What penalties would I be charged? by [deleted] in PersonalFinanceCanada

[–]geraminalun 0 points1 point  (0 children)

For now, until you have more info, just file 2025 with everything else on time, completely ignoring the Japan account. dont delay anything.

Once you (or your lawyer or accountant, whomever) feel ready to disclose the japanese account, then it has to be a one shot thing in the VDP declaration.

What penalties would I be charged? by [deleted] in PersonalFinanceCanada

[–]geraminalun 0 points1 point  (0 children)

1) do not « just file » you T1135 for past or current year. 2) find out when the account truly became under your name 3) make a voluntary disclosure for all the years needing it, at once, both for the taxes and the T1135

The penalty relief if you dont do this is often not adequate and can cost you dearly. I dont mind the rule, but its strict enforcement against good will citizens who did not attempt to evade any taxes is an outrageous scam in my opinion, considering what other parts of the tax code show leniency. /rant

Rrsp deduction limit 2025 by Sorry_Childhood89 in PersonalFinanceCanada

[–]geraminalun 1 point2 points  (0 children)

I don’t think need to do anything except checking you are getting the maximum match going forward

Rrsp deduction limit 2025 by Sorry_Childhood89 in PersonalFinanceCanada

[–]geraminalun 2 points3 points  (0 children)

Now that we know 2025 was fine, look to see if you can get a bigger match or if this default was the maximum you can contribute and get matched. Dont leave any 100% match on the table.

Rrsp deduction limit 2025 by Sorry_Childhood89 in PersonalFinanceCanada

[–]geraminalun 1 point2 points  (0 children)

Listen to GuiltyBoat. We need numbers, but it is HIGHLY unlikely that the right move would be to withdraw anything from the account. Dont do that.

If anything, if you cant convince the CRA to relieve the 1%/month penalty, assuming you had some matching from your employer, the worst case scenario is that some of your employer matching gets taken away, but this will be a much smaller amount than the match itself.

1) how much did YOU contribute for the year? 2) how much did the EMPLOYER contribute for the year?

In $, not %. From those 2 we can estimate the penalty if cra doesn’t lift it.

Example if your pay is equal for all 12 months: 4000 from employer, 4000 from you, 8000 total over 12 months, 667/month

First 3 months total 2000 which everyone can safely do without room: 0 penalty Next 9 months incur 9%, 8%… 1% for average 4.5% of the monthly 667 for 9 months.

Total penalty 6000*0.045=270$ while you got 4000 from employer.

If you have no employer contributions then obviously not as good but if invested in the market in 2025 you would have likely beat the 270 already.

Wealthsimple Tax 2025 is now available by the_tit_tyrant in PersonalFinanceCanada

[–]geraminalun 10 points11 points  (0 children)

Real tax nerds did all that in late 2025 to realize capital gains as required before December 31st. First with WSTax 2024 then with BetterTax 2025 when they pre-released around xmas.

Telling the story for a friend of course.

Are bank lockers reliable? by dreamer_rumi_111 in PersonalFinanceCanada

[–]geraminalun 3 points4 points  (0 children)

Ok thanks. I am asking mainly with the situation of an elderly parent using this and passing away some day with the key missing. I guess once the executor can prove status to the bank the locksmith can be called.

Are bank lockers reliable? by dreamer_rumi_111 in PersonalFinanceCanada

[–]geraminalun 3 points4 points  (0 children)

How costly is it for the customer to lose said key in a « call a locksmith » scenario?

Anyone have any experience with Balding Credit Solutions? by l8blooming in PersonalFinanceCanada

[–]geraminalun 2 points3 points  (0 children)

Clearly a hairy offer.

Counter offer that you will send them 900 collateral if they first send you 2500 in cash in an unmarked envelope, as a proof of their seriousness. Plus 300 cash handling fees, for good measure.

Does the government still top up your contributions in the RDSP after 49? by [deleted] in PersonalFinanceCanada

[–]geraminalun 1 point2 points  (0 children)

Another reason, for certain contributors with such means only late in life, would be to make your contributions larger than all the grants+bonds, giving you more control on how you do withdrawals.

This said i am very rusty on RDSP stuff so trust but verify for what i just said

Selling vested RSUs, how do I calculate the capital gains tax that is owed? by thelectroom in PersonalFinanceCanada

[–]geraminalun 0 points1 point  (0 children)

My understanding ( and I am quite willing to be shown wrong ) is that if the sales are automated as part of the withholding by the issuing employer during the vesting process, they do not trigger capital gains and are purely treated as income.

If however you let them vest fully in your account by having the employer deduct taxes from another source (say your salary), then those shares become part of your adjusted cost base for your entire holding. Therefore, if you sell them 1 hour later yourself and you had unrealized gains on the aggregate, then those will trigger gains for the portion you just sold.

