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Anywhere to buy TRY for a decent rate?

August 15, 2018, 7:43 am
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I'm thinking of buying some Turkish Lira in light of the recent decline in the value. Anyone here know of any place in the GTA where I can buy Lira for a decent rate?

Statistics: Posted by shafi248 — Aug 15th, 2018 10:43 am

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Is it a good idea to get a personal line of credit?

August 15, 2018, 9:06 am
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I've gotten a few letters or emails offering personal line of credits. As of right now, I do not have one. The offers are usually around $10-$15k. Is it a good contingency to have one? Is accepting one of these offers the best way to do it? Thanks.

Statistics: Posted by Skilas — Aug 15th, 2018 12:06 pm

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Is GST mandatory for over 30k

August 15, 2018, 10:47 am
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I make more than 30k in gross sales in my side business on Amazon.
Is it must to register for HST (Ontario).

I didnt charge any tax to my customers. Can I just file the regular taxes as side income?

Thanks

Statistics: Posted by membrs — Aug 15th, 2018 1:47 pm

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RRSP transfer not allowed?

August 15, 2018, 1:37 pm
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I've got an RRSP account with my current employer. X% of my salary gets deposited in the RRSP account and the employer matches it. The money from the employer gets deposited to a DPSP account. The funds and fees available to invest in are not good so I'm trying to direct transfer the funds out of the accounts to an RRSP account from a different brokerage/financial institution.
They(institution holding the accounts setup by the employer) are telling me that I'm not allowed to transfer out the funds. Does anyone know if this is something the employer or institution can do? It's technically my money - at least the RRSP part.....

Statistics: Posted by Mrlurk — Aug 15th, 2018 4:37 pm

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Commuted pension and Ontario Disability

August 15, 2018, 3:27 pm
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My family member has been on ODSP since last year due to a disability that will prevent her from going back to work any time soon. Her illness is very serious and she received a letter from the doctor (that she gave the employer) last year that she has to take an immediate indefinite leave. A few week ago, she received a letter from her employer stating that she's terminated and that she has the option to get the commuted value refund of her pension.

We're having hard time understanding the wording in the letter. It states that if she takes the commuted value refund, she'll get a portion (X) that will be taxed immediately, and another portion (Y) that will be considered as "income" and taxed as well. What does this mean? What is being taxed, how, and what exactly is the amount that she will receive? There is also the option to transfer both portions to RRSP. Is that a better option? Given the financial situation, she will likely need the money immediately. Her retirement age is still a few years out.

Additionally, she's been on Ontario Disability since her diagnosis last year. Disability rules state that she must report "any changes" to her income. How is the pension above going to be reported? Do we report whatever is left over after taxes? Will that be used to reduce disability benefits?

I would greatly appreciate your insights.

Statistics: Posted by Quartee — Aug 15th, 2018 6:27 pm

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Pension plan - Kids inheritance ? confused and need your advise

August 16, 2018, 6:38 am
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I have been working for an organization, which has defined benefit pension plan (OMERS) that can allow me to retire at age 58. I have 20 more years to work before i can retire...(2038). I like my current job, it has great benefits, flexibility and i enjoy what i do here...

Though this pension plan does NOT have any option, where the money can go to kids. (have two kids).
One of my financial goal was to leave good amount of money for my kids, so they have a solid financial foundation; which i never had...

I like the fact that this pension plan will give me guaranteed income in my retirement, which is also inflation adjusted.
Though recent event at work is making me think it through; My previous boss who retired in 2013 at age 55 with full pension, died last week at age 60...
He does not have any surviving spouse and kids are all grown up, so his pension stops and his kids gets nothing...
He contributed to pension for around 30 years and only received it for 5 years, with no benefit to kids.....

Had he been contributing to RRSP and TFSA account instead of pension plan for 30 years, his kids would have received good amount as an inheritance..

My line of work is in demand and i believe i can get a job in private sector with same salary (or maybe little more) and take a lump-sum of my current pension cumulative amount and transfer it to LIRA or RRSP.
And later in life if i ever want a guaranteed income for life, i can look at buying an annuity which could work same way as pension but atleast i have the flexibility and its my decision...


What do you think, looking forward to read your advise/opinions on this..

Statistics: Posted by Salute — Aug 16th, 2018 9:13 am

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EQ bank savings account withdrawal procedure

August 16, 2018, 6:15 am
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Sorry for being dense, but I cannot figure out how to transfer money out of my new EQ savings account, back into my Meridian credit union account. There seems to be no direct method of doing this. I've navigated around the savings account page to no avail. I would deeply appreciate the exact procedure on how to do this, in case I need to, in the future.

Statistics: Posted by KevinH798458 — Aug 16th, 2018 9:15 am

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Manulife One account

August 16, 2018, 6:26 am
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Does anyone have this type of account? I read online but still a bit unclear how it works.
Just want to see if it's worth it to open one.
Thanks in advance.

