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double cashing pay cheque

April 17, 2017, 1:25 pm
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Hey guys,

Just want to share a story hear what you guys think.

I recently got a call from law firm about cheque one of my formal employee cashed.
She cashed a cheque through mobile bank app and later went to money mart or similar and cashed same cheque. Taking money right away.
The branch manager at money mart or similar called me and told me that I owed them money for duplicate payment, where I find this weird. Because it's their fault for cashing a cheque that have already been cashed.
Anyways, we figured that out and settled that it wasn't my fault. That was about a month ago, now as I mentioned, got a call from law firm saying I'm responsible as well as the employee who did it.
Does anyone know if this is true? If in fact I(my company is responsible to pay it up) am responsible? This is freaking hilarious, in my point of view.

Statistics: Posted by luvorange — Apr 17th, 2017 4:25 pm

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Credit Rating: 750s --> 660s: Affecting Tenant Insurance Quote

April 17, 2017, 1:55 pm
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Credit score (Equifax) in September 2016: 750s (Very Good, just below Excellent)
Credit score (Transunion) today (April 2017): 660s (Poor)

Cooperators offered me a great car insurance quote, but their tenant insurance quote is 3x my Desjardins rate. They suggested I check my credit report (they use Transunion).

Checked, and nothing unexpected except the score.

I did start the credit card churning game over the past 6 months, went from cards 3 --> 8. I started using an existing LoC and owe $2200 (I use it as a bank account, running expenses and payments through it). No missed payments. $3800 in non-overdue CC balances.

I'm employed, and have a low 6-figure ETF portfolio. No mortgage/car/student loans. Employed with defined-benefit pension.

So, 2 problems:
1. Transunion's algo is garbage.
2. By way of garbage-in,garbage-out, Cooperators thinks I'm a bad risk.

I've emailed the Cooperators rep a summary of the above (with PDFs) and asked them to re-assess.

My questions:
  1. Will Cooperators use their brains? Any magic words I should have used?
  2. Is this Financial Services Commission of Ontario complaint worthy?
  3. I plan on zeroing out the balances and will stop using some of the cards entirely so they stay at $0. Anything else I should do?
...I didn't think credit repair was for people that are organized enough to never miss payments on a myriad of cards and have low single digit debt-to-equity %.

Statistics: Posted by HammerRFDer — Apr 17th, 2017 4:55 pm

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tax calculations on GOOG (stock sale)

April 17, 2017, 2:35 pm
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Hi all,

I've tried to figure this out on my own and am darned if I can. I'm hoping someone else who bought Google shares a couple of years ago may know the answer to this one.

I bought 13 shares of Google in 2014 (under stock symbol GOOG). Later that year, GOOG split into two different classes of shares, at 2-for-1: GOOG, and GOOGL. So I wound up with 13 shares of GOOG, and 13 shares of GOOGL. In 2015, I sold my 13 shares of GOOGL; and in 2016, I sold my 13 shares of Alphabet (which is what GOOG got renamed to).

Now I'm trying to calculate my capital gains on my GOOG (Alphabet) sale in 2016, but it's tricky--it doesn't seem to be as straightforward as simply comparing the sale price to the buy price of the 13 original shares.

Anyone have any comments on this that might help?

Statistics: Posted by canadave — Apr 17th, 2017 5:35 pm

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How to Account for Capital Gains in TurboTax

April 17, 2017, 4:09 pm
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I'm a bit confused about how to do this.

My financial advisor is TD Waterhouse. They sent me a T5008 and also a separate list of transactions that generated the Capital Gain. The instruction coming from TD is that if I use the T5008, I should not enter capital gains separately. However in Turbotax, if I don't enter both, the amount of Capital Gains doesn't appear on my T1 Summary.

To make it even more confusing, if I remove the capital gains amount I entered, the difference to my bottom line is very different than if I leave it in and remove the details of the T5008. Oh, and there's a difference of $15.97 between the 2 listings.

I plan to call the CRA Tuesday but, if someone here knows what you're supposed to do, I'd appreciate hearing from you.

Statistics: Posted by Phils — Apr 17th, 2017 7:09 pm

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Late Payment History Question

April 17, 2017, 5:35 pm
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Hello,

I was wondering if anyone knows how long it takes for late payments reporting on credit report to be removed. In the past, I had a couple of late mortgage payments which are still currently reporting on my credit report. The mortgage is still active and in good standing with perfect payment for over 2 years now. Does anyone know how many years it takes for the late payments to drop off equifax and transunion? Thanks in advance :)

Statistics: Posted by gemini777 — Apr 17th, 2017 8:35 pm

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CRA and filing taxes for deceased

April 17, 2017, 1:16 pm
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I am working on a deceased family member's tax return. All the paperwork (finding, organizing, etc.) is a living nightmare.

