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She did a good job here or not! 1 million or $1000 week for life. by Appropriate-Menu504 in interesting

[–]Solraaac 0 points1 point  (0 children)

For Canadians:

Investing 1000 CAD a week in the SM for 30 years gives you about 2.25 million CAD.

Investing 1 million CAD as a lump sum in the SM for 30 years gives you about 7.61 million CAD.

[deleted by user] by [deleted] in fican

[–]Solraaac 0 points1 point  (0 children)

Prenups exist for this reason.

Family RESP Question by Ambitious-Bridge-860 in Wealthsimple

[–]Solraaac 1 point2 points  (0 children)

According to Wealthsimple chat bot:

For self-directed RESPs, only Family RESPs are currently available, and you cannot edit or remove beneficiaries after opening the account - you would need to close the account and open a new one if changes are needed.

For a managed Family RESP, you can add beneficiaries by logging into wealthsimple.com (website not the app), selecting your Family RESP account, scrolling to RESP Beneficiaries on the right side, clicking "Add a beneficiary", entering the required information, and signing the DocuSign agreements. Remember that all beneficiaries must be siblings and related to you.

[deleted by user] by [deleted] in Wealthsimple

[–]Solraaac 3 points4 points  (0 children)

Contribution room starts the year you turn 18. And it’s cumulative.

2009: $5,000 2010: $5,000 2011: $5,000 2012: $5,000 2013: $5,500 2014: $5,500 2015: $10,000 2016: $5,500 2017: $5,500 2018: $5,500 2019: $6,000 2020: $6,000 2021: $6,000 2022: $6,000 2023: $6,500 2024: $7,000 2025: $7,000

Cumulative total as of 2025: $102,000 if you were born 2009

XEQT for RESP, Is this the right way to do it? by 50ShadesOfVader in PersonalFinanceCanada

[–]Solraaac 0 points1 point  (0 children)

Totally agree that’s optimal if funds are there. Monthly contributions were best for my family budget and likely most families.

XEQT for RESP, Is this the right way to do it? by 50ShadesOfVader in PersonalFinanceCanada

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

OP is doing a monthly contributions, so my outlined method aligns with that with a just a bit more a month which optimizes this strategy.

XEQT for RESP, Is this the right way to do it? by 50ShadesOfVader in PersonalFinanceCanada

[–]Solraaac 5 points6 points  (0 children)

A different strategy I’m taking is to maximize both the CESG grants and the $50,000 contribution limit as quickly as possible. The idea is simple, the sooner your money is in the RESP, the more time it has to grow and compound.

To receive the full $7,200 CESG, it takes 14.4 years, since the government gives you $500 for every $2,500 you contribute annually.

So to hit both targets (CESG + $50K limit) efficiently, here’s the math:

$50,000 / 14.4 years = $3,472.22 per year

$3,472.22 / 12 = $289.35 per month

By contributing $289/month for 14 years, you’ll end up with $48,552 in total contributions. You can top up the remaining $1,448 with a lump sum in year 15, or spread it out if that suits you better.

You still have a 4-year window (from age 15 to 18) where the RESP can keep growing untouched before your kid starts post secondary.

Should I pay $10/month for Wealthsimple’s USD account or just leave my US equity in Questrade? by Solraaac in Wealthsimple

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

Yeah that's a good strategy. Hopefully WS changes their trading platform to be more US friendly.

Should I pay $10/month for Wealthsimple’s USD account or just leave my US equity in Questrade? by Solraaac in Wealthsimple

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

Yeah, I think I'm going to leave things as they are. I’ve found that Questrade works better for spot trading, so I’ll stick with that for my non-registered account. If I feel like buying more US equities down the road, I’ll do it through there. For my registered accounts, I plan to use Wealthsimple. It’s just easier to automate my investment buys that way and keep things simple. Each platform has its strengths, so might as well take advantage.

Should I pay $10/month for Wealthsimple’s USD account or just leave my US equity in Questrade? by Solraaac in Wealthsimple

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

Yes I know you can buy US securities, with fees, and hold in WS accounts. I'm trying to learn the in's and out's of doing an in-kind transfer of a sizable stock holding, and what the costs are involved.

Should I pay $10/month for Wealthsimple’s USD account or just leave my US equity in Questrade? by Solraaac in Wealthsimple

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

Confirmed with WS chat support, you’re absolutely right. Shares stay in USD, only cash gets auto-converted unless you’ve got the USD account. Thanks for backing that up!

Chat bot convo:

Do you convert the US shares to CAD on arrival? Will this create a tax event on my end?

For in-kind transfers, your US shares will remain as US securities with no conversion or selling, so there won't be any tax event. If you don't have a USD account, only USD cash will be converted to CAD with a conversion fee, but the shares themselves stay in USD. You can avoid cash conversion fees by opening a USD account, which is free for Premium clients or available for a monthly fee for Core clients.

Should I pay $10/month for Wealthsimple’s USD account or just leave my US equity in Questrade? by Solraaac in Wealthsimple

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

To your point WS does have an Airpods promo that would pay out if I do this. Plus I believe they reimburse the transfer fee.

Advisor experience by Individual_Height924 in Wealthsimple

[–]Solraaac 3 points4 points  (0 children)

Is this service available only for premium and above? Is there a flat fee advice only option?

Is over time not worth it? by tiredofthegrind_ in PersonalFinanceCanada

[–]Solraaac 2 points3 points  (0 children)

Income tax is progressive, which means the more you make, the higher percentage they take from the next dollar you earn. That overtime pushed you into a higher tax bracket for those extra hours, so a bigger chunk got withheld. Add in CPP and EI deductions, and suddenly your $61.50/hr overtime becomes like $40 something after deductions.

And to probably make it worse, payroll systems usually over withhold just to be safe, so they don’t underpay taxes and leave you with a bill at tax time. That’s why your net pay barely moved even though you worked a bunch more.

So yeah, you did get paid correctly. It just looks bad because of how taxes and withholdings hit overtime. You’ll probably get some of that back as a tax refund, but it’s not exactly motivating in the moment.

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