I have a question. My friend is a widow. She has a severe medical condition and she wonders what steps do she need to take to pass her RRSP to her only kid without tax implications? Statistics: Posted by covergirl — Apr 22nd, 2024 3:57 pm ..read more

Hi all Suggestions for renters insurance in BC? Also Does renters insurance cover goods outside the home? (like if you are on holiday and robbed or lost?) thanks Statistics: Posted by Charles — Apr 22nd, 2024 10:43 am ..read more

Hi, On the website it says: "To send wire transfers with RBC Bank, you must first sign and submit a one-time Wire Transfer Agreement." So I just have to print these, sign and then take pictures of the pages and send to RBC's email? Because they say electronic signatures are not allowed. I am overseas so I can't go to the branch. Thanks a lot in advance. Statistics: Posted by lachdanan — Apr 22nd, 2024 12:25 am ..read more

I believe meals and entertainment tax deductions should be disallowed, I can't believe this is still allowed given how easy it is for tax cheats to take advantage of. Every self employed individuals such as realtors I know of just keep on claiming their own meals and entertainment expenses as business expenses. Statistics: Posted by rMBA13 — Apr 21st, 2024 3:42 pm ..read more

Hoping to get some advice from RFD before I seek an estate planner/accountant/ estate lawyer. My spouse is currently a beneficiary of her grandparents whole life insurance. Spouse and I are doing pretty well financially and don't have a particular need for the eventual payout. After discussion with spouse's grandparents, consensus is that my spouse's portion of the inheritance will skip another generation and go to our two kids who are preschoolers. Spouse and I looked into setting up a trust, and from quick search it seems like bit of a pain to manage and it isn't tax advantageous at all. I ..read more

There has been a lot of discussion about the various Investment Savings Account options at various brokerages in the Bank InvSavAcct [<=5.00%] [REAL HISAs] [CDIC: Yes!] [CAD/USD] [USD <= 4.90%] thread. That thread tracks the rates well, and for a while now the highest rates have consistently been the Scotia F-series DYN6004 (CAD) and DYN6005 (USD). One ongoing theme is that only a few discount brokerages allow you to hold the higher paying F class ISAs: Disnat, Qtrade and Scotia iTrade. I'm thinking about creating an account primarily to hold F Class ISAs. But I don't want to move my ..read more

Recently I’ve seen more ads about purchasing gold. Costco was even selling gold. My wife and I were talking and curious how you would sell physical gold when the time comes. I know there are numerous jewellery stores, “gold buyer” type businesses around. I have this feeling these are places that buy gold cheap from people in desperate times. If I were to own gold and hold onto it for an amount of time, what would be the most advantageous way to then turn that gold into currency today? Obviously we can’t predict the future, so how would someone make the most profit today? Statistics: Posted ..read more

They all seem to offer low savings rates. I know CIBC had some decent rates pre-2008 crash for a fact. 3% was pretty normal. Now they are quite paltry, despite the rate increases. Why is this? Also, how come business accounts have better rates at times? Statistics: Posted by redflagdealsnewb — Apr 20th, 2024 9:09 pm ..read more

Any experience on quickest way to move USD to NBDB account from CIBC Cda USD account? Better to push or pull? From NBC? From CIBC? Already have NBDB USD non-reg account active. IIRC there were delays in getting funds deposited and wondering if anyone has recent experience on which way would cause least delay. I just moved funds from US FI to CIBC USA checking account, and because that account was opened <90 days ago, I have to wait 3 days for it to be processed from other US FI => then another 11 days for funds to be available. My plan is to then move it to CIBC Cda USD account via ap ..read more

My 2023 RRSP limit was $4000, but I've contributed $7000. 1. On my 2023 tax form, should I show $4000 or $7000 as my 2023 RRSP contribution? 2. Would withdrawing the excess $3000 from my RRSP account before I file my 2023 tax returns protect me from any penalty? Thanks Statistics: Posted by musicgold — Apr 20th, 2024 8:06 am ..read more