Title: In Praise Of TFSA's
Post by: Anonymous on April 25, 2015, 01:12:12 PM
Post by: Anonymous on April 25, 2015, 01:12:12 PM
Fuck the Broadbent Institute.
Canada's Finance Minister Joe Oliver got himself into trouble earlier this week, and nearly derailed an otherwise excellent news week for the Conservative government.Quote
After tabling Canada's first balanced budget since 2007, Oliver was interviewed by the CBC's Amanda Lang about the government's plan to nearly double the annual amount Canadians can contribute to their Tax-Free Saving Accounts.
When asked about the hypothetical long-term revenue shortfalls that some have attributed to the Tax-Free Savings Account, Oliver said it was a problem for "Stephen Harper's granddaughter to worry about."
Joe Oliver was wrong to say that we can pass our problems to our grandchildren.
It's a gaffe that boils the blood of young Canadians, many of whom are already ringing the alarm bell about high government debt levels that will be passed along to future generations of taxpayers to deal with.
There are many problems that Stephen Harper and, in fact, all of our children and grandchildren have to worry about.
These future taxpayers will have to fret about future debt or unfunded liabilities. For instance,they will be left to deal with the unaffordable Old Age Security program – a program that comprises nearly 20% of all federal spending – and how the pay-as-you-go scheme will almost certainly be phased out by the time today's young people retire.
They have to worry about Canada Pension Plan, and how it's an incredibly bad deal for young workers.Thanks to Jean Chretien's CPP contribution hikes in the 1990s, anyone born in the 1980s or later will only ever qualify to receive about 66% of the value of their contributions based on current projections.
Young Canadians have to worry about the $1.2 trillion in combined federal and provincial debt, much of which has been racked up in the last few years as politicians and bureaucrats painfully regurgitate myths about the need for government debt to somehow stimulate growth in the economy during a recession.
Young Canadians will have to repay that debt. With interest.
In fact, our own personal savings accounts are about the only thing young Canadians can really rely on.
When Stephen Harper introduced the Tax-Free Saving Accounts in 2008, he allowed Canadians to save and invest their own after-tax money into an account protected from future taxation. TFSAs allow Canadians to save and invest without worrying about the federal government clawing back even more taxes down the road.Economists are constantly expressing concern about whether the CPP will be a viable retirement option for young Canadians, so what better policy than encouraging Canadians to save money for their own future?
These big government types are not worried about our private savings accounts. They are worried that if Canadians can protect their savings from future taxation, there will be less money for big government coffers. They believe that by allowing Canadians to shield their after-tax savings from future taxation, future governments will lose tens of billions of dollars that could otherwise be taxed.
But a tax cut is not a government expenditure. Plain and simple. Allowing Canadians to keep more of their own money is not the same as the government spending money.
In order to believe the mystifying comparison, you'd have to believe that all the money that Canadians make by working hard belongs to the government. Tax cuts are then like an allowance given to us by a benevolent parent.
But that's not how the world works.
The money you earn is yours. You must pay taxes – in Canada we pay about 45% of our income to various levels of government –in order to fund social programs and infrastructure.
Joe Oliver was right to say that future generations will have to fix many of the problems created today.
Today's governments have saddled our children and grandchildren with a mountain of debt and an unsustainable level of government spending. It will be incredibly difficult for young and future Canadians to manage their way out of this mess.
They will have a lot to worry about.
And becauseyoung Canadians cannot necessarily trust that today's government pension schemes and retirement benefits will be available to them when they retire, they need to be able to save for themselves. Tax-Free Savings Accounts are a progressive and transparent way for young people to ensure their retirement needs will be met. It allows them to be self-sufficient instead of relying on government.
We should be thankful for lower taxes and more private saving options.http://www.edmontonsun.com/2015/04/24/in-praise-of-tfsas
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 26, 2015, 04:26:49 AM
Post by: Anonymous on April 26, 2015, 04:26:49 AM
I encourage everyone to pay themselves first and open an account if you do not have one already.
Title: Re: In Praise Of TFSA's
Post by: Romero on April 27, 2015, 02:59:21 PM
Post by: Romero on April 27, 2015, 02:59:21 PM
And becauseQuoteyoung Canadians cannot necessarily trust that today's government pension schemes and retirement benefits will be available to them when they retire, they need to be able to save for themselves. Tax-Free Savings Accounts are a progressive and transparent way for young people to ensure their retirement needs will be met. It allows them to be self-sufficient instead of relying on government.
Most Canadians especially young Canadians don't have the money to throw into a TFSA. Canadians owe too much debt.
Government pensions aren't "schemes". They work and have ensured that working Canadians can get some well-deserved retirement benefits.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 27, 2015, 03:21:17 PM
Post by: Anonymous on April 27, 2015, 03:21:17 PM
Most Canadians especially young Canadians don't have the money to throw into a TFSA. Canadians owe too much debt.Quote
Stats show Canadians aged 18 to 24 were more likely to say they plan to use their TFSA savings for a major purchase or for emergencies, while those between 45 and 54 years of age say they plan to use their account for retirement. The older they get the more likely they will be to take advantage of them.
Government pensions aren't "schemes". They work and have ensured that working Canadians can get some well-deserved retirement benefitsQuote
We have had this discussion before. Government pensions were possible when there were 10 workers for every retiree and that retiree did not live as long and collect as long. The opposite is true today with fewer workers and more retirees living longer than ever. Such a program is not sustainable and any rational person knows that, hence TFSA's.
Besides, the pittance you get from CPP/OAS is not enough to live on. People must save for their own retirements and TFSA's provide tax relief for that.
You're getting older Romero, you better start putting money aside for your own retirement ASAP. I do it, my Mommy does it, so can you. If it means fewer trips to the pub or hockey games, make the right choice for your own future. If you are counting on something that is meant to be supplemental being your only income when demographics are working against you, you WILL be in for a an unpleasant shock.
Title: Re: In Praise Of TFSA's
Post by: Romero on April 27, 2015, 03:35:59 PM
Post by: Romero on April 27, 2015, 03:35:59 PM
We have had this discussion before. Government pensions were possible when there were 10 workers for every retiree and that retiree did not live as long and collect as long. The opposite is true today with fewer workers and more retirees living longer than ever. Such a program is not sustainable and any rational person knows that, hence TFSA's.Quote from: "Shen Li"
You're always claiming the same about every government plan and benefit, but there's never any evidence they're unsustainable.
TFSA's are an option, but most Canadians will be relying on government pensions and benefits just as they always have. They've been sustainable and helpful for decades.
Title: Re: In Praise Of TFSA's
Post by: reel on April 27, 2015, 07:21:03 PM
Post by: reel on April 27, 2015, 07:21:03 PM
Title: Re: In Praise Of TFSA's
Post by: Bricktop on April 27, 2015, 09:41:29 PM
Post by: Bricktop on April 27, 2015, 09:41:29 PM
Title: Re: In Praise Of TFSA's
Post by: Romero on April 27, 2015, 09:44:47 PM
Post by: Romero on April 27, 2015, 09:44:47 PM
Title: Re: In Praise Of TFSA's
Post by: Bricktop on April 27, 2015, 10:14:11 PM
Post by: Bricktop on April 27, 2015, 10:14:11 PM
Tolstoy, however, didn't write in acronyms.
Our system is we pay 9% of salary into Superannuation, before tax. I guess that's the same thing. You can increase it if you wish.