The deceased has been negligent over many years in filing their taxes. For 2016, I have done some calculations and there will be amounts owning to CRA. Rather than filing when I have all the paperwork, I will file what I have now, pay the current amount owing, and file at a later date an amended return.

However, is there a cap on how many amended returns one can file for the same year?

Statistics: Posted by Pavel — Apr 17th, 2017 4:16 pm

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Death of one Spouse and IT Filing

April 18, 2017, 10:20 am
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Date of death was mid January 2017.

Passed spouse was living separate and apart from surviving spouse for all of 2016- living in a hospital bed waiting for a LTC facility bed to open that never came.

Involutary separation essentially. Can both spouses claim the Ontario tax credit for property tax and/or rent? Claim own medical expenses etc. as thought thay are single due to the involutary separation?

The year of death return will be done in 2017 once CPP and other slips become available.

Statistics: Posted by dutchca — Apr 18th, 2017 1:20 pm

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Low-Cost MLM and Tax-Savings

April 18, 2017, 10:53 am
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If I were to join my friend's shady and crappy MLM for about $700 per year, or even a cheaper MLM.

Would I be able to use the tax-advantages of the "business" to save money on gas, house expenses, and travel expense?

What are the potential ramifications?

Statistics: Posted by Sepharite — Apr 18th, 2017 1:53 pm

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Selling a Condo how will the taxes on a loss work?

April 18, 2017, 11:49 am
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Hey guys!

I have a question. I own a condo as an "investment" property, and it will be sold in a couple of weeks. I've lost money overall from what i am selling it as, how will this effect my taxes? I will be getting money from equity built overtime, but will never get the money i have put in.

Thanks

Statistics: Posted by purplekush604 — Apr 18th, 2017 2:49 pm

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certified cheque from line of credit, interest question

April 18, 2017, 12:19 pm
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I need to use a certified cheque from my line of credit to make a payment on a large item purchase and I was wondering when are the funds taken out of the loc and interest starts accruing on it?
I only need to make a payment in a few weeks so i was wondering if its the right away when the certified cheque is issued or only the day the funds are cashed out by the other party?

Statistics: Posted by HammerJoe — Apr 18th, 2017 3:19 pm

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need help in identifying the federal component of the tax credit.

April 18, 2017, 3:48 pm
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my daugher filed her taxes separately and identified that she wantd to transfer her tution credit to me in ufile. i only see the provintial amount that i can use. where is the federal amount that i can use?
here is a screenshot of the input.
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Statistics: Posted by junkone — Apr 18th, 2017 6:48 pm

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Is paying this amount of income tax normal?

April 18, 2017, 6:02 pm
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If you want to yell at me and call me stupid or make fun of how I don't know what I'm doing and call me incompetent then that's fine. I'm in my early 20s and haven't filed many tax returns before. Compared to a lot of you, especially those who are older than me, I'm sure you do know a heck of a lot more about income taxes and certainly have more experience with it.

Also I apologize for putting my amount of income in this post. I was raised under the premise that revealing your income is kind of rude. So I apologize if you interpreted this post that way as it is not my intent.

Also: I do my own taxes and I have trouble finding an accountant who will do them because I work remotely for an american company from here in Canada, I have to also do a small filing in the US for the time I am there, and for whatever reason accountants I've talked to here say I needed someone with experience with international taxes (or something). Anyway, I've just been doing my own taxes and I'd rather learn how to do it myself anyway.

I calculated that I owe about 46,000 in income taxes based off an income of about 138,000. I am carrying forward my RRSP until next year mostly because I waited too long to be able to do one this year.

Anyway, I just want to know if this amount seems reasonable to you guys. I know you might think I should ask an accountant but I'm asking you. For context I'm in NS, have no dependents, and this is after I deducted tuition because I also finished up my degree this year.

I don't expect anyone here to become my accountant and give me advise I really ought to pay for but I was just wondering if anyone could tell me if this amount owing seems reasonable to you given my income.

Statistics: Posted by macmee — Apr 18th, 2017 9:02 pm

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AMEX Gold Credit Card with 2% Cash Back - It was the best CC while it lasted

November 29, 2010, 7:48 am
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I have just received the "good" news in the mail :mad:

Thank you for your continued loyalty to American Express I am writing to let you know that your American Express® Gold Credit Card with Cash Back is changing. It's stilt one of, if not the richest Cash Back cards in Canada! You can continue to earn Cash Back on all of your everyday purchases, and there are still no caps on the amount of Cash Back you can earn.

