MikeL Posted April 8 Posted April 8 We switched to WS as well this year to take advantage of the referral bonus and cash back promo, we also like the new credit card with the airport lounge, esim card and travel insurance coverage. I used NBDB before, like the free trading, but it has some down times in the past Recently we also moved our banking from RBC to Scotia to take advantage of the Scotia Bank infinite passport Visa card, with 25 days medical insurance coverage out of country, no exchange fee, and Scene+ points promo for first year. As we are approaching retirement age, we will lose company travel insurance once we retire, we think the WS CC and Scotia CC are 2 good options for us as we plan to do a lot of travel out of country.
Parsad Posted April 8 Author Posted April 8 3 minutes ago, Hoodlum said: There are a couple of things with WS that would be difficult to replicate with someone else. I have their no cost Visa Infinite card that provides 2% cash reward on all purchases and includes no cost Fx fees and all the basic protection and travel insurance you would expect for a premium card. The Cash rewards are calculated daily and can be transferred to another account at any time. WS also allows me to use my TFSA account as collateral for borrowing or investing in my margin account. You basically just need to link your margin account to the TFSA. I have done this but you need to of course be aware of risks for margin call on TFSA so I would never go anywhere near the limit. Cost to borrow is only 3.95% and fluctuates based on prime. My Savings account gets me 2.25% at WS, so quite a narrow spread. This is a great way to access funds for short term borrowing if you don't have access to or want to setup a line of credit on a home. Just treat it as something to pay off quickly like any other loan. Hmmm...see, all the stuff in the 2nd paragraph I don't use. I only keep a little more than a months worth of funds in my checking accounts, otherwise the cash all sits in my cash brokerage accounts at each institution in short-term T-bills and provincial fixed income bonds...I get about that same rate overall and like the security. I don't use margin at all or borrow. The TD First Class Travel Visa card I use right now has a fee, but I usually recover more than the cost by the discount and extra value I get by using the travel points through TD/Expedia. It has all the same insurance coverages as well as mobile phone coverage. I think WS will continue to grow rapidly and take market share away from many players! Cheers!
Parsad Posted April 8 Author Posted April 8 10 minutes ago, RichardGibbons said: I'm on WS, and like it, particularly since they seem keen to add the pieces they were missing, like options trading. There are a couple major provisos--their reliability is clearly worse than TD's. I feel like there's been at least 3 or 4 times in the past year where they went down during the day, maybe more. It hasn't hurt me yet. But it's certainly a bigger risk than TD. Second, their currency exchange stuff sucks still. They don't even allow Norbert's Gambit generally, though there's been discussions about enabling it for frequent traders (and maybe they've already done it.) I'd imagine Norbert's Gambit will eventually be more broadly supported, but not so far. Also, if you do decide to move money there, you should try to get a bonus for moving. Historically, they've offered up to 2% bonuses for keeping assets there for a year, and 3% for five years. I think 1% for a year is pretty common. Those deals tend to show up over the summer. Finally, you should also get referred by someone because the referral bonuses can be sizable too, depending on the account size. Hopefully someone in your family has an account, but I'll refer you--and pocket some money--if you don't have anyone better. Thanks Richard! There must be a limit on how much you can move, right? Also, does it have to be all cash or cash/securities are ok too? Cheers!
Hoodlum Posted April 8 Posted April 8 3 minutes ago, Parsad said: Hmmm...see, all the stuff in the 2nd paragraph I don't use. I only keep a little more than a months worth of funds in my checking accounts, otherwise the cash all sits in my cash brokerage accounts at each institution in short-term T-bills and provincial fixed income bonds...I get about that same rate overall and like the security. I don't use margin at all or borrow. The TD First Class Travel Visa card I use right now has a fee, but I usually recover more than the cost by the discount and extra value I get by using the travel points through TD/Expedia. It has all the same insurance coverages as well as mobile phone coverage. I think WS will continue to grow rapidly and take market share away from many players! Cheers! Definitely the borrowing against the TFSA will not not being of much benefit for those that already have access to funds through other methods. I can see this as great financial tool for the younger generation if used properly. Someone young may initially start with building their TFSA until their incomes increases to the point where they start contributing to an RRSP. Since they don't own a home yet, they could borrow from their TFSA for either an emergency/car loan at a low rate without needing to withdraw from their TFSA. The key will be to have a plan to play it off in a set time similar to any other loan. WS is really going after the younger generation and this is where the big banks will loose out as they grow their portfolios.