Title: Re: In Praise Of TFSA's
Post by: reel on April 28, 2015, 01:51:18 AM
Post by: reel on April 28, 2015, 01:51:18 AM
The TFSA is a different thing. It's the best thing that the Government of Canada has done for young, intelligent people in the past decade. TFSAs are a tax avoidance scheme. You put after tax money in, but you pay no tax on capital gains when you take it out.
The difference is substantial. I'll give an example. Assume you invest long term, high risk, high return (averaged over time) in either an RRSP or a TFSA. Return averages to 7% per year, marginal tax rate is 40%. You invest $30k at 35 and take it out at 65.
With the RRSP, you save $12,000 on taxes, so let's assume you also invest that, thus $42,000. At the end you have $319,714, but you have to pay taxes on it. This more or less reduces your return to $191,828 (depending on duration you take to withdraw it and other income, but it's good enough for this example).
With the TFSA, you invest the $30,000 and save nothing on taxes initially. At the end of the term, you have $228,367, but you pay no taxes on it. So the TFSA has earned you $36,538 more than the RRSP; more than you originally invested. Good deal!!
This is a simplistic analysis, and the key assumption is that you are still paying 40% marginal tax rate after retirement. This depends on your income level. If your income is high, you save a lot, and you are intelligent enough to do so, you will favour TFSAs over RRSPs. If your income is low or you aren't saving much for retirement, RRSPs are the better choice. Most people will benefit from a blend.
Title: Re: In Praise Of TFSA's
Post by: reel on April 28, 2015, 01:58:42 AM
Post by: reel on April 28, 2015, 01:58:42 AM
TFSAs are also a way of mitigating risk. Even if you'll have roughly the same income after retirement as you do at 35, chances are that the government will have raised taxes in the interim and you are once again being punished by a deferral scheme.
It sounds a little complicated, but it's not really. That said, most people have no clue what they are doing. They assume that because TFSA has the word "savings" in it and the nice lady at the bank told them to put it in a savings account, that's what they should do, and they are actually losing money to inflation. Complete waste. They should be putting it in the highest rate of return investment they can get without gambling.
Title: Re: In Praise Of TFSA's
Post by: Bricktop on April 28, 2015, 02:20:04 AM
Post by: Bricktop on April 28, 2015, 02:20:04 AM
Sounds like a good scheme.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 28, 2015, 03:16:35 AM
Post by: Anonymous on April 28, 2015, 03:16:35 AM
TFSAs are the best option for me. RRPS are a tax bomb. I only contribute to them for the employer matching aspect. I'm pretty happy about the TFSA limit being increased.Quote from: "reel"
My husband does that too reel..
We are happy too the TFSA limit has been increased..
We want an adequate retirement, so that means we must force ourselves to save..
Canada Pension Plan is not nearly enough to live on and I expect it to be even less in the future.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 28, 2015, 03:29:36 AM
Post by: Anonymous on April 28, 2015, 03:29:36 AM
We have had this discussion before. Government pensions were possible when there were 10 workers for every retiree and that retiree did not live as long and collect as long. The opposite is true today with fewer workers and more retirees living longer than ever. Such a program is not sustainable and any rational person knows that, hence TFSA's.Quote from: "Shen Li"
You're always claiming the same about every government plan and benefit, but there's never any evidence they're unsustainable.
TFSA's are an option, but most Canadians will be relying on government pensions and benefits just as they always have. They've been sustainable and helpful for decades.
The problem with OAS is that it is clawed back at $68,000 and workers like my husband who earn over $108, 000 are ineligible..
The average monthly amount for new retirement pension (taken at age 65) was $596.66 and the maximum amount in 2013 is $1,012,50..
This is not very much which is why we take advantage of TFSA's
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 28, 2015, 07:00:26 PM
Post by: Anonymous on April 28, 2015, 07:00:26 PM
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 01:38:32 AM
Post by: cc on April 29, 2015, 01:38:32 AM
Apropos or what for me!! Funny this thread came up now. I've been looking into them to place a chunk .. doing a great deal of research the past week.
I understand one can go back to the starting date retroactively = 30 some odd grand?
That will take a lot of it and the balance may see some stock market fun ..... putting 5500 of that into TFSA each year
Say - are they strictly personal or can one make it "joint"? - motive being to make readily accessible to both mates should one meet with misfortune. This could even be a "breaker" point .. we will see
I do not have one yet, but while managing Mom's money the past few years, I did see the TFSA do quite well ... tried a few different investment types so got a bit of practice and a view of the corresponding results to go on.
I have an appointment with a TD ace tomorrow about it all so don't sweat it if you don't know the answers to above
This thread supports what I felt but it also added a cpl of points to my "ask the pro" list.
If anyone has any further questions, get to me before my 1.00 pm appointment tomorrow and I'll add it to my long list, ask it and then post what I'm told
Title: Re: In Praise Of TFSA's
Post by: reel on April 29, 2015, 10:13:35 AM
Post by: reel on April 29, 2015, 10:13:35 AM
When she suggests a TD mutual fund, get up and walk out. She is wasting your time. DO NOT buy a mutual fund! In your TFSA, buy an aggressive ETF or maybe an REIT.
Title: Re: In Praise Of TFSA's
Post by: reel on April 29, 2015, 10:15:26 AM
Post by: reel on April 29, 2015, 10:15:26 AM
Title: Re: In Praise Of TFSA's
Post by: Green_Hornet on April 29, 2015, 10:53:08 AM
Post by: Green_Hornet on April 29, 2015, 10:53:08 AM
Ask yourself a question CC: will the nice "pro" at the bank find it easier to make money from the market or to make money from you?Quote from: "reel"
You also forgot when you might need access to the money. You should go a little more aggressive and take more risk if you have lot of time to invest your money and be prepared to go to the dips in the market. If you have a short time frame, you should reduce your risk and be more conservative with your money like investing in low interest rate and almost no risk GICs.
From the last Big Bang Theory Episode:
Leonard: Hang on, if you're making all this money, where is it?
Penny: In a safe place.
Leonard: What does that mean, under your bed?
Penny:
Leonard: Wait a minute, you have "a guy"?
Penny: Don't you have a guy?
Leonard: Why would I have a guy?! I don't have any money!
If you have a long time frame, how you should you invest? You will have to go through dips in the market, but rebalance all your funds regularly but keep on investing. It is best to buy diverse index funds along in your investment mix. They just follow the market and have much lower administration fees. Do not buy anything with high administration fees. Those managed funds never beat the market according to research.
Check out when Warren Buffett using an lower cost index fund against the hedge fund manager with a million dollar bet for charity.
The Guy Who Made a $1 Million Bet Against Warren Buffett
Feb. 27, 2015
Even if hedge funds were winning—which they aren't—you still should be in indexes.
Warren Buffett bet a prominent U.S. hedge fund manager in 2008 that an S&P 500 index fund would beat a portfolio of hedge funds over the next ten years. How's it going?
"We're doing quite poorly, as it turns out," president of Protege Partners Ted Seides, who made the bet with Buffett, told Marketplace Morning Report today. In fact, an S&P 500 fund run by Vanguard rose more than 63%, while the other side of the wager, a portfolio of funds that only invest in hedge funds, has only returned 20% after fees.
Now here's the thing: Seven years ago, Seides' chances of winning this bet actually weren't so terrible. Cheap index funds have a strong statistical edge over active managers, but that doesn't mean every stock picker loses. Last December, S&P Dow Jones Indices published "The Persistence Scorecard," which measures whether outperforming fund managers in one year can continue to outperform the market going forward. "Out of 681 funds that were in the top quartile as of September 2012, only 9.8% managed to stay in the top quartile at the end of September 2014," according to the report. While that's not a terribly good record, about 10% of portfolio managers (and their shareholders) think that they are clever investors.
