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by Peculiar_Investor
27 Mar 2024 19:06
Forum: Financial Planning and Building Portfolios
Topic: Please help rate this portfolio
Replies: 4
Views: 183

Re: Please help rate this portfolio

Welcome to the FWF community. Some quick thoughts. I'm guessing there is an underlying objective for the portfolio to generate income based on the inclusion of two dividend ETFs. Is that correct? Now to specific holdings. 1% CN Rail 1% CP Rail How do these have impact on the overall portfolio? Why include them without them being a meaningful percentage of the portfolio. 12% RBC/TD/BMO 8% VDY Isn't there significant overlap in those holdings. Why choose both? I had to look up, SCHD, it is SCHD | Schwab U.S. Dividend Equity ETF | Schwab Asset Management . The MER makes it low-cost which is good. Otherwise I know nothing about this fund. I did find the FWF topic Strategies generating US cash for Canadians...SCHD? that discusses it.
by Peculiar_Investor
27 Mar 2024 19:00
Forum: Retirement, Pensions and Peace of Mind
Topic: Contributing to RRSP vs TFSA
Replies: 10
Views: 270

Re: Contributing to RRSP vs TFSA

The TaxTips.ca website has a helpful page that might be of use TaxTips.ca - TFSA vs RRSP Calculator - Information Page and their page TaxTips.ca - TFSA vs RRSP - Which is Better?.

Often it is helpful to pay with tax calculators and look at various scenarios where you can impact (lower) the marginal tax rate.
by Peculiar_Investor
27 Mar 2024 11:35
Forum: Community Centre
Topic: RIP 2024
Replies: 34
Views: 2805

Re: RIP 2024

Daniel Kahneman, Nobel-winning economist, dies at 90 - The Washington Post and Daniel Kahneman, Nobel-Winning Psychologist Who Upended Economics, Dies at 90 - Bloomberg Dr. Kahneman’s research was best known for debunking the notion of “homo economicus,” the “economic man” who since the epoch of Adam Smith was considered a rational being who acts out of self-interest. Instead, Dr. Kahneman found, people rely on intellectual shortcuts that often lead to wrongheaded decisions that go against their own best interest. These misguided decisions occur because humans “are much too influenced by recent events,” Dr. Kahneman once said. “They are much too quick to jump to conclusions under some conditions and, under other conditions, they are much t...
by Peculiar_Investor
27 Mar 2024 09:44
Forum: Taxing Situations
Topic: New T3 requirements for joint accounts [that might be bare trusts]
Replies: 204
Views: 44280

Re: New T3 requirements for joint accounts [that might be bare trusts]

The brokerage account was set-up with the adult child as the primary account holder with their own account number, access, etc., including trading password. It was a financial services manager at TD that suggested that the account be joint, although in retrospect trading authority will do. As is the case here I suspect that many times for convenience accounts were setup as joint accounts as there is less paperwork involved. Until now there were no perceived tax consequences of this type of arrangement. In reality, now that there are new tax considerations many of these types of arrangements should be setup "properly" via either trading authority and/or a Power of Attorney. Trading authority or Power of Attorney is how we have est...
by Peculiar_Investor
26 Mar 2024 17:17
Forum: Now Hear This!
Topic: Don't be afraid ... to start a new topic
Replies: 10
Views: 18946

Re: Don't be afraid ... to start a new topic

Koogie wrote: 26 Mar 2024 15:54 I can't even find stuff I posted using it
That's an easy one, all FWF members can find their all own posts under Quick links use the Your posts.

Bonus tip, this post describes how to find all the topics you have started.

Yes I know I'm drifting off-topic :lol:
by Peculiar_Investor
26 Mar 2024 17:14
Forum: Now Hear This!
Topic: Don't be afraid ... to start a new topic
Replies: 10
Views: 18946

Re: Don't be afraid ... to start a new topic

I'll spend a fortnight searching before I'll start a new topic. :wink: :wink: acknowledged. The search function here is rudimentary at best so can be challenging to use beyond single word searches. Might I suggest taking a look at this post where I offered some ideas on a method that has served me well in the past. Search in general is tricky, two people searching often do not find the same things. I don't know, starting a New Topic is a bold move. It shouldn't be. Every time I see a new topic, someone will respond informing the foolish poster that there's already a thread on that, intimating that if they use the Search function they could find lots of info. Then in a blink of eye a moderator has whisked the New Topic into a merge with an ...
by Peculiar_Investor
26 Mar 2024 14:47
Forum: Now Hear This!
Topic: Don't be afraid ... to start a new topic
Replies: 10
Views: 18946

