Search found 5089 matches

by brucecohen
28 Mar 2017 11:24
Forum: Taxing Situations
Topic: Sold HISA, got T5008
Replies: 5
Views: 198

Sold HISA, got T5008

TDDI has generated a T5008 for two HISA (TDB8150) redemptions I did in 2016. Was that because their system treats it as a mutual fund? The T5008 shows redemption amounts as proceeds in box 21 but the cost field -- box 20 -- was left blank. For now I'll enter the amounts shown and make the box 20 cos...
by brucecohen
23 Mar 2017 09:46
Forum: Financial Planning and Building Portfolios
Topic: Life Settlement services inquiry
Replies: 5
Views: 214

Re: Life Settlement services inquiry

the process is strictly illegal in Canada. Not entirely. The Canadian term is viatical settlement and sales are allowed in Quebec, New Brunswick and Saskatchewan. Maybe Nova Scotia too. Here is one article. Here is another. Here is a 2014 article about Ontario's position with a link to a paper. Man...
by brucecohen
20 Mar 2017 19:47
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 170
Views: 14087

Re: Any questions about CPP?

Yasehtor wrote:
20 Mar 2017 19:31
So.. can we just get an affidavit signed saying we are married and send it to CRA?
Essentially yes. You and your spouse complete the Statutory Declaration of Legal Marriage, get it notarized and send it to Service Canada.
by brucecohen
07 Mar 2017 13:52
Forum: Financial News, Policy and Economics
Topic: Historic Stock Market Levels
Replies: 34
Views: 762

Re: Historic Stock Market Levels

I am interested in why an individual would stick to a buy and hold portfolio Because deviating from that requires getting two timing decisions right: -- When to sell -- When to buy back in It's very hard to get both right. And, from personal experience, I can tell you that psychologically the secon...
by brucecohen
28 Feb 2017 20:21
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: ETFs vs. Mutual Funds
Replies: 14
Views: 507

Re: ETFs vs. Mutual Funds

lack of insurance if money lost to due hacking of my account Your brokerage account is covered by CIPF regardless of whether it holds ETFs or mutfunds. bid-ask spreads Do you really do enough trading that often to worry about this? And the impact of the spread might well be offset by the risk of ha...
by brucecohen
28 Feb 2017 20:00
Forum: Financial Planning and Building Portfolios
Topic: Norbert's gambit - Can$ to US$ or vice versa
Replies: 1166
Views: 161229

Re: Norbert's gambit - Can$ to US$ or vice versa

If the buy process has occurred on the same day as the sell, both the CAD and the USD sides would be ex-dividend. Yes, but my buy and sells occurred on different days because 1) I don't trust TDDI to journal properly and 2) I don't know if TDDI or any other broker will let an RRSP sell a stock not ...
by brucecohen
28 Feb 2017 19:53
Forum: Financial Planning and Building Portfolios
Topic: Norbert's gambit - Can$ to US$ or vice versa
Replies: 1166
Views: 161229

Re: Norbert's gambit - Can$ to US$ or vice versa

The same effect would (might) occur when buying and selling any stock across its ex-dividend date. Efficient market theory says it's a zero net-sum game, with a profit potential if the price of the stock drops by less than the dividend, but a loss if it drops by more. That's what I thought before t...
by brucecohen
28 Feb 2017 17:09
Forum: Financial Planning and Building Portfolios
Topic: Norbert's gambit - Can$ to US$ or vice versa
Replies: 1166
Views: 161229

Re: Norbert's gambit - Can$ to US$ or vice versa

I determined the NG rate by dividing the C$ cost of RY on the TSE divided by the US$ that wound up in the RRSP's US$ subaccount. The dividend received last week increased the amount of US$ resulting from the gambit. IOW I got more US$ for my C$ outlay.
by brucecohen
28 Feb 2017 16:13
Forum: Financial Planning and Building Portfolios
Topic: Norbert's gambit - Can$ to US$ or vice versa
Replies: 1166
Views: 161229

Re: Norbert's gambit - Can$ to US$ or vice versa

FWIW here's a way to get a little extra from NG. I've now done it twice. Last month I decided to do NG in my RRSP using RY. I timed it so that I held the shares on the ex-div date in order to receive the quarterly dividend even though the shares had been sold. The dividend, paid this past Friday, re...
by brucecohen
21 Feb 2017 09:23
Forum: Retirement, Pensions and Peace of Mind
Topic: Recommend wills/estate attorney near Toronto/Markham?
Replies: 19
Views: 742

Re: Recommend wills/estate attorney near Toronto/Markham?

Based on info provided you're probably best off hiring a trust company. All of the big banks own trustcos and there are still several small independents. Here is a google search with lots of hits. Your easiest first step would be to have your current bank branch refer you to one of the advisers sale...
by brucecohen
20 Feb 2017 09:01
Forum: Under the Mattress: Protecting Your Money
Topic: Creating a will
Replies: 6
Views: 317

Re: Creating a will

If there's a CCPC involved get your will done by a lawyer.
by brucecohen
19 Feb 2017 16:54
Forum: Retirement, Pensions and Peace of Mind
Topic: Discretionary trust for child with mental health issues.
Replies: 1
Views: 109

Re: Discretionary trust for child with mental health issues.

