Search found 839 matches

by freedom_2008
01 Mar 2024 09:18
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2024)
Replies: 200
Views: 16780

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

Fresh from Oaken:

Please note that effective Friday, March 1st, 2024, we will be increasing the interest rate for the following Oaken GICs:

1 Year GIC – 5.35% (currently 5.15%)
18 Month GIC – 5.35% (currently 5.05%)
2 Year GIC – 5.20% (currently 5.00%)
3 Year GIC – 4.80% (currently 4.55%)
4 Year GIC – 4.60% (currently 4.40%)
5 Year GIC – 4.50% (currently 4.35%)
by freedom_2008
28 Jan 2024 19:15
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Principal residence questions
Replies: 20
Views: 1303

Re: Principal residence questions

Our own example: 1. bought house A in 1999 -- our PR 2. bought house B in 2004 and rented it out 3. sold house A in 2008 and left country for 5 months (to take care aging parent) 4. came back and moved into house B in Feb 2009 -- our PR 5. bought house C and moved into it in Mar 2009 -- our PR 6. rented out house B in April 2009 7. sold house B in Oct 2009 At tax time 2010, I called CRA and the agent said we can designate house B as our PR from Feb 2009 until it was sold (year + 1 PR rule) and report the gain between bought value to Feb 2009 value on schedule 3. And he suggested to get a realtor's value report for house B in Feb 2009, and use it to calculate the gain. I think we could also designate house B from 2008 when we sold house A, b...
by freedom_2008
20 Jan 2024 09:09
Forum: Taxing Situations
Topic: Multi-generational home (tax reporting?)
Replies: 7
Views: 533

Re: Multi-generational home (tax reporting?)

OP is good and no need to report.
by freedom_2008
20 Jan 2024 08:41
Forum: Under the Mattress: Protecting Your Money
Topic: Travel Insurance - Missed Flight
Replies: 26
Views: 1827

Re: Travel Insurance - Missed Flight

You have my sympathy. But the Malahat highway is always tricky, especially in winter times. It's probably a good idea to be in Victoria the night before next time.
by freedom_2008
09 May 2023 11:57
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2023)
Replies: 1056
Views: 87816

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

Received two emails today:

1. From Oaken:
"Please note that effective Tuesday, May 16, 2023, we will be decreasing the interest rate for Oaken long-term GICs as noted below:
1 Year GIC – 4.85% (currently 5.05%)
18 Month GIC – 4.80% (currently 5.00%)"

2. From Simplii:
"Open a High Interest Savings Account and earn a special interest rate of 5%† on eligible deposits until August 31, 2023. No minimum balance required.
Conditions apply. Interest rate is an annual rate, which is a combination of regular and promotional interest. Regular interest is calculated daily and paid monthly, and promotional interest is calculated on the average daily balance during the offer period and paid in September 2023."
by freedom_2008
17 Mar 2023 17:10
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2023)
Replies: 1056
Views: 87816

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

rigger1 wrote: 17 Mar 2023 15:35 BRIAN5000 is there a limit to transfer from Oaken to other FI?

In the coming months once my GIC matures in oaken , I would like to transfer to BNS to purchase DYN6004. I have almost $150k at oaken and would like to know if I could do it at one go or have to do it in small increment like 25k.
FYI: you can set GIC mature instructions at Oakan online to have the principle/interests to be deposited into the linked external bank account directly at maturity date. We just did that last week.
by freedom_2008
22 Feb 2023 12:37
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2023)
Replies: 1056
Views: 87816

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

Oaken email today:

"Please note that effective Wednesday, March 1, 2023, we will be decreasing the interest rate for Oaken long-term GICs as noted below:

Long-term GICs:
1 Year GIC – 5.05% (currently 5.25%)
18 Month GIC – 5.00% (currently 5.25%)
2 Year GIC – 4.70% (currently 5.00%)
3 Year GIC – 4.30% (currently 4.85%)
4 Year GIC – 4.25% (currently 4.65%)
5 Year GIC – 4.15% (currently 4.50%)
All other Oaken rates will remain unchanged."
by freedom_2008
20 Feb 2023 00:19
Forum: Retirement, Pensions and Peace of Mind
Topic: Elderly Parent Moving Back to Canada
Replies: 11
Views: 861

Re: Elderly Parent Moving Back to Canada

Rental rules are provincial based, but you do need to inform and get the agreement from your landlord regardless of province/methods.

One way could be that you ask the landlord to add your parent into your current lease if possible, as buying a home for yourself probably will take a while anyways.  When you move out, you could leave your name on the lease, not as a tenant but as a guarantee, in case your parent's income is not enough for the lease and the landlord agrees.

Another thing, I thought one has to be in Canada for at least 10 years after age 18 to get any OAS.  With the current OAS amount (~$687 for 40 years residency and more for age 75+), the minimum should be at least ~$171, how can your parent only get $100/month? 
by freedom_2008
16 Feb 2023 22:43
Forum: Retirement, Pensions and Peace of Mind
Topic: Retirement Planning Advice
Replies: 66
Views: 6512

Re: Retirement Planning Advice

mrplick wrote: 16 Feb 2023 12:15 1. Drawing down investment income from non-reg first as it is taxed already
2. RIF/LIF RRSP withdrawals next for other expenses
3. Then draw down non-reg assets
4. TFSA would be last to draw down.
We are doing the same, but only step 1 (for living expenses) and 2 (for TFSA contribution and income tax). Actually we have enough from step 1 for all, but want to do 2 for tax planning reasons.

