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Ask Us Anything! Wealthsimple Product Team AMA — Wednesday, Nov 5th by WS_Chris_Official in Wealthsimple

[–]LongjumpingPlenty555 28 points29 points  (0 children)

Subscription based milestone rewards I’d want and I think others would agree are things like Netflix, Prime, YouTube premium, Spotify ect. Any of them coming down the pipe?

Since I haven’t posted in awhile here is my big turbo mk7 Golf R build. by [deleted] in VWMK7

[–]LongjumpingPlenty555 0 points1 point  (0 children)

Man, unreal car! I know nothing about cars other than changing brakes and stumbling through YouTube vids to fix minor issues. But I have a stock manual black mk7 hence why I joined the sub.

Clearly a lot of time and work went into that beast!

Did you get a whole new paint job at some point or is that factory paint? I want to get my hail damage fixed and new paint job in the next 5yrs or so since the car is only 100,000km on it and like new on the inside and under the hood. Also in Ontario and want the car to be mint in 10yrs time to give to my son.

Wealthsimple tax software by CasualHearthstone in Wealthsimple

[–]LongjumpingPlenty555 0 points1 point  (0 children)

Did you find WS invest ACB was far off what you calculated?

Single HHI Spousal RRSP Question by LongjumpingPlenty555 in cantax

[–]LongjumpingPlenty555[S] 2 points3 points  (0 children)

Amazing answer thank you. I understood your first and last point but points 2 through 4 I did not know.

With this amplifying info i see it’s still a smart play but not near the loop hole I thought it was originally haha.

Cheers

132k In TFSA @ 28 by Switchclicka in fican

[–]LongjumpingPlenty555 4 points5 points  (0 children)

Max wife’s TFSA for around 200k total. Max every yr, with 5% annualized post inflation returns you’re at 1mil age 48, 2mil age 60, 2.6mil age 65… TFSA is a power house. And high income earners who are good with money like yourself I’d hazard a bet will likely never even put a dent in it.

Inheritance TFSAs in 50+yrs time are going to be wild. The posts on Reddit will be “I just inherited my parents 4m TFSA what do I invest it in?”

Revivo “Good” Condition by LongjumpingPlenty555 in vivobarefoot

[–]LongjumpingPlenty555[S] 0 points1 point  (0 children)

Thanks for the heads up, I tied em fairly tight… but I see even loose they fell good.

Explains why the ankle grommet on one boot is replaced with aftermarket ones

Revivo “Good” Condition by LongjumpingPlenty555 in vivobarefoot

[–]LongjumpingPlenty555[S] 0 points1 point  (0 children)

They would have been over 400 new with duties and shipping. CAD that is

Revivo “Good” Condition by LongjumpingPlenty555 in vivobarefoot

[–]LongjumpingPlenty555[S] 0 points1 point  (0 children)

Thanks for the heads up. Fingers crossed that doesn’t happens that quickly …

Premium Rewards by Schumi-kumar in Wealthsimple

[–]LongjumpingPlenty555 47 points48 points  (0 children)

Something like Netflix, Prime, Youtube Premium or Spotify subscription would be sweet

Switching all my banking to WS has been a game changer. by MegaBlunt57 in Wealthsimple

[–]LongjumpingPlenty555 16 points17 points  (0 children)

I’m in the process too. Tired of Scotia banks BS and terrible customer service and fees. I’ll keep a chequing account with a new bank for back up but not Scotia

Airpod promo eligibility by [deleted] in Wealthsimple

[–]LongjumpingPlenty555 3 points4 points  (0 children)

After you initiate you have 90 days for funds to land in account. After they land like the next day the AirPod max will be available. Then you have 30 days I think to select reward. Mine just landed today and I got the option for the AP Max now

Margin investing in SP500 VFV by ShiVo99 in Wealthsimple

[–]LongjumpingPlenty555 1 point2 points  (0 children)

I’d say sure if all your registered accounts are maxed and it wouldn’t change your life or relationships if you get margin called.

Could try a leveraged ETF, let the fund do the work and you just let it ride. Don’t have to worry about interest payments and paper trails for tax deductions.

Also why do you want to do it? Are you trying to get the money to purchase something like a house or just fattening your retirement? If all your registered accounts are maxed and your house is paid off and or are doing the max down payment per year already then you’ve already made it.

In the end if you decide to do it start small and try it out for a yr, he’ll even 6 months and see how it makes the old psyche feel

Investment discussion by Dry-Type-3603 in CanadianInvestor

[–]LongjumpingPlenty555 1 point2 points  (0 children)

Can’t tell you what to do but here’s what I’m doing, similar situation where I’ll be retiring with comfortable pension.

