Search found 1779 matches

by optionable68
24 Mar 2024 22:52
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: WealthSimple Trade
Replies: 73
Views: 10314

Re: WealthSimple Trade

Well, we are all done.

All 8 of our family registered accounts were moved over effortlessly (they added LIFs and RRIFs). Without asking, WS paid back all of our transfer fees and gave us thousands of dollars in transfer bonuses to earn our business.

Transfers averaged 10 days for completion. Transfer fees rebated on the same day funds arrived at WS. Thousands in bonuses arrived 3-4 weeks later.

After dealing at various times with TD, BMO, CIBC and NB discount brokerages over the last 25 years, I feel liberated.

So far, we feel the same level of joy we felt since cutting the cable and our land phones.

Happy to answer any questions on this thread about WST and will provide updates of any positive or negative experiences as they occur.
by optionable68
23 Mar 2024 19:26
Forum: Retirement, Pensions and Peace of Mind
Topic: LIRA, what to do?
Replies: 16
Views: 322

Re: LIRA, what to do?

OptsyEagle wrote: 23 Mar 2024 18:29
optionable68 wrote: 23 Mar 2024 18:11
Old_guy wrote: 23 Mar 2024 17:50 I don’t understand. Why can’t I access the dividends? The amount will be under the 6% max withdrawal.
Where are you seeing a 6% max withdrawal for a LIRA? Show me a reputable link.
I suspect he is talking about transferring the LIRA to a LIF where he could take out between the minimum and the maximum. If the maximum was 6%, for example, and the dividends paid him 5% he would then have access to all of the dividends.
That's the point I made above. Unless you convert to a LIF, the LIRA funds are rarely accessible outside of the conditions I mentioned above.
by optionable68
23 Mar 2024 18:11
Forum: Retirement, Pensions and Peace of Mind
Topic: LIRA, what to do?
Replies: 16
Views: 322

Re: LIRA, what to do?

Old_guy wrote: 23 Mar 2024 17:50 I don’t understand. Why can’t I access the dividends? The amount will be under the 6% max withdrawal.
Where are you seeing a 6% max withdrawal for a LIRA? Show me a reputable link.
by optionable68
23 Mar 2024 18:09
Forum: Retirement, Pensions and Peace of Mind
Topic: LIRA, what to do?
Replies: 16
Views: 322

Re: LIRA, what to do?

Unless you have a shortened life expectancy or can prove financial hardship my understanding is you can't pull money out of a LIRA. The exception would be if your total LIRA balance is included in your provinces "small amount" provisions to collapse the account.

That's why LIF conversions have become popular with the added 50% transfer to an RRSP to get access earlier
by optionable68
23 Mar 2024 17:45
Forum: Retirement, Pensions and Peace of Mind
Topic: LIRA, what to do?
Replies: 16
Views: 322

Re: LIRA, what to do?

Old_guy wrote: 23 Mar 2024 16:23 Why wouldn’t I be able to access my yearly dividends? Once I turn 55 I have access. I can actually take out more (6% I think).

TFSA is spitting out 7500 a year in dividends so the plan isn’t to deplete the pile, but withdraw the dividends.
If your LIRA includes dividend-paying securities...... by definition, you still cannot access that locked-in dividend income as you suggest.

As for your TFSA, you can access any of those funds, including dividends, and have the benefit of reusing the withdrawal amount as new space in your TFSA for a subsequent year.
by optionable68
23 Mar 2024 13:22
Forum: Retirement, Pensions and Peace of Mind
Topic: LIRA, what to do?
Replies: 16
Views: 322

Re: LIRA, what to do?

A lot for us to take in on your post. I retired at 53 with 2 LIRAs so I faced some similar options so maybe I will start and then let the gurus chime in. I wouldn't want to retire with a mortgage, so I would use your severance to pay it off in full. Then, the key input for me was "cash flow". How much cash flow will you need when you are 55 to support your lifestyle? What types of cash flow sources do you have access to. The fact your $200K LIRA "spits out" $8500 in dividends is mute, since you can't withdraw those dividends in a locked-in plan. Will you have access to your DB at 55? Which sources make the most financial sense (eg tax minimization). Do you really want to deplete your TFSA or can you effectively "mel...
by optionable68
22 Mar 2024 13:42
Forum: Retirement, Pensions and Peace of Mind
Topic: Reasons to unlock a LIRA
Replies: 6
Views: 263