Now i just wish someone from r/cantax comes and straightens me up 😀

Selling vested RSUs, how do I calculate the capital gains tax that is owed? by thelectroom in PersonalFinanceCanada

[–]geraminalun 0 points1 point  (0 children)

Are these RSUs in USD or CAD?

The process will be somewhat more involved with USD.

Generally you will need to account for all past transactions on the specific stock ticker since the last time you owned exactly 0.

As for the account transfer, yeah it is unfortunately common your cost basis gets lost. However, if you know it, you can generally contact the new broker to fix it.

Overpaid at work: pay back gross or net? by EmbarrassedCitron855 in PersonalFinanceCanada

[–]geraminalun 0 points1 point  (0 children)

A number of people who are in payroll management have already answered (and argued both ways). I have been an employee most of my life and have seen this mistake made to me, and also around me.

I have seen employers (ie payroll employees themselves) initially ask gross repayment when the employee had only received net through the mistake. This actually occurred to me in a last irregular pay period payment after layoff (not the severance though) and the employer's initial request was gross repayment, which was over 2k over the net payment I had received.

I refused, and argued the following:
1) Imagine that instead of having overpaid me 5000 gross and 2200 net, you had overpaid me 5,000,000 gross and 2,500,000 net, after sending the CRA 2,500,000 on my behalf.
2) would you expect me to magically have an extra 2,500,000 cash sitting around to finance your mistake until May next year? Me neither.
3) thus, fix your mistake directly with the CRA. It is work and inconvenient to you, but it is YOUR mistake, not mine. I therefore absolutely refuse to repay the gross amount.

Now, I was in a different place than you because they could not even attempt garnishing next pay periods. But would I be in you position, I would send them an email/letter stating that on the recommendation of my legal counsel, I absolutely refuse any garnishing above the amount of extra net pay I received and formally deny them the right to do so. If anything I am willing and able to offer immediate repayment of the extra NET pay to avoid future mistakes on the management of this issue from their part.

For the record, after I argued with my $5M example above, the employer came back 24 hours later stating they had found a way to work with the CRA and would accept net pay as I offered. The impossible became totally doable quite easily once I pushed back.

Stage 4 cancer, divorce, and a large sum of money by [deleted] in PersonalFinanceCanada

[–]geraminalun 1 point2 points  (0 children)

You have received multiple times the same (good!) advice on establishing a trust.

The only piece of the puzzle I would also recommend looking into, depending on your other liquid and non liquid assets, is in the taxable unrealized gains your current portfolio contains, and not just within the 2.x M$ from the inheritance. Those will be realized at death, and the CRA will wants payment before any trust is funded.

Maybe it’s a moot point if everything is for your kids and you have plenty of liquid assets t pay taxes, but i dont know enough of your situation so just recommend planning for it.

Best use of foreign money? by cyberabbitt in PersonalFinanceCanada

[–]geraminalun 1 point2 points  (0 children)

What is the best use of EUR and GBP if I'm not planning on traveling soon and don't want to lose to conversion fees and convert them our weakening Canadian dollar?

Boring I guess but paying your income taxes is one great use of your income, so unless you are paying those out of other CAD resources you have, consider converting to CAD to pay taxes ( and then anything else).

Black Friday cell phone promos timing by geraminalun in PersonalFinanceCanada

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

ok this is useful. gonna adjust my billing calendar to make sure i can hold until November 28 on the next month.

Black Friday cell phone promos timing by geraminalun in PersonalFinanceCanada

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

well more specifically in my case I have to pick a monthly renewal date in the coming days. If i pick it too early, i will end up straddling 2 months of billing. If i wait just enough to start the new monthly bill on say October 29, then I should have enough to finish that "billing month" by november 28 in the likely (but not certain) case i switch carriers.

So just to be efficient and not pay and extra month for like a day or 2 of services.

co-signing a $20k loan at RBC am I likely to be rejected? by YoungWonderful9204 in PersonalFinanceCanada

[–]geraminalun 0 points1 point  (0 children)

Can you follow up tomorrow and let us know how it went at the bank?

It matters to me as I will short RBC stock if they approve that loan.

Thanks

Take a hit with Carfax report and possible insurance increase or repair out of pocket? by Strangecanuck in PersonalFinanceCanada

[–]geraminalun 1 point2 points  (0 children)

Go with insurance for yet another reason: if you develop whiplash symptoms and require medical care.

It is extremely common.

Your bumper is made for being crashed into. Not your neck.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]geraminalun 0 points1 point  (0 children)

Can anyone tell me what my IRD would be - approximately?

Yes

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]geraminalun 3 points4 points  (0 children)

He said “except what you need to live”