RSP and TFSA Information Interactive Brokers Canada Inc.

TFSA as forex trading Canada

Hello,
I search before but nobody seems to post about it. Do you know any good and trusty broker who allow deposit in TFSA account? I was really intor oanda but they dont allow it.
Thanks,
submitted by Flxz to Forex [link] [comments]

Is Norbert's Gambit not worth it for small amounts? + a question on having separate usd and cad trading accounts

Update: this will vary day to day but Norbert's Gambit looks worth it for values above $1700. Forex will probably be greater than $20. Below that, forex might be <$20. But that's a moving target.
I'm looking at buying some US ETFs (SHE, SPYX) to get my toes wet with investing. I'm using RBC Direct Investing. I only have 2K at the moment to play with and to me, it looks like converting this to USD in RBC is better than doing Norbert's Gambit which will cost me $20 in fees ($10 to buy, $10 to sell). But everyone is telling me to do Norbert's Gambit when exchanging funds between the US and Canada. Am I missing something?
Also, some guides say to have both a USD and a CAD trading accounts but my current TFSA DI account can have both USD and CAD funds. Should I have dedicated accounts for US and CAD trading or is just the one dual currency account ok?
submitted by SecureNarwhal to CanadianInvestor [link] [comments]

Indian savings account vs TFSA for 5 years

Hi folks,
I am in a fix with TFSA to be honest.
I moved to Canada from India last year as a permanent resident and I currently make $75000 per annum as a marketing manager.
I am going to setup my RRSP with WealthSimple soon. Once I max out, I will turn to other vehicles such as TFSA.
Now, my bank in India offers 6% interest rate in Savings account for 5 year duration. Is it wise to transfer part of my salary every month to my Indian bank account (CAD to INR) ?
If I put $500 every month in the savings account at 6% for the next 5 years and withdraw the funds for a house downpayment or any other obligations and purchase CAD, is this better than TFSA?
I may lose on forex conversions ? Any tax obligations since it's not TFSA?
What do you guys think?
submitted by siku1237 to PersonalFinanceCanada [link] [comments]

Inheritance and moving to Canada

Hi PFC,
A few months ago, my father passed away. I am still wrapping up the whole inheritance/estate (as well as grieving), but I am expecting around 350,000 euro lump sum (after inheritance tax) and an annual payout of 18,000 euro for six years (approximately). In Canadian Dollars these amounts come to approximately 530,000 and 25,000 (taking some margin for forex and the rate might change over time).
At the same time, I am moving to Canada (QC) to start a new life with my (Canadian) partner. I am 24 years old, so what the hell do I do with all this money?
I don't think buying a house is appropriate for my personal situation nor do I feel emotionally ready. We also signed a lease in December for 18 months (until July 2019), so we are fine for housing for a while.
I am lucky enough to be starting a job soon, with an annual salary of ~C$45K though I am starting on a 4 month contract with a possible renewal (not guaranteed). I have some student debt, €20k ($30k), which I will pay off as soon as I get the money from selling the house.
So effectively I will have an income to sustain myself and 500k of wealth and a supplement to my income of 25k for the next 6 years. I plan to invest most if not all of this money, with a few exceptions being a rainy-day-fund and one project that I want to do in honour of my dad. The cost of the project is a little unsure as of right now, but it shouldn't exceed 10k euro (C$15k).
Some key questions I am struggling with:
How to invest? (ETF? Bonds? Just a savings account? With each type of investing, what are the best options and brokers?)
I will soon have a Social Insurance Number, so I can enjoy tax-free saving accounts, right? (TFSA?)
Where to invest? I can most easily store my money in Europe or Canada.
How to think about risk? I don't necessarily need any of the money today or soon, but I don't want to lose any of it either, obviously.
Any thoughts and suggestions are welcome as I navigate this strange time. I know that I am "lucky" financially, but I am grieving at the same time. Thank you for any help you have to offer.
submitted by what2do542 to PersonalFinanceCanada [link] [comments]

Taking excess student loans

I'm an engineering student in Alberta enrolled in a coop program with 3 years left. Currently I am about $16k in student debt (70% Alberta, 30% Canada) with about $8k sitting in 0.8% Interest savings account which I can pay back whenever I need to as I have no expenses besides food and clothing.
As you can tell I have much more loans taken out than I need to, this plus scholarships and grants I've been able to qualify for add up to alot of interest free money which I don't necessarily need.
Adding on, I've got a position for my upcoming work term for 8 months which should earn me $30k gross (I have a total of 20 months of work experience in my degree) which in total can more than pay for my entire education
I've been looking a lot into investing specifically into ETFs and indices with all this extra loan money which I don't need, and paying it off by graduation or holding on to it depending on how the interest rates are and my ROI.
Interest rates for Alberta loans are prime, while Canada is prime + 2.5% if I were to choose the variable rate
I am not going into this blindly, I've finished reading the Wealthy Barber Returns as well as Wealthing like Rabbits, I am about to take up The Intelligent Investor aswell. I have been keeping up with financials for over a year now actively checking markets learning how everything works and getting familiar with all the terms (Thank you Investopedia) Previously I traded forex markets (small amounts <$1k) for fun and also for the occasional profit, I stopped trading forex because it felt more of a gamble than investing.
Now with all this background information covered, my question is: Is it a good idea to continue to take out as much student loans as I qualify for and putting them in a TFSA with a modest portfolio compromised of a diverse assortment of Vanguard ETFs? I would start off with about $4k and contribute regularly during my work terms.
submitted by albertastudentloons to PersonalFinanceCanada [link] [comments]