As of February 1, 2011, when your Card is up for renewal, a new $99 annual fee will be chargedall your purchases'-to your account. However, with the Cash Back you can earn on all your purchases, the Card can practically pay for itself! Please read the enclosed Important Notice of Changes to your American Express Gold Credit Card with Cash Back for details.

There is no Limit to the amount of Cash Back you can earn each year. The more you use the Card, the more it rewards you. You'll continue to earn a high rate on all purchases any time you use your Card Once you spend over $5,000, you'll earn 2% Cash Back on purchases up to $100,000 - and all purchases are eligible, not just purchases made in specific industries like gas or grocery stores, and not just for a limited time - making it the fastest way to earn 2% Cash Back on all these purchases.' Plus, there are no caps on the amount of Cash Back you can earn Here's how you will earn Cash Back:
• On the first $2,500 charged to your Card, you can earn 0.5% Cash Back
• On the next $2,500 charged to your Card, you can earn 1.0% Cash Back
• On annual purchases over $5,000 up to and including $100,000 charged to your Card, you can continue to earn 2.0% Cash Back

For any amount over $100,000, you can earn 1.0% Cash Back. This new Tier will be in effect for your 2011 rebate period.

It also says if I prefer no annual fee credit card I may wish to consider the Blue Sky Credit from American Express.

I am planning to cancel the card after I get my last cash back rebate with my January statement. Has anybody else received the same mail?

Statistics: Posted by vdimitrov — Nov 29th, 2010 10:48 am

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Studiotax and t5008 clarification?

April 19, 2017, 12:09 am
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Using Studiotax, imported everything from the CRA and its basically showing me a lot of capital gains this year due to the numbers from t5008 forms.

What am I actually supposed to do with these though as it isn't correct? Since the bulk amount is from a GIC that matured with RBC Direct Investing, and the entire amount was converted to capital gains. The rest was from selling Tangerine Mutual Funds again the full amount but actually it was a capital loss (of $1 haha...) but its just showing the entire sell value as a gain.

What am actually supposed to enter in to the program?

Also I don't actually recall having any of these values for previous years? This is even though I've had GICs mature from RBC DI before.

Statistics: Posted by arandomguy — Apr 19th, 2017 3:09 am

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CIBC Lowers Interac E-Transfer Minimum Amount from $10 to $0.01

April 19, 2017, 10:38 am
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Hello, I am not sure what the minimums are at all banks, but I know most banks the minimum for Interac E-transfer was $10. It appears that CIBC has now lowered that amount to $0.01. Saw this as a message in online banking today;


Interac e-Transfers® no longer require a minimum of $10 per transfer

Enjoy more flexibility when sending an Interac e-Transfer®. The minimum transfer amount has now been reduced from $10 to $0.01.

The limits for sending an Interac e-Transfer are as follows:

Each individual transfer must be for a minimum of $0.01 and a maximum of $3,000.

For any 24-hour period, a maximum of $3,000 may be sent
For any 7-day period, a maximum of $10,000 may be sent
For any 30-day period, a maximum of $30,000 may be sent

CIBC may use its discretion to block an Interac e-Transfer sent to a recipient if the total of all transfers received by the recipient would exceed $10,000 in any 1-day period, $70,000 in any 7-day period or $300,000 in any 30-day period. CIBC may change the limits for recipients, or establish additional limits without notice.

Statistics: Posted by Shawguy — Apr 19th, 2017 1:38 pm

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TD Chequing Acct fee changes

April 19, 2017, 4:24 pm
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For most in these plans, this will be a good thing, despite the slight increase in price for the Unlimited Account.

TD Unlimited Chequing Account monthly fees are set to increase $1 from $14.95 per month, to $15.95 per month, starting June 15, 2017.

Previously, fees to send Interac e-Transfers were $0.50 for a transfer up to $100, and $1 for a transfer over $100. As of June 15, they will be free, as detailed in letters to customers:

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Statistics: Posted by boyoflondon — Apr 19th, 2017 7:24 pm

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UFile extra keys and questions

April 19, 2017, 6:46 pm
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I bought a 12 return box and now have 4 extra returns remaining. If you truly need one please let me know and I'll PM you the CD key. (you'll need to download the program yourself)
If you have any UFile questions post them here and I'm sure someone will be able to answer.

Statistics: Posted by DDHLeigh — Apr 19th, 2017 9:46 pm

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What precautions to take; stolen tax return?

