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by adrian2
20 Jul 2023 21:57
Forum: Under the Mattress: Protecting Your Money
Topic: GIC interest calculation
Replies: 24
Views: 1952

Re: GIC interest calculation

snowback96 wrote: 20 Jul 2023 20:40 I'm guessing the extra day is because you probably already had the funds in your Tangerine Savings Account when you purchased the GIC
Yes.

For the full 5 years, with reinvested interest at exactly one year intervals:
$10k x 1.04755 = $12,611.60

but so far, it seems they are planning to shortchange me by $1.57 :shock:
GIC.png
GIC.png (18.08 KiB) Viewed 1823 times
by adrian2
20 Jul 2023 20:11
Forum: Under the Mattress: Protecting Your Money
Topic: High interest savings, GICs and MMFs (2023)
Replies: 1056
Views: 87814

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

poedin wrote: 20 Jul 2023 19:56 Good to know. On the TDDI side and being limited to their stable of HISAs & MMFs an alternative to TDB8150 is TDB2193 which yielded 4.56% last month - so, no longer a significant difference.
FWIW, CIBC money market fund CIB237, available at TDDI, yields 4.92%.
My switch to it at the beginning of the year continues to be profitable (until it will stop).
CIB237.png
CIB237.png (12.7 KiB) Viewed 484 times
by adrian2
20 Jul 2023 16:37
Forum: Under the Mattress: Protecting Your Money
Topic: GIC interest calculation
Replies: 24
Views: 1952

GIC interest calculation

On July 19, 2022, I have purchased a 5 year GIC at Tangerine:
- annual rate 4.75%
- principal $10,000
- interest to be reinvested annually.

The above are easy enough numbers to do the annual interest calculation in your head, at least for the first year, right?
4.75% of $10k is $475.00, easy-peasy.

Checking my account today, it shows a reinvested interest payment dated July 19, 2023 of $476.30, which appears to be one year plus a day worth of interest, and obviously there was no leap year involved.

Is that normal?
by adrian2
17 Jul 2023 11:50
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Preferreds
Replies: 2578
Views: 318291

Re: Preferreds

CanSiamCyp wrote: 17 Jul 2023 11:32 I checked the GOC5YR on Bloomberg News ca. 10 AM and it was in the order of 3.78%. I believe that the prospectus said that EMA uses the 10 AM rate quote for the reset.

So EMA.PR.C with a spread of 2.65% should reset close to 6.43% ... or something is amiss!
At the current price around $20.60, it results in a current yield for the next 5 years of about 7.8%, or, using the 1.3x tax equivalent factor, 10.1% in interest equivalent for a taxable account.
by adrian2
17 Jul 2023 11:26
Forum: Financial News, Policy and Economics
Topic: Clippings 2023
Replies: 343
Views: 32754

Re: Clippings 2023

BTW, the above superannuation fund I have mentioned is the largest in Australia, massively outperforming an indexed alternative (due, IMHO, of including real estate and privately held investments).

https://www.australiansuper.com/compare ... erformance
super.png
super.png (10.12 KiB) Viewed 749 times
by adrian2
17 Jul 2023 11:07
Forum: Financial News, Policy and Economics
Topic: Clippings 2023
Replies: 343
Views: 32754

Re: What Is An Alternative?

kcowan wrote: 17 Jul 2023 10:56 I assume unlisted means a private investment, whereas listed is on a trading exchange?
That's how I read it, too.
by adrian2
16 Jul 2023 15:55
Forum: Financial News, Policy and Economics
Topic: Clippings 2023
Replies: 343
Views: 32754

Re: What Is An Alternative?

https://humbledollar.com/2018/09/any-alternative/ "What are alternative investments? In simple terms, an alternative is any investment that isn’t a stock or a bond, the two pillars of a traditional investment portfolio. Alternatives include commodities (such as corn, livestock, crude oil and precious metals), real estate , stock options, futures contracts and other esoteric investments. That's the North American perspective. Some time around the turn of the millennium, I spent some time in Australia, and I was surprised to learn that in their financial orthodoxy, basic asset classes are (at least were, at that time) stocks, bonds and real estate. See, for instance, how a relatively low cost balanced superannuation fund is invested: su...
by adrian2
15 Jul 2023 15:16
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Housing Market 2023
Replies: 321
Views: 26383

