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.
Search found 1779 matches
- 24 Mar 2024 22:52
- Forum: Stocks, Bonds, ETFs, Funds, REITS and More
- Topic: WealthSimple Trade
- Replies: 73
- Views: 10315
- 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?
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.OptsyEagle wrote: ↑23 Mar 2024 18:29I 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.optionable68 wrote: ↑23 Mar 2024 18:11Where are you seeing a 6% max withdrawal for a LIRA? Show me a reputable link.
- 23 Mar 2024 18:11
- Forum: Retirement, Pensions and Peace of Mind
- Topic: LIRA, what to do?
- Replies: 16
- Views: 322
- 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
That's why LIF conversions have become popular with the added 50% transfer to an RRSP to get access earlier
- 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?
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.
- 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...
- 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
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.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.
- 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
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?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.
- 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 ...
- 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.
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.
- 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
- 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?
Thoughts?
- 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
QuintittoPeculiar_Investor wrote: ↑14 Mar 2024 10:42 Thanks for providing this historical context. Much appreciated Bruce.
- 12 Mar 2024 14:22
- Forum: Taxing Situations
- Topic: Tax Instalments
- Replies: 940
- Views: 103720
Re: Tax Instalments
Reminder: Installment due this Friday
- 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
I don't think WS offers a USD cash equivalent.BRIAN5000 wrote: ↑08 Mar 2024 19:55How much does Wealthsimple pay you on US cash?optionable68 wrote: ↑08 Mar 2024 19:10 Wealthsimple Cash account pays me 5.0% with no bid/ask spread
My USD cash is at Tangerine @ 5.5% on promotion.
- 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
- 04 Mar 2024 12:05
- Forum: Under the Mattress: Protecting Your Money
- Topic: EasyWeb Online Banking
- Replies: 162
- Views: 14974
Re: EasyWeb Online Banking
Down for me, again.
- 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...
- 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%
Assuming you have no other income, you can collect your fist $70,000 of dividend income an average tax rate of 1.23%
- 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
Thanks Bylo.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.
Sadly, TDDI's 0.1-0.2% offer falls far short of Wealthsimple's current 0.5% offer.
- 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
The few people who bought this product likely didn't buy it for the frequency of distributions. Its not a key selling feature.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.
And I would bet even fewer would even know if the product has any EM exposure.
- 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.
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.
- 16 Feb 2024 13:46
- Forum: Stocks, Bonds, ETFs, Funds, REITS and More
- Topic: Discount broker rankings
- Replies: 136
- Views: 36729
Re: Discount broker rankings
100%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.
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
- 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
- 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