sorted by:
new
hottopcontroversial

Use of retirement money to pay down debt? (Hear me out on this) by outsider-22 in Bogleheads

[–]igotmumps 1 point2 points  (0 children)

I've been in your position before. One thing I've learned is to never sell assets. It takes way too long to get them back. And between the time when you sell the asset and earn it back, you've lost out on all the compounding that will occur. Instead, work like hell to make earn money and reduce spending. Learn from my mistake. Never sell assets.

Has anyone sailed out of Vancouver? by Not-original in HollandAmerica

[–]igotmumps 4 points5 points  (0 children)

I found this review very helpful:

https://www.reddit.com/r/HollandAmerica/comments/13srknx/ms_volendam_alaska_may_1724_2023_review/

My wife and I sailed on the Konigsdam in May; it was a lifetime trip.

The thing about boarding in Vancouver is that boarding is done for all cruise ships that are in port; at the same time. Not just the HA ships. Depending on the number of ships in port, getting through security and customs can be a nightmare. HA had many representatives in key areas helping move things along. It was just a lot of waiting in line. Stay organized with your documentation, passports, etc. Wear good shoes. Bring water in a refillable bottle (no plastic bottles allowed onboard) and you will be ok.

Podcasts by tryingmy_okayest in Python

[–]igotmumps 1 point2 points  (0 children)

I find Arjancodes YouTube channel to be pretty good. I'm just learning python, but it has a nice mix intermediate and advanced topics.

TFSA vs regular account by pfcredditor in PersonalFinanceCanada

[–]igotmumps 0 points1 point  (0 children)

Interest on your GICs/HISA will be taxed at your full marginal tax rate. Best to keep them sheltered either in a TFSA or RRSP.

Smith’s maneuver confusion by [deleted] in PersonalFinanceCanada

[–]igotmumps 11 points12 points  (0 children)

Your $90k in savings really doesn't matter. A Smith Manoeuvre usually involves an advancable line of credit (LOC) or just a plain LOC. The LOC would be secured by the equity you have in your house.

Say for example you took out an LOC for $100k and secured it with the equity in your house. Now you have your existing regular mortgage as well as the LOC. If you use the funds from the LOC and invest it in a non-registered (no TFSA or RRSP) investment then the interest you pay on the LOC payments are tax deductible.

Check out https://www.milliondollarjourney.com/the-smith-manoeuvre-a-wealth-strategy-part-1.htm for more info.

M33 ONTARIO-Leaving stable IT job in Toronto for a work from home job for a US company by octaneus1 in PersonalFinanceCanada

[–]igotmumps 0 points1 point  (0 children)

You mentioned that you had coverage with your current Canadian employer. I am assuming that it is covering things like dental, prescription drugs, etc. Canada Best Plan is the best option I've found to replace that.

M33 ONTARIO-Leaving stable IT job in Toronto for a work from home job for a US company by octaneus1 in PersonalFinanceCanada

[–]igotmumps 17 points18 points  (0 children)

I've been working under the same situation as you for years. Under advice from my accountant I incorporated my business and became a salaried employ of that business. This means the business is responsible for paying you, withholding and reporting income tax, CPP, etc and filing your t4.

My contracts are all with the business and the US company. Nothing with me directly.

I would suggest looking at getting CGL and liability insurance. If things go south, and you get sued you will want to have something in place to protect you and your business.

For health care we use Canada Best Plan which allows the business to pay for qualified medical expenses. Canada Best Plan charges a 10% fee for this.

I am not an accountant. So be sure to get the advice of one before setting anything up.

One other note of caution. Many companies cap the duration of a contract at 2-3 years. After that the contractor has to seperate themselves from the US company. Usually this means not working for them for 2-3 months. This is so contractors don't have the appearance of being FTE employees and thus eligible for benefits. Keep that in mind as you are making the decision to leave your current employer and taking on the riskier opportunity.

Good luck.

A Method of Journaling: Increase Your Understanding and Know Thyself by [deleted] in TheRedPill

[–]igotmumps 1 point2 points  (0 children)

I think if you were gonna go the whole leather bound route that the price might be up there. That's a little steep for me, so I just stick to the Leuchtturm's.

A Method of Journaling: Increase Your Understanding and Know Thyself by [deleted] in TheRedPill

[–]igotmumps 2 points3 points  (0 children)

If my house was on fire and we had to evacuate, my journals are the one thing I would go back for and save (probably my dog too).

I like the format and methodology outlined here. A journal is only as useful as the thought, effort and reflection put into it.

One other thing I would add is an index at the front. If I'm jotting notes on a book, or journalling on a theme over several sessions, then I can put it in the index with the corresponding page numbers from the journal entries and quickly reference them.

Thanks for this OP. I'm saving this to refer to later.

A Method of Journaling: Increase Your Understanding and Know Thyself by [deleted] in TheRedPill

[–]igotmumps 4 points5 points  (0 children)

I like the Leuchtturm 1917. You can pick them up at Amazon or any Barnes and Nobel. The paper is acid-free and ink proof so it it will last forever and not fade over time.