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TD US Bill Pay Service Discontinued

August 20, 2018, 5:28 am
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I have a US credit card and I have been using TD Bill pay service to pay it monthly. Been doing this for 2 years. I received a letter saying TD is discontinuing this service Oct 18, 2018.

What are my convenient options to continue to pay the bill?

Statistics: Posted by Dargon — Aug 20th, 2018 5:28 am

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My mortgage is up for renewal

August 20, 2018, 6:14 am
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So my mortgage is up for renewal in a couple months and I need to decide what do to. I am currently with TD on a 2 year mortgage at 2.14% which is a very low rate. My mortgage payments are around $500 every 2 weeks. I need to decide whether to stay with TD on a collateral mortgage at around 3.50% or whether to switch to a Credit Union in Manitoba that would be roughly the same rate, but would be a standard non-collateral mortgage (they will cover some or all of the transfer costs).

I also need to decide how long to renew for...I am thinking 2-3 years as I'm not 100% sure how long I'd be living in my current home, although if I did eventually sell I'd still likely need a mortgage for another house, so going 5 years might not be terrible. I assume mortgage rates are expected to continue to rise, so 5 years might be smarter? As a comparison, 2 year fixed is around 3.44%, 3 years is 3.54% and 5 years is 3.74%. TD has a 6 year fixed at 3.77%.

Not really looking at open mortgages now since the rates are now around 3.2%.

Your thoughts are appreciated.

Statistics: Posted by gbill2004 — Aug 20th, 2018 9:14 am

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Seeking Banking Help for Canadian Expat in US (California)

August 20, 2018, 6:05 pm
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Hi - I'm moving soon to Los Angeles, and would like a banking solution set up for it. Would appreciate any advice out there!

- US chequing account for direct deposits from work
- US credit card. I understand as a Canadian our credit resets in the US, so probably would want to get this set up with a Canadian bank that may consider our Canadian credit? But also want this card to help build up US credit history...are US credit cards issued by Canadian banks still applicable here?
- Easily transfer between Canadian and US accounts, as I'll be keeping my Canadian accounts open
- ATM withdrawals is nice
- Local branches would be nice

Doesn't need to be permanent, but something to use for around 6 months would be great. Especially if US banks are a hassle to set up with zero US credit history.

Many thanks!

Statistics: Posted by tim008 — Aug 20th, 2018 6:05 pm

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Dumb Question - Fees for cashing RRSP

August 20, 2018, 7:24 pm
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Hello, this is a dumb question, I know you get penalty for cashing out RRSP before the age of 65, but what about when you reach 65 and want to cash out your RRSP? Not one webpage for the Banks or Service Canada talks about any fees AFTER you reach retirement age, Is there fees or you just take out the money and no hidden fees or penalties? no one has ever mentioned to me at the bank or government what happens Afrer you turn 65, only if you take the money out BEFORE

Statistics: Posted by GoodFellaz — Aug 20th, 2018 7:24 pm

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Credit Report Issue

August 20, 2018, 12:58 pm
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Hey guys,

So when me and my sister were young, my mother had created BMO accounts for us and it was linked to her (mothers) account. Me and my sister have close names but not exactly the same. We both ran a credit carma credit check and it came back with identical information. They both showed my credit cards, hers, (one of my mothers card was there) however one of my credit card was not listed (My Canadian Tire one). It shows my car loan but didn't show my mortgage, it showed my sisters mortgage and for me under the Names Reported it showed my sisters name for me and her.

I've already ask my mother to speak with BMO to see what they need to do but what should we do to correct this? I'm not complaining about the credit score it self but it does look like the reported information is incorrect and to top it off it doesn't show my employment information which is probably why RBC rejected my credit card application.

Statistics: Posted by mau108 — Aug 20th, 2018 3:58 pm

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Amazon Associates Commision Cheque Bounced -- Whose Fault? TD Bank, Wells Fargo or Amazon?

August 20, 2018, 5:42 pm
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Brief explanation:
A cheque from Amazon bounced. TD says it's Amazon's fault. Amazon says it's TD's fault. I'm stuck in international finance limbo.

- I run a Canadian-based gaming hardware website that collects Amazon affiliate income. Including the USA Amazon company.
- Since 2013, I have been depositing these cheques successfully
- My bank is Toronto Dominion (Canadian business account).
- Amazon's bank is Wells Fargo Bank
- They're big companies, I can't imagine why their cheques would bounce!?