Hoodlum Posted April 8 Posted April 8 (edited) 9 minutes ago, Parsad said: Thanks Richard! There must be a limit on how much you can move, right? Also, does it have to be all cash or cash/securities are ok too? Cheers! I did an in-kind transfer for my TFSA/RRSP. The only limitation is that fractional share would need to be sold as those cannot be transferred in-kind. I believe my transfer to WS last year would have had a limit of a $100k bonus based on $5M transfer. I was no where near that. LOL Edited April 8 by Hoodlum
Hoodlum Posted April 8 Posted April 8 (edited) I should mention that the method of bonus payout also varies. WS pays you directly to your WS savings account on a monthly basis (prorated). There was a 2 year requirement for keeping those funds at WS when I did mine and if you moved some out before then, your remaining monthly payout would be reduced. So far CRA has not come calling on these bonuses as income. TDDI has a 1 year requirement for their 2% bonus to keep fund in the account. TD only pays out at the end of the 1 year and they pay the bonus into the accounts that accrued it, including registered accounts without impacting your contribution room. This last bit surprised me. Edited April 8 by Hoodlum
Parsad Posted April 8 Author Posted April 8 21 minutes ago, Hoodlum said: I did an in-kind transfer for my TFSA/RRSP. The only limitation is that fractional share would need to be sold as those cannot be transferred in-kind. I believe my transfer to WS last year would have had a limit of a $100k bonus based on $5M transfer. I was no where near that. LOL 10 minutes ago, Hoodlum said: I should mention that the method of bonus payout also varies. WS pays you directly to your WS savings account on a monthly basis (prorated). There was a 2 year requirement for keeping those funds at WS when I did mine and if you moved some out before then, your remaining monthly payout would be reduced. So far CRA has not come calling on these bonuses as income. TDDI has a 1 year requirement for their 2% bonus to keep fund in the account. TD only pays out at the end of the 1 year and they pay the bonus into the accounts that accrued it, including registered accounts without impacting your contribution room. This last bit surprised me. Oh wow! That's a high limit. Most I've seen in the past are for up to $1M and most institutions have it at $500K. Cheers!
RichardGibbons Posted April 8 Posted April 8 29 minutes ago, Parsad said: Thanks Richard! There must be a limit on how much you can move, right? Also, does it have to be all cash or cash/securities are ok too? Cheers! I think there is a bonus limit, but I can't remember what it is. Certainly somewhere above a million. It might be $10M, but I'm only about 25% confident of that number. It doesn't have to be cash--securities are fine too. I've done it several ways--transferring cash through just bank transfer, transferring certain securities in an account (a subset of the account), and transferring an entire account. Some of the bonuses might only be for full account transfers. I think the 3% bonus was set up that way.
Hoodlum Posted April 8 Posted April 8 (edited) 54 minutes ago, Parsad said: Oh wow! That's a high limit. Most I've seen in the past are for up to $1M and most institutions have it at $500K. Cheers! The current bonus payout is not quite as fast as last year, but the maximum limit is still very similar. I am so use to receiving my monthly payout from WS, I have included it in my budgeting. I am going to miss it once it ends. Of course we son was already on WS for a couple of years before me and always raved about it. But like most my age, I just ignored it as I liked using TD for past 25+ years. Then when the 2% bonus over 2 years became available, it was just too much to leave on the table so I made the jump. Yes, my son did receive the referral bonus. He made sure of that. LOL Edited April 8 by Hoodlum
Parsad Posted April 12 Author Posted April 12 Yeah, this is just retarded! How does this make any sense...for the climate, for Canada, for our resources, for our economy? Glad Carney is building out many of the stalled/delayed projects. Cheers! Canada imports Australian LNG while sitting on the world’s fifth-largest gas reserves
Lazarus Posted April 13 Posted April 13 6 hours ago, Parsad said: Glad Carney is building out many of the stalled/delayed projects. Carney has shifted the tone compared to Trudeau and has created the Major Projects Office (yeah! bureacracy!), but we're a year in and nothing concrete has happened. There isn't a single project that has started construction, there hasn't even been a single major project get approved, and he is nowhere close to resolving the Indigenous consent issues. I'll believe it when I see it.
