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Brokerage investment savings accounts
March 4, 2024
11:14 am
realtalk
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savemoresaveoften said

Scotia itrade may be the only one that allows purchase of F by non advisors.  

You can buy Series F on Qtrade. They offer many including the Scotiabank ones that are best in class for rates, and are free to buy and sell.

March 4, 2024
11:16 am
realtalk
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canuckles said
Do we receive T slips for the interest earned on ISA's? I'm not sure how I'm going to calculate my interest income for my tax returns because I have lots of in/out transfers and reinvest the income.

Sorry if this question was asked elsewhere..  

Yes, most of not all Canadian banks will provide related slips for registered and non-registered accounts, including interest income and capital gains.

March 4, 2024
11:30 am
Frieda
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canuckles said
Do we receive T slips for the interest earned on ISA's? I'm not sure how I'm going to calculate my interest income for my tax returns because I have lots of in/out transfers and reinvest the income.

Yes you'll get a T5, with the total interest, so no calc needed, unless you think there is an error. You'll get one for each fund.
I keep a running total, on purchases, sales. and interest received.

March 4, 2024
11:49 am
AltaRed
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Frieda said
You'll get one for each fund.   

Not necessarily. Some may issue one T5 for each corporate entity. For example, Bank of Nova Scotia (BNS) will issue one combined T5 for all DYN6000 series (personal), while Bank of Nova Scotia Trust (BNST) will issue a combined T5 for all DYN5000 series (personal). And separate ones for Corporate accounts.

I have not heard of anyone having a dispute regarding the interest calculations on these ISAs....once the individuals fully understood calculation methodology.

I might add I received the T5 for my Scotia DYN series on Friday and expect the T5 from BMO for my BMT series this week. It takes time for snail mail to arrive.

March 4, 2024
3:03 pm
zgic
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realtalk said

You can buy Series F on Qtrade. They offer many including the Scotiabank ones that are best in class for rates, and are free to buy and sell.  

I did not see the Scotia bank funds in Questrade the DYN series like DYN6005 OR DYN6004, neither A nor F nor the CAD or USD. Also Questrade charges $9.95 for trade of ISAs buy & sell. I bought the USD ATL5075 series F on questrade recently.

Could you please let me know of the DYN series in Questrade and how to get the free trades?

March 4, 2024
3:46 pm
realtalk
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zgic said

I did not see the Scotia bank funds in Questrade the DYN series like DYN6005 OR DYN6004, neither A nor F nor the CAD or USD. Also Questrade charges $9.95 for trade of ISAs buy & sell. I bought the USD ATL5075 series F on questrade recently.

Could you please let me know of the DYN series in Questrade and how to get the free trades?  

Qtrade is a different provider than Questrade

March 4, 2024
3:50 pm
Frieda
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AltaRed said
Not necessarily. Some may issue one T5 for each corporate entity.  

Thanks AltaRed, I considered being more precise, but the words didn't come easily enough.

I have DYN6004 (bank), and DYN5004 (trust company), and have a T5 for the first. Still waiting for the 2nd.

I'll add that there is a pretty decent selection on qtrade, and no fee.

March 4, 2024
6:24 pm
Norman1
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canuckles said
Do we receive T slips for the interest earned on ISA's? I'm not sure how I'm going to calculate my interest income for my tax returns because I have lots of in/out transfers and reinvest the income.

The reinvested monthly interest are shown differently than the buy transactions to put money in and the sell transactions to withdraw money.

Scotia iTRADE shows the reinvestments like reinvested mutual fund distributions. The amount of interest and the number of additional "units" are shown with each reinvestment transaction.

One can add up the twelve monthy reinvestment transactions if one wishes to know the interest for the year before the T5 slip arrives.

March 5, 2024
2:57 am
RetirEd
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If you're doing a manual calculation, be careful to ensure that the months you pick are the ones in the proper tax year! Do you add the December (last year - for last year's taxes) or December (current year) amount or is it the January? Does the amount you are recording cover interest paid on the December as December's, or should it be reported in January, when it was paid?

Banks have varying interest payment dates and practices. You should be able to call in and ask. I always have to double-check monthly payments.

RetirEd

April 3, 2024
4:59 pm
hwyc
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(ICYMI) Manulife ISA MIP510 is currently 4.50% (was 4.60%)

April 3, 2024
5:23 pm
Norman1
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Since last update, Manulife Bank reduced its rate:

ISA (Canadian Dollars) Rate
BMO High Interest Savings Account (BMT104) 4.75%
Scotiabank Investment Savings Account, Series A (DYN6000)
Equitable High Interest Savings Account, Series A (EQB1000) 4.65%
Home Trust High Interest Savings Account, Class A (HOM100)
B2B Bank HIIA, Series A (BTB100) 4.55%
NBI Altamira CashPerformer Account, Series A (NBC100)
RBC Investment Savings Account, Series A (RBF2010)
Renaissance High Interest Savings Account, Series A (ATL5070)
TD Investment Savings Account, Series A (TDB8150)
Manulife Bank Investment Savings Account (MIP510) 4.50%
April 5, 2024
8:19 pm
hwyc
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Hm. Looks like the Renaissance fund code changed recently. It was ATL5000 in #530 dated Jan 11, 2024. Then it is ATL5070 in #553 dated Feb 17, 2024 & thereafter.