Re: Reasons to unlock a LIRA

ski_and_music wrote: 22 Mar 2024 10:39 I'm just wondering if there's any reason to unlock 50% of a LIRA if one doesn't need the money. Our RRSPs are quite a bit bigger than the LIRA so we have plenty of liquidity to deregister RRSPs if we want to spend money.
If you plan on melting down any RSP before 71 to supplement early retirement income, then it could make sense since you plan to take the cash flow anyway. Also helps for cash flow during the years you wish to defer CPP. Also helps to get your Pension Income Tax Credit at 65.
by optionable68
19 Mar 2024 09:44
Forum: Taxing Situations
Topic: WFH, T2200 and filing your taxes
Replies: 6
Views: 339

Re: WFH, T2200 and filing your taxes

HardWorker wrote: 19 Mar 2024 07:59 I claim my home expenses, and I agree with others that 25% claimed work space is very aggressive, and I'd say may raise an eye brow or two. 25% of a 2,000 square foot home equals 500 square feet, which is bigger than many Toronto condos.

I don't claim any CCA and not worried about a CG tax.
25% is made up number for this question. Lets say she actually uses 5%. Can you think of any reasons she should not make the claim?
by optionable68
17 Mar 2024 23:27
Forum: Taxing Situations
Topic: WFH, T2200 and filing your taxes
Replies: 6
Views: 339

WFH, T2200 and filing your taxes

A family member works from home (WFH) 4 days a week and now that the "flat rate" method has been discontinued for WFH employees in 2023, she asked me about the pros and cons of asking her employer for a T2200. Admittedly, since I retired in 2021, I hadn't given it much thought until now but the little research I did for her suggests eligible expenses include utilities, house internet, rent, maintenance and minor repair costs (but not mortgage payments) using a ratio of office space to floor space in the home. Seems likely to be an abused benefit by some. Also, a Form T777 is required to file a claim, backed by receipts and related records and probably a home floor plan. Her employee hasn't proactively offered any of its employees ...
by optionable68
16 Mar 2024 14:56
Forum: Financial News, Policy and Economics
Topic: CBC Marketwatch on Big Banks sales tactics
Replies: 1
Views: 237

CBC Marketwatch on Big Banks sales tactics

CBC Marketwatch released this report about the big banks "misleading customers" and "unethical behavior"

There has been a history of evidence pointing to the banks putting sales ahead of the customers best interests and its unlikely to change despite clear rules in the Bank Act.
by optionable68
14 Mar 2024 20:12
Forum: Retirement, Pensions and Peace of Mind
Topic: Social Security is the Biggest Scam of our Lifetimes?
Replies: 29
Views: 1369

Re: Social Security is the Biggest Scam of our Lifetimes?

ABhood wrote: 14 Mar 2024 19:52 I guess you realize Social security does not apply to us right?
I literally said its an American clip in the first sentence.

We have OAS, GIS, etc so I thought we might have a perspective on the topic.
by optionable68
14 Mar 2024 19:02
Forum: Retirement, Pensions and Peace of Mind
Topic: Social Security is the Biggest Scam of our Lifetimes?
Replies: 29
Views: 1369

Social Security is the Biggest Scam of our Lifetimes?

This is a 16 minute American clip, but I viewed clip with an open mind and I found myself on the fence for this recent controversy regarding our safety social nets

Thoughts?

by optionable68
14 Mar 2024 13:20
Forum: Retirement, Pensions and Peace of Mind
Topic: The government is considering changing investment objectives for CPP
Replies: 35
Views: 1508

Re: The government is considering changing investment objectives for CPP

Peculiar_Investor wrote: 14 Mar 2024 10:42 Thanks for providing this historical context. Much appreciated Bruce.
Quintitto :thumbsup:
by optionable68
12 Mar 2024 14:22
Forum: Taxing Situations
Topic: Tax Instalments
Replies: 940
Views: 103719

Re: Tax Instalments

Reminder: Installment due this Friday
by optionable68
08 Mar 2024 20:16
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Best High Interest Savings ETF
Replies: 54
Views: 6062

Re: Best High Interest Savings ETF

BRIAN5000 wrote: 08 Mar 2024 19:55
optionable68 wrote: 08 Mar 2024 19:10 Wealthsimple Cash account pays me 5.0% with no bid/ask spread
How much does Wealthsimple pay you on US cash?
I don't think WS offers a USD cash equivalent.

