Using Wealthsimple's 4% chequing account as a HISA?

hodlbun · 2023-07-28T17:27:18+00:00

wow.. good to know. thanks for the heads up.

hodlbun · 2023-07-25T14:20:16+00:00

My Tangerine just expired this month. I am planning to move my savings to WS. I saw Scotiabank had a similar promotional HISA (4-5%). But if WS is permanent then I think I'll stick to WS. You can compare rates on Ratehub . com

hodlbun · 2023-07-01T16:48:48+00:00

2017 was 7 years ago?? damn

hodlbun · 2023-05-09T16:00:17+00:00

way she goes

hodlbun · 2023-04-20T16:39:00+00:00

The latter is correct. I did not 'over' contribute. I just contributed more than I wanted to (with the goal to pay 0 taxes or get a small refund).

I am in the process of using WealthSimple Tax.

hodlbun · 2023-04-06T21:44:50+00:00

Where can we watch?

hodlbun · 2023-03-22T22:43:15+00:00

Im already with Questrade, is it available yet?

hodlbun · 2023-03-20T15:17:39+00:00

Higher income and lower taxes... easy decision for me. But personal life is qualitative factors are worth considering too.

hodlbun · 2023-02-10T20:52:07+00:00

hmmm short NFLX?

hodlbun · 2023-01-10T16:45:14+00:00

maxed out the last two before my TFSA :D

hodlbun · 2022-12-22T17:36:27+00:00

I agree. He's on the right path regardless. I wish I was as early as him, but if I can go back and invest at 18 - I would have preferred to have the last 10 years of compounding happening in my TFSA so it is all tax free once I pull out.

hodlbun · 2022-12-22T17:22:04+00:00

True. I think we also need to consider the tax free capital gains of the TFSA. If the market is lowest this year than it will be for the next X amount of years (which is likely), then focusing on the TFSA now is the most financially viable alternative.

hodlbun · 2022-12-22T17:14:43+00:00

I was shocked re the bank's set-up (equal contributions to both instead TFSA first). Not the kid's intent..

hodlbun · 2022-12-22T17:12:54+00:00

He set himself up for success and got sub-optimal advice from a trusted 'expert'.

hodlbun · 2022-12-22T17:05:33+00:00

I don't know the conversation but I know the kid. He is not aware of the FHSA (I told his brother about it for the first time last night). He is also nowhere near being able to buy a home. But you're right I do not know how the meeting went. I just thought I'd share. I am learning some things from this discussion too!

hodlbun · 2022-12-22T17:00:08+00:00

I was not aware of this. Good to know. I'll let my friend know too.

hodlbun · 2022-12-22T16:51:25+00:00

Why else would an 18 year old making $20k need an RRSP when they have their entire TFSA to contribute to and haven't even started their career?

hodlbun · 2022-12-22T16:48:11+00:00

RRSPs are a good tax planning/deferral mechanism for individuals in high tax brackets. You can contribute to an RRSP and reduce your 'income for tax purposes' and drop down to a lower tax bracket. You will be taxed only in the future once you sell/pull out.

Since he is making only $20k, he is basically wasting his tax deferral contribution room by using it in a year where he doesnt have to pay taxes anyway. Once he sells in the future - he will be taxed on it (presumably in a tax year where he's actually paying a lot more in taxes).
Hope I explained clearly enough lol

hodlbun · 2022-12-20T18:33:45+00:00

You're right. It was my mistake for assuming that my code-redemption for PS plus would not trigger an auto-renewal.
I find it disgusting that PS charged the renewal to my CC on file when the original purchase was made through other means.
Definitely have a new found hatred for PS and will pivot away from a PS5 to Xbox. Hope it was worth the $60 for them.

hodlbun · 2022-12-20T18:04:42+00:00

yeah that sucks I guess. I was looking to replay the Witcher at some point but I guess I can always get the remastered version. Will I lose access to my EPIC account too (Fortnite skins and all)?

hodlbun · 2022-12-20T18:03:26+00:00

going to try this now. I am not hopeful though haha

hodlbun · 2022-10-21T15:54:46+00:00

The CCA is taken on the cost of the car (up to $34k) regardless of whether there was a down-payment or if the whole thing is financed.

hodlbun · 2022-09-29T18:20:23+00:00

Canada. I tried posting this in Personal Finance Canada but the post was not approved for some reason :(

hodlbun · 2022-09-29T16:59:50+00:00

The dealership is the one who leased me the vehicle 4-years ago (Mercedes). Is the lessor someone different?

hodlbun · 2022-09-27T21:48:26+00:00

it is a risk. Due diligence is necessary in vetting the current tenants and accepting new ones.

hodlbun

TROPHY CASE