Topic: Any way to get a free online personal credit report (that would satisfy a creditor)??
Replies: 5
Views: 542

Any way to get a free online personal credit report (that would satisfy a creditor)??

It's been a long long time since I needed it but I thought Equifax was required to give you a free copy of your own credit report. Can't find a link to that anywhere. Is that still a requirement on Equifax? Or do I need to give up and just try the 'join now, get one month free, and get your report' route? I always hate that approach since it seems to involve forking over my credit card and hoping I can cancel properly in time. I see that CreditKarma and Borrowell will show my credit score but it seems intentional that it is on a screen devoid of any identifying information, in other words of no value to pass on to someone to convince them of my score. My other requirement is that I can get this online and not have to wait 10 days or whateve...
by Mouly
10 May 2023 13:48
Forum: Under the Mattress: Protecting Your Money
Topic: Health/Dental coverage ending, replaced by HSA, next step?
Replies: 3
Views: 593

Health/Dental coverage ending, replaced by HSA, next step?

A change in employment means my family's health and dental plan thru an employer is ending and being replaced by an HSA.

So now I need to determine if it better to stick with the HSA to pay health/dental costs or use the money to buy into a health/dental plan.

Are there any tools out there to help with evaluating this decision? My initial thought for an approach is to review what my typical annual claims were that were covered and then compare that against the cost of insurance. If the annual insurance cost is more than annual paid out claims then it doesn't seem to make such sense to buy.

Is it really that straight forward, or are there other considerations? Life insurance of course is a whole separate issue.
by Mouly
23 Apr 2023 12:08
Forum: Retirement, Pensions and Peace of Mind
Topic: Should older retirees trust their financial judgment?
Replies: 68
Views: 4069

Re: Should older retirees trust their financial judgment?

There's mention here of delaying CPP to age 70 to have more income coming from a secure source but I don't think I've seen mention of a related benefit: By delaying to age 70 you're forced to spend down your own savings so by the time you may be less competent you have a smaller dollar amount of investments you are controlling and possibly mess up.

then again I am getting older so may have missed it if it was mentioned.
by Mouly
31 Dec 2022 09:26
Forum: Financial Planning and Building Portfolios
Topic: Borrowing to invest - technicals and mechanicals
Replies: 155
Views: 88068

Re: Borrowing to invest - technicals and mechanicals

I use margin but limit myself to an amount that would require a 50% drop in portfolio value to get a margin call.

During the run up over the last two years I had to keep telling myself I wasn't being a chicken by not ignoring this limit and buying more. As a matter of fact just the dollar amount I had on margin eventually began to bother me and I stopped using more even as markets continued to climb. I'm certainly glad now I was able to keep disciplined.

BTW, assuming a coverage of 70% is required on the margin account, the amount you can use so that a 50% drop is needed to trigger a call is 7/13 of your capital.

PS - I know there was a market drop of 50% just 20 years ago.
by Mouly
20 Nov 2022 18:33
Forum: Under the Mattress: Protecting Your Money
Topic: Did you claim your $20? [CRT Class Action]
Replies: 26
Views: 5371

Re: Did you claim your $20? [CRT Class Action]

$30.99 for me!

Note: If you use CIBC for E-transfer the transaction will not process on a PC. You need to execute the deposit on a mobile device like tablet or phone.
by Mouly
18 Nov 2022 19:15
Forum: Taxing Situations
Topic: Need to make tax appeals for one issue that affects two SINs - Best approach?
Replies: 7
Views: 901

Re: Need to make tax appeals for one issue that affects two SINs - Best approach?