Now this ... I see a promotional rate of 0.45% on eligible new deposit, effective February 12, 2024, on their product page. Wonder anyone benefited already? Too bad TDDI only offer TD HISA sf-frown

April 6, 2024
5:02 am
savemoresaveoften
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hwyc said
Hm. Looks like the Renaissance fund code changed recently. It was ATL5000 in #530 dated Jan 11, 2024. Then it is ATL5070 in #553 dated Feb 17, 2024 & thereafter.

Now this ... I see a promotional rate of 0.45% on eligible new deposit, effective February 12, 2024, on their product page. Wonder anyone benefited already? Too bad TDDI only offer TD HISA sf-frown  

yes can confirm the bonus for ATL5070 is real, and shows up as separate transaction when they pay out, only good till sometime in Jun tho, mark your calendar.

April 7, 2024
4:10 am
MyUsername
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savemoresaveoften said

yes can confirm the bonus for ATL5070 is real, and shows up as separate transaction when they pay out, only good till sometime in Jun tho, mark your calendar.  

I've just tried to switch all DYN6000 to ATL5070 and I'm getting this error:

We have encountered an unexpected error. Your transaction cannot be completed at this time. Try again or Contact Us for assistance.
{Result #BUSSA0001}

Hopefully it's a temporary error (it's Sunday), otherwise I'll have to call CIBC-IE to see why the switch is not allowed ...

April 7, 2024
6:49 am
AltaRed
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I am not sure what you mean by 'switch'. You have to first sell DYN6000 and then buy ATL5070. The orders should be able to be placed on a weekend though they will not be 'confirmed' until COB on Monday, and both will settle by COB Tuesday.

April 7, 2024
7:15 am
savemoresaveoften
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MyUsername said

I've just tried to switch all DYN6000 to ATL5070 and I'm getting this error:

We have encountered an unexpected error. Your transaction cannot be completed at this time. Try again or Contact Us for assistance.
{Result #BUSSA0001}

Hopefully it's a temporary error (it's Sunday), otherwise I'll have to call CIBC-IE to see why the switch is not allowed ...  

if its a registered account, u need to sell the DYN first before u can place the order for the ATL (assume u dont have cash sitting in the account to cover the ATL purchase).

April 7, 2024
7:58 am
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Promotional Rate†
Eligible New Deposits only* (up to $7.5MM) to RHISAs held by:

CIBC Wood Gundy All Other Dealers
0.45% 0.45
%

Wood Gundy is a high fee full service dealer. Are self-serve Investing outfits like the banks have considered to be "dealers"?

If not, the .45% will not apply to them. Anyone considering this should call in and make sure.

April 7, 2024
8:44 am
dougjp
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Lodown said
Promotional Rate†
Eligible New Deposits only* (up to $7.5MM) to RHISAs held by:

CIBC Wood Gundy All Other Dealers
0.45% 0.45
%

Wood Gundy is a high fee full service dealer. Are self-serve Investing outfits like the banks have considered to be "dealers"?

If not, the .45% will not apply to them. Anyone considering this should call in and make sure.  

Very good point. No mention on the CIBC Investors Edge platform about this offer. If they intended to capture funds self directed investors hold at other banks, then it wouldn't be such a hidden promo.

The main accomplishment of almost all organized protests is to
annoy people who are not in them.

April 7, 2024
8:59 am
Lodown
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Loonie said
The rate in a money market fund is not guaranteed.
Banks always describe best case scenario in order to get you to buy in as they will not be financially responsible for the rate, so it gives the bank more flexibility. When they said "or a bit more", that was your cue to be aware that the rate of return is uncertain.

With an ISA, you will get the posted rate, but it is subject to change of course, like any savings account.

That said, it could turn out that you do better with the money market fund - or not.  

When rates are falling - like now, MMFs can be found that always outperform HISAs. The reason being MMFs invest in short term deposits with 3-12 month future end dates while HISAs react to daily interest rate changes.

April 7, 2024
9:45 am
Rail Baron
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I'm taking the plunge and selling DYN6005 units to purchase ATL5075 units. I'm buying series F through QTrade, and even if the bonus interest isn't applied, the regular interest rates are identical at present. And if I get the bonus interest for a couple of months, so much the better!

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