April 19, 2017, 7:29 pm
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Our accountant called the other day saying they were mailing back out documents along with the authorization form to sign and scan back. Fast forward to today and I get the mail and there is the envelope. I open it and it's only got a 4 pages from my 2015 return. I called him to inquire and he said he returned everything: all the T4 slips, a copy of the submitted return, and the authorization form for the three of us. He said he pulled the adhesive strip off the back of the envelope, added another long strip of tape and dropped it off at the post office. It was mailed overnight xpresspost and was in my locked mailbox (the one with 3 columns by 5 rows). The envelope I got had no tape and 3 staples to hold it closed. So someone, likely a Canada post employee? rummaged through the mail and took copies of our returns.

I've already signed up for the Equifax fraud service. I intend to call the CRA tomorrow morning. But what other precautions should I be taking since someone has everything they need to really do anything.

Statistics: Posted by Super_Chicken — Apr 19th, 2017 10:29 pm

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The best way to declare 200+ transactions in capital gains/losses

April 20, 2017, 11:22 am
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Hello everyone

I just needed a little help on what I should do. I did 234 transactions last year in my CASH trading account (Yes I know I shouldn't have done so many). I have a total of $1385 in commission fees paid to the bank for these transactions. I had a total loss of around $8000 caused by a few big hits, I was just wondering what the best way would be to declare it to Canada Revenue Agency. I am using the Ufile software and it looks like you have to declare every transaction you did. I maxed out my RRSP last year so far I am getting a $3500+ return at the moment, I don't have any other capital/gains losses besides this trading account.

Thank you everyone for your help!

-Raymond

Statistics: Posted by rumtillidie — Apr 20th, 2017 2:22 pm

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Plastc Card is filing for Chapter 7 Bankruptcy

April 20, 2017, 1:33 pm
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As you may or may not know, Plastc Card was a company that was in development of a Digital Credit card/Debit Card/Loyalty Card that was supposed to be able to replace all the cards you carry in your wallet. They began development over 2 years ago. For the past couple of years, pre-orders have been taken place, and I myself placed my pre-order on September 30th of 2016. They kept delaying their launch of the card with the most recent update this past January indicating a Q2 launch.

Then all of a sudden, an hour ago, I received the following email indicating that their investors are pulling out and therefore they will have to file for Chapter 7 Bankruptcy:
Important Notice

We Regret to Inform You...
For the past 3 years, our mission here at Plastc was to build and deliver the most technically ambitious smart card on the planet. After making enormous leaps in development, product innovation and progress towards our goal, Plastc has exhausted all of its options to raise the money it needs to continue.

Plastc, Inc. is exploring options to file Chapter 7 Bankruptcy and will cease operations on April 20, 2017.

While we have fallen short of our goal, we are proud of our team and the effort that went into developing a working Plastc Card. However, without the necessary capital to continue, all employees have been let go, which means that Customer Care and Social Media channels are unmanned or have been shut down.

How We Got Here:
We were expecting to close a $3.5 million Series A funding round on February 28, 2017. There are functioning Plastc Cards, which were demonstrated to our investors and our backers, and the capital was to be allocated for the mass production and shipping of Plastc Cards to pre-order customers. At first, the principal investment group postponed their investment and a couple of weeks later the round fell apart.

After the initial funding was unavailable, Plastc made progress with another investor who offered $6.75 million. This deal was scheduled to close last week and would propel development across the finish line, as well as allow for Plastc Card pre-orders to be shipped and for production to continue into a retail phase.

However, once again at the very last minute, our investor gave us notice that they have decided rescind their investment offer. The round was a signature away from closing and we were extremely caught off guard when they notified us yesterday they were backing out. Our existing investors kept us alive and functioning as long as they could during this fundraising process, but in the end, we needed new outside capital to get into production.

What This Means For Backers:
It’s been a long road with a lot of obstacles. The support of our amazing backers has been incredible, which makes this announcement even harder. We were so incredibly ready for production in order to hit our deadlines but without capital it is impossible for us to move forward and we will not be able to fulfill any pre-orders.

We are disappointed and emotionally distraught, and while we know this is extremely disappointing for you, we want our backers to know that we did everything we could to make Plastc Card a reality.

- Plastc Inc.
I personally made the purchase on my Chase Amazon Rewards Visa. I just got off the phone with them to process my claim. It was funny, as soon as I got transferred to the claims department, the rep said, "I just finished processing the dispute for another client who purchased the Plastc Card. Did you receive the email at 3:22pm?" lol, this was correct.

So it looks like Chase will post a credit in 15 days, as they first need to wait to see of Plastc will post a credit my credit card themselves, if they don't, then Chase will post a credit, and I guess Chase becomes one of many creditors who will go after the company for their losses. :)

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djino

Statistics: Posted by djino — Apr 20th, 2017 4:33 pm

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