I would think of non-reg assets as chickens, and the income from non-reg as eggs. If you kill some chickens, you will have less eggs. You could hatch new chickens from the eggs, but that would cost you more (buy/sell) than just keep your chickens.
by freedom_2008
16 Feb 2023 11:15
Forum: Taxing Situations
Topic: Underused Housing Tax Act
Replies: 37
Views: 2776

Re: Possible impact of the "Underused Housing Tax"

I will ask mine to be moved then. Thanks!
by freedom_2008
15 Feb 2023 22:11
Forum: Taxing Situations
Topic: Underused Housing Tax Act
Replies: 37
Views: 2776

Possible impact of the "Underused Housing Tax"

Just saw this on CBC:
"Congressman says U.S. should consider tit-for-tat tax on Canadian-owned properties in the States":
https://www.cbc.ca/news/politics/underu ... -1.6749185

Note: I was not aware of this federal UHT before seeing this news. BC has spec tax since 2018, with 2% tax rate for foreign owners since 2019. So with UHT now these foreign owners would pay another 1% on top of BC spec tax?

UHT:
https://www.pwc.com/ca/en/services/tax/ ... -2023.html
BC spec tax:
https://www2.gov.bc.ca/gov/content/taxe ... /tax-rates
by freedom_2008
14 Feb 2023 20:51
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Just bought a studio apartment off-the-plan
Replies: 15
Views: 2060

Re: Just bought a studio apartment off-the-plan

JessiWan wrote: 14 Feb 2023 19:11 But how did you know that I am from BC though.
I don't. But Coromandel was on news a few days ago.

And It is always a good idea to check with a lawyer before signing up for a big purchase like this, "for legal advice to fully understand your legal rights and responsibilities”, especially if you are a newcomer.
by freedom_2008
11 Feb 2023 14:55
Forum: Retirement, Pensions and Peace of Mind
Topic: Managing RRIF minimum withdrawal amount
Replies: 21
Views: 2340

Re: Managing RRIF minimum withdrawal amount

My questions for those who are doing this or may know are: a) when does your FI take the FMV? b) if one plans on a $50K withdrawal, does one transfer a higher amount to have more of the withdrawal exempt from the withholding tax? c) if the RRIF FMV ends up growing more than one expected, can one transfer some assets back to the RRSP? d) are you other factors or actions one takes to manage this withdrawal process? The part about "no minimum withdrawal in the first year" makes me wonder if a withdrawal is possible and if so, whether any would be exempt from the withholding tax. Our accounts are with TTDI a) on the last trading day of the year b) one would need to do the transfer a few days before the FMV taken-date, for the funds t...
by freedom_2008
10 Feb 2023 11:42
Forum: Retirement, Pensions and Peace of Mind
Topic: OAS for non residents
Replies: 25
Views: 1481

Re: OAS for non residents

If it's now automatic then that's something that was introduced in the past five years. Yes, I believe it was changed to “automatic” between my turning 65 in 2015 and my wife turning 65 in 2022. The link provided by PMJ says “automatic enrolment” occurred in stages starting in 2013. From https://settlementatwork.org/news/backgrounder-old-age-security-oas-automatic-enrollment "The first phase of Old Age Security (OAS) automatic enrolment was successfully implemented in April 2013 and resulted in automatically enrolling 45 percent of new OAS beneficiaries to receive the basic pension. Information from the Canada Revenue Agency (CRA) was leveraged to identify clients who would be automatically enrolled for the second phase, which launche...
by freedom_2008
09 Feb 2023 22:29
Forum: Retirement, Pensions and Peace of Mind
Topic: OAS for non residents
Replies: 25
Views: 1481

Re: OAS for non residents

Clason wrote: 09 Feb 2023 18:45 2. I think it's automatic at 65 now (or maybe you just get reminded), but possibly just for tax residents.
It is automatic if the government knows that you have lived in Canada for 40 years at age 65, and they "will inform you if you have been automatically enrolled" (and claw-back if there is any). For those who came-late or left-earlier or away-for-a-while that the government "may not have enough information to enroll you automatically", you will need to apply. In this case and if they have your Canadian (and email?) address, you will receive an info letter (email notify?) about half year before age 65 (with the application form/link).
by freedom_2008
05 Feb 2023 13:17
Forum: Retirement, Pensions and Peace of Mind
Topic: Principal Residence Exception
Replies: 13
Views: 1289

Re: Principal Residence Exception

Montecarlo wrote: 05 Feb 2023 07:20 Question…

Does the Principal Residence Excemption continue to apply through to the closing of the sale
Yes.
by freedom_2008
02 Feb 2023 21:43
Forum: Under the Mattress: Protecting Your Money
Topic: How many credit cards do you have?
Replies: 50
Views: 2381

Re: How many credit cards do you have?

