RedFlagDeals.com Forums - Personal Finance http://forums.redflagdeals.com/ Visit this forum to discuss mortgages, loans, money saving tips, taxes, and more! en Thu, 23 May 2013 10:04:35 GMT vBulletin 15 http://forums.redflagdeals.com/images/misc/rss.png RedFlagDeals.com Forums - Personal Finance http://forums.redflagdeals.com/ Credit report online http://forums.redflagdeals.com/credit-report-online-1341360/new-post/ Thu, 23 May 2013 08:09:15 GMT does Transunion only offer the monitoring service now instead of the one time online report with a discount as long as you're not foolish enough to pay for the score?

I know I can get it free in the mail but, I like instant.

I tried Equifax but, apparently I can't be identified online so, I lost interest. ]]> Personal Finance Beans1234 http://forums.redflagdeals.com/credit-report-online-1341360/ Budgeting application for android http://forums.redflagdeals.com/budgeting-application-android-1341334/new-post/ Thu, 23 May 2013 04:27:13 GMT Any recommendations ? Preferably one that syncs with the web and doesn't require you to give your banking info (like mint.com)
I've used EEBA for the past month but don't like it
Thanks ]]> Personal Finance krypton http://forums.redflagdeals.com/budgeting-application-android-1341334/ Do you earn Air Miles on gift card purchases? http://forums.redflagdeals.com/do-you-earn-air-miles-gift-card-purchases-1341331/new-post/ Thu, 23 May 2013 04:21:14 GMT I was just thinking about this, and I couldn't find an answer and I am sure someone here has tried this...

Let's say you want to go to LCBO (or Rona, Shell, etc...)

You go to Metro first, use a BMO Air Miles card to purchase an LCBO gift card. You would get the points for using the BMO mastercard, but would you also get the extra Air Miles by shopping at Metro? Then you go to LCBO and spend the gift card, and the use your Air Miles card again to earn more Air Miles from LCBO.

You would effectively be earning 3 times the air miles using this method. Even better if you bought the gift cards when Metro was having some kind of Air Miles promotion.

Would it work, or have they already thought of this workaround? :) ]]> Personal Finance keldrin http://forums.redflagdeals.com/do-you-earn-air-miles-gift-card-purchases-1341331/ Millennials Are Better Savers Than Boomers/GenX http://forums.redflagdeals.com/millennials-better-savers-than-boomers-genx-1341318/new-post/ Thu, 23 May 2013 03:29:05 GMT Here’s some good news for the Council for Economic Education, a group that helps grade-school instructors teach economics: Millennials know how to save. While recent national surveys show U.S. students haven’t stepped up their knowledge of economics since the 2007 financial crisis, the “Millennial” generation at least had a first-hand view of the perils of leverage. And that appears to have led Millennials — those born roughly between the early 1980s and early 2000s — to lean more toward saving than spending. “Millennials are better savers” than Gen-Xers or baby boomers, said Mellody Hobson, president of Ariel Investments. That’s because “they saw their parents take such financial setbacks during the crisis and the subsequent recession.” Millennials are better savers (http://blogs.wsj.com/economics/2013/05/22/millennials-are-better-savers-than-boomers-gen-x/) Here’s some good news for the Council for Economic Education, a group that helps grade-school instructors teach economics: Millennials know how to save.

While recent national surveys show U.S. students haven’t stepped up their knowledge of economics since the 2007 financial crisis, the “Millennial” generation at least had a first-hand view of the perils of leverage. And that appears to have led Millennials — those born roughly between the early 1980s and early 2000s — to lean more toward saving than spending.

“Millennials are better savers” than Gen-Xers or baby boomers, said Mellody Hobson, president of Ariel Investments. That’s because “they saw their parents take such financial setbacks during the crisis and the subsequent recession.”

