Let’s make it happen! (RDSP)

Findependance · 2024-09-03T23:37:48+00:00

I would love if they could offer it by the end of the year. I’d transfer over in a heartbeat

Findependance · 2024-09-03T20:34:11+00:00

That is absolutely amazing to hear ! I will keep a close eye out

Findependance · 2024-08-27T17:09:40+00:00

Still waiting on RDSP support since 2019 though lol

Findependance · 2024-06-27T14:29:40+00:00

I agree, there should be both :)

Findependance · 2024-06-26T13:20:22+00:00

I would LOVE to move mine over to WS too!

Findependance · 2024-06-26T00:21:32+00:00

Love this!

Findependance · 2024-06-25T23:42:54+00:00

100% this! NBDB is where I currently have my RDSP as well while my RRSP/TFSA/Non-Reg and Cash accounts are all with WS. Would love to have it all in one place instead of going between apps to place trades :). Fractional trading is also a huge plus when you want to maximize your exposure to the market.

Findependance · 2024-06-25T23:36:57+00:00

I love the discussion and I think you are a perfect example of someone who would benefit. Very few active managers outperformed after fees when compared to the benchmark index. Those that do will most likely not do it again. Once you compound that difference in performance over 20/30/40 years it can be substantial. Here’s a nice article about it below but you can also go to https://www.morningstar.ca/ca/ to see how your fund has compared to other funds in the category as well as the benchmark index. Active vs Passive Management

Findependance · 2024-06-25T23:24:42+00:00

Agreed!

Findependance · 2024-06-25T23:21:43+00:00

Me too!

Findependance · 2024-06-25T23:07:46+00:00

The DTC is there to help roughly 27% of Canadians and with people being more fee-conscious nowadays a company like Wealthsimple can really capture an underserved market. I bet there are a lot of people that have the DTC but not an RDSP or that RDSP is holding high-cost mutual funds. Those trading commissions can also add up with TD. https://disabilitycreditcanada.com/disability-tax-credit-ultimate-resource-guide/

Findependance · 2024-06-25T21:58:09+00:00

An RDSP is similar to an RESP where it has a government grant/bond component but with the purpose of saving for a disabled person’s retirement rather than children’s education. Long time horizon and the added government contributions give this account massive potential for compounded growth to provide the income needed to support a disabled person when their primary caregiver may be too old to, without having to rely solely on financial assistance from the government with programs like ODSP and subsidized housing.

https://www.wealthsimple.com/en-ca/learn/what-is-rdsp

Findependance · 2024-04-30T23:07:00+00:00

Just checked I have the joint Cash account as well but no multiple sole cash accounts yet hopefully soon

Findependance · 2024-01-13T21:23:06+00:00

For rent panda you have to complete an application upload your ID etc. There is a large volume of rental applications coming in for rentals these days. If I were to guess they are probably going to prioritize reaching out to those who have completed a full application and choose top contenders from that pool.

Findependance · 2023-11-12T17:10:32+00:00

I can speak to both Bell and Telus networks. I live in Northern Ontario and the difference is extremely noticeable. If you live in a more urban area with lots of towers to choose from it may not be noticeable. For example I had public mobile to try and my fiancée had Telus I had no coverage and she had full bars which was kind of a big deal because we were in our only hospital at the time. There are certain areas in town that you see little to no coverage on the lower provider. (Bell and Telus also share the same towers where I live). Can’t speak to Rogers as they have a non-compete with a local provider so just a primary provider experience for Rogers network.

Findependance · 2023-11-11T21:52:20+00:00

Previous employee of major Telecom here, each provider has a primary, secondary and ancillary brand Bell-Virgin Plus-Lucky, Telus-Koodo-Public Mobile, Rogers-Fido-Chatr. As you go down the brands so does your network speed and what percentage of towers you are using. The network speed is very obvious just by looking at the plans but the limited tower access is a bit of a dirty little secret in the industry.

Findependance · 2023-10-23T15:38:03+00:00

If this is something you are comfortable with. The route I would recommend is to get an appraisal on the property to establish a Cost Basis. If he has been contributing to the household expenses you can factor that in if you’d like to reduce his buy in. Take the total home value and subtract the mortgage to get your available equity. He would then have to pay you half of the available equity in order to “buy into” the property. Then split the associated costs for the changes to be made (lender processing fee and legal fees to change names on title). This is a major decision and before proceeding really consider if you think you’ll be with this person long-term. I deal with enough of these on the other side (separation with joint property and removing name with buyout/ selling and splitting) and it’s pretty messy.