Don't be afraid ... to start a new topic

I realize that there will be a wide variety of viewpoints on this. Yes it often makes sense to find an existing topic when you want to discussion something, particularly particular companies (stocks) or ETFs. Yes, topic drift happens, often. Sometimes Omnibus topics make sense, sometimes they don't. Case in point is the Computer problems topic that's run for 14 years and counting. Pretty much every problem ever related to a computer has been posted there, but it might be far more helpful to have topics related to specific problems so details don't get lost. I'd hazard a guess that many knowledgeable people no longer read the topic. Your chances of getting help probably improve if there is a dedicated topic to specific problems. At least tha...
by Peculiar_Investor
26 Mar 2024 14:17
Forum: Taxing Situations
Topic: Filing a Paper T1 Return
Replies: 9
Views: 107

Re: T1135 Form

scorpionman wrote: 26 Mar 2024 13:27 I read you have to send paper copies of all t slips received as well with paper filing t1? Is it true? Also does anyone send a cover letter?
This topic is about the T1135 Form.

Are you asking a more general question about filing the T1 income tax package.
by Peculiar_Investor
26 Mar 2024 09:40
Forum: Taxing Situations
Topic: New T3 requirements for joint accounts [that might be bare trusts]
Replies: 204
Views: 44280

Re: New T3 requirements for joint accounts [that might be bare trusts]

Rob Carrick has posted another article that might be helpful to those still trying to figure out if they are impacted. A guide to family finances and the new CRA reporting rules for bare trusts – are you in the crosshairs? - The Globe and Mail (Not paywalled as far as I can determine) Bare trusts must be disclosed through the filing of a T3 trust income tax and information return and a related Schedule 15 form, both of which can be a challenge to navigate. What-if questions about bare trusts have been pouring in for weeks now, in large part because the CRA has failed to provide a reasonable level of explanatory background. To clarify who needs to file a T3 and who does not, I asked Pam Prior, a tax partner at KPMG in Vancouver, to answer so...
by Peculiar_Investor
25 Mar 2024 21:39
Forum: Financial Planning and Building Portfolios
Topic: Daughter’s LIRA?
Replies: 11
Views: 249

Re: Daughter’s LIRA?

Old_guy wrote: 25 Mar 2024 20:39 I guess the gist of this post is NOT to give advice other than a solid “set it and forget it” advice.
There is plenty of wisdom and shared knowledge here on FWF. For me a key is to remember "Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime."

Help your daughter with their investment choices, with some explanation of what and why and then let them take the lesson(s) and take ownership of the future decisions. That's what I've done with our adult children's investments and so far so good.
by Peculiar_Investor
25 Mar 2024 13:34
Forum: Taxing Situations
Topic: Attribution of Contributions from Joint Bank Account
Replies: 22
Views: 462

Re: Attribution of Contributions from Joint Bank Account

formerpatriot wrote: 25 Mar 2024 13:23 If she gives 200k to each one of our 3 kid
One clarification which seems obvious from the examples. The kids are adult children, not minors, correct?

Otherwise Attribution Rules re Related Minor Child
by Peculiar_Investor
25 Mar 2024 12:49
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: T+1 Settlement is Coming! On May 28, 2024
Replies: 58
Views: 2695

Re: T+1 Settlement is Coming! On May 28, 2024

This is also very helpful here,
AltaRed wrote: 25 Mar 2024 12:47 This document on T+1 settlement processes should help clarify what occurs. Look at section 6.3 and the process charts.
by Peculiar_Investor
25 Mar 2024 12:47
Forum: Taxing Situations
Topic: Attribution of Contributions from Joint Bank Account
Replies: 22
Views: 462

Re: Attribution of Contributions from Joint Bank Account

Some minor clarification.
AltaRed wrote: 25 Mar 2024 12:31 Short answer, no, you are not allowed to gift your spouse funds for investment purpose (to earn investment income).
It is allowed however CRA rules require any investment income earned by the spouse must be attributed back to the person who gave the gift. It becomes an exercise to track and therefore is NOT the recommended approach.
AltaRed wrote: 25 Mar 2024 12:31 It should have been a spousal loan, or a contribution to a spousal RRSP or similar.
That is the better approach so that attribution rules do not come into play.
by Peculiar_Investor
25 Mar 2024 12:28
Forum: Financial Planning and Building Portfolios
Topic: Investing my emergency fund
Replies: 12
Views: 273