Re: Housing Market 2023

randomwalker wrote: 13 Jul 2023 13:53 Bank regulator steps in to deter banks from extending mortgages to as long as 90 years
I remember, some decades ago, reading that some (most?) Japanese mortgages had an amortization of 200 years.
by adrian2
13 Jul 2023 21:55
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Why are leveraged ETFs not predictable longer than one day?
Replies: 5
Views: 409

Re: Why are leveraged ETFs not predictable longer than one day?

Is it possible to explain why this is? How does "compounding of daily returns" mean that TQQQ will not carry forward the 3-1 ratio to QQQ across that end of a trading day boundary? What special happens between the end of one day and the start of the next? Let me take another stab at explaining it. It will be easy to make a 3x ETF that works forever, starting from one specific day, but then you would need a new ETF launched for every day the market is open. And who would buy today a 3x ETF that works from April 1, 2023 going forward? Added: in fact, a leveraged ETF cannot work even for a single day, for all purchasers during that day, if they expect the 3x performance from their purchase price. Say the ETF starts the day at $100 I...
by adrian2
11 Jul 2023 12:43
Forum: Community Centre
Topic: Working From Home
Replies: 43
Views: 2159

Re: Working From Home

SQRT wrote: 11 Jul 2023 06:55
Profit not Prophet wrote: 10 Jul 2023 14:31 I got paid too. Must be 20 years ago but had the experience of the cash going the other direction :) also don't really even recall anything ever being cute in my branches.
Yes, I remember that one. Seemed like a good idea at the time. But guys like Bylo ruined it. :D
At first reading, I've thought you remember that cute girl at the branch. :lol:
by adrian2
11 Jul 2023 10:30
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Dividend and distribution hikes (2023)
Replies: 205
Views: 34237

Re: Dividend and distribution hikes (2023)

Marsh & McLennan raises quarterly dividend by 20% to 71 cents a share Since going public in the early 60's, MMC has increased its dividend every year for 41 consecutive years, a record matched (at that time, in 2003) by only 12 other companies traded publicly in the United States. It was only by a technicality that they were not on the Dividend Aristocrats list. In 2004 it got into the crosshairs of Eliot Spitzer, a rising Democrat and New York state attorney general, who went on a vendetta against the company and its founder. The suit was settled with an apology and $850 million, but with no acknowledgement of any wrongdoing for taking incentive payments from some insurers, a common industry practice at that time. Mr. Spitzer ended hi...
by adrian2
10 Jul 2023 17:50
Forum: Taxing Situations
Topic: Investment income in a CCPC
Replies: 1102
Views: 152162

Re: Investment income in a CCPC

In the scenario that I'm exploring: - Shareholder borrows from bank - Shareholder lends to corporation at the same terms - Shareholder has a neutral cashflow and neutral tax implications - Corporation deducts interest - Corporation invests in stocks that pay eligible dividends - Corporation passes-through any eligible dividends - Passive income remains below the AAII threshold This would cause tax leakage as the corporation receives an interest deduction but pays no corporate tax on eligible dividends immediately paid to the shareholder. The scenario above is missing one last line: - Shareholder pays tax on the dividends Not really a tax leakage compared to the typical alternative: - Shareholder borrows from bank - Shareholder deducts inte...
by adrian2
10 Jul 2023 07:58
Forum: Community Centre
Topic: Working From Home
Replies: 43
Views: 2159

Re: Working From Home

When I articled in 2004-2005, I worked in downtown Ottawa and banked at a TD branch on Rideau Street about four blocks east of Parliament Hill. One week I went to deposit my paycheck and was surprised to find a lineup extending for almost two blocks. When I finally got to the teller (I knew I had a slow afternoon at work so could take some extra time), I asked the teller about the line. He smiled and explained that today was the day welfare checks were received. Some recipients started lining up shortly after eight am, apparently. I doubt that they would have been well served by an ATM. Why wouldn't you have deposited the paycheck at an ATM in 2004-2005? Nowadays, I use my phone for deposits, but even 20-30 years ago, ATM's were accepting ...
by adrian2
09 Jul 2023 21:47
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Which discount brokerage is right for me?
Replies: 6
Views: 578

Re: Which discount brokerage is right for me?