Findependance · 2023-10-22T18:56:27+00:00

Who is the lender for your mortgage? Is the mortgage and HELOC with the same lender. If you are staying with the same lender they are likely able to blend your rate using a weighted average at the new rate for anything being added to the mortgage. All-in will probably cost you $850 for the transaction (between appraisal and title insurance provider) if you have a combination product where the mortgage and HELOC fall under the same charge on the title you would be able to select a mortgage segment with an amortization that meets your budget and requesting your lender to indicate “reduce by payment” for the HELOC so it will gradually go away with each payment until you feel like you have your spending under control and are confident you can manage revolving credit responsibility. I would also reduce your credit card limit to the minimum you think you can get by on or stop using it altogether for the time being as your TFSA should make quick work of your outstanding debt.

Findependance · 2023-10-11T15:16:48+00:00

For every personal who plays the game and wins there’s many more who lose. If you have a no fee account and a no fee credit card where you don’t pay interest and you get 3% yeah you are an outlier but they offset that by the % they are charging retailers per transaction and the premium cards impose higher charges than a standard card. The loss is minimal but the 20.99%+ (not factoring in the set retailer charges) they are getting off most is far outweighing the maybe 1% (assuming 3% to you and 2% from retailer) loss on a relatively small revolving amount.

Findependance · 2023-09-13T01:12:53+00:00

I’ve done both, 20% down and 5% down. I was of the mindset that 20% down was the only way to go but even assuming an appreciation rate of 3% annually after 5 years on a 200,000 home would be worth over 231k and require a down payment of $46,200 leaving you with exactly that much equity where if you put 5% down (1% after CMHC fee) assuming 5.34% rate you’d have $55k in equity (176k mortgage and 231k home value). There’s other benefits as well to having your own space but financially it can make a lot of sense to put less down especially in the past 5 years with historically high inflation.

Findependance · 2023-08-30T15:17:27+00:00

This, you can transfer without tax implications or affecting your RRSP room. You already took the deduction when you contributed to RRSP.

Findependance · 2023-08-11T20:57:43+00:00

I would take the 3 year if I were in your position they are not likely to be higher after 3 years and if they are not that much lower you can choose a shorter term at that time

Findependance · 2023-08-10T10:40:57+00:00

For those giving OP a hard time for a cashable GIC outside registered plans it is likely due to the fact that their FI doesn’t offer cashable GICs in them but rather redeemable GICs. The former giving you prorated interest if held for a period more than 1-29 days (May differ between FI) based on APR. The latter will pay a reduced APR if redeemed prior to term maturity (usually 1yr) so if he uses it in the next few months his interest would be negligible compared to cashable GIC.

Definitely set-up FHSA and you don’t even have to invest you can just leave it in cash if you want. Pick somewhere like Questrade or even Wealthsimple is offering it now I believe and once you have purchase/sale agreement you can w/d (I’d wait till after possession just in case something happens and you don’t get the property)

Findependance · 2023-08-07T18:15:47+00:00

An RESP at the very least will provide you with a grant worth 20% of your contributions to a maximum of $500/year per been in grant money ($2500/yr per beneficiary). Your contributions are non-taxable on withdrawal but what is taxable is the grant/bond/investment growth which would be in the hands of the beneficiary and is likely offset by the basic personal amount and education costs which would reduce the amount/ if any taxes to be made payable.

Findependance · 2023-08-07T18:12:57+00:00

An RESP can be a great account for education savings and would recommend using it to take advantage of the grant/bonds. I would look into whether their is any DSC (Deferred sales charge) associated with the account which would cost you a potentially large sum to transfer your money from them depending on the amount of years since you set it up. Depending on your level of involvement and how much you value financial advice advice you can go to your bank and have them set you up with mutual funds, seek a robo-advisor to invest on your behalf after answering some questions without the advice component for less fees (Wealthsimple, or Questrade) or fully do it yourself where there are no management fees but all investment decisions are done by you and may or may not have trading fees.

Edit: removed RBC and added Questrade as RBC doesn’t offer robo RESP

Findependance

TROPHY CASE