Re: Investing my emergency fund

You might want to read our wiki article Emergency fund - finiki . The Further reading section contains links back to previous FWF topics, thus saving the need to do some searching here. An emergency fund should be in a placed in a highly liquid, low risk vehicle - a cash or cash-equivalent account. A typical choice is a savings account at a bank or online bank, such as a high-interest savings account (HISA). For urgently needed cash, e.g. to pay for car problems or home repairs, you may also want to keep a certain balance in an instantly available account like a chequing or saving account. This offers ATM access, the option of making interac transfers, or paying with a debit card, unlike with some HISAs. However, partly for psychological re...
by Peculiar_Investor
25 Mar 2024 10:47
Forum: Taxing Situations
Topic: Attribution of Contributions from Joint Bank Account
Replies: 22
Views: 462

Re: Attribution of Contributions from Joint Bank Account

Thank you all for your comments. I feel that it’s really a form over substance issue. Welcome to the FWF community. Ultimately the Canadian tax system relies on self-reporting when one files their annual tax return. There are checks and balances in the system to ensure compliance and taxpayers are expected to know and follow the rules. At the end of the day what is the difference if there are separate bank accounts or one joint bank account as long as one spouse is not contributing more to their investments than they earned. My spouse and I have always used joint bank accounts and separate brokerage accounts for investments. We have been careful (via Quicken) to have an audit trail on income attribution should they ever ask. Over the years...
by Peculiar_Investor
24 Mar 2024 17:33
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2024)
Replies: 200
Views: 16775

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

fds2 wrote: 24 Mar 2024 14:29 My folks have a US$ acct with TD DI. TDB8152 is currently paying 4.9%. The best 1yr GIC rate (at TD DI) seems to be TDMtg @ 5.05 and Equitable Trust 5.12%. Does this seem like the best? Or would you stay with TDB8152
One thing to note is there is a difference between GICs where the rate is guaranteed and a HISA such as TDB8152 where the rate can change over time, generally tracking the Bank of Canada rate.
by Peculiar_Investor
23 Mar 2024 15:35
Forum: Retirement, Pensions and Peace of Mind
Topic: Planning Retirement for Immigrant Parents
Replies: 3
Views: 208

Re: Planning Retirement for Immigrant Parents

I want to help my parents through retirement and to figure out the best way to do this. I am at a loss as to where to start. Can anyone point me to resources that could: 1) Help me understand USA/Canadian tax laws and how to minimize tax burden if sending money in excess of "maximum gift" of 15k per year? 2) Help me understand how CCP is calculated and how net worth or my contributions to my parents may impact CCP payments? 3) Any accountants or firms that have dealt with such situations so that they could help me navigate the requirements of the two countries? 4) Anything else useful? Welcome to the FWF community. For 1) on the Canadian side their is no "gift tax" to worry about, There is no "gift tax" in Can...
by Peculiar_Investor
23 Mar 2024 10:34
Forum: Community Centre
Topic: Printers
Replies: 21
Views: 488

Re: Printers

knotley wrote: 22 Mar 2024 14:10 The only downfall is the MF Scan Utility software which is rather old.
Looking at Canon Support for imageCLASS MF269dw | Canon U.S.A., Inc. it shows [Windows 32bit & 64bit] MF Scan Utility Ver.1.20.0.2 with date of 01.31.23. That doesn't seem rather old however personally I used Adobe Acrobat DC for scanning purposes with my imageCLASS MF269dw and it works well.
by Peculiar_Investor
23 Mar 2024 09:17
Forum: Under the Mattress: Protecting Your Money
Topic: Currency Exchange
Replies: 78
Views: 6036

Re: Currency Exchange

See Dynamic currency conversion Dynamic currency conversion (DCC) or cardholder preferred currency (CPC) is a process whereby the amount of a credit card transaction is converted at the point of sale, ATM or internet to the currency of the card's country of issue. DCC is generally provided by third party operators in association with the merchant, and not by a card issuer. Card issuers permit DCC operators to offer DCC in accordance with the card issuers' processing rules.[1][2] However, using DCC, the customer is usually charged an amount in excess of the transaction amount converted at the normal exchange rate, though this may not be obviously disclosed to the customer at the time. The merchant, the merchant's bank or ATM operator usuall...
by Peculiar_Investor
21 Mar 2024 15:09
Forum: Financial Planning and Building Portfolios
Topic: Aspiring Boglehead looking for advice on which funds and where to place
Replies: 7
Views: 417