Statistics: Posted by oratihsus — Aug 16th, 2018 9:26 am

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Has anyone used epost by Canada post? is it reliable?

August 16, 2018, 8:41 am
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Since I'm a newcomer i don't know if this service is safe or not.
I'll appreciate your advice.
Would you use this service or not?

Statistics: Posted by jenlinguria — Aug 16th, 2018 11:41 am

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Whats the deal with OTB for Tax retirns

August 14, 2018, 2:03 am
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The ontario trillium benefit used to be spun into our tax returns, now they seem to have wedged it so far apart that its seemingly being phased out altogether.

I rented in ontario for over a decade before moving out of province mid 2017.

I always got an amount back depending on the amount of rent I paid, but did not file my 2016 tax until this year, together with my 2017 return.

apparently I did not qualify for 2016 OTB (ontario trillium benefit) because I moved out of the province in June of 2017?

the telephone rep at revenue canada explained the benefit is only a calculation estimated for benefits the next year.. and so since I moved the next year I get zilch.

also apparently if I had filed 2016 return in may 2017 and then moved out of province in june I would have had to pay back any ontario trillium benefit alotted for rent paid.

does this sound accurate to anyone with a bit more expertice?

Statistics: Posted by sm4k — Aug 14th, 2018 5:03 am

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Pension plan - Kids inheritance? Confused and need your advise

August 16, 2018, 6:13 am
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I have been working for an organization, which has defined benefit pension plan (OMERS) that can allow me to retire at age 58. I have 20 more years to work before i can retire...(2038). I like my current job, it has great benefits, flexibility and i enjoy what i do here...

Though this pension plan does NOT have any option, where the money can go to kids. (have two kids).
One of my financial goal was to leave good amount of money for my kids, so they have a solid financial foundation; which i never had...

I like the fact that this pension plan will give me guaranteed income in my retirement, which is also inflation adjusted.
Though recent event at work is making me think it through; My previous boss who retired in 2013 at age 55 with full pension, died last week at age 60...
He does not have any surviving spouse and kids are all grown up, so his pension stops and his kids gets nothing...
He contributed to pension for around 30 years and only received it for 5 years, with no benefit to kids.....

Had he been contributing to RRSP and TFSA account instead of pension plan for 30 years, his kids would have received good amount as an inheritance..

My line of work is in demand and i believe i can get a job in private sector with same salary (or maybe little more) and take a lump-sum of my current pension cumulative amount and transfer it to LIRA or RRSP.
And later in life if i ever want a guaranteed income for life, i can look at buying an annuity which could work same way as pension but atleast i have the flexibility and its my decision...


What do you think, looking forward to read your advise/opinions on this..

Statistics: Posted by Salute — Aug 16th, 2018 9:13 am

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How much do you have to pay your local trustee if you declare bankruptcy?

August 16, 2018, 4:42 pm
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I believe every month you need to pay certain amount to your local trustee, how much is that usually?

I am in Ontario

Statistics: Posted by cannavaro — Aug 16th, 2018 7:25 pm

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Are there any mixed - portion guaranteed + portion not guaranteed - investments available to general public?

August 16, 2018, 5:32 pm
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Hi everyone,

Probably a dumb question, but I have access to quiet a bit of loan and credit based on good credit rating personally and from business. I would like to know if I can make money with *no risk* or *very little risk* by using the credit to invest. Examples of what I have access to:

- The usual credit card companies asking to do Balance Transfer with 0% for a year for 2-3% fee (the caveat of course).
- Line of credit for business with 6.30-8.50% (on going).
- Business loan: 6.40% for 1 year to 8.59% for 5 year.

Are all above BS rates that can't be used to make any money?

To be clear, I am only interested in *no risk* investments like GICs etc or *very little risk* which brings me to my question, are there any investments that guarrantee for example at least 5% guaranteed + another 3% maybe or such things don't exist?

Statistics: Posted by snowhite445 — Aug 16th, 2018 8:32 pm

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Tax: installment amount not applied to balance owning

August 17, 2018, 10:11 am
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So this is what happened in chronological order:

1. I filed a return for 2017;
2. I made a change to the return;
3. I paid the amount due (after applying the change mentioned above) on April 28;
4. CRA processed my change (finally) on August 2.

Now CRA thinks I own $3,000, but I have $2,950 lying around in installment. The $50 difference is interest.

My guess is that when paid, my change wasn't considered, so I "overpaid" and the amount overflew to the installments. Anyone run into situations like this too? What should I do?

Statistics: Posted by silvericat — Aug 17th, 2018 1:11 pm

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Inflation now at 3%

August 17, 2018, 11:03 am
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OSAP/debt/credit report advice

August 18, 2018, 1:25 pm
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Hi all, I could really use some advice. I'm looking to go back to school. To make a long story short, when I was very young I attended post secondary and was incapable of managing my money properly, was poor, and had to leave.