Parsad Posted April 13 Author Posted April 13 2 hours ago, Lazarus said: Carney has shifted the tone compared to Trudeau and has created the Major Projects Office (yeah! bureacracy!), but we're a year in and nothing concrete has happened. There isn't a single project that has started construction, there hasn't even been a single major project get approved, and he is nowhere close to resolving the Indigenous consent issues. I'll believe it when I see it. They already broke ground on the Port of Montreal expansion. He's also announced and promised funding for about 7 other projects/initiatives. The fact that it's been a year doesn't mean much. Now if none of these projects are off the ground in another year...sure you have a gripe. He's also been travelling bringing in new partnerships and investments, plus hit the 2.5% of GDP target for defense spending. Cheers!
ourkid8 Posted April 15 Posted April 15 (edited) The federal government just announced a targeted tax suspension which is expected to reduce the cost of gas by 10 cents per litre on regular gas, and four cents on diesel. https://apple.news/AgVQneABuRYSHUKIPKb1QIw Edited April 15 by ourkid8
Spekulatius Posted April 15 Posted April 15 Tariff changes - instead of tariffing the metal (steel, Aluminium ) the derivative products made from these are tariffed now by 25%. I am posting this here, because I think it will affect Canadian business more than anyone else : https://www.whitecase.com/insight-alert/united-states-modifies-steel-aluminum-and-copper-section-232-tariffs
LC Posted April 15 Posted April 15 1 hour ago, Spekulatius said: I am posting this here, because I think it will affect Canadian business more than anyone else : https://www.whitecase.com/insight-alert/united-states-modifies-steel-aluminum-and-copper-section-232-tariffs https://finance.yahoo.com/quote/DOO/
KPO Posted April 17 Posted April 17 Canada love from Barron’s. Agree with a lot of this: https://www.barrons.com/articles/warren-buffett-berkshire-hathaway-investing-stocks-next-1ffee794?mod=djem_b_Weekly Barrons feed for last 24 hours
Parsad Posted April 17 Author Posted April 17 3 hours ago, KPO said: Canada love from Barron’s. Agree with a lot of this: https://www.barrons.com/articles/warren-buffett-berkshire-hathaway-investing-stocks-next-1ffee794?mod=djem_b_Weekly Barrons feed for last 24 hours KPO...can't access the article. Who are they talking about? Abel, Prem...? Cheers!
Hoodlum Posted April 17 Posted April 17 (edited) 6 hours ago, Parsad said: KPO...can't access the article. Who are they talking about? Abel, Prem...? Cheers! Try this link for the same article. https://www.msn.com/en-us/money/markets/america-s-next-great-business-oracle-may-not-be-american-meet-the-next-warren-buffett/ar-AA210UK3 Interestingly, Watsa, Flatt, and Leonard have all been called “the Warren Buffett of Canada.” And Greg Abel, the new CEO of Berkshire, is Canadian, too. Something in the water up there, eh? Edited April 17 by Hoodlum
Spooky Posted April 17 Posted April 17 Anyone got some ideas for a Canadian company I could hold in my RRSP for the next 10+ years? I've already got a sizeable position in Fairfax and very large one in CSU although I'm always tempted to add more.
SharperDingaan Posted April 17 Posted April 17 9 minutes ago, Spooky said: Anyone got some ideas for a Canadian company I could hold in my RRSP for the next 10+ years? I've already got a sizeable position in Fairfax and very large one in CSU although I'm always tempted to add more. Pretty much everything in Canadian manufacturing. As there are so many ... better to use one of the index funds, and roll-in over the next 6+ quarters SD
KPO Posted April 17 Posted April 17 9 hours ago, Parsad said: KPO...can't access the article. Who are they talking about? Abel, Prem...? Cheers! All of the above and then some. Sorry I didn’t have the link that skirts the pay wall.
Parsad Posted April 17 Author Posted April 17 50 minutes ago, KPO said: All of the above and then some. Sorry I didn’t have the link that skirts the pay wall. No worries! I saw the other link Hoodlum put up. Cheers!
Michael Campbell Posted April 17 Posted April 17 FYI: If you have/use Apple News, you can “follow” Barron’s for free and get their articles without a subscription.
Spooky Posted April 17 Posted April 17 1 hour ago, SharperDingaan said: Pretty much everything in Canadian manufacturing. As there are so many ... better to use one of the index funds, and roll-in over the next 6+ quarters SD Any particular index fund? I have been just thinking of putting it into VCN and calling it a day.
Parsad Posted April 17 Author Posted April 17 58 minutes ago, Michael Campbell said: FYI: If you have/use Apple News, you can “follow” Barron’s for free and get their articles without a subscription. Did not know that. Thanks! Cheers!
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