The trouble is, they probably won't be in the top 10% of investors over the next ten years. There will always be market beaters, even if just by random (and unfortunately unpredictable) chance. That fact goes a long way towards keeping money managers in business.
I would not try cc la tarte's previous investment strategy. Her idiotic strategy is to buy high and sell low. When the market dips, she sells everything without investing in bargains in the stock market.
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 12:27:49 PM
Post by: cc on April 29, 2015, 12:27:49 PM
It is racist if not sinophobic to make such crap & drool accusations
Does your uncle still clean washrooms for NASA?
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 12:38:04 PM
Post by: cc on April 29, 2015, 12:38:04 PM
Agreed. No advisor is neutral and working in your interest. That said, getting perspectives from several others and forcing them to support their ideas is never a bad thing and it has always been my style to do so for anything important .. and especially when the specific vehicle itself is new to one.Ask yourself a question CC: will the nice "pro" at the bank find it easier to make money from the market or to make money from you?Quote from: "reel"
When she suggests a TD mutual fund, get up and walk out. She is wasting your time. DO NOT buy a mutual fund! In your TFSA, buy an aggressive ETF or maybe an REIT.
Going in one knows they will get good ideas and bad ideas. We are given the ability to question and sort out of it all what is beneficial to ones own self ... I agree with "aggressives" with common sense applied
Will make no decisions until after meetings with broker also and lots of net searches ... I will have to keep my love of playing with stocks in check / reasonable also
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 12:56:37 PM
Post by: Anonymous on April 29, 2015, 12:56:37 PM
"buy high and sell low" ... "You also forgot when you might need access to the money"Quote from: "cc la femme"
It is racist if not sinophobic to make such crap & drool accusations
Does your uncle still clean washrooms for NASA?
Horny is fucking idiot and it shows even when he tries to be serious. Though I do admit, the janitor uncle at NASA is a nice touch.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 12:59:28 PM
Post by: Anonymous on April 29, 2015, 12:59:28 PM
Ask yourself a question CC: will the nice "pro" at the bank find it easier to make money from the market or to make money from you?Quote from: "reel"
When she suggests a TD mutual fund, get up and walk out. She is wasting your time. DO NOT buy a mutual fund! In your TFSA, buy an aggressive ETF or maybe an REIT.
Careful there reel. That's how my Mommy makes money.
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 01:08:49 PM
Post by: cc on April 29, 2015, 01:08:49 PM
I'm pretty sure they were in her TFSA account . will have to check her records to be certain
I was deliberately "somewhat safe" with most of her stuff as her sleeping nights was more important than a few more bucks. Managing some one else's money comes with responsibilities
I still enjoy picking stocks though . and have to keep myself in check
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 01:15:41 PM
Post by: Anonymous on April 29, 2015, 01:15:41 PM
Are you referring to mutuals? A couple that I had my Mom in did do quite well for a year or two .. One was in fact TD and it did really well about 3 years agoQuote from: "cc la femme"
I'm pretty sure they were in her TFSA account . will have to check her records to be certain
No, my Mommy is an investment specialist and as such she deals with mutual funds all the time. It's not quite as black and white as reel would have you believe. If you like I can ask my Mommy any questions you may have and I can relay the answers back to you.
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 01:18:11 PM
Post by: cc on April 29, 2015, 01:18:11 PM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 01:19:50 PM
Post by: Anonymous on April 29, 2015, 01:19:50 PM
In the process of investigating all possibilities now. Might take you up on it once I get close to decision timeQuote from: "cc la femme"
Yep, just let me know when you are ready CC. I can assure you, no fees will be involved. Well, other than my impeccable translation services of course.
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 02:00:16 PM
Post by: cc on April 29, 2015, 02:00:16 PM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 02:17:51 PM
Post by: Anonymous on April 29, 2015, 02:17:51 PM
Are you referring to mutuals? A couple that I had my Mom in did do quite well for a year or two .. One was in fact TD and it did really well about 3 years agoQuote from: "cc la femme"
I'm pretty sure they were in her TFSA account . will have to check her records to be certain
I was deliberately "somewhat safe" with most of her stuff as her sleeping nights was more important than a few more bucks. Managing some one else's money comes with responsibilities
I still enjoy picking stocks though . and have to keep myself in check
My husband's RRSP's and our TFSA's are in mutual funds..
Title: Re: In Praise Of TFSA's
Post by: Green_Hornet on April 29, 2015, 04:01:18 PM
Post by: Green_Hornet on April 29, 2015, 04:01:18 PM
Are you referring to mutuals? A couple that I had my Mom in did do quite well for a year or two .. One was in fact TD and it did really well about 3 years agoQuote from: "cc la femme"
I'm pretty sure they were in her TFSA account . will have to check her records to be certain
I was deliberately "somewhat safe" with most of her stuff as her sleeping nights was more important than a few more bucks. Managing some one else's money comes with responsibilities
I still enjoy picking stocks though . and have to keep myself in check
My husband's RRSP's and our TFSA's are in mutual funds..
ac_huh
You should do a visit of your portfolio every 3 months with a financial advisor.
You should check the MER (Management Expense Ratio) and the performance of each mutual funds. If the MER is too high and the performance of the mutual fund is terrible you should drop that mutual fund and buy something else.
You shoud consider buyng the index funds or the low-cost exchange-traded funds (ETFs) after selling those terrible performing mutual funds in your rebalancing of your portfolio. They always do better than the managed funds.
Actively managed funds vs. the index: once again, no contest
Recent data show the vast majority of Canadian-based U.S. equity funds falling short of broad stock indexes, adding to evidence that Canadian investors should seek U.S. exposure through index funds or low-cost exchange-traded funds (ETFs).
Actively managed funds typically carry premium fees, presumably for the possibility of generating superior returns. In reality, however, research has generally shown active management to underperform the broader market, after accounting for fees.
Yeah right cc la tarte, and why would anyone clean the toilet on the hush hush unmanned spy space shuttle? A toilet does not exist on the hush hush unmanned spy space shuttle. Pretty stupid and dumb comment from you cc la tarte.
From last week's 60 minutes:
One secret project is hiding in plain sight. It's the X-37B space plane, a small, remotely-piloted vehicle that can fly in space for 20 months at a time.
A model of it hangs in Hyten's headquarters in Colorado.
David Martin: So here is your chance to end all the speculation about what the Space Plane is really for.
Gen. John Hyten: It's really for cool things.
David Martin: For instance?
Gen. John Hyten: For instance, it goes up to space-- but unlike other satellites, it actually comes back. Anything that we put in the payload bay that we take up to space we can now bring back. And we can learn from that.
The US Secret Spaceplane X-37B Is Actually Testing A New Form Of Propulsion
28/04/2015
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 05:19:22 PM
Post by: Anonymous on April 29, 2015, 05:19:22 PM
You're always claiming the same about every government plan and benefit, but there's never any evidence they're unsustainable.
TFSA's are an option, but most Canadians will be relying on government pensions and benefits just as they always have. They've been sustainable and helpful for decades.
I know the government claims they will have funding over the next 75 years for CCP, but that is based on some wishful thinking in terms of immigration, demographics and markets surging to make more money for the fund. OAS on the other hand is funded through general revenue and you can see the age for eligibility rise as our European counterparts have. Means testing is another distinct possiblility.
TFSA's are the best thing I have seen a government do for more secure retirements for Canadians. I strongly urge you to get some more information and get on it ASAP. If not you will be one of those senior citizen whiners who never invested a nickel and blame the government for it.