If the child qualifies for the disability tax credit you can set up a qualified disability trust . QDT income is still taxed at graduated rates instead of the top rate which would otherwise apply. You'd also want to have the trust structured as a Henson trust so that income distributions are exclude...
by brucecohen
15 Feb 2017 09:55
Forum: Taxing Situations
Topic: Tax Installments
Replies: 364
Views: 34679

Re: Tax Installments

OK, here's one for the books. This morning CRA informed me by email that I had a message in My Account. They had sent a "payment summary" showing a payment of $1,454 that was made on Nov 18. I have no record or memory of such a payment. So I called CRA. The agent saw the payment on his screen and it...
by brucecohen
09 Feb 2017 22:50
Forum: Retirement, Pensions and Peace of Mind
Topic: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?
Replies: 3
Views: 199

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Here is an on-point article written by a FWFer that was published just a few days ago. It says Patrick Longhurst now does such analysis for individuals. Patrick spent 30 years as a well-regarded actuary with one of the biggest pension consulting firms where he designed retirement plans for corporat...
by brucecohen
09 Feb 2017 22:29
Forum: Retirement, Pensions and Peace of Mind
Topic: Prescribed Annuity Changes in 2017
Replies: 50
Views: 1904

Re: Prescribed Annuity Changes in 2017

So the opportunity to buy before the change is gone. I think the newer table is already in effect. No, the govt delayed the start by one year. The article was likely written before the delay was announced. But back to my original question. I was wondering why an 80-year-old who buys a monthly pay p...
by brucecohen
09 Feb 2017 15:08
Forum: Retirement, Pensions and Peace of Mind
Topic: Planning for Retirement
Replies: 116
Views: 9300

Re: Living-Standard Replacement Ratio, or LSRR

I would be interested to hear if Bruce and/or Flights of Fancy have read/reviewed this material and can offer any viewpoints on it. Anyone else have a viewpoint on the merits of the LSRR approach? I tried to read the linked paper. It's very academic and incredibly boring so I wound up scrolling and...
by brucecohen
09 Feb 2017 14:21
Forum: Under the Mattress: Protecting Your Money
Topic: Funeral Home Experience
Replies: 23
Views: 659

Re: Funeral Home Experience

Have not been able to find this low a cost. Having had two ''basic funerals'' last year, we paid $ 3,167.30 in Richmond Hill, ON and $ 4,067.00 in Toronto, tax in. https://basicfunerals.ca/your-options/cremation/direct-cremation-packages/ http://www.aftercare.org/direct-cremation/toronto-direct-cre...
by brucecohen
09 Feb 2017 11:07
Forum: Retirement, Pensions and Peace of Mind
Topic: Prescribed Annuity Changes in 2017
Replies: 50
Views: 1904

Re: Prescribed Annuity Changes in 2017

Why is the taxable portion zero for annual payments? A prescribed annuity averages the tax bite over the purchaser's life expectancy, but the tax calc for a prescribed annuity bought before the end of this year will still use a mandated mortality table from 1971 when longevity was much lower. A new...
by brucecohen
09 Feb 2017 10:46
Forum: Financial Planning and Building Portfolios
Topic: Instead bonds, why not GICs? (for fixed-income portion of portfolio)
Replies: 6
Views: 593

Re: Instead bonds, why not GICs? (for fixed-income portion of portfolio)

however, it's hard to purchase more of them when the returns are 2% over 5 years. Independent deposit brokers offer insurance company deposit certificates that run more than 5 years. They're called GIAs and are function like GICs. They are not CDIC-insured but are covered by Assuris, the life & hea...
by brucecohen
08 Feb 2017 10:40
Forum: Under the Mattress: Protecting Your Money
Topic: Funeral Home Experience
Replies: 23
Views: 659

Re: Funeral Home Experience

NPR is currently airing a series about funeral homes ripping off Americans despite a federal law that requires clear statement of services and prices. To see if we have the same problems here I goggled on low-cost cremation Toronto and got a pleasant surprise: quite a few hits. While most companies ...
by brucecohen
06 Feb 2017 17:23
Forum: Financial Planning and Building Portfolios
Topic: Instead bonds, why not GICs? (for fixed-income portion of portfolio)
Replies: 6
Views: 593

Re: Instead bonds, why not GICs? (for fixed-income portion of portfolio)

Several FWF members have GIC ladders. As you said, the credit quality is the same as on a Govt of Canada bond as long as you're within the CDIC limit. Only disadvantage is that GICs are not liquid. Technically you can sell them if they"re "transferable and assignable" but that market is very thin an...
by brucecohen
02 Feb 2017 15:44
Forum: Under the Mattress: Protecting Your Money
Topic: Umbrella liability insurance - a survey
Replies: 14
Views: 669

Re: Umbrella liability insurance - a survey

I am interested in taking this a step further and would be curious if anybody knows the answer to another scenario.... Years ago a carless (not careless) friend tried to buy liability insurance to cover him when renting. It was available only to car owners. So he bought a very cheap very old beater...
by brucecohen
28 Jan 2017 09:28
Forum: Under the Mattress: Protecting Your Money
Topic: Umbrella liability insurance - a survey
Replies: 14
Views: 669

Re: Umbrella liability insurance - a survey

We have it. I do at least two road trips in the US each year and wanted at least $1 million in liability coverage. It was cheaper to keep my auto policy's liability at the minimum $300,000 and add a $2 million umbrella than to increase the coverage in the policy. Long after purchasing the umbrella w...
by brucecohen
11 Jan 2017 15:18
Forum: Financial Planning and Building Portfolios
Topic: The Trump Factor
Replies: 20
Views: 1955

Re: The Trump Factor

I specifically looked at healthcare stocks such as PFE and JNJ after Donald's disparaging remarks on those 'crooked' pharmas.... Both down substantially. I hope/assume NYSE market surveillance and NYT/WashPost are checking short sales the day/hour(s) before each Trump tweet or comment to see if the...