Millennials are better savers ]]> Personal Finance Rickson9 http://forums.redflagdeals.com/millennials-better-savers-than-boomers-genx-1341318/ I found half of a $5 bill http://forums.redflagdeals.com/i-found-half-5-bill-1341260/new-post/ Thu, 23 May 2013 00:17:39 GMT So can I take it to the bank and get $2/$2.50 for it? Thanks. So can I take it to the bank and get $2/$2.50 for it?
Thanks. ]]> Personal Finance vuhoang123 http://forums.redflagdeals.com/i-found-half-5-bill-1341260/ TDW Commission Fee http://forums.redflagdeals.com/tdw-commission-fee-1341201/new-post/ Wed, 22 May 2013 21:13:19 GMT Hi,

In TDW, I see that the commission for US/CDN stock trading is $9.99 if I have "$50,000+ in Household".
I have TFSA $25,800 (profited $300 now), and e-series $5600 (profited $100 now).

So in total, 25,800 + 5,600 = $31,400 in TDW. Do I just need to transfer an additional $50,000-31400=$18,600 to get the flat $9.99 commission fee? ]]> Personal Finance hamboy http://forums.redflagdeals.com/tdw-commission-fee-1341201/ Depositing USD to TDW http://forums.redflagdeals.com/depositing-usd-tdw-1341193/new-post/ Wed, 22 May 2013 20:58:09 GMT I have about $150 USD that I exchanged with my cousin when he visited from New York last week.
I don't really visit US often, and can not make use of USD in the immediate future.

So I would like to deposit this into TDW, in a money market fund, as I have a USD account created from way back when I opened TDW. Question is, how can I deposit USD to there? Can I go to TD branch and ask them to deposit it? (I don't have USD account with TD).

Also, I'd like to eventually grow my USD $ so I can buy some US stocks. What money market fund do you guys park your money in? ]]> Personal Finance hamboy http://forums.redflagdeals.com/depositing-usd-tdw-1341193/ Withdrawing from RRSP to put towards continuing education http://forums.redflagdeals.com/withdrawing-rrsp-put-towards-continuing-education-1341129/new-post/ Wed, 22 May 2013 18:23:38 GMT My wife recently quit her job in sales(12 years) and has decided to return to school. She is planning on opening up her own spa one day, and is looking at obtaining her certificate in massage therapy. This is a 10 month program, with a cost of approximately $5,000. Can she withdraw from her RRSP in order to put this toward her tuition? I believe the answer is yes, however, I am not 100 sure. If so, does it work in the same way as HBP, where you need to repay a pro-rated portion of the withdrawal on a yearly basis? My wife recently quit her job in sales(12 years) and has decided to return to school. She is planning on opening up her own spa one day, and is looking at obtaining her certificate in massage therapy. This is a 10 month program, with a cost of approximately $5,000. Can she withdraw from her RRSP in order to put this toward her tuition? I believe the answer is yes, however, I am not 100 sure. If so, does it work in the same way as HBP, where you need to repay a pro-rated portion of the withdrawal on a yearly basis? ]]> Personal Finance Montreal514 http://forums.redflagdeals.com/withdrawing-rrsp-put-towards-continuing-education-1341129/ Detailed online chart showing volume and price? http://forums.redflagdeals.com/detailed-online-chart-showing-volume-price-1341007/new-post/ Wed, 22 May 2013 13:51:13 GMT I use Google Finance often but it doesn't show much detail in volume trades. I'd like to find a chart that you can zoom in to show detailed volume statistics. Google shows about the largest 10 per day. And it would be logical to use a chart that fills the width of the screen so you see maximum detail irregardless of the device you're using. I don't understand why this is so difficult for web designers to implement. I have yet to find a single online chart that uses the available width of the screen. There must be somebody thinking graphically in finance that has done this surely. Suggestions? ]]> Personal Finance redflagguy2u http://forums.redflagdeals.com/detailed-online-chart-showing-volume-price-1341007/ TDW account closed, no more statements? http://forums.redflagdeals.com/tdw-account-closed-no-more-statements-1340935/new-post/ Wed, 22 May 2013 07:53:40 GMT Recently I moved my RRSP from TD Waterhouse to RBC Direct Investing. Immediately I lost access to my TDW account on the day they started transferring the assets. TDW charged some fees plus tax for this transfer, which I could get reimbursed by RBCDI. Problem is, RBCDI requires prove of this fee being charged. There is nothing better than giving them my final TDW statement. However, since my account was closed (or so I thought, since I don't see my account when logging on to TDW) how will i be able to get it? Will TDW mail me the final statement? But the setting was for originally set to electronic statements.