Personal Finance for Newcomers

We, a family of 3 with a small daughter, are landing in Canada as immigrant newcomers next month, bringing about 25K CAD with us. We also have about 60K CAD as assets in homeland that we are not immediately bringing with us. After some research, here is what we planned to do. I need suggestions from the generous redditors of this forum, if our plans are okay and if we are missing something.
Bank accounts
I'm appalled by the low interest rates for savings accounts and the tax on interest income. So we'll right away open two TFSAs along with our checking accounts, for me and my spouse and deposit 5K each. The idea is to invest these in ETFs or Stocks. I've shortlisted to open 1 account each in both Questrade and Virtual Traders.
Question: If we need 1 USD and 1 CAD TFSA, which amongst Questrade and VT would have what? Questrade allows journaling Norberts Gambit, so do we need both CAD and USD in the same broker to do a Norberts? We are planning to invest only in non-dividend paying USD stocks and ETFs in the USD TFSA.
For the regular checking accounts, we'll probably go with TD or Tangerine. TD Newcomer packages provides 6 months of no fee and also a credit card, and a USD account, so looks attractive. After 4-5 months, we can of course open a Tangerine too. BTW, does anyone know which bank offers nice benefits for newcomers? Also, which credit card is good for mainly grocery purchases and eating out? How many days does it take to get a credit card, once I have a SIN? We plan to have one checking account and two credit cards, is it possible?
RESP
It is possible for us to open a RESP immediately right? We'll be in SK, so I guess there is also a SK education grant. The plan is to open a RESP and deposit 2.5K immediately. Question - which SK institution offers online RESP contribution with no fee?
So that leaves us with 12.5K in Cash, of which 6K will go to the TD account towards checking minimum balance (5k) and the rest 6.5k is for taking a rental house and other expenses. I'm also bringing a forex card loaded with 1k which would also be used, but since it won't help us build a credit limit, we don't want to load more into it.
We want to buy a used car, say a month later, costing about 3K. Will I be able to use my credit card for that, considering we just got it a month ago? A secured one will help? If we can't use CC, then I've to bring more cash from home.
USD vs CAD
Do we need to bring a part of this 25K CAD in USD, say 5K USD to go into the USD TFSA? Or can we just bring CAD and avoid fx conversion charges/commissions doing Norberts Gambit after a TFSA CAD is opened in Questrade? We are a bit confused. To make matters worse, CAD is appreciating against greenback and I guess any USD holdings will lose some money in the near future?
Homeland Assets
I read that we've to maintain a record of fair market values of homeland properties and assets on the landing date, and this would be the adjusted cost base to calculates gains, on future sales. So, we will have this record.
Finally, as far personal finances are concerned, are we really missing something in this big move of ours? :-)
submitted by aspironet1 to PersonalFinanceCanada [link] [comments]

All income in USD: Help with International Equity in TFSA

I thought I had all questions answered after my last post outlining my portfolio structure, but an issue came to light after reviewing my International Equities decisions. Apologies if this has been answered before, I wasn't able to find a definitive answer after quite a few hours of searching PFC for posts addressing this.
I expect to be in a higher tax bracket at retirement than now, therefore I am aiming to max out my TFSA first before looking at RRSPs and taxable accounts. I still have a long way to go before doing that, which means I have to put International Equity ETFs in my TFSA.
Given that all my income is in USD, I am trying to decide which of these options maximizes effective returns:
  1. Convert USD to CAD using Norbert's Gambit, and buy XEF & XEC. This creates losses due to the Forex, and respective Foreign Withholding Taxes (FWT) of 0.26% and 0.63% according to the White Paper by PWL Capital.
  2. Use USD directly to buy VEA and IEMG (US traded ETFs), with respective FWT of 0.59% and 0.63%.
  3. A hybrid of options 1 & 2: Buy XEF using Norbert's Gambit, buy IEMG using USD, thereby avoiding Forex fees on IEMG.
Trying to work out the numbers in Excel, I found that Option 3 is the best, but it would be great if someone with more experience could confirm I'm not missing anything.
Notes:
submitted by PositivelyNotARobot to PersonalFinanceCanada [link] [comments]

Investing Abroad Questions Regarding TFSA and non registered account.