Title: Re: In Praise Of TFSA's
Post by: Romero on April 29, 2015, 06:02:42 PM
Post by: Romero on April 29, 2015, 06:02:42 PM
I know the government claims they will have funding over the next 75 years for CCP, but that is based on some wishful thinking in terms of immigration, demographics and markets surging to make more money for the fund.Quote from: "Shen Li"
It's not based on wishful thinking. It's based on the numbers. CCP hasn't need any surges yet, so why would it in the future? It's stable.
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 06:05:51 PM
Post by: cc on April 29, 2015, 06:05:51 PM
Agree!! in spadesTFSA's are the best thing I have seen a government do for more secure retirements for Canadians. I strongly urge you to get some more information and get on it ASAP. If not you will be one of those senior citizen whiners who never invested a nickel and blame the government for it.Quote from: "Shen Li"
While Canadians have become stuck on mutual, how about ETFs? ..... While bankers want to talk mutuals (high fees for them - especially to sell early can trigger very large penalties that can wipe out gains) ..... all the business buzz is for careful selection of ETFs (much lower fees) ... will have to check into how to purchase them from within a TFSA as many banks won't do it for you .....they will do mutuals with a big smile. Seems extremely safe minded Canadians are slow to move out of mutuals, but I'm looking hard at a mix of hard and medium ETFs at the moment
Just realized that both halfs of a couple can do their own TFSA = total of 82,000 as of today ... I deserve a big duh for being so slow on that one. While they cannot be joint, one can make the mate beneficiary to it ..... which results in almost as good as joint (only a 1 - 2 week delay) so long as will does not contradict it
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 06:18:51 PM
Post by: Anonymous on April 29, 2015, 06:18:51 PM
"buy high and sell low" ... "You also forgot when you might need access to the money"Quote from: "cc la femme"
It is racist if not sinophobic to make such crap & drool accusations
Does your uncle still clean washrooms for NASA?
Green Hornet is a white toll idiot. He's so dumb he thinks posting his Google search will change that.
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 06:21:35 PM
Post by: cc on April 29, 2015, 06:21:35 PM
But he is important. His uncle cleaned toilets at NASA. That's impressive
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 06:23:21 PM
Post by: Anonymous on April 29, 2015, 06:23:21 PM
Are you an accountant seoul?Quote from: "cc la femme"
Apropos or what for me!! Funny this thread came up now. I've been looking into them to place a chunk .. doing a great deal of research the past week.
I understand one can go back to the starting date retroactively = 30 some odd grand?
That will take a lot of it and the balance may see some stock market fun ..... putting 5500 of that into TFSA each year
Say - are they strictly personal or can one make it "joint"? - motive being to make readily accessible to both mates should one meet with misfortune. This could even be a "breaker" point .. we will see
I do not have one yet, but while managing Mom's money the past few years, I did see the TFSA do quite well ... tried a few different investment types so got a bit of practice and a view of the corresponding results to go on.
I have an appointment with a TD ace tomorrow about it all so don't sweat it if you don't know the answers to above
This thread supports what I felt but it also added a cpl of points to my "ask the pro" list.
If anyone has any further questions, get to me before my 1.00 pm appointment tomorrow and I'll add it to my long list, ask it and then post what I'm told
I am a Registered Financial Planner. TFSA is retroactive and the new contribution ceiling is 10000 per year.
It's an excellent way to shelter your investments.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 06:26:01 PM
Post by: Anonymous on April 29, 2015, 06:26:01 PM
A "google search" genius for sure. Knowledge is just a click away, lolQuote from: "cc la femme"
But he is important. His uncle cleaned toilets at NASA. That's impressive
One of the downfalls of the internet age. Idiots can appear as though they have average level intelligence.
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 06:26:35 PM
Post by: cc on April 29, 2015, 06:26:35 PM
What are your feelings on wisely selected ETFs within TFSAs?
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 06:31:43 PM
Post by: Anonymous on April 29, 2015, 06:31:43 PM
It's not based on wishful thinking. It's based on the numbers. CCP hasn't need any surges yet, so why would it in the future? It's stable.
Let me get this straight; your whole retirement strategy is based on optimistic projections from government so that you might get $6-700/month when you retire? No saving and investing for the future as it appears all of us here are doing? Just hope and pray everything turns out as rosy?
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 06:35:31 PM
Post by: Anonymous on April 29, 2015, 06:35:31 PM
It's not based on wishful thinking. It's based on the numbers. CCP hasn't need any surges yet, so why would it in the future? It's stable.
Let me get this straight; your whole retirement strategy is based on optimistic projections from government so that you might get $6-700/month when you retire? No saving and investing for the future as it appears all of us here are doing? Just hope and pray everything turns out as rosy?ac_wot
Romero would not be alone if that is the case. A large chunk of the Canadian population lacks a clear exit from work plan.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 06:46:49 PM
Post by: Anonymous on April 29, 2015, 06:46:49 PM
Thanks for reply and confirmation. Yes, today one person can place a total of 41,000 - a cpl x2Quote from: "cc la femme"
What are your feelings on wisely selected ETFs within TFSAs?
ETF's can offer a very high return. They have the added bonus of being able to be traded at any time during the day. Mutual funds can only be bought and sold at the closing price of the day. There is also short ETF's where you bet a stock is overvalued. If it goes down, your investment makes money. They do come with greater risk though.
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 06:58:06 PM
Post by: cc on April 29, 2015, 06:58:06 PM
I would have to figure out how to buy them into a TFSA as most banks (maybe not all) will purchase mutuals only
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 07:14:06 PM
Post by: Anonymous on April 29, 2015, 07:14:06 PM
Yes. I understand that fees are much (by a large margin) lower than for mutuals ... especially when selling them ... is that your finding?Quote from: "cc la femme"
I would have to figure out how to buy them into a TFSA as most banks (maybe not all) will purchase mutuals only
ETF's track an index and are not actively managed which makes them cheaper. Even index based ETFs are even cheaper than index based mutual funds. ETF trades are directly with other investors, and not with the fund company. The fund company doesn't need to process your order. No documents to mail and less work means savings.
Title: Re: In Praise Of TFSA's
Post by: Rambo Wong on April 29, 2015, 08:18:58 PM
Post by: Rambo Wong on April 29, 2015, 08:18:58 PM
"buy high and sell low" ... "You also forgot when you might need access to the money"Quote from: "cc la femme"
It is racist if not sinophobic to make such crap & drool accusations
Does your uncle still clean washrooms for NASA?
Green Hornet is a white toll idiot. He's so dumb he thinks posting his Google search will change that.
Only a racist, sinophobic, twirlybrained, fucked in the head, crap n' droll, fruitcake, moron cyberbully spammer like seoulbro doesn't know you should do a visit of your portfolio every 3 months with a financial advisor.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 29, 2015, 08:54:42 PM
Post by: Anonymous on April 29, 2015, 08:54:42 PM
Yes. I understand that fees are much (by a large margin) lower than for mutuals ... especially when selling them ... is that your finding?Quote from: "cc la femme"
Iwould have to figure out how to buy them into a TFSA as most banks (maybe not all) will purchase mutuals only
Why won't banks purchase them cc la femme?