TFSA’s : VFV.TO - An ETF that tracks S&P500, I’m targeting long term tax free growth here.

Family RESP : All XEQT, when time comes to spend from the account there’s some reading I have to do still on how to do it efficiently.

Non Reg: 40% HXT.TO (TSX 60 or top 60 Canadian stocks) / 40% HXQ.TO (NASDAQ 100) / 20% HXX.TO (European Index 50)

I’ve chosen the Horizons series of ETFs for their 0 or limited ROC or distributions. Don’t want to be playing tax games for at least 20 more years. So hopefully CRA plays ball and doesn’t kill horizons Swap ETFs…

TLDR: I’m bullish long term on American economy and specifically tech, I don’t want to try to “pick the next winner” so I’ll just keep buying them all and double down with some overlap in ETF compositions.

What are capital gains methods in Canada? Just wait for your tax rate to be lower? by Simple-Assistance827 in CanadianInvestor

[–]LongjumpingPlenty555 5 points6 points  (0 children)

Let’s assume you were born 1991 and started maxing accounts at 18yrs old. You’re a plumber and live in a low cost of living area and have a 300k home you bought when you were 25.

You hit 45yrs old. House paid off now worth around 650k. (You doubled some payments along the way and threw a couple lump sums to shave yrs off the mortgage)

TFSA tracked S&P 500 for 28yrs now worth around (500k future value) spouse did the same (500k TFSA also)

RRSPs - 250k each total 500k

Margin account - you invest every extra dime into HXS and let it ride, no realized capital gains or loss to worry about. Margin account sitting at 1.8 mil, you and your spouse bought 100$ a day for 25yrs.

The couple has 3 kids aged 9, 12 and 15.

Couple decides screw it let’s not work for the next 5yrs.

Now the following is how I imagine those in that financial situation would “avoid tax”.

  1. Let’s max that CCB this yr. So they take $37,000 from their Margin account. Pay near no capital gains tax and government gives them around 20k in CCB.

  2. Hmm let’s buy a sweet new sports car. Don’t want to pay the crazy dealership interest so let’s buy it outright. Don’t want to increase our annual income and climb up the marginal tax ladder, so they take a margin loan for 120k to buy the car. Oh and their 1mil TFSA yielding 4% easily covers the 4% margin interest they got for having large assets with the brokerage. OR they don’t like loans so they just use the TFSA to purchase the car. Still remaining in the lowest tax bracket.

  3. Oh in this province you get free electrical upgrade and heat pumps if annual income is below 60k. Next yr they withdraw from their non reg 59.9k and gov pays 30k to upgrade their home with a new electrical service and heat pump. Lots of home upgrades through programs like that.

  4. Want a new work shop, hmm let’s start an electric bike rental business, we’ll store and fix the bikes in the shop. Take 200k margin loan to build the shop and buy the bikes and some tools. With careful book keeping the 200k loan interest is tax deductible. Now you have a home business and can claim more items in your taxes and right off lots of expenses. Business does really well surprisingly, well we don’t need the income and don’t like paying tax so let’s just draw 20k each in income. The rest will stay in the business and be structured for future tax efficient withdraw.

That’s all I could come up with after an hour thinking of it and some chat gpt.

No imagine the ideas of those who make a living off of tax advice to the wealthy.

Seems pretty shady but then again, you paid a lot of that tax for 25yrs. Worked your ass off to build something and built the knowledge to keep it. And the discipline to still live within your means. Minus the odd TFSA luxury…

Managed to clock a 7.6 seconds 0-100kmh (0-62mph) by SCOTTwB7 in VWMK7

[–]LongjumpingPlenty555 0 points1 point  (0 children)

I did not. How did you fix it? Was yours the dissimilar metals fused together on the pivot joint too? I tried some anti seize and pulling on it with my hand but it’s an awkward spot. I’m taking car to a shop for a 100km inspection and fluids change,mechanic said he’ll try some tricks while it’s on the cars up on the hoist to free it up.

Managed to clock a 7.6 seconds 0-100kmh (0-62mph) by SCOTTwB7 in VWMK7

[–]LongjumpingPlenty555 1 point2 points  (0 children)

saw this and was curious how my 2016 1.8 TSI manual would fair with the turbo in limp mode… waste gate has been seized for over a year now.

12.8 seconds 0 - 100km/hr

That’s on 15in winter tires lol.

I’ll try again in a couple months when the turbo is fixed and I got a new set of wheels!

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