1. I deposit a June cheque of about ~$2250 USD (~$3000 CAD)
2. For the first time, the cheque bounced (unlike past cheques from Amazon)
3. I ask TD to trace cheque. They say it was rejected by issuer
4. I ask Amazon to trace cheque. They checked with their accounting department and they say the cheque was cashed
5. Now the funds are in limbo. Who has it?

Before Amazon can reissue me a new cheque, they need the funds back. But TD claims they don't have the funds.

Who do I bring to small claims court? TD? Amazon? Both?

Possible variables of confusion:
- It's a Canadian business banking account that I've had since ~1999, used for consulting
NOTE: I was planning to reopen a US dollar account -- it was not until recently that US Amazon cheques finally began to become big enough to warrant this.
- I normally deposit the cheques at the main branch in Toronto (Bay and King), 100% deposit success rate for US currency cheques
- Sometimes I deposit the cheque nearer home. This particular cheque was deposited at that more local branch. Is this possibly a factor?
- The NSF return 10 days later was for a different amount because of the change in FX over 10 days. Theoretically a bank employee may have gotten confused, so I pointed that out to TD, while they traced the cheque.

Nontheless, I'm out ~$3000 CAD because a cheque from a big company has bounced, and the funds are currently in limbo, more than two months later.

What are my next steps?

Statistics: Posted by GHDouglas — Aug 20th, 2018 8:42 pm

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Newbie 2017 tax question

August 20, 2018, 7:44 pm
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Hello, I have been reading around all over as I am currently residing in Canada. and have been for over a year as a visitor(since late late 2016). I, being very young and never doing taxes before, was uninformed of Canadian tax law. As I have been here for more then 183 days I understand now (didnt understand earlier) that I am a deemed resident for tax purposes. To keep things short, in late 2017, I received a US grant for my full time enrollment in a online course from America, totaling around 3,000$ CAD, this was received while I was in Canada, this was my only income(other then family gifts). I didn't file for the 2017 tax year, as I thought I didn't have to. I understand as I do not have a SIN yet, I must get a ITN. After I receive my ITN, what would be the best way to go about filing? Would I even owe taxes since it is such a small amount? Also, if I do owe, I of course will comply and pay any fees ASAP, I assume it would not be over a few hundred anyways. Is filing 6-10 months late a big deal? Do things like this usually lead to criminal charges? Thanks

Statistics: Posted by leloty — Aug 20th, 2018 10:44 pm

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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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FINTRAC reporting question

August 20, 2018, 7:33 pm
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If I sold a piece of $11,000 jewellery and my client paid with $4000 cash and $7000 on credit would I need to produce a FINTRAC report; or no because a credit isn't considered cash?


I tried looking for this on the FINTRAC Q&A but it doesn't specifically mention it, Thank you.

Statistics: Posted by Embrium44 — Aug 20th, 2018 10:33 pm

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Cash Damming clarification

August 21, 2018, 5:48 am
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Hello,
I have a question regarding cash damming for an investment property. I understand this is allowed by CRA, but I want to make sure I’m setting this up properly.

I already have two HELOCs open, one for the rental and one for personal. Both have a balance. I also have a mortgage on my primary residence.

1. I know this strategy is usually employed to pay down mortgage debt. But it doesn't matter what debt I pay down, or where I deposit the rent cheque, correct? I'd like to target the personal HELOC debt first, and yes, both HELOCs are separate accounts.

2. Does it matter if I deposit the rent cheque straight into the personal HELOC, or should I deposit it first into my bank account account, then pay down the HELOC?

3. Rental expenses are already withdrawn from my personal bank account. If I understand the CRA bulletin correctly, I can still keep this setup if I transfer the amount of expenses from the investment HELOC into my personal bank account on the day of or before the expenses occur. So, for simplicity sake, I would transfer from the investment HELOC into my personal bank account on the 1st of every month, the total of all monthly expenses for that month?

4. Is it also recommended to capitalize the interest? Or is that a preference only?

Thanks!