Title: Re: In Praise Of TFSA's
Post by: cc on April 29, 2015, 10:32:03 PM
Post by: cc on April 29, 2015, 10:32:03 PM
Why? My guess is that because ETFs are known for much lower fees to buy, maintain and sell (one of the major plus's for them) along with no or low penalties for cashing them in at any time
Edit - I just found a notice that TD is adding an ETF purchase option to its sites - but seems others may already be doing this
Title: Re: In Praise Of TFSA's
Post by: priscilla1961 on April 30, 2015, 01:07:09 AM
Post by: priscilla1961 on April 30, 2015, 01:07:09 AM
TD said no ETFs .... mutuals they will ... not sure if it is same or other banksQuote from: "cc la femme"
Why? My guess is that because ETFs are known for much lower fees to buy, maintain and sell (one of the major plus's for them) along with no or low penalties for cashing them in at any time
Edit - I just found a notice that TD is adding an ETF purchase option to its sites - but seems others may already be doing this
Do you have TD has direct invest account?
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 02:42:23 AM
Post by: Mel Gibson on April 30, 2015, 02:42:23 AM
TELL them that this account will be "self-directed." Do not let them do otherwise. You can "self-direct" easily. Very easily.
I do.
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 02:44:51 AM
Post by: Mel Gibson on April 30, 2015, 02:44:51 AM
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 02:54:31 AM
Post by: Mel Gibson on April 30, 2015, 02:54:31 AM
Ideally, you'll buy enough shares that pay enough dividends to automatically (and without a fee) buy more shares once the dividend is paid out. This is an easy long term way... For instance, around 100 shares of BMO will pay enough dividends to DRIP another share automatically quarterly. BMO has decent dividends. Many have less, some pay more. Some don't pay dividends at all.
Do your homework, and know what you want to do with the investment. You want to set it and forget it? DRIP it.
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 03:08:11 AM
Post by: Mel Gibson on April 30, 2015, 03:08:11 AM
TD said no ETFs .... mutuals they will ... not sure if it is same or other banksQuote from: "cc la femme"
As was already mentioned, you need to open a self-directed Waterhouse account. TD and Waterhouse are similar, but are nonetheless separate entities.
You CAN open a Waterhouse TFSA account at a TD. I've done it. I am living proof this is possible!
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 03:20:59 AM
Post by: Mel Gibson on April 30, 2015, 03:20:59 AM
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 03:24:00 AM
Post by: Annie on April 30, 2015, 03:24:00 AM
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 03:25:17 AM
Post by: Annie on April 30, 2015, 03:25:17 AM
Here's what a TD (Waterhouse) self-directed account will look like:Quote from: "Mel Gibson"(//%3C/s%3E%3CURL%20url=%22http://i61.tinypic.com/15x0rvq.jpg%22%3Ehttp://i61.tinypic.com/15x0rvq.jpg%3C/URL%3E%3Ce%3E)
It all seems so confusing to me and I've tried several times to understand it
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 03:34:17 AM
Post by: Mel Gibson on April 30, 2015, 03:34:17 AM
I have an investment at TD Waterhouse with the option of TFSA. I'm still confused and not sure if I want to take the risk. I have 3 1/2 years until I can withdraw money from it tax free. I'm more leaning towards just depositing and interest and being on the safe side. Or at least till I read more on it and understand better.Quote from: "Annie"
There is no risk. You can open up a TFSA without buying a thing. It's just a "vehicle," so to speak.
And I'm not sure what investment you have with them now, but I've never heard about a "3 1/2 year" time frame until tax exempt. That's a new one to me, and it certainly doesn't apply to a TFSA...
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 03:38:06 AM
Post by: Mel Gibson on April 30, 2015, 03:38:06 AM
It all seems so confusing to me and I've tried several times to understand itQuote from: "Annie"ac_crying
Don't listen to the rest. Listen to me...
A TFSA is just a "vehicle" to invest. No different than what was before, except capital gains (profits) are not taxed.
It is a registered savings "vehicle."
Put anything you like in there. You can! I prefer to self-direct, since it always works out better that way.
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 03:41:09 AM
Post by: Annie on April 30, 2015, 03:41:09 AM
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 03:43:09 AM
Post by: Annie on April 30, 2015, 03:43:09 AM
It all seems so confusing to me and I've tried several times to understand itQuote from: "Annie"ac_crying
Don't listen to the rest. Listen to me...
A TFSA is just a "vehicle" to invest. No different than what was before, except capital gains (profits) are not taxed.
It is a registered savings "vehicle."
Put anything you like in there. You can! I prefer to self-direct, since it always works out better that way.
I'm always worried about potential loss. I want a guaranteed investment (which is what I have) not chance of losing anything.
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 03:43:48 AM
Post by: Mel Gibson on April 30, 2015, 03:43:48 AM
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 03:44:42 AM
Post by: Annie on April 30, 2015, 03:44:42 AM
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 03:50:11 AM
Post by: Mel Gibson on April 30, 2015, 03:50:11 AM
I'm always worried about potential loss. I want a guaranteed investment (which is what I have) not chance of losing anything.Quote from: "Annie"
There is ALWAYS the risk of loss. Shares go up and down. It is up to you to minimize the risk if you want security.
And by minimizing risks, look at shares that are proven. Do you think that the Royal Bank, for instance, is going to disappear anytime soon? McDonald's shares are expensive, but they also have proven themselves over time. Do you think McDonald's will disappear overnight?
Know what you want out of an investment. Coca Cola, McDonald's, Canadian Banks, etc, etc, etc, aren't going anywhere but up slowly but surely.
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 03:53:07 AM
Post by: Annie on April 30, 2015, 03:53:07 AM
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 03:59:09 AM
Post by: Mel Gibson on April 30, 2015, 03:59:09 AM
But there's so many other investors and I would have to make an investment of an amount I may not be able to afford at once. If there's a guaranteed investment, that's what I like. I have a couple but a little more investment would be nice.Quote from: "Annie"
You can buy one $0.30 share if you prefer. Literally, thirty cents.
However, most buy/sell fees are now around $10.00/trade, so may not be wise. However, nothing is stopping you from buying one penny share...
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 04:01:12 AM
Post by: Annie on April 30, 2015, 04:01:12 AM
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 04:05:00 AM
Post by: Mel Gibson on April 30, 2015, 04:05:00 AM
The only way for your investment to grow, is for the company to increase profits and/or desirability for its investors.
Nobody can guarantee this. Not one person can. So, look around!
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 04:08:11 AM
Post by: Annie on April 30, 2015, 04:08:11 AM
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 04:14:15 AM
Post by: Mel Gibson on April 30, 2015, 04:14:15 AM
Take that as you will. This doesn't apply to shares in a TFSA...
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 04:17:42 AM
Post by: Annie on April 30, 2015, 04:17:42 AM
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 04:22:00 AM
Post by: Mel Gibson on April 30, 2015, 04:22:00 AM
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 04:26:30 AM
Post by: Annie on April 30, 2015, 04:26:30 AM
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on April 30, 2015, 04:29:42 AM
Post by: Mel Gibson on April 30, 2015, 04:29:42 AM
Dirty dirty dirt. Filthy and foul.
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 04:30:35 AM
Post by: Annie on April 30, 2015, 04:30:35 AM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 30, 2015, 09:12:38 AM
Post by: Anonymous on April 30, 2015, 09:12:38 AM
This means buying and selling on your own. You can buy anything listed on the market. Never buy mutual funds. The banks take too much. You can buy essentially the same thing with a self-directed... "IShares" is a good example.Quote from: "Mel Gibson"
Mel Gibson, our TFSA's are in mutual funds except for some separate stocks that we bought..
We are satisfied with our return..
But, we are interested in ETF's too.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 30, 2015, 01:13:55 PM
Post by: Anonymous on April 30, 2015, 01:13:55 PM
Gotta run. This world needs some dirt moved tomorrow, very early. Lots of dirt. Tons of dirty dirt. And it must be moved.Quote from: "Mel Gibson"
Dirty dirty dirt. Filthy and foul.
