Personal Finance

HSBC Premier+Jade Thread

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  • May 13th, 2020 7:48 pm
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Deal Addict
Oct 4, 2009
2557 posts
1398 upvotes
Montreal
Optimizer88 wrote: I do not know the OP. But many Canadians who winter in the States when they retire, etc. do need to consider the residency issues and potential PFIC issues even if they are not US filers when younger - which is why many professionals are recommending it. I agree it can be unnecessary if the laws stay exactly as they are now, and they never plan to have any need to file US taxes.
Mentioning that your advice only applied to a very small subset of Canadian residents with the specific attributes you now list and which may or may not apply to the poster you were replying to would have been helpful and avoided this sidebar.
I can't think of a case where it is counterproductive unless it would require shifting assets and incurring capital gains to do so.
Holding US listed(not USD denominated because plenty of PFIC listed on TSX can be USD denominated) ETFs inside RRSPs can be advantageous for tax withholding and tax efficiency reasons. Similarly holding Canadian equity ETFs in unregistered can be beneficial due to the favourable treatment afforded to Canadian dividends in comparison to foreign income which is taxed at an investor’s marginal rate. Doing the opposite with no US tax filling obligations seems counterproductive.

Indeed every individual’s tax situation is unique and it is best not to project one’s own situation onto others, or at least not without specifying the reason for the recommendation. Recommending talking to professionals is all well and good but I’d wager many RFDers don’t use an accountant and those that do are highly unlikely to have one that specializes in cross border issues. Understandable since many have no need.Winking Face
Member
Dec 27, 2017
201 posts
91 upvotes
Ontario
S5 wrote: Indeed every individual’s tax situation is unique and it is best not to project one’s own situation onto others, or at least not without specifying the reason for the recommendation. Recommending talking to professionals is all well and good but I’d wager many RFDers don’t use an accountant and those that do are highly unlikely to have one that specializes in cross border issues. Understandable since many have no need.Winking Face
Realistically if the RFDer is eligible for Jade they have at least a minimal amount of resources, and likely should have professional advice on tax issues.
Deal Addict
Jan 16, 2009
3932 posts
1543 upvotes
Toronto
Optimizer88 wrote: This matches my experience as well. Within a few days of having submitted the transfer paperwork request to my RM the Jade status was updated and MC as well as new debit card was delivered - well before the assets made their way through the lengthy transfer delays.
My RM didn't do anything until the asset is transferred. Took me almost a month to get my jade credit card.
Deal Fanatic
Oct 1, 2004
6203 posts
618 upvotes
Toronto
Anyone have experience being a Jade member in Canada, then opening accounts in mainland China? Is the currency exchanges competitive when transferring fund from China to CDN?

Also according to the referral page

https://www.hsbc.ca/share-the-experience/

Why does the left column all say Jade $1000?

For example it says Jade $1000 then Personal $50. Does that mean if a Jade member refer a new member that opens a personal account, the Jade member receive $1000, while the new member receives $50?

If a Personal account holder redder a new member that opens a Jade account, the personal account holder will receive $50, while the new Jade member will receive $1000?
Newbie
Sep 23, 2013
77 posts
115 upvotes
Montreal
greg123 wrote: ...
Also according to the referral page

https://www.hsbc.ca/share-the-experience/

Why does the left column all say Jade $1000?

For example it says Jade $1000 then Personal $50. Does that mean if a Jade member refer a new member that opens a personal account, the Jade member receive $1000, while the new member receives $50?

If a Personal account holder redder a new member that opens a Jade account, the personal account holder will receive $50, while the new Jade member will receive $1000?
The referrer and referee get the same referral bonus based on the type of new account opened, regardless of the status [Jade, Premier, etc.] of the referrer.

In your examples:
In the case of a new client that opens a Personal account, both parties get 50$.
In the case of a new client that opens a Jade account, both parties get 1000$.