Anyone had the experiences of moving out of TDW? ]]> Personal Finance Uranium101 http://forums.redflagdeals.com/tdw-account-closed-no-more-statements-1340935/ Help! How do you fill out the TFSA Transfer form?? http://forums.redflagdeals.com/help-how-do-you-fill-out-tfsa-transfer-form-1340866/new-post/ Wed, 22 May 2013 01:35:14 GMT Last night I have decided to open an account at Peoples Trust . I am confused about the procedures... I went to President Choice today, which currently I have a TFSA account there, and try to get it done. However they said I am supposed to get People's Trust to transfer my money and not them, and the rep refused to fill out the transfer form for me which I thought they are supposed to fill out the Section 2 on the form? Now I am lost. Peoples Trust doesn't have enough info to instruct me on how to fill the form... All I know is I have to fill out the form and mail in along with the TFSA statement. So my question is.. how do I fill out Section 2 on the transfer form? Should I leave it blank? And can I fax it instead of mailing it? Any help would be appreciated. Thanks... ]]> Personal Finance will101 http://forums.redflagdeals.com/help-how-do-you-fill-out-tfsa-transfer-form-1340866/ How much to chip in? http://forums.redflagdeals.com/how-much-chip-1340851/new-post/ Wed, 22 May 2013 00:29:01 GMT I'll be moving back to Canada with my family after living abroad for a decade this summer. We plan to buy our own place in the future, but for at least the first year while we settle things and look for our own place we'll be living at my parents' place. They have a whole floor for us to call our own. My parents told us we don't need to worry about anything and that we can stay as long as we want. And even though I know my parents don't expect us to give them anything in return for letting us stay with them, I feel obligated to chip in and pay for our share of the living costs. Especially since with us there utility cost will definitely be higher. Now, my question is, how much is reasonable to give my parents? I haven't lived in Canada for the past ten years, so have very little perspective on what monthly utility costs are like now in Canada. I figured that if we were to rent a place we would be paying about $700-$800 a month. So would giving my parents like $500cdn to help pay for utilities and extra groceries be reasonable? ]]> Personal Finance motorcyclerider http://forums.redflagdeals.com/how-much-chip-1340851/ Ideas to make $500-$1000 extra a month? http://forums.redflagdeals.com/ideas-make-500-1000-extra-month-1340786/new-post/ Tue, 21 May 2013 21:16:59 GMT Hi Guys I'm currently making around $50K a year, thinking of putting a down payment of $25K on a condo this year, I'm looking for any ideas on a part time job where I can pay off my my monthly expenses for about a year. ]]> Personal Finance wonder2pac http://forums.redflagdeals.com/ideas-make-500-1000-extra-month-1340786/ Should I cancel Manulife Performax Gold insurace??? http://forums.redflagdeals.com/should-i-cancel-manulife-performax-gold-insurace-1340742/new-post/ Tue, 21 May 2013 19:22:12 GMT Hi Everyone,

i'm around 30 yrs old, married with a new born child. I bought Manulife performax gold whole life insurace TWO years ago. The agent persuaded me to buy that product (maybe because of the high commision), and saying it's a very good investment opportunity... and I bought it. Now I regret... Because I was mis-lead of this "investment" opportunity.

Anyway, if I cancel it now, i lost everything I paid for the past 2 yrs, $10k. OR I continue with it...It's a total of 15 years.

Who can provide me some comments on my situation? Should I cancel or continue?

