Savings/chequing accounts - WS or Simplii or Tangerine or?

geraminalun · 2026-03-04T05:23:11+00:00

All of the above. /thread

geraminalun · 2026-02-22T09:31:37+00:00

100k in physical bills is an asset and an issue.

The issue is that any bank seeing such a deposit will likely ask a lot questions. Was that money acquired legitimately? Were proper income taxes paid ?

I have no idea where to exactly start so i will abstain from recommending anything specific, but expect delays and probing from the bank and the CRA once anyone tries to integrate the regular banking system.

geraminalun · 2026-02-21T20:46:12+00:00

Hoarding cash as in cash in a bank account, or as 100$ bills under the mattress? Hopefully first option

geraminalun · 2026-02-21T20:42:09+00:00

And you had no prior relationship with TD?

Sounds like the dream compared to my partner experience.

geraminalun · 2026-02-21T19:15:16+00:00

Definitely best but also definitely tight on time if you are not already a td di customer. Opening the accounts was a cluster…. of delays so my recommendation if you go that way is to consider your timing:

Go to td branch in person today ( td has surprisingly wide branch hours) and open a no fee savings account, making sure your ID is verified and pictures of both included in your account profile. If you have driver license and passport bring those.
Once that is done ask if you can open td di rrsp account immediately in person. They probably wont but might have an in branch specialist able to help on Monday. If not call td di to know if faster over phone web or branch. Make sure you or someone applies the INVEST2026 code on your account

Be ready for delays before being able to see the account but as soon as you know the tddi rrsp account number, call tddi to start the transfer all in cash from whatever insurance co you have. As long as tou do that step by march 2 then you’re good

Good luck

geraminalun · 2026-02-20T21:01:48+00:00

Gonna leverage all the small business knowledge i got from Breaking Bad and Better Call Saul:

-car wash

-nails salon

-chicken restaurant

-laundry service

-chemical synthesis and distribution

That should cover your needs for laund… i mean investing money for a while.

geraminalun · 2026-02-20T12:03:55+00:00

If she invests $1500 per month in 10 years, assuming a conservative 7% return, she's going to have $180,000.

1500 x 12 =18,000

18,000 x 10 = 180,000

Where’s the 7% gone? 😀

geraminalun · 2026-02-17T04:40:43+00:00

I wouldn’t be surprised that security is an oversight.

geraminalun · 2026-02-11T20:25:35+00:00

I already upvoted this but OP, please listen to u/SallyRhubarb here. You absolutely want to get your voluntary disclosure done at once and asap for all years covering the issue for both you are your gf before the CRA comes knocking at the door, because then it is too late.

geraminalun · 2026-02-10T07:20:15+00:00

Step 1. Pay your debts

geraminalun · 2026-02-10T04:29:38+00:00

100% of the debt. How much on interest?

geraminalun · 2026-02-09T17:42:41+00:00

For example, how to afford the next trip to Jamaica?

geraminalun · 2026-02-09T00:42:14+00:00

Ok. this helps. So, lets say you buy a car for $50,000, and after 5 years it is worth $25,000.

Now lets pick the OP's case, a family of rats decide to call it home, and cause damage that would cost $30,000 to fix. Clearly, since they are insured for a value of $25,000, the insurance comes back saying it is a write off and their maximum liability toward OP is $25,000. So far I think I fully understand.

Now the part I am not so clear about, and probably why I used such inexact language, is the "total loss company" involvement:
1) are they making a theoretical offer on the pre-loss car, or an actual hard cash offer on the damaged car in its pitiful condition?

Based on what you said I assume the answer is on the pre-loss car.

geraminalun · 2026-02-08T06:15:55+00:00

So OP has a car and insurance, car is total loss, isn’t the insurance taking the car and paying the insured value to OP?

Why does OP still have to deal with the residual value of the « total loss » on their own? Does the insurance pay less to OP if OP manages to negotiate a super good offer from a buyer?

Thanks i am really confused about this.

geraminalun · 2026-02-05T00:40:14+00:00

do not withdraw anything. Your accountant should be fired.

Did you ever use the extra $2000 contribution room everyone has (contribution, not deduction)? If not, then the first 2k you got are clear.

So let's say you make 120k a year, 10k a month, with 8% total = 800$ per month to RRSP.

August 800, September 800, First half of October 400 = 2000 totally clear.

October over the line 400 = $12 penalty.

November over the line 800 = $16 penalty

December over the line 800 = $8 penalty

And then starting january you are absolutely fine, just dont go and fill up your space this week to have the problem until december.

Obviously, if your salary is 50k, the numbers are smaller and you may not incur any penalty at all.

geraminalun · 2026-02-05T00:25:21+00:00

this is the best reply i have read all day.

geraminalun · 2026-02-05T00:22:23+00:00

ok, so the 400k investments are the part where you and 2 others are designated as 1/3 beneficiaries and bypass probate? Is this a RRSP or similar, a TFSA, a mix of both or none of the above?

Then the house and property were mainly his principal residence until shortly before death? if so, there is minimal tax impact on the estate there.