I am a student fresh out of University and decided it would be a good time to start investing in some index funds and bonds using TD e series funds.
However I will be leaving for South Korea for a year starting August to work. I called the CRA and they informed me I would be a non resident for the duration of that year, therefore I cannot contribute to any TFSA. I technically could contribute to my RRSP but would not receive any deductions since I have no income in Canada.
My only option if I want to invest is to go through a non registered account. How this would work is, I transfer funds from my Korean account to my Canadian savings account (forex rates apply), then I transfer funds from my savings account to my investments. This is of course all taxable upon withdraw.
My questions is, am I better off just keeping my money in a korean bank account and start to invest upon my return, or invest through the non registered account? It seems kind of strange to have non registered investments prior to owning any kind of investments in my TFSA and RRSP.
Sorry if this is a really stupid question, I'm pretty new to money matters and personal finance.
submitted by Egiuc to PersonalFinanceCanada [link] [comments]

US ETF vs Canada ETF

I am wondering in a RRSP and TFSA account, should I buy a ETF listed in the US or the equivalent listed in Canada?
Obviously buying the US ETF incurs forex fee, but then does the lower MER + witholding tax actually balance it out over a few years?
submitted by elty123 to PersonalFinanceCanada [link] [comments]

Sidebar Navigation (Expanded form)

Welcome to /CanadianInvestor!
This is the expanded version of the sidebar to further explain some of the features of these links
>Resources - Standard websites used for investment products besides Mutual Funds
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>Forums
>Definitions Finance - Common Terms - This has every term you need to know about finance
>Couch Potato Beginner Fundamental Index Investing - the go to strategy for setting up a starting portfolio to gain the average market performance
>DRIP Dividend Reinvestment Explained - dripprimer.ca which explains dividend investing. whole shares are only able to be reinvested unless you are enrolled privately through a company agreement to have partial shares reinvested
>Risk in Stocks Understanding your risk - common question in market exposure is sometimes how exposed do you want to be and what is comfortable for your situation. your tolerance level. www.getsmarteraboutmoney.ca has other investment ideas for planning purposes
>TFSA Info Canada Revenue Agency - common Q/A on TFSA's answered which should provide the information you need on withdrawing and contribution limits
>Foreign Tax Withholding Tax - US listed companies or investment products (etfs) are subject to withholding tax unless they are held in an RRSP. this explains foreign withholding tax and what it means for your investments.
>SEDAR Legal Financial Statements submitted mandatory by companies
submitted by vekula to CanadianInvestor [link] [comments]

TFSA  Tips And Tricks  Canadian Investing for Beginners Best Online Brokers In Canada 2020  DIY (Do-It-Yourself ... 2 Income Producing Stocks for your Canadian TFSA or RRSP TFSA Explained For BEGINNERS (EVERYTHING YOU NEED TO KNOW ... Canada Forex Trader Show $37,608 of Forex Profit  Forex Trader Profit  Forex Trader Canada

TFSA as forex trading Canada. Hello, I search before but nobody seems to post about it. Do you know any good and trusty broker who allow deposit in TFSA account? I was really intor oanda but they dont allow it. Thanks, 2 comments. share. save hide report. 73% Upvoted. This thread is archived. New comments cannot be posted and votes cannot be cast . Sort by. best. level 1. 3 points · 2 years ... Forex trading in Canada is regulated, but most Forex brokers cannot consider the Canadian regulatory environment as favorable, which explains why the country is not home to a high number of domestic brokers. To better understand why most brokers prefer to set-up operations elsewhere and then attract Canadian traders, the regulatory environment in Canada needs to be better understood. Forex is ... Canada Revenue Agency: Earn $1,000/Month TFSA Income the CRA Can’t Touch Lame-Duck Trump Has Potential to Upset Markets With Final Acts TSX gains on energy boost; Great Canadian Gaming surges on buyout deal TFSA (Tax Free Saving Account) is offered by IB Canada for Canadian residents only. A Tax-Free Savings Account (TFSA) allows customers to set money aside tax-free throughout their lifetime. Each calendar year, customers can contribute up to the TFSA dollar limit for the year, plus any unused TFSA contribution room from the previous year, and the amount withdrawn the year before. Investments ... So, the forex day trading tax implications in Canada are to a certain extent controllable by you. You and/or your account can decide which system will work best for your situation. However, the CRA has pointed out that forex tax reporting must be consistent. So, if you file your profits as business income at the beginning, you cannot later change it to capital gains simply to reap tax benefits ... Tax-free savings account holders will now be ultimately liable for any tax owing on income earned in a TFSA if the Canada Revenue Agency (CRA) determines that the holder has been carrying on a business of day trading in the account, according to a proposed change made by the federal government in its budget announced on Tuesday. Under current legislation, if a tax liability arises from the car In 2009, the Canada Revenue Agency (CRA) created a new program that allowed Canadian residents to shelter $5,000 a year in investments in a tax-free savings account (TFSA). Although the TFSA contribution limit has changed over the years (in 2019 it was $6,000), the contribution room accumulates every year just like a Registered Retirement Savings Plan (RRSP). This means any unused room is ...

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TFSA Tips And Tricks Canadian Investing for Beginners

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