I'm glad to see you seem to be pulling urself out of the rut you were in Mel. Keep busy, make money and take it easy on the lager.
Title: Re: In Praise Of TFSA's
Post by: reel on April 30, 2015, 04:43:20 PM
Post by: reel on April 30, 2015, 04:43:20 PM
This means buying and selling on your own. You can buy anything listed on the market. Never buy mutual funds. The banks take too much. You can buy essentially the same thing with a self-directed... "IShares" is a good example.Quote from: "Mel Gibson"
Mel Gibson, our TFSA's are in mutual funds except for some separate stocks that we bought..
We are satisfied with our return..
But, we are interested in ETF's too.
Fash, both mutual funds and ETFs are a pool of stocks that is put together to diversify and reduce the risk vs. purchasing an individual stock. ETFs are very simple. A set of stocks are pooled when the ETF is started and the composition doesn't change. With a mutual fund, you have a fund manager that plays with the balance of the stock composition in the pool, trying to make more money. The catch with mutual funds is that fund managers are rarely successful at beating the market long term, but you still have to pay an exorbitant fee to that fund manager (whether he wins or loses with your money). Over time, the ETF has consistently been demonstrated to be the same or better than a mutual fund, but you pay no management fees.
Since the fees are something like 1-3% per year, the mutual fund has to do substantially better than the ETF to make you more money and they almost never do. The bank would much prefer to sell you a mutual fund because they claw back part of that fee from the manager if they sell you the mutual fund. For some odd reason, people are convinced that mutual funds are lower risk, when in fact they are just a steady drain.
Title: Re: In Praise Of TFSA's
Post by: reel on April 30, 2015, 04:49:30 PM
Post by: reel on April 30, 2015, 04:49:30 PM
It all seems so confusing to me and I've tried several times to understand itQuote from: "Annie"ac_crying
Don't listen to the rest. Listen to me...
A TFSA is just a "vehicle" to invest. No different than what was before, except capital gains (profits) are not taxed.
It is a registered savings "vehicle."
Put anything you like in there. You can! I prefer to self-direct, since it always works out better that way.
I'm always worried about potential loss. I want a guaranteed investment (which is what I have) not chance of losing anything.
Guaranteed investments (GIC's, high interest savings accounts, etc.) usually pay less than the rate of inflation. Thus the only guarantee you get is a guaranteed loss.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 30, 2015, 05:56:57 PM
Post by: Anonymous on April 30, 2015, 05:56:57 PM
It all seems so confusing to me and I've tried several times to understand itQuote from: "Annie"ac_crying
Don't listen to the rest. Listen to me...
A TFSA is just a "vehicle" to invest. No different than what was before, except capital gains (profits) are not taxed.
It is a registered savings "vehicle."
Put anything you like in there. You can! I prefer to self-direct, since it always works out better that way.
I'm always worried about potential loss. I want a guaranteed investment (which is what I have) not chance of losing anything.
Guaranteed investments (GIC's, high interest savings accounts, etc.) usually pay less than the rate of inflation. Thus the only guarantee you get is a guaranteed loss.
You got that right reel. What a fucking waste.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 30, 2015, 06:03:08 PM
Post by: Anonymous on April 30, 2015, 06:03:08 PM
This means buying and selling on your own. You can buy anything listed on the market. Never buy mutual funds. The banks take too much. You can buy essentially the same thing with a self-directed... "IShares" is a good example.Quote from: "Mel Gibson"
Mel Gibson, our TFSA's are in mutual funds except for some separate stocks that we bought..
We are satisfied with our return..
But, we are interested in ETF's too.
Fash, both mutual funds and ETFs are a pool of stocks that is put together to diversify and reduce the risk vs. purchasing an individual stock. ETFs are very simple. A set of stocks are pooled when the ETF is started and the composition doesn't change. With a mutual fund, you have a fund manager that plays with the balance of the stock composition in the pool, trying to make more money. The catch with mutual funds is that fund managers are rarely successful at beating the market long term, but you still have to pay an exorbitant fee to that fund manager (whether he wins or loses with your money). Over time, the ETF has consistently been demonstrated to be the same or better than a mutual fund, but you pay no management fees.
Since the fees are something like 1-3% per year, the mutual fund has to do substantially better than the ETF to make you more money and they almost never do. The bank would much prefer to sell you a mutual fund because they claw back part of that fee from the manager if they sell you the mutual fund. For some odd reason, people are convinced that mutual funds are lower risk, when in fact they are just a steady drain.
You are definitely right about ETF's being cheaper than mutuals. However, depending on the amount invested, you can get a waaaaay better deal than the fees you quoted.
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 07:12:25 PM
Post by: Annie on April 30, 2015, 07:12:25 PM
Title: Re: In Praise Of TFSA's
Post by: reel on April 30, 2015, 07:37:13 PM
Post by: reel on April 30, 2015, 07:37:13 PM
Our kids also have high interest savings accounts, although I'm not seeing much of interest in them to justify having them. Son is checking out RRSP's. I told him he should research and make an appointment with the bank. It's never too early to start investing in your future.Quote from: "Annie"
Tell him to get a TFSA, not an RRSP. And put it into an ETF or REIT. It's not too tough.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 30, 2015, 07:58:35 PM
Post by: Anonymous on April 30, 2015, 07:58:35 PM
This means buying and selling on your own. You can buy anything listed on the market. Never buy mutual funds. The banks take too much. You can buy essentially the same thing with a self-directed... "IShares" is a good example.Quote from: "Mel Gibson"
Mel Gibson, our TFSA's are in mutual funds except for some separate stocks that we bought..
We are satisfied with our return..
But, we are interested in ETF's too.
Fash, both mutual funds and ETFs are a pool of stocks that is put together to diversify and reduce the risk vs. purchasing an individual stock. ETFs are very simple. A set of stocks are pooled when the ETF is started and the composition doesn't change. With a mutual fund, you have a fund manager that plays with the balance of the stock composition in the pool, trying to make more money. The catch with mutual funds is that fund managers are rarely successful at beating the market long term, but you still have to pay an exorbitant fee to that fund manager (whether he wins or loses with your money). Over time, the ETF has consistently been demonstrated to be the same or better than a mutual fund, but you pay no management fees.
Since the fees are something like 1-3% per year, the mutual fund has to do substantially better than the ETF to make you more money and they almost never do. The bank would much prefer to sell you a mutual fund because they claw back part of that fee from the manager if they sell you the mutual fund. For some odd reason, people are convinced that mutual funds are lower risk, when in fact they are just a steady drain.
Reel, I wish I had this information when we first set up our TFSA's..
How did you purchase and ETF?
Was it through your bank..
I would like my husband and I to make an appointment with our bank officer.
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 08:23:05 PM
Post by: Annie on April 30, 2015, 08:23:05 PM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 30, 2015, 08:28:26 PM
Post by: Anonymous on April 30, 2015, 08:28:26 PM
I think I'll tell him to talk to a financial adviser at the bank. I think it's time he seriously starts to think about logical investments. He's pretty good with money management and it's never too early to start investing for the future. Any little bit can go a long way if done right, I think. He's not a risk taker either and wants a guarantee rather than a guessing game. He also doesn't want to have to spend a lot of time managing it either.Quote from: "Annie"
I am so happy that we have this thread..
There is so much to learn to protect our savings..
Thank you to everyone who has contributed or will do so.