Re: Aspiring Boglehead looking for advice on which funds and where to place

Hello! I'm an aspiring Boglehead looking for some advice on how to simpfify and manage our portfolio by moving to a 2 fund portfolio with 80/20 split between US and non-US market funds and no bonds (at least for now). Currently invested in individual equities and ETFs with no bonds Welcome to the FWF community. I'll give you a bit of a reading assignment that might help. Our wiki has two articles that you might want to review as starting points in your journey. They are: Simple index portfolios - finiki and Tax-efficient investing - finiki The simplest and easy to manage solution to consider is using an Asset allocation ETF - finiki that matches your desired asset allocation. Pro tip: Many/most of the articles in our wiki have a Further re...
by Peculiar_Investor
21 Mar 2024 14:23
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Anyone know a Canadian (best) or us residential or condo REIT yielding 6% or more?
Replies: 14
Views: 1211

Re: Anyone know a Canadian (best) or us residential or condo REIT yielding 6% or more?

What is so magical about something yielding 6% or more? Will that requirement change if or when interest rates change?

Personally I would frame the question as dividend yield greater than or equal to n year GIC rate since that's essentially the risk-free return currently available.
by Peculiar_Investor
21 Mar 2024 13:53
Forum: Taxing Situations
Topic: Record Keeping Practices: Scanned/Digital?
Replies: 31
Views: 918

Re: Record Keeping Practices: Scanned/Digital?

I checked Acceptable format, imaging paper documents and backing up electronic files - Canada.ca and they say What is imaging? Generally, you must keep originals of your paper documents. However, you can produce electronic images of these documents, known as imaging. The images can be kept in electronic files, on microfiche or on microfilm. Imaging a paper supporting document When producing an image of a paper document, you must make sure: it is an accurate reproduction with the intention of it taking the place of the paper document it gives the same information as the paper document the significant details of the image are not obscured because of limitations in resolution, tonality or hue. The linked page goes into more technical detail Yo...
by Peculiar_Investor
21 Mar 2024 13:31
Forum: Taxing Situations
Topic: T2125 Statement of Business or Professional Activities
Replies: 2
Views: 117

Re: T2125 Form

I have no personal knowledge on this subject however Google turned up How to File a T2125 Form | Ownr Blog
Ownr Blog wrote:When is the filing deadline for T2125 forms?

If you are self-employed, your T1 form and T2125 is due by June 15. That said, most professionals recommend you file your taxes prior to the April 30 deadline, because you will be charged interest on any taxes you owe starting April 30.
by Peculiar_Investor
21 Mar 2024 12:03
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: T+1 Settlement is Coming! On May 28, 2024
Replies: 58
Views: 2695

Re: T+1 Settlement is Coming! On May 28, 2024

Ultimately this change will require understanding your discount brokerage timing rules and might require some "common" trading practices to be adapted as a result of T+1 settlement.

I have complete faith that the FWF crowd will have figured out and documented all the nuances that will need to be made to these "common" trading practices.

I'm not too worried about this as the positives of T+1 seem to me to outweigh the potential negatives. In the grand scheme of things having to potentially plan one day ahead when making trades is inconsequential in the long run.
by Peculiar_Investor
21 Mar 2024 09:41
Forum: Community Centre
Topic: Printers
Replies: 21
Views: 488

Re: Printers

There is also a somewhat older topic wireless all-in-one printer.
Bylo Selhi wrote: 21 Mar 2024 08:40 This seems like a decent price these days but I haven't done any research: IMAGECLASS MF275DW and ImageCLASS MF275dw for $250.
A number of years back I switched from a MF4150 to the Canon imageCLASS MF269dw | Black & White Multifunction Printer, mostly for the support of wireless connectivity and fact that the imageCLASS MF269dw offers a variety of methods for printing from a mobile phone or tablet across iOS and Android devices. We don't often print from our iPhones or iPads however we do it just enough that this functionality is worthwhile.

I have been very satisfied with this printer.