See the T&C article 7.
Deal Fanatic
Oct 1, 2004
6203 posts
618 upvotes
Toronto
happiy wrote: The referrer and referee get the same referral bonus based on the type of new account opened, regardless of the status [Jade, Premier, etc.] of the referrer.

In your examples:
In the case of a new client that opens a Personal account, both parties get 50$.
In the case of a new client that opens a Jade account, both parties get 1000$.

See the T&C article 7.
Thanks for the clarification, just confusing how they listed Jade $1000 five times...

So if a couple were to open a Jade account, one should open a personal account then refer the other for the Jade bonus? So end up with $2000 in bonus?

Can I stack the $1000 referral bonus with the $500 new account bonus?
Deal Addict
User avatar
Feb 1, 2006
2991 posts
878 upvotes
Ontario
I guess this wouldn't work:

1. Customer with only basic HSBC acct refers spouse to Jade who currently has no HSBC accts (same residential address)
2. To qualify for JADE joint non-registered acct is transferred to HSBC InvestDirect (joint betweeen these two spouses)
3. Joint non-registered acct is opened at InvestDirect to qualify for JADE

I believe this T&C 5.a outlaws referral gifts in this situation:

"...In the case where the Customer and Referee are from the same residential address, the Referee must meet the qualification requirements on their own and open an account separate from the Customer to be eligible for the Gift."

I wonder if there's a workaround in this case for both to collect the $1,000 Jade bonus. Any ideas?
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay
Bank: Alterna (1.9%, no fees)
Brokers: IB (For. stocks/low comm)/Reg. RBCDI(service, USD)
Deal Fanatic
Oct 1, 2004
6203 posts
618 upvotes
Toronto
minimalist wrote: I guess this wouldn't work:

1. Customer with only basic HSBC acct refers spouse to Jade who currently has no HSBC accts (same residential address)
2. To qualify for JADE joint non-registered acct is transferred to HSBC InvestDirect (joint betweeen these two spouses)
3. Joint non-registered acct is opened at InvestDirect to qualify for JADE

I believe this T&C 5.a outlaws referral gifts in this situation:

"...In the case where the Customer and Referee are from the same residential address, the Referee must meet the qualification requirements on their own and open an account separate from the Customer to be eligible for the Gift."

I wonder if there's a workaround in this case for both to collect the $1,000 Jade bonus. Any ideas?
“ The referrer and referee get the same referral bonus based on the type of new account opened, regardless of the status [Jade, Premier, etc.] of the referrer. ”

Wouldn’t both parties get $1,000 with one personal account and referral to Jade?
Deal Addict
User avatar
Feb 1, 2006
2991 posts
878 upvotes
Ontario
greg123 wrote: “ The referrer and referee get the same referral bonus based on the type of new account opened, regardless of the status [Jade, Premier, etc.] of the referrer. ”

Wouldn’t both parties get $1,000 with one personal account and referral to Jade?
The problem that I'm worried about is that the spouse referring their spouse has the same residential address. They have $1 million between them in a joint brokerage account and are both trying to claim the $1,000 referal bonus by referring each other.
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay
Bank: Alterna (1.9%, no fees)
Brokers: IB (For. stocks/low comm)/Reg. RBCDI(service, USD)
Jr. Member
Jan 10, 2009
140 posts
152 upvotes
toronto
I would like to start establishing a credit history in the states and was wondering whether setting up a US based account through HSBC would help. Also, would I be able to get an account if I do not have a US address?
Newbie
Nov 18, 2017
39 posts
14 upvotes
For having a JADE account, the only benefits I can really utilize is the lounge access for the family and Ten lifestyle concierge support. When I travel anywhere around the world, I just call them to book everything for me especially Japan. Most of the local restaurant places don't speak English, so using the concierge is excellent to do reservations.

To be honest, I really find no difference on the customer support, I never contact my RM but they do call you every quarter to see if you are still alive.
Deal Fanatic
Dec 24, 2005
5445 posts
1046 upvotes
i know if you have a 500k mortgage with HSBC you are given Premier for free
does this apply for a secured credit line as well?

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