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 11:25:55 PM
Post by: Annie on April 30, 2015, 11:25:55 PM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 30, 2015, 11:27:57 PM
Post by: Anonymous on April 30, 2015, 11:27:57 PM
I'm happy too Fash, having a thread dedicated to financial advice is a huge help! Although I'm still a bit confused on some investment options, I did learn a few more thingsQuote from: "Annie"ac_dance
I know Shen Li didn't intend this to be an advice or suggestion thread, but I am so glad that is the way it developed.
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 11:38:32 PM
Post by: Annie on April 30, 2015, 11:38:32 PM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on April 30, 2015, 11:40:45 PM
Post by: Anonymous on April 30, 2015, 11:40:45 PM
I give this thread 2 thumbs way up!Quote from: "Annie"
You're fucking welcome.
Title: Re: In Praise Of TFSA's
Post by: Annie on April 30, 2015, 11:52:15 PM
Post by: Annie on April 30, 2015, 11:52:15 PM
Title: Re: In Praise Of TFSA's
Post by: Corp. Taxes Suck on April 30, 2015, 11:59:55 PM
Post by: Corp. Taxes Suck on April 30, 2015, 11:59:55 PM
Haha fucking thank you!Quote from: "Annie"ac_drinks
That Shen Li is one smart fucking fortune cookie. She's sweeter than fucking sugar too.
Bob,
You got your handle back.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 01, 2015, 12:12:08 AM
Post by: Anonymous on May 01, 2015, 12:12:08 AM
Haha fucking thank you!Quote from: "Annie"ac_drinks
That Shen Li is one smart fucking fortune cookie. She's sweeter than fucking sugar too.
Bob,
You got your handle back.ac_drinks
That is good Shen Li..
No more taking handles that are not yours please.
Title: Re: In Praise Of TFSA's
Post by: Corp. Taxes Suck on May 01, 2015, 12:22:44 AM
Post by: Corp. Taxes Suck on May 01, 2015, 12:22:44 AM
Haha fucking thank you!Quote from: "Annie"ac_drinks
That Shen Li is one smart fucking fortune cookie. She's sweeter than fucking sugar too.
Bob,
You got your handle back.ac_drinks
That is good Shen Li..
No more taking handles that are not yours please.
Moi??
Title: Re: In Praise Of TFSA's
Post by: cc on May 01, 2015, 12:49:45 AM
Post by: cc on May 01, 2015, 12:49:45 AM
Prolly not a problem Fash. If you decide to go another route, likely you can get out of your mutual(s) ...... be careful in what you choose though ... you will be more on your own with EFTs .... fees are low or nonexistent, but be sure you can get out cheapI wish I had this information when we first set up our TFSA'sQuote
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 01, 2015, 12:52:39 AM
Post by: Anonymous on May 01, 2015, 12:52:39 AM
I wish I had this information when we first set up our TFSA'sQuote
I am going to make an appointment with our bank cc la femme..
We need more information, so we can make an informed and better choice.
Title: Re: In Praise Of TFSA's
Post by: cc on May 01, 2015, 12:57:51 AM
Post by: cc on May 01, 2015, 12:57:51 AM
Until forced, most banks will not give up the large mutual management fees .. they even claw back from the originator in fact to make it even juicier for them .. so info and assistance on ETFs is hard to get from banks most will do anything to change the subject back to mutual ... or put down the ETF concept ... a concept low in fees but also more locked into their stocks ... whereas mutual funds tend to play the market daily and change horses ..... a good and a bad point as my experience tells me that most brokers are not as sharp as they think they are ..... don't get me going about what happened to my Mom 2 days before the crash in 08 at the hands of an "expert" money manager / stockbroker ... @#$%^&
soeulbro will be a good info source .. although I'm not sure if he is licensed for ETFs or not ... further, I read that some mutual licenses allow trading of some ETFs . all depends on the license in hand
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 01, 2015, 01:05:27 AM
Post by: Anonymous on May 01, 2015, 01:05:27 AM
Most banks won't talk much about ETFs .. .TD, no ... Royal, no ..... already met with both ... I have appointment tomorrow with BMO - they appear to be in them in a big way which is why I'm seeing them.... will test them on that tomorrow noonQuote from: "cc la femme"
Until forced, most banks will not give up the large mutual management fees .. they even claw back from the originator in fact to make it even juicier for them .. so info and assistance on ETFs is hard to get from banks
soeulbro will be a good info source .. although I'm not sure if he is licensed for ETFs or not ... further, I read that some mutual licenses allow trading of some ETFs . all depends on the license in hand
If you wouldn't mind cc la femme, would please let us know the results of your meet tomorrow..
I will make an appointment with our bank too.
Title: Re: In Praise Of TFSA's
Post by: cc on May 01, 2015, 01:09:17 AM
Post by: cc on May 01, 2015, 01:09:17 AM
I edited the above .... "so info and assistance on ETFs is hard to get from banks most will do anything to change the subject back to mutual ... or put down the ETF concept ... a concept low in fees but also more locked into their stocks ... whereas mutual funds tend to play the market daily and change horses ..... a good and a bad point as my experience tells me that most brokers are not as sharp as they think they are ..... don't get me going about what happened to my Mom 2 days before the crash in 08 at the hands of an "expert" money manager / stockbroker ... @#$%^&
"
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 01, 2015, 01:12:07 AM
Post by: Anonymous on May 01, 2015, 01:12:07 AM
Will doQuote from: "cc la femme"
I edited the above .... "so info and assistance on ETFs is hard to get from banks most will do anything to change the subject back to mutual ... or put down the ETF concept ... a concept low in fees but also more locked into their stocks ... whereas mutual funds tend to play the market daily and change horses ..... a good and a bad point as my experience tells me that most brokers are not as sharp as they think they are ..... don't get me going about what happened to my Mom 2 days before the crash in 08 at the hands of an "expert" money manager / stockbroker ... @#$%^&
"
Thank you cc la femme..
I look forward to your report.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 01, 2015, 01:03:26 PM
Post by: Anonymous on May 01, 2015, 01:03:26 PM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 01, 2015, 06:14:46 PM
Post by: Anonymous on May 01, 2015, 06:14:46 PM
Title: Re: In Praise Of TFSA's
Post by: cc on May 01, 2015, 07:46:13 PM
Post by: cc on May 01, 2015, 07:46:13 PM
What is your reason on "not recommend index funds"?
Well Fash - had one of the best business meetings ever. BMO impressed me personally, businesswise and how they deal with clients ....... They will either assist in setting investments (of ALL types) all up initially and while they of course do not monitor a no-fee self administer account type actively, they will sit down and discuss possible changes and alternatives at any time at no charge ...... unlike the "if you don't set up with a managed for fees type you are on your own". For someone with good ability to use computer and an understanding of how stocks work, it's the best of both worlds ... like have cake and eating it too
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 01, 2015, 07:48:48 PM
Post by: Anonymous on May 01, 2015, 07:48:48 PM
I would not recommend index funds either. The fees are less than half of mutuals. The TSE has about 300 companies. Of that approximately 90 are energy, 90 are resource companies and 90 are finance/insurance related. Canadian stocks have done very well compared to our competitors, but that is 90% in three sectors.Quote from: "seoulbro"
I did not know about this either seoulbro..
We have an appointment with our bank's financial advisor on May 14..
I hope we have enough knowledge after that to make sound investment decisions.
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on May 02, 2015, 03:16:58 AM
Post by: Mel Gibson on May 02, 2015, 03:16:58 AM
GO to your bank, and ask them to set you up a
THAT IS IT! DO NOTHING MORE!
THIS is the first thing you must do. Don't worry about other investments. They can be easily transferred from account to account. May take a couple days, but don't worry. Create the account first.