Statistics: Posted by Dave50 — Aug 21st, 2018 8:48 am

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Went below chequing account minimum

August 21, 2018, 7:56 am
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How often does bmo check if someone goes below the chq account minimum? I have a bmo premium plan chequing account requiring $6000 min to not charge monthly fee. I went below it for 1 day last Wed, and quickly deposit to make up the minimum last Thursday. I don't see a charge yet, will they charge at end of the month?

Statistics: Posted by jdu0ng — Aug 21st, 2018 10:56 am

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changing business name, will cheques still be valid?

August 21, 2018, 7:56 am
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Hi all,

I am about to change my business name , but I have a bunch of cheques printed by ASAP cheques with my old business name at top left, are they still valid for using after name changing? don't want to throw them away. Thanks

Statistics: Posted by busrel — Aug 21st, 2018 10:56 am

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Best Credit Card for Large Purchase?

August 21, 2018, 10:36 am
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I’m looking to make a $5000 purchase and would like to charge it to a credit card where I can gain some kind of reward, points, travel, cash back.

A card with a low introductory interest rate would be great to spread out the purchase a bit. Can not be for balance transfers. Direct purchase or cash advance only.

What would my best bet be here?

Credit is good, income is 60k.

Statistics: Posted by Nurse2B — Aug 21st, 2018 1:36 pm

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Bank of Canada Interest Rate

August 21, 2018, 10:54 am
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Does the Bank of Canada Interest Rate usually drive up the consumer interest rates? I know it isn't 1 for 1 but is there any correlation? It looks like we are getting a hike next month am thinking about locking up money long term..

Statistics: Posted by Ychanceit — Aug 21st, 2018 1:54 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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Closing Bank Account

August 21, 2018, 12:20 pm
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Had a bank account open for 30 years with TD Canada Trust but I'm now looking at closing it.

Is there a way to do it without paying any close out fees?

Statistics: Posted by CDNPatriot — Aug 21st, 2018 3:20 pm

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Income Tax Installments?

August 22, 2018, 6:03 am
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I was wondering if someone can shed some light on this.

My wife and I work regular 9-5 jobs. Income Tax, CPP, EI etc is automatically deducted from our paycheque at work. (She paid $3K is this year for 2017's T4s)

We are in Ontario if province makes a difference.

We do not have any rental property, self business or anything like that. All our income comes from our regular jobs.

So today my wife gets a letter stating that she needs to pay 2018 taxes in installments in Sept and Dec of this year.

We have never had this happen before, we just take our T4's etc every march and file our taxes and pay the assessment amount right away.

I tried looking all over online and cannot figure out why they want us to pay in installments.

This will put a huge strain on us, since our budget it pretty tight.

What are my options, has this happened to anyone else before??

Statistics: Posted by dalegribble1 — Aug 22nd, 2018 9:03 am

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any charges for changing bank account type twice in RBC

August 22, 2018, 6:09 am
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Hi,
I'm wondering if there are any charges for changing bank account type twice in RBC.
I want to change my account to Signature No limit banking so that I can get a bank draft for free. After that I want to immediately change the account type back to regular day-to-day banking over the phone.
As I'm not qualified for the mutiproduct rebate for the Signature No limit banking, will I be charge any monthly fee in this way? Is this way feasible?

Statistics: Posted by MidnightSumDream — Aug 22nd, 2018 9:09 am

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Are Canadians working North Dakota in the oil fields?

August 22, 2018, 6:06 pm
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A friend has a trailer so he doesn't need accommodation and was wondering if many Canadians are working in North Dakota and are able to get Green Cards. I tried googling this but didn't see anything.

Statistics: Posted by redflagguy2u — Aug 22nd, 2018 9:06 pm

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CRA bullying

August 23, 2018, 9:32 am
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Choice quotes:

"The CRA purposely bungled its foreign-exchange calculations ... with the result that SLT shareholders were incorrectly assessed for total income of $434 million over the years, rather than an amount of $44 million.
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In seeking information from the Bermudian authorities, the CRA stated that its request related to a “criminal tax matter” when it clearly did not.
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The CRA’s conduct in this matter is troubling. More troubling ...had the case been governed by the laws of any other province or territory instead of Quebec civil law, the taxpayers might not have prevailed: In 2017, the Alberta Court of Appeal held that the CRA cannot be sued for negligence in the performance of an audit."

https://business.financialpost.com/opin ... in-damages

Statistics: Posted by FrancisBacon — Aug 23rd, 2018 12:32 pm

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