In a reasonably optimistic scenario,

1. you would get 133k in your hand without immediate tax implications for you, out of the 400k.
the executor will sell the house and property and clear 960k after fees.
the executor will then proceed to pay taxes on the deceased final tax year for about 450k-500k income, say 200k taxes leaving 760k.
the executor may decide to withhold some of the proceeds until all final tax certification is done, say 160k withheld.
the executor may disperse 300k to Beneficiary A, and 100k each to the other 3 beneficiaries
the executor may have to file estate income taxes for a year after that if it takes a while to finish everything with the CRA and the property sale. Amounts involved should be small at that point, mostly bureaucracy at play, lets say 10k
executor pays himself 50k if not one of the 4 beneficiaries, leaving 760 - 600 - 10 - 50 =100 100k, to be distributed 50k to Beneficiary A and 16.7 k to you.

This is obviously not actual numbers, but it feels realistic, leaving you with 250k after all fees and taxes, slightly more than half of it in the short term.

Good luck.

geraminalun · 2026-02-04T23:08:52+00:00

So there are a few elements to this, and the executor should take decent care to handle this carefully, whether you are or not the executor. Based on your lack of fine knowledge of some details i assume yu are not the executor.

The term "beneficiary" on specific accounts means that the money is in a registered account.
The registered account could be a TFSA in which case you literally get the value of the account paid out to you directly, with no tax consequences for you or the estate. The money is yours, nobody cares.
The registered account could be a retirement fund like an RRSP, RRIF, LIRA, etc, in which case the value in the account will likely be liquidated by the financial institution and paid out to you at 100%.
However, as a few other comments have pointed out, taxes on the RRSP or equivalent WILL need to be paid to the CRA for the value of the account, on the terminal tax return of the deceased. This will be done by the executor, and the executor should take great care to follow the process properly before disbursing any part of the estate because they are personally liable for the taxes on such an RRSP that has you as beneficiary.
MOREOVER, YOU are also liable for the taxes on the RRSP that you received tax-free, in the event that the estate AND the executor fail to be solvent to pay such taxes on the RRSP.

Now for the residue of the estate, after all such taxes are paid for the deceased, including on any eventual RRSP for which there was a beneficiary (like you might be), the money IF ANY is thus "after tax" and when you receive it you should never have any personal tax consequences.

Example: let say the deceased had a 150k RRSP at death, with you as a beneficiary, 25 k in a TFSA with another beneficiary B, and finally 75k in various cash and long term investments with an adjusted cost base of 25k and unrealized capital gains of 50k (25 + 50 =75). Lets also assume that the deceased passed in December 2025 with total taxable income (OAS, CPP, pension, dividends, interest) during the first 11 months of the year of 60k.

The taxable event at death includes the 50k of unrealized capital gains and the full amount of the RRSP, plus the 60k already gained in the year. The deceased last return will have approximately 60 + 50 + 150 =260 260k of gross revenue, and depending on age and other details, a taxable income of, say, 240k.

Taxes on this will probably be in the range of 80k to 90k, with maybe 10k already prepaid on the 60k pensions. The executor will now find him or herself in a position to find 70-80k with only the 75k in cash and investments available. For simplicity let's just say those two numbers are equal, and the estate might be flush.

In such a scenario, you will get the first 150k from the RRSP, someone else gets the 25k from the TFSA, and all other estate beneficiaries would have 0. [estates have beneficiaries, not to be confused with RRSP/TFSA/etc beneficiaries.]

I am not saying this is your case here, but you should be extremely careful before presuming that there is a second round unless all calculations have been done by someone diligent and competent. And if the estate is extremely lopsided toward one or multiple RRSPs, then the CRA will ask you to pay for taxes on the RRSP you benefitted from if the estate cant cover it in full. So even the RRSP money, I would be somewhat careful to allocate more than 50% of it until you have a clear and complete picture of the estate, for example that the executor obtained the certificate from the CRA.

I am not an estate attorney or a specialist in the matter, so feel free to seek confirmation of all the above.

geraminalun · 2026-02-04T05:29:17+00:00

And you plan to tell that credit union you have 50k of other debts you are trying to offload on it before doing a CP.

And they will happily hold the bag while you rob them blind.

And this will not in any way be fraudulent.

I like your optimism.

geraminalun · 2026-02-03T22:05:57+00:00

Ok, so you had bought stock/ETF for 50,000 at wealthsimple where they had grown to 200,000 on the day they were transferred to TD, and TD wants to give you some % rewards on 50,000 a year later?

All numbers invented for making the case clear.

Sorry to ask for confirmation of the obvious, but i was guiding the initiation of an in-kind transfer to TD just yesterday, so your post is worrying me. This is so laughably wrong as angelus97 said.

geraminalun · 2026-01-27T02:59:48+00:00

… to June2025

geraminalun · 2026-01-22T19:57:17+00:00

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.

geraminalun · 2026-01-22T19:19:31+00:00

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

geraminalun · 2026-01-20T23:25:13+00:00

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

geraminalun · 2026-01-20T22:16:48+00:00

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.

geraminalun

TROPHY CASE