My understanding is that while you are not obliged to pay an amount due after an appeal is in place, if you lose the appeal then interest is due and calculated from the Balance Due Day. For me, the fact that I get charged with the same issue year in and year out, this does not encourage me to think the outcome in any given year will be in my favour or decided logically. So if I lose one year, I don't want the extra kick in the nads of having even more interest to pay on what I see as an incorrect decision. The money I pay out is earning minimal interest in my bank account so the cost of paying the interest pending a decision is small compared to the potential penalty. From RevCan site: Payment of disputed amounts You do not have to pay the ...
by Mouly
23 Sep 2022 12:31
Forum: Taxing Situations
Topic: What exactly is 'same or identical property' wrt Superficial Loss
Replies: 11
Views: 1099

Re: What exactly is 'same or identical property' wrt Superficial Loss

Ok, now I get it. If I haven't made a purchase within the window then ownership of the stock in other accounts becomes moot.
by Mouly
22 Sep 2022 12:10
Forum: Taxing Situations
Topic: What exactly is 'same or identical property' wrt Superficial Loss
Replies: 11
Views: 1099

What exactly is 'same or identical property' wrt Superficial Loss

I usually see superficial loss determination described this way: For a capital loss to be deemed superficial, two conditions must be met: You or an affiliated person must buy the same or identical property during the 30 calendar days before or after the settlement date of the sale (61 days total). You or an affiliated person still owns the same or identical property 30 calendar days after the settlement date of the sale. I understand the part about the 30 window on either side of the sale but does 'the same or identical property' refer only to purchases within the window and not to other holdings of the property that were made long before the window? An example to make what I mean clearer: I buy XYZ in both my Taxable and RRSP accounts in 2...
by Mouly
14 Sep 2022 15:03
Forum: Taxing Situations
Topic: Need to make tax appeals for one issue that affects two SINs - Best approach?
Replies: 7
Views: 901

Re: Need to make tax appeals for one issue that affects two SINs - Best approach?

Well I won the appeal again, as I do every year. No sense of victory though, just frustration I need to go thru this process more or less every year and the slight worry that one year I'll be denied the appeal. Well at least you'll have a years-long history of successful appeals to include in your rebuttal to their denial of the current appeal :twisted: I guess on the plus side I do have this down to a fast process: I modify the prior year letter to add one more year to the list of successful appeals and the new reassessment amount. Then submit it. I can understand getting reassessed the first time but would have thought some sort of flag would be attached to my file noting my initial successful appeal and in following years when I was set...
by Mouly
09 Sep 2022 14:33
Forum: Taxing Situations
Topic: Need to make tax appeals for one issue that affects two SINs - Best approach?
Replies: 7
Views: 901

Re: Need to make tax appeals for one issue that affects two SINs - Best approach?

Well I won the appeal again, as I do every year. No sense of victory though, just frustration I need to go thru this process more or less every year and the slight worry that one year I'll be denied the appeal.

I can understand getting reassessed the first time but would have thought some sort of flag would be attached to my file noting my initial successful appeal and in following years when I was set to be reassessed my case would be first reviewed internally by a person to determine if this was just the same issue again and dismiss the reassessment before it was ever officially issued.

Maybe that's too hard to implement and calls for too much assumption making on the part of CRA.

Anyways, until next year...
by Mouly
19 Aug 2022 15:37
Forum: Taxing Situations
Topic: Need to make tax appeals for one issue that affects two SINs - Best approach?
Replies: 7
Views: 901

Re: Need to make tax appeals for one issue that affects two SINs - Best approach?

Comedy update Number One

Got the call back from CCB department and they disconnected me.
So I'll call back on Monday and start this process over again.
by Mouly
19 Aug 2022 14:59
Forum: Taxing Situations
Topic: Need to make tax appeals for one issue that affects two SINs - Best approach?
Replies: 7
Views: 901

Need to make tax appeals for one issue that affects two SINs - Best approach?

I have InTrust investment accounts for my two minor children and I invest their CCB payments for them. According to the tax code in a situation like that any dividends paid to the accounts are taxable in the hands of the child. That is how I handle it and I file tax returns on their behalf each year. Every so often RevCan decides I should be claiming the dividends and sends me a reassessment that attributes the dividend income to me. I pay the amount due, file an appeal, win the appeal, and then get the money refunded. This year there is a twist. I've paid the tax and filed my appeals. The result of the appeal is pending. But now my spouse has received a reassessment for CCB based on the fact that the dividends being attributed to me have i...