I owe about $2600 on my provincial loan, which is in collections, and 6k directly to my institution. Older, and wiser now, I want to return, but must clear both these debts. I don't make enough to pay them off in a timely manner while paying my other bills and debts (I'd be going back to school 10 years from now...), So I want to "rearrange" the debts onto one line of credit that I can pay the interest on whole I'm attending uni again.

The collections agent has told me if I pay the 2600 in full it will be removed from my report, my rating will drastically improve, which means I could qualify for a line of credit and use that to pay off the 6k and finally return to school. I do not trust this though – I feel like they're only trying to get me to pay the balance off ASAP, it will be paid off but my report will still suck. They said if I go the route of loan rehabilitation or a payment plan, it won't be removed from my report, only if I pay in full. They recommended taking out a debt consolidation loan, pay the provincial loan, which will improve my score enough to get a line of credit to cover the consolidation loan and 6k fees at my institution. This sounds way too good to be true to me. I am so lost when it comes to all this! I'm seeing a debt consolidation/counsellor next week, but I am so untrusting of all these people! Impartial advice would be great.

Thank you!

Statistics: Posted by jaybrchl — Aug 18th, 2018 4:25 pm

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Online University Programs & CRA tuition credits

August 19, 2018, 8:57 am
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Does anyone know if it's possible to claim tuition fee credits if taking a certificate/diploma/micromasters from an U.S. university? It would likely be through one of the MOOC platforms (edx or coursera), if that makes any difference.

Statistics: Posted by el_magico — Aug 19th, 2018 11:57 am

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Mortgage renewal - add lump sum (future 2nd house downpayment) or invest?

August 19, 2018, 9:09 am
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My mortgage for 266k is up for renewal soon. (property is worth about 400k)
I have 90k I'm need to do something with (sitting in a shitty savings account/chequings account)

I have a maxed RRSP (work has a great RRSP policy) which is my main retirement on autopilot, and some room in TFSA.

We are thinking of possibly a acreage(worth 600ish) in the next 3-5 years. (Or who knows, may not happen ...)

A. Buy next, sell current
B. Keep current as a rental(some early preliminary looking into this, seems feasible for the house I have), buy acrage

If keeping as a rental I would need a down payment for the next house , hence I would need to either break the current mortgage to take out up to 80%, or only invest that 90k so i can use it as a downpayment.

Put that 90k towards current mortgage once its up for renewal, or invest it short term?
I have a offer for a prime minus 0.9 (so 2.8 rate currently) variable I am more than likely going with so basing everything on this. (and variable I can break with only 3 months interest penalty)
If I put the 90k onto the mortgage I would shorten it to 15 Years from the current 20 remaining.
Assuming no rate change (too much math...) this means $21,100 in interests payed over the next 5 years.
If I don't put the 90 down, in the next 5 years it would be $33,460 in interest in 5 years
So i can save about $12,000 in interest. Hence would need to make (after paying tax on gains) for sure more than 12k in 5 years for investing it to be worth it. (I'm in a higher income tax bracket)

If I add the 90, probably make extra mortgage payments (can be lots of overtime so income vary's, but would typically make extra payments/lump sums to mortgage soemtimes), If i don't would possibly keep investing a bit more of it.
If I put the 90 towards mortgage I may be forced into breaking the mortgage to get it out when I do buy next house possibly If house selling timing does not work out(or if i kep as rental). But this would only be as little as 3 month penalty = about $1000 so not really a big big deal.

Statistics: Posted by rob350 — Aug 19th, 2018 12:09 pm

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Transferring 401k and IRA accounts to Canada

August 19, 2018, 4:25 pm
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Does anybody know the best option to transfer US 401K and IRA accounts to Canada with minimum to no tax liability.

I worked in USA for around 8 years and my retirement saving for those years are sitting in IRA account with Vanguard.

Does anybody has any experience/knowledge of moving IRA funds to Canada without incurring taxes.

Can these be transferred directly to RRSP or TFSA accounts?
When ever we withdraw these funds, should it be withdrawn as lump sum or is it better to withdraw smaller amounts on regular basis.

What’s the best strategy from taxation perspective and lastly do you know any good cross border tax accountant who has experience in it.

Thanks in advance...

Statistics: Posted by Salute — Aug 19th, 2018 7:25 pm

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Inheritance from another country? Is that taxed?

August 19, 2018, 7:15 pm
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Recently realized gonna be inheriting some money, not alot, approximately $100k CAD, can the government tax that if we bring it back to Canada?

Don't want to make a wrong move

Statistics: Posted by JoJoC93704 — Aug 19th, 2018 10:15 pm

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