I had just three shared CC for the longest time:
- TDV $US for US travelling and purchase
- Tang MC for 2% cash back on groceries, restaurants, and monthly bills
- Amex for everything else

Then gave in and added 3 more
- HTV for travel
- MBNA MC (in 2021) for amazon purchase
- BRIM MC (this week) for travel

So total six now, all no fee (and with cash back except $US one)

Edit to add missing TDV
by freedom_2008
02 Feb 2023 14:59
Forum: Retirement, Pensions and Peace of Mind
Topic: Early retirement and credit checks
Replies: 37
Views: 1608

Re: Early retirement and credit checks

We have been retired (at age 52/48) for over 14 years, are living solely off the proceeds of investments since, and our credit ratings stay over 800 even after closing a few idle CCs.  No issue on applying for new CCs (e.g Brim MC recently) and other accounts, with status as "retired".

But as @Spudd mentioned, retired people without pension will/may have a hard time getting a (short term or not) mortgage or HELOC, even if one has high net worth.  See a couple posts in the link below:

viewtopic.php?p=730133#p730133
by freedom_2008
31 Jan 2023 18:49
Forum: Retirement, Pensions and Peace of Mind
Topic: Retirement Planning Advice
Replies: 66
Views: 6512

Re: Retirement Planning Advice

Me Lira $262,000 Iprofile RRSP $305,200 Iprofile TFSA $95,800 Iprofile LIF $185,700 Iprofile Her Spousal RSP $208,300 Iprofile TFSA $93,300 Iprofile RIF $15,800 Iprofile Joint Account non-reg $583,000 F Series mutual fund Savings Account $50,000 Used as our Emergency funds approx 1 year Chequing Account $10,000 Used for everyday bills. A couple observations: 1. If one has contributed full TFSA each year from 2009 to 2023 and with say, 2% rate of return, the current total would be about $101K.  Neither yours nor hers is close to that number, was it due to "Iprofile" low performance/high fee or under-contribution? 2. Besides TFSAs, you have a total of $977K in registered funds and $643K in non-reg.  If you have no pension other tha...
by freedom_2008
29 Jan 2023 18:39
Forum: Retirement, Pensions and Peace of Mind
Topic: Delay OAS to 70, spend 8.8% more at 65!
Replies: 70
Views: 13199

Re: Delay OAS to 70, spend 8.8% more at 65!

Zipper wrote: 29 Jan 2023 17:41 CPP/OAS is taxable. It's all going back into the economy eventually because most seniors spend what they get.
I would think that the seniors who spend what they get are not likely the ones with high savings/incomes, so they would be less likely impacted by possible OAS claw-back change.
by freedom_2008
25 Jan 2023 18:46
Forum: Under the Mattress: Protecting Your Money
Topic: How do couples deal with finances?
Replies: 22
Views: 2222

Re: How do couples deal with finances?

Be it common law or marriage, today's "lifetime commitment" and "till death do us part" can be very different from what they were 30 or 40 years ago. Ten or fifteen years could be the new "permanent " in current digital age with dual and (somewhat) equal incomes, even when (young or not) people go into a relationship with the best intentions.

So it is good to have all in legal papers and have a clean and peaceful break if things don't work out. If the union does become real permanent, one can always redo the papers and live happily ever after together.
by freedom_2008
25 Jan 2023 14:32
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Alternative strategies in case the overall financial system/ stock market collapses / SHTF
Replies: 28
Views: 1638

Re: Alternative strategies in case the overall financial system/ stock market collapses / SHTF

We have about 20 years worth of living funds in non-reg FI (mostly GIC ladder + a bit HISA), and a few thousand cash ($CAD, $US, $Euro, $...) in the bolted-down safe, and a big fenced backyard/deck for chickens/veg. Think that should be enough for SHTF (but hopefully we'll never need to experience it).
by freedom_2008
25 Jan 2023 10:35
Forum: Under the Mattress: Protecting Your Money
Topic: How do couples deal with finances?
Replies: 22
Views: 2222

Re: How do couples deal with finances?

Since you have 10x savings and plan to put more into the house, you two could arrange the share wrt the house funds (down payment, property transfer tax+fees, mortgage payments, renos + repairs, etc) as three (you) : one (her) and divide the future sale proceeds the same way. Strongly agree with others, you need to have a legal agreement for this regardless of how you proceed (could use the same lawyer for the house, if the lawyer also handles family law). And you need to separate the normal household expenses (food, utilities, ...) which you two may share equally, from any house expenses as in your agreement. p.s. As for her 200K, she could contribute 100K towards the down payment, and use other for her share of mortgage payments and house...
by freedom_2008
23 Jan 2023 21:04
Forum: Financial News, Policy and Economics
Topic: Clippings 2023
Replies: 343
Views: 32755

Re: Clippings 2023

BRIAN5000 wrote: 23 Jan 2023 20:16 Just recently doubled booked some same money into a GIC needed another $30k immediately. :roll:
Normally an underfunded GIC would be cancelled without penalty. But one can certainly create a pool for investment operation error protection, if it happens often enough. :wink: