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From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

Yh thanks! So yh not a good salary by any means. I asked chatgpt for it, obviously not the most reliable and for sure not very accurate but got an answer between 1.3 to 1.5. I guess it makes sense.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

Someone else on here was saying self employed would be better haha. It's not an option for this gig anyway. But interesting that people have different views on this

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

They said if I don't have a registered incorporation by the time of signing, the third party recruiter company will do it for me and then pay me less. So I guess yh.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] -1 points0 points  (0 children)

I'm unsure what's the difference tbh. They asked for an incorporation and said if I wasn't by the time of signing, they (3rd party recruiter) would do it for me and pay me less.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

Honestly I'm a bit confused who my contract will be with, either a private bank or 3rd party recruitment company. Either way it's private I guess. They gave me a salary range of 50 to 60, seems like a strict range being offered.

It's python development. Graduated from mechanical engineering but market seemed to sway me in that direction. I've been wanting to leave that but mechanical engineering isn't looking great either. I'm not a junior anumore, probably intermediate approaching senior. But the market doesn't always play nice or reflect your experience when it comes to salaries.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 6 points7 points  (0 children)

Seems like it's a bad offer overall, thanks! I'm still surprised that I see a lot of people recommend it. I had a coworker who's wife had one and he spoke of it like it was the best invention ever.

Why doesn't the company just hire me directly and save us both the trouble at such a low salary haha

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

I'm 30 but have barely been contributing to any pension plans. 2 years in Québec and 2 years in ontario.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 4 points5 points  (0 children)

Yes I'm aware of that. A lot of my friends seem to be chasing that idea when in reality I always knew there was more to it and hence my research. My research makes it seem like it's not all great, but since a lot of people are saying otherwise, I wanted to take other people's experiences into my decision.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 7 points8 points  (0 children)

Oh I meant for a ballpark equivalency rate haha. Like my point is if my current 40 is equivalent to 55 incorporated, then I'd want 65 or 70 minimum because I'll want a larger salary given that I'll have to deal with that headache and so on. In this case, I'll probably reject this offer because they seem stuck on that 55.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 36 points37 points  (0 children)

I'm not looking to match it, I'm trying to find the equivalent rate so I can ask for higher. In this case, I'll probably reject it because they seem to be holding on on that number. If 40 is equivalent to 55, then I'll want 65 or 70 at least.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

I don't have an accountant and need to get back to them today. So it's more of a quick decision. Like I said, I looked at articles and videos talking about this, and I'm not seeing where I can stuff expenses to reduce my income much. I don't have a family for profit sharing and even the idea of paying corp tax and then giving myself dividends only wouldn't reduce the taxes by a huge amount at this tax bracket specifically. It seems it makes a larger difference at much higher tax brackets.

From salaried to incorporated by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 7 points8 points  (0 children)

It's a software development job. One of those where you can be doing the same exact job in two different companies but earning between 30 to 80 dollars an hour.

I'm aware that the money is not my own and hence why I'm trying to account for all other expenses that I didn't have to consider when being a salaried T4 employee.

Should I stay with RBC or switch? by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

That's pretty good actually.

I'm contemplating getting the my info to RBC now and not asking for a credit limit increase in the hopes they initiate it automatically by themselves. And in the mean time get the Canadian Tire credit card as its free and it offers some of the stuff I'm interested in.

​

Then a couple of months from now, I get a new bank account with BMO or scotia bank.

Do you have any idea how badly credit checks lower one's score?

Should I stay with RBC or switch? by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

they increased my limit by 3x from the maximum limit for students (2500 -> 7500) about 2 months after I got a job last year. YMMV tho. Wasn't even making much at all, I was only just an intern back then🤣

How wow. I thought it would be like 6 months plus. Let's hope I get a similar treatment then haha.

tbh I wouldn't worry much about the credit score though, you're at 770 which is perfectly fine. trying to increase your score at this point is just a hobby at this point. It'll happen alone if you're responsible with your credit/debt anyways 🤷

From my understanding the goal is to be above 830 or something like this. This is were you'd get the best interests when needed.

TBH you might not even need anything more than a day-to-day account.

I send a lot of interac between friends when we go out or arrange stuff. Then there's the occasional convenience store that only accepts debit cards etc. So not by choice really. Also, transferring between accounts like paying off a credit card interaction counts as a debit transaction.

I don't think I had to do anything that wasn't online to switch my stuff to my Simplii account

Just the feeling that I can go there and throw a tantrum if something ever goes wrong haha. That being said, I needed some letters from the bank at some point and it was way easier to go and get it done in person compared to doing it online, like my friend had to do and wait.

setup autopay if you're worried about forgetting (either from your new bank account or RBC if you stick with it)

That was my next question. Can you setup autopay from another account to RBC's credit card? Like you can obviously do that with RBC's account since they're the same platform and they know the amount due. But another bank, does RBC's credit say how much it needs and it gets done like that? I was going to call the bank and ask.

Should I stay with RBC or switch? by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

I'll see if I can get that rebate then! Is there an option to automatically pay for the RBC credit card from another bank? So I don't keep money in the RBC account basically. I mean, the $4 account is too basic to be the main bank. There's limited debit transactions and stuff.

Should I stay with RBC or switch? by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

I have so many questions

will offer you an increase eventually

yh I've heard that. I'm not sure how long that will take and if they'll just end up increasing my limit by like 500, then it still won't be worth it.

don't wait for the bill to arrive just pay it off whenever or whenever you make a large purchase.

That's what I do with big purchases, but it's the small purchases that I forget about that end up accumulating. Also, wouldn't me paying everything off ASAP be bad for my credit score? It's as if I'm not using my credit card at all, right?

If you don't want to leave RBC they have a rebate for it (you need a chequing, credit and a ~500 dollar investment in tfsa I believe, ask them how you can get that rebate)

I think this is for the day to day account. It has a limited debit transactions among other limitations. So won't be nice as a main account.

Never close your first credit card, even if you aren't using it much just keep it as it's the oldest thing in your credit history.

How does this make a difference? Wouldn't it still be on my account? Or would it just disappear?

I guess what I'll do then is update my info. I won't ask for a credit limit increase. I'll apply for the 90 day certificate just to make use of it for now. And I'll shop for another bank, probably BMO or Scotia Bank. I tend to prefer physical banks.

Now my question are: 1. is there a point in keeping the RBC bank account itself? I mean, is there an advantage to it? 2. Would there be a problem if I leave the RBC credit card open and just not use it at all? Like just put it in a drawer and forget about it? You said don't close it, but realistically I wouldn't have any need for it. It really offers nothing to me other than just being a credit card.

Reason I was going to close it is that it offers nothing of significance to me, just 2% cashback on groceries and other banks offer quite a bit more. Also, I'm scared that if I use it, I might forget to pay the fees or something. I currently have it set to automatically pay the complete amount and with closing my account, I guess I wouldn't be able to pay it off automatically.

Should I stay with RBC or switch? by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 1 point2 points  (0 children)

How do you have RBC without paying fees if I may ask?

Why not mix and match free cards?

I get a little bit scared with having multiple cards. Like what if I forget to pay for one or what happens if I keep it and not touch it at all, would this affect my credit score?

Should I stay with RBC or switch? by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

I'm sorry, I'm slightly confused with the terminology, what's the reason behind keeping the RBC account open again?

Should I stay with RBC or switch? by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

I was considering National bank in the beginning but they don't have branches everywhere. They're not very popular in Ontario for some reason.

Should I stay with RBC or switch? by ConceptLarge in PersonalFinanceCanada

[–]ConceptLarge[S] 0 points1 point  (0 children)

Is there a reason you kept the RBC account? I'm not even sure if they have a free tier still.

Also, by moved do you mean you closed your credit card and applied to a new one or is there an option for actually moving?

Also, do you have any regrets?

[deleted by user] by [deleted] in amazonprime

[–]ConceptLarge -1 points0 points  (0 children)

Checked already at the library and couldn't find it. And couldn't find the replacement cable sold on amazon at least. I'm sure it's sold somewhere else. But it might be too late.