My USD cash is at Tangerine @ 5.5% on promotion.
by optionable68
08 Mar 2024 19:10
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Best High Interest Savings ETF
Replies: 54
Views: 6062

Re: Best High Interest Savings ETF

Wealthsimple Cash account pays me 5.0% with no bid/ask spread
by optionable68
04 Mar 2024 12:05
Forum: Under the Mattress: Protecting Your Money
Topic: EasyWeb Online Banking
Replies: 162
Views: 14971

Re: EasyWeb Online Banking

Down for me, again. :evil:
by optionable68
03 Mar 2024 15:37
Forum: Under the Mattress: Protecting Your Money
Topic: Bribes from Discount Brokers
Replies: 301
Views: 24265

Re: Bribes from Discount Brokers

Getting down to the Nickels & Dimes that add up over 10-20 years on what I call the "FLOAT" (worth maybe four cases of cheap beer per month or more) Where do people keep their Float - money they need for general monthly bill payments and auto debits etc., different sizes for all. We have been with a Big 5 bank for decades, keep above minimums to avoid fees but now along comes Wealthsimple. We just started using WSC as our float account @ 5.00%. WS should always pay more than the B6Bs given its digital advantage vs bricks & mortor. That said, the banks simply got too greedy paying basically nil on its clients float accounts. Will stick with WSC unless we win the Tangerine lottery which could pay more. I expect WS and Tange...
by optionable68
26 Feb 2024 09:50
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?

Another "Pro":
Assuming you have no other income, you can collect your fist $70,000 of dividend income an average tax rate of 1.23%
by optionable68
21 Feb 2024 11:04
Forum: Under the Mattress: Protecting Your Money
Topic: Bribes from Discount Brokers
Replies: 301
Views: 24265

Re: Bribes from Discount Brokers

Bylo Selhi wrote: 20 Feb 2024 18:01 Here's a new one in more ways than one. A bribe from TDDI to existing customers to bring more assets in.
Thanks Bylo.

Sadly, TDDI's 0.1-0.2% offer falls far short of Wealthsimple's current 0.5% offer.
by optionable68
20 Feb 2024 14:10
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: TD One-Click Suite of ETF's
Replies: 44
Views: 3343

Re: TD One-Click Suite of ETF's

SilviaBrown wrote: 20 Feb 2024 11:11 There is a number of people who would prefer to get their distributions on a monthly basis, which is what TD's asset allocation ETFs offer. Secondly, there is also another group of people who do not want emerging market exposure.
The few people who bought this product likely didn't buy it for the frequency of distributions. Its not a key selling feature.

And I would bet even fewer would even know if the product has any EM exposure.
by optionable68
19 Feb 2024 13:00
Forum: Now Hear This!
Topic: Serving Canadian investors for 18 years and counting ...
Replies: 44
Views: 6664

Re: Serving Canadian investors for 18 years and counting ...

Thank you to all who contribute to the forums and those who work at keeping this website running.

This is one of a small handful websites I'm sure to visit daily, even if only to lurk.

To the founders, the users, and the key contributors, I thank you for the experienced knowledge shared.
by optionable68
16 Feb 2024 13:46
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Discount broker rankings
Replies: 136
Views: 36727

Re: Discount broker rankings

Peculiar_Investor wrote: 16 Feb 2024 10:41
Based on discussions here that does not seem like the most important question when selecting which discount brokerage to use.

Commissions on stock trades, commission-free ETFs, FHSA availability and range of HISA ETFs seem to be much more important considerations here on FWF. Of course, YMMV.
100% :thumbsup:

Everyone has different needs.

Carrick thinks Wealthsimple is only for Gen Z and Millennials. As a Gen Xer, I completely disagree.

I don't need everything WS offers or TD offers, but for the things that I absolutely want, WS fits the bill for me (zero commissions, 5% interest on my cash, free airport lounge passes).

Of course, YMMV
by optionable68
13 Feb 2024 12:50
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: What are your top holdings? (2013-2020 and counting)
Replies: 261
Views: 29979

Re: What are your top holdings? 2024

Koogie wrote: 13 Feb 2024 10:51 How are they doing 10 years later ?....

:P
Doh !
by optionable68
12 Feb 2024 23:24
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: What are your top holdings? (2013-2020 and counting)
Replies: 261
Views: 29979

Re: What are your top holdings? (2013-2020 and counting)

ghariton wrote: 12 Feb 2024 22:29 Why not replace your holdings of the Magnificent Seven with an ETF like QQQ? Much simpler.
My holdings are all through ETFs