Also, on a somewhat unrelated note, is there any way to tax-shelter the rest of my money after I max out my TFSA and FHSA, even though I don't want to contribute to my RRSP right now? In your case, you have nothing to lose and lots to gain by foregoing the non-registered account, and instead contributing to an RRSP and postponing the tax deduction using Schedule 7. Not sure why you would be so dead set against the RRSP, but it's your money. Could you say more about this? I'm completely unfamiliar. Let's say you have an additional $10k to invest, and you have filled out all your TFSA / FHSA etc, all you have room is in an RRSP or non-registered account. Scenario A (your apparent choice): put $10k in non-registered. Scenario B: put $10k in a...
by adrian2
09 Jul 2023 18:59
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Which discount brokerage is right for me?
Replies: 6
Views: 578

Re: Which discount brokerage is right for me?

Benjamin wrote: 09 Jul 2023 16:11 Also, on a somewhat unrelated note, is there any way to tax-shelter the rest of my money after I max out my TFSA and FHSA, even though I don't want to contribute to my RRSP right now?
In your case, you have nothing to lose and lots to gain by foregoing the non-registered account, and instead contributing to an RRSP and postponing the tax deduction using Schedule 7.

Not sure why you would be so dead set against the RRSP, but it's your money.
by adrian2
09 Jul 2023 13:35
Forum: Community Centre
Topic: Working From Home
Replies: 43
Views: 2159

Re: Working From Home

JessiWan wrote: 09 Jul 2023 13:30 My CIBC home branch? A long time ago. Ever since I found out they didn't have tellers anymore, I have had very few reason to go in.
The question was, why do you need a teller, other than once in a blue moon?
by adrian2
09 Jul 2023 12:50
Forum: Community Centre
Topic: Working From Home
Replies: 43
Views: 2159

Re: Working From Home

ghariton wrote: 09 Jul 2023 12:48 For some seniors, banking in person is a social activity.
Agreed.
However, I was under the impression that JessiWan is in a very different age cohort.
by adrian2
09 Jul 2023 12:48
Forum: Community Centre
Topic: Working From Home
Replies: 43
Views: 2159

Re: Working From Home

Clason wrote: 09 Jul 2023 12:20 Banks are rolling out the ability to withdraw USD at the ATM, so that could reduce my needs by 30%.
Some of the CIBC ATM's have the ability to dispense US$ cash since the 90's.
by adrian2
09 Jul 2023 11:44
Forum: Community Centre
Topic: Working From Home
Replies: 43
Views: 2159

Re: Working From Home

JessiWan wrote: 08 Jul 2023 20:48
jackrabbit000 wrote: 14 Apr 2023 00:58 Who else thinks that this ch!t doesn't work? Prime example, ever tried to drop in and see someone at a bank about an investment or account problem? At my TD branch, there's hardly anyone there.
The closest CIBC branch to me has also switched from a regular bank with counter service to one where there's no more tellers, just a front desk, ATM machines and financial advisors. Which is really annoying cause I do a lot of my banking using CIBC and I don't want to have to travel to another branch that's a bus-ride away and is not my home branch.
How many times a year have you been at the CIBC counter? Last time I did was around a decade ago.
by adrian2
03 Jul 2023 13:38
Forum: Community Centre
Topic: Cellphones 2023 and onwards [and plans]
Replies: 87
Views: 5411

Re: Cellphones 2023 and onwards [and plans]

brucecohen wrote: 03 Jul 2023 10:05 So, an SE it is. Would someone please give me the price at Costco? We're not members now, but would join if the savings are sufficient.

Apple only offers the 2023 SE:
-- 64GB: $579
-- 128GB: $649
It's out of stock at Costco, but, as mentioned above, it's only $1 or $2 cheaper than directly from Apple, i.e. $577.99.
Not worth joining Costco just for it.
by adrian2
01 Jul 2023 15:58
Forum: Retirement, Pensions and Peace of Mind
Topic: A Simple Retirement Using Variable Percentage Withdrawals (VPW Forward Test)
Replies: 608
Views: 130503

Re: A Simple Retirement Using Variable Percentage Withdrawals (VPW Forward Test)

🎉 This thread is celebrating its fourth year, already! 🎉 This week, I invite readers to provide their feedback about the last four years. I'll get back to my regular posts next weekend. So, how did you enjoy the ride, so far? Did this thread have an impact on your retirement plans? A major concern I have relates to how a less sophisticated reader may interpret this part that you use in your monthly updates: The VPW worksheet also calculates a Required Flexibility that must be maintained by the retiree. To do so, it first applies a -50% loss to the stock allocation and then repeats its calculations. With 60/40 stocks/bonds allocation, this results into a ( -50% X 60%) = -30% portfolio loss. That's a ( -30% X $885,795) = -$265,739 portfolio ...
by adrian2
24 Jun 2023 14:16
Forum: Community Centre
Topic: Cellphones 2023 and onwards [and plans]
Replies: 87
Views: 5411

Re: Cellphones 2023 and onwards [and plans]

So I want a new phone....and (gasp!) I'm thinking of getting an iPhone because: -- My impression is that Apple targets the idiot market and their stuff is easier to set up and operate -- My music and podcasts live in iTunes on my desktop computer. I take them travelling on an old iPod Nano. It'd be nice to just have one device. I'd love to have a phone that can take an e-SIM. Looks like iPhone 11 and later models are e-SIM capable. This store -- used as a consultant by CBC Marketplace -- sells refurbished iPhones with 90-day warranty. It offers iPhone 11 and iPhone PRO in $600-$700 range. I don't need anything fancy, just ability to make/get phone calls, text and surf the net. No desire to watch movies, download maps, etc. My regular carri...
by adrian2
22 Jun 2023 14:01
Forum: Retirement, Pensions and Peace of Mind
Topic: Govt Report + suggested changes
Replies: 18
Views: 1285

Re: Govt Report + suggested changes

All you have highlighted is some tweaks. Then why do you refuse to correct your site? Instead of posting excuses ... post where/why my math is wrong. E.g. I prove that the main benefit is from permanently tax-free profits on after-tax savings. You claim that profits ARE taxed, and at full rates on withdrawal. Why is my math wrong, and where is your math measuring net profits? It's not my site, it's a discussion forum and wiki. AFAIK, you have not won a Nobel prize for your "math", I have been arguing the same ideas for a long time, e.g. today . Stating that paying just half the regular rate on CG in a non-registered account makes it better than an RRSP is just plain wrong, not germane to the topic, and reiterating that it's an er...
by adrian2
22 Jun 2023 12:20
Forum: Retirement, Pensions and Peace of Mind
Topic: Govt Report + suggested changes
Replies: 18
Views: 1285

Re: Govt Report + suggested changes

MaxFax wrote: 22 Jun 2023 11:32
Peculiar_Investor wrote: 22 Jun 2023 09:38 Using solely your written material does not meet the requirement of Wikipedia:Citing sources.
The site must choose between publishing false information that misleads readers, or not publish at all, or publish the correct information. Math, not popularity, is proof. No one has ever in 13 years, found any error in my math. People here made the choice in the past (a few times) to just repeat the false information. I am giving any new members a chance to correct that decision.
So far, all you have highlighted is some tweaks and changes in phrases; to call it "false information that misleads readers" is making a mountain out of a molehill.
by adrian2
22 Jun 2023 07:54
Forum: Under the Mattress: Protecting Your Money
Topic: Do you spread investments between different banks/brokerage firms?
Replies: 15
Views: 1326

Re: Do you spread investments between different banks/brokerage firms?

SQRT wrote: 22 Jun 2023 06:59 I have all my banking and investments at one institution. It’s just way more convenient. I have no concerns about that institution going under.
I have all my investments (exceeding the CIPF limit) at the same institution as you.
Chequing / savings accounts and credit cards are spread around.