PS: $400+ per month is a big deal for our family, but I mean it's not gonna kill us. ]]> Personal Finance oxygenmz http://forums.redflagdeals.com/should-i-cancel-manulife-performax-gold-insurace-1340742/ <![CDATA[Thoughts on children's allowance]]> http://forums.redflagdeals.com/thoughts-childrens-allowance-1340736/new-post/ Tue, 21 May 2013 19:09:58 GMT I am looking for people's opinions on the matter and what people have implemented for their kids. ]]> Personal Finance joey1234 http://forums.redflagdeals.com/thoughts-childrens-allowance-1340736/ Investing for a child - RESP maxed http://forums.redflagdeals.com/investing-child-resp-maxed-1340680/new-post/ Tue, 21 May 2013 16:29:41 GMT How would you suggest investing for a child once you've maxed out their RESP for the year? ]]> Personal Finance mangina11 http://forums.redflagdeals.com/investing-child-resp-maxed-1340680/ PDT: Pattern Day Trading restrictions http://forums.redflagdeals.com/pdt-pattern-day-trading-restrictions-1340501/new-post/ Tue, 21 May 2013 04:33:58 GMT
Quote:
Pattern Day Trader: someone who effects 4 or more Day Trades within a 5 business day period. A trader who executes more than 4 day trades in this time is deemed to be exhibiting a ‘pattern’ of day trading and is thereafter subject to the PDT restrictions.

The NYSE regulations state that if an account with less than 25,000 USD is flagged as a day trading account, the account must be frozen to prevent additional trades for a period of 90 days. IB has created algorithms to prevent small accounts from being flagged as day trading accounts, to avoid triggering the 90 day freeze. IB implements this by prohibiting the 4th opening transaction within 5 days if the account has less than 25,000 USD in equity.
http://www.interactivebrokers.com/en...&ib_entity=llc

Is this restriction on other stock markets as well? I was looking into doing some day trading, but I haven't heard of this restriction until now. I wouldn't want to get locked out for 3 months.

What if you have more than 25k US worth in your account, but it is in Canadian funds/cash? ]]> Personal Finance cheapmeister http://forums.redflagdeals.com/pdt-pattern-day-trading-restrictions-1340501/ Information about consumer proposals and few questions? http://forums.redflagdeals.com/information-about-consumer-proposals-few-questions-1340452/new-post/ Tue, 21 May 2013 01:22:47 GMT Hi Everyone, Apologies for a long post. I have been asked by one of my close friends about his options regarding his dire financial situation. I figured RFD is a good place with lot of smart people and can suggest him few options. Mind you that he already beat himself for all the choices he made in the past and does not really need new preaching for what happened. The following is his situation in a nutshell: 1. He has unsecured credit card debt of around 53K and so far he has never been late but constantly making the minimum required payments. Even if that means using credit right away after payment. 2. He brings home around 3700$ after tax a month. He has no assets to his name except 6K or so in company pension funds. 3. He recently got married in India and currently sponsoring his wife to Canada. His wedding expenses also pushed the envelope beyond recovery. 4. His min. payments amount to close to 1700 and after all living as frugal as he can, he is not able to get ahead in any way. 5. Mind you, he told me that he is maintaining this much debt for a while and already paid the creditors enough interest equal to original debt amounts. At the moment, he is approaching the banks and others for a debt consolidation loan but as per my calculations even a debt consolidation loan may not save him. Since his wife may not be able to start earning right away, he will be in a really difficult situation to get out pretty soon. One other option he is checking out is a CP (Consumer Proposal). Since he is sponsoring his wife, mind you, he can not under no circumstances go bankrupt before his wife comes to Canada. He is well educated and loathing about not paying his debtors and keep his promisees to them. Nevertheless, the following questions arose and I thought RFD maybe able to help him before he goes and sees a trustee: 1. If his proposal is rejected, would that mean an automatic bankruptcy? He is afraid to go bankrupt as that might affect his sponsorship for his wife. 2. He read some websites and understood that there is a income threshold above which the surplus income is calculated. That raises the following questions: a. He has some expenses that he sends to India for his wife. His wife is not with him but will be soon. Would he claim single person household or two person household and the respective threshold? b. For the given threshold for his family, would he have to show the expenses by item wise? Or he has to show expenses for only above the threshold? What happens when his wife joins him, would he able to claim the 2 family threshold? Would he have to show the increased expenses? 3. His main worry is that the creditors would force him to live like a pauper to be able to pay every dollar that the creditors demand. Is that the case generally? There is no recourse for a guy like him to be able to breath some fresh air? 4. Finally any suggestions for bankruptcy trustees in Montreal area that he can consult with? Remember, he is a good citizen paying his taxes and paying his creditors and all, but he faced lack of employment and medical issues from time to time and acquired all this debt. Any help will be greatly appreciated. Thanks, Hi Everyone,

Apologies for a long post.