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on May 02, 2015, 03:31:16 AM
Post by: Mel Gibson on May 02, 2015, 03:31:16 AM
USE your fucking brain. Is McDonald's a good investment? For some it is... It has proven steady. Why? Because people fucking eat there! Use your brain! Will McDonald's disappear tomorrow? NO!
Again, when you invest, think of yourself as part owner of a business, because that is exactly what you are. You won't get a say (other than voting for the roundtable bigwigs once a year), but nonetheless you are a part owner.
And this is as simple as it gets... USE your fucking brain. Want to play the lottery? Some win, most lose... Some bet on Apple in its infancy, and it worked for them. That's playing the lottery. Do that if you can afford to soak up the loss.
There are many companies that are solid. Canadian banks are solid.
You can pay someone to mix and mash up a few different stocks into one. Or, you can diversify your portfolio in almost exactly the same way on your own.
There is no "right or wrong." Diversify with a few solid shares, and then just forget about them.
Obviously this advice is geared towards the long term investor. Day traders are an entire different breed, and I would suggest staying away from them, and their advice...
Title: Re: In Praise Of TFSA's
Post by: Annie on May 02, 2015, 03:40:38 AM
Post by: Annie on May 02, 2015, 03:40:38 AM
Title: Re: In Praise Of TFSA's
Post by: Mel Gibson on May 02, 2015, 04:01:20 AM
Post by: Mel Gibson on May 02, 2015, 04:01:20 AM
Ok, let me get this straight so what your saying is that anyone can go to their bank and open a TFSA? Haha, I'm just messin with ya :PQuote from: "Annie"
Yes! There seems to be some confusion here...
Title: Re: In Praise Of TFSA's
Post by: Annie on May 02, 2015, 05:30:57 AM
Post by: Annie on May 02, 2015, 05:30:57 AM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 02, 2015, 01:15:03 PM
Post by: Anonymous on May 02, 2015, 01:15:03 PM
Secondly, do NOT listen to others when choosing your investment. Want the best investment adviser? Look in the fucking mirror. YOU are the best adviser when it comes to your own needs.Quote from: "Mel Gibson"
USE your fucking brain. Is McDonald's a good investment? For some it is... It has proven steady. Why? Because people fucking eat there! Use your brain! Will McDonald's disappear tomorrow? NO!
Again, when you invest, think of yourself as part owner of a business, because that is exactly what you are. You won't get a say (other than voting for the roundtable bigwigs once a year), but nonetheless you are a part owner.
And this is as simple as it gets... USE your fucking brain. Want to play the lottery? Some win, most lose... Some bet on Apple in its infancy, and it worked for them. That's playing the lottery. Do that if you can afford to soak up the loss.
There are many companies that are solid. Canadian banks are solid.
You can pay someone to mix and mash up a few different stocks into one. Or, you can diversify your portfolio in almost exactly the same way on your own.
There is no "right or wrong." Diversify with a few solid shares, and then just forget about them.
Obviously this advice is geared towards the long term investor. Day traders are an entire different breed, and I would suggest staying away from them, and their advice...
Mel Gibson, can you be in Calgary on May 14?
Can you come with us to our appointment?
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 02, 2015, 02:57:26 PM
Post by: Anonymous on May 02, 2015, 02:57:26 PM
Title: Re: In Praise Of TFSA's
Post by: cc on May 02, 2015, 03:12:11 PM
Post by: cc on May 02, 2015, 03:12:11 PM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 02, 2015, 03:19:20 PM
Post by: Anonymous on May 02, 2015, 03:19:20 PM
Are you saying anything that uses the stock market regardless of method is out?Quote from: "cc la femme"
No,I'm trolling. I don't like having my portfolio "managed", but I am prolly more informed than the average investor. Nothing wrong with the Canadain exchange. Resources and a growing global population are a good mix for growth. However, indexing is too fucking general for me. I like to target where my my $$ is parked for maximum return.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 03, 2015, 01:38:37 PM
Post by: Anonymous on May 03, 2015, 01:38:37 PM
Are you saying anything that uses the stock market regardless of method is out?Quote from: "cc la femme"
The Canadian market has fared better than most of the competition. But, the US market is more diversified. With TFSA's investments must be Canadian. If you buy your investments, through I trade for example which is Canadian based you are still considered Canadian.
Title: Re: In Praise Of TFSA's
Post by: cc on May 03, 2015, 04:05:18 PM
Post by: cc on May 03, 2015, 04:05:18 PM
Assuming the mix of companies in the index has not changed a lot, that indicates theoretically that there is much more room to move for the TSX companies? .... could even indicate that US stocks today are overpriced and Canadian are not ... possibly underpriced?
Thoughts?
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 03, 2015, 11:53:20 PM
Post by: Anonymous on May 03, 2015, 11:53:20 PM
Before 2008 the TSX was about consistently ~1500 pts above the DOW - today the DOW is ~3000 pts aheadQuote from: "cc la femme"
Assuming the mix of companies in the index has not changed a lot, that indicates theoretically that there is much more room to move for the TSX companies? .... could even indicate that US stocks today are overpriced and Canadian are not ... possibly underpriced?
Thoughts?
Don't get me wrong cc, there is nothing wrong the TSE. It's just that the DOW is more diverse. Three sectors make up 90% of the companies on the Toronto exchange. There's a lot of potential for good returns if the resource industries do well.
Title: Re: In Praise Of TFSA's
Post by: cc on May 04, 2015, 01:37:46 AM
Post by: cc on May 04, 2015, 01:37:46 AM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 04, 2015, 01:42:45 AM
Post by: Anonymous on May 04, 2015, 01:42:45 AM
Thanks for clearing that up. I understand your messsageQuote from: "cc la femme"
Hey CC, how did your appt with your bank go?
Title: Re: In Praise Of TFSA's
Post by: cc on May 05, 2015, 11:19:50 AM
Post by: cc on May 05, 2015, 11:19:50 AM
Opened accounts and placed funds there (not TFSAs yet until money clears) ..... Our CR is good but they set us up with the moon for starters . far more than we were asking for
It's nice to find at least one that knows how to treat people and who has made sure it has what all people need and any mix of services they choose instead of A OR B ... they did not suggest doing so but we are transitioning there almost completely now We tend to stick with those who do business the way it should be done ... been 12 yrs at TD, but owe no favors as they never did a thing for us beyond accepting deposits happily
Title: Re: In Praise Of TFSA's
Post by: Lance Leftardashian on May 05, 2015, 01:17:44 PM
Post by: Lance Leftardashian on May 05, 2015, 01:17:44 PM
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 05, 2015, 01:50:17 PM
Post by: Anonymous on May 05, 2015, 01:50:17 PM
Title: Re: In Praise Of TFSA's
Post by: cc on May 05, 2015, 04:40:53 PM
Post by: cc on May 05, 2015, 04:40:53 PM
Sir Lanceverylittle doesn't get it that they are designed to give opportunity for regular folk to save ... us rich folks just day trade risky stocks for entertainment
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 06, 2015, 01:16:00 PM
Post by: Anonymous on May 06, 2015, 01:16:00 PM
These accounts are giveaways to the rich.Quote from: "Lance Leftardashian"
You know as about investing as you do boxing Joak.
Title: Re: In Praise Of TFSA's
Post by: Anonymous on May 06, 2015, 02:31:24 PM
Post by: Anonymous on May 06, 2015, 02:31:24 PM
^ lol .... brief replies are always goodQuote from: "cc la femme"
Sir Lanceverylittle doesn't get it that they are designed to give opportunity for regular folk to save ... us rich folks just day trade risky stocks for entertainment
lol