I have been asked by one of my close friends about his options regarding his dire financial situation. I figured RFD is a good place with lot of smart people and can suggest him few options. Mind you that he already beat himself for all the choices he made in the past and does not really need new preaching for what happened. The following is his situation in a nutshell:

1. He has unsecured credit card debt of around 53K and so far he has never been late but constantly making the minimum required payments. Even if that means using credit right away after payment.

2. He brings home around 3700$ after tax a month. He has no assets to his name except 6K or so in company pension funds.

3. He recently got married in India and currently sponsoring his wife to Canada. His wedding expenses also pushed the envelope beyond recovery.

4. His min. payments amount to close to 1700 and after all living as frugal as he can, he is not able to get ahead in any way.

5. Mind you, he told me that he is maintaining this much debt for a while and already paid the creditors enough interest equal to original debt amounts.


At the moment, he is approaching the banks and others for a debt consolidation loan but as per my calculations even a debt consolidation loan may not save him. Since his wife may not be able to start earning right away, he will be in a really difficult situation to get out pretty soon.

One other option he is checking out is a CP (Consumer Proposal). Since he is sponsoring his wife, mind you, he can not under no circumstances go bankrupt before his wife comes to Canada. He is well educated and loathing about not paying his debtors and keep his promisees to them.

Nevertheless, the following questions arose and I thought RFD maybe able to help him before he goes and sees a trustee:

1. If his proposal is rejected, would that mean an automatic bankruptcy? He is afraid to go bankrupt as that might affect his sponsorship for his wife.

2. He read some websites and understood that there is a income threshold above which the surplus income is calculated. That raises the following questions:
a. He has some expenses that he sends to India for his wife. His wife is not with him but will be soon. Would he claim single person household or two person household and the respective threshold?
b. For the given threshold for his family, would he have to show the expenses by item wise? Or he has to show expenses for only above the threshold? What happens when his wife joins him, would he able to claim the 2 family threshold? Would he have to show the increased expenses?

3. His main worry is that the creditors would force him to live like a pauper to be able to pay every dollar that the creditors demand. Is that the case generally? There is no recourse for a guy like him to be able to breath some fresh air?

4. Finally any suggestions for bankruptcy trustees in Montreal area that he can consult with?

Remember, he is a good citizen paying his taxes and paying his creditors and all, but he faced lack of employment and medical issues from time to time and acquired all this debt.

Any help will be greatly appreciated.

Thanks, ]]> Personal Finance youtube101 http://forums.redflagdeals.com/information-about-consumer-proposals-few-questions-1340452/ Disposable Income. http://forums.redflagdeals.com/disposable-income-1340438/new-post/ Tue, 21 May 2013 00:48:12 GMT Hello everyone!

I've been putting a lot of thought into whether or not I'm using mine and my wife's disposable income properly, so I came here for some advice.

Together we net between 8-9k per month. Our mortgage payment is $1000 bi-weekly and we have no other debt. We live modestly so we end up with money in the bank at the end of every month - sometimes up to $4000 or so.

The surplus usually goes into our "high interest" savings account. Then, at the end of the year I plan to dump it all into our mortgage since my goal in life is to one day be mortgage free lol.

But is this the best use of our money? ]]> Personal Finance Stevenson http://forums.redflagdeals.com/disposable-income-1340438/ Cashflow in expensive cities vs small towns http://forums.redflagdeals.com/cashflow-expensive-cities-vs-small-towns-1340433/new-post/ Tue, 21 May 2013 00:38:56 GMT Ok this question is very general. Basically I live in the GTA and grew up in small town New Brunswick. Newbie-sounding question perhaps, but I'm wondering which is the smarter location to invest in for cashflow in a 4-8 unit building scenario, without speculating on property values (though value-speculating replies are welcome!). I can't find any similar-enough buildings to compare at the moment, but it seems to me that the increased cost of a small apartment building in Toronto is not adequately compensated by higher rents. Meaning, I'm wondering if cashflow would be better in less expensive locations?

Any more sophisticated thoughts than mine? ]]> Personal Finance Hopingforearlyretirement http://forums.redflagdeals.com/cashflow-expensive-cities-vs-small-towns-1340433/