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Any Chinese New Year GIC promo this year ?
January 19, 2023
4:13 am
savemoresaveoften
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UkrainianDude said
5.28% after taxes will be 3%  

Other than trying to tell us ur marginal tax rate, what exactly is your point….

January 19, 2023
7:45 am
GR
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UkrainianDude said
5.28% after taxes will be 3%  

If you are opposed to interest earning products, what brings you to this website??

January 19, 2023
9:17 am
TommyT
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canadian.100 said

Alexandra - Don't feel bad about missing the WealthOne offer @5.28%. RBC is a FAR more secure FI, highly unlikely to ever go under, while WealthOne Bank has not yet turned a profit (I reviewed their Financial Statements on the OSFI site) - so the chances of it going under are not impossible if things do not improve. No business can operate with endless losses - and as one poster said you don't know how long it would take to get your money if WO should go down.  

Property prices in Richmond Hill have held up very well. Not much for sale in Markham and I've seen bidding wars of late. I live in Markham. A lot of the Chinese bank at the new HSBC bank at Markham Road and 16th AVE.

January 19, 2023
10:52 am
UkrainianDude
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savemoresaveoften said

Other than trying to tell us ur marginal tax rate, what exactly is your point….  

GR said

If you are opposed to interest earning products, what brings you to this website??  

I am not opposing this product I have simply stated the obvious fact. People should take into consideration the fact that GIC income is more heavily taxed compared to capital gains, or dividends.

January 19, 2023
11:19 am
gicjunkie
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UkrainianDude said

GR said

If you are opposed to interest earning products, what brings you to this website??  

I am not opposing this product I have simply stated the obvious fact. People should take into consideration the fact that GIC income is more heavily taxed compared to capital gains, or dividends.  

If you know it's an obvious fact, why did it need to be said? sf-confused

January 19, 2023
12:10 pm
UkrainianDude
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gicjunkie said

I am not opposing this product I have simply stated the obvious fact. People should take into consideration the fact that GIC income is more heavily taxed compared to capital gains, or dividends.  

If you know it's an obvious fact, why did it need to be said? sf-confused  
It is more of a friendly reminder.
If something is obvious to me doesn’t mean it’s obvious to everyone.

January 19, 2023
1:16 pm
gicjunkie
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On the other hand, the comment could be construed as condescending. Just saying......

January 19, 2023
1:52 pm
UkrainianDude
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gicjunkie said
On the other hand, the comment could be construed as condescending. Just saying......  

It depends. When I first moved to Canada, I would have appreciated if my bank advisor told me don’t buy GICs because you going to get taxed an arm and a leg. Unfortunately she didn’t. And wasn’t aware of any Canadian financial forums at that time. Just saying.

January 19, 2023
2:26 pm
Alexandra
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UkrainianDude said

It depends. When I first moved to Canada, I would have appreciated if my bank advisor told me don’t buy GICs because you going to get taxed an arm and a leg. Unfortunately she didn’t. And wasn’t aware of any Canadian financial forums at that time. Just saying.  

I don't know of one big bank here that would encourage you to purchase GIC's. They ALL want you to purchase Mutual funds............

If you read most of the comments of the regular contributors here, you will find they are pretty well financially savvy.

January 19, 2023
9:06 pm
Greedy Guy
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Bill said
Aside from their precarious financial situation the December online monthly statements are still not available - ?

We have significant funds with them, probably be withdrawing them over the course of the next few months.  

I downloaded my Dec2022 statement today. I keep GICs plus HISA total within the CDIC 100k coverage. Is your total(s) greater than CDIC coverage?

January 19, 2023
10:16 pm
Norman1
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UkrainianDude said

It depends. When I first moved to Canada, I would have appreciated if my bank advisor told me don’t buy GICs because you going to get taxed an arm and a leg. Unfortunately she didn’t. …

Perhaps you would be interested in reading about someone who was told to place the money into something else: "just made my very first investment $100,000… The first week I lost over $500…"

January 20, 2023
12:08 am
Loonie
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In my experience, WealthOne statements are typically the last to come out; it's nothing new and not a cause for alarm in and of itself, just annoying.

January 20, 2023
4:29 am
Bill
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Greedy Guy, got a number of accounts with them including TFSAs, would never go over CDIC limits with any bank on this site except Tangerine. With fixed income portion of portfolio I play it safe, risk-taking done elsewhere. Same reason I don't lock up fixed income for more than short periods, not gambling re future rates, inflation, etc.

January 20, 2023
4:59 am
savemoresaveoften
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Bill said
Greedy Guy, got a number of accounts with them including TFSAs, would never go over CDIC limits with any bank on this site except Tangerine. With fixed income portion of portfolio I play it safe, risk-taking done elsewhere. Same reason I don't lock up fixed income for more than short periods, not gambling re future rates, inflation, etc.  

That’s the way to do it. GIC by default is a defensive investment vehicle, no need to take any credit risk. Big 5 plus tangerine the only places I will go over CDIC too. My philosophy is if those fails, money is not my biggest concern anymore.

January 20, 2023
5:14 am
canadian.100
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Loonie said
In my experience, WealthOne statements are typically the last to come out; it's nothing new and not a cause for alarm in and of itself, just annoying.  

Interesting - you say Wealth One statements are typically the last to come out. Since they have been in “loss” position annually and cumulatively for 5 years now, I would be more “concerned” than “annoyed”.
Not in their interest to publish their statements more timely is it?

January 20, 2023
8:07 am
Bill
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Obviously on its own late statements are not a reason to jump ship.

Though it is puzzling why every month it takes them, and only them, until at least the middle of the next month to produce electronic statements. I once asked but got no useful answer. Maybe someone here knows enough about the system they use to give a reasonable explanation.

January 20, 2023
8:56 am
AltaRed
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Why does timing of statements matter? Anything one wants to know about account status is available online. Statements are simply a permanent record for historical purposes

January 20, 2023
9:36 am
canadian.100
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AltaRed said
Why does timing of statements matter? Anything one wants to know about account status is available online. Statements are simply a permanent record for historical purposes  

I thought he was referring to the financials filed with OSFI -
Guess he meant his own account at WealthOne.
As an accountant, “timely info” is an important principle to me.
WealthOne would not be an FI I would deal with at this time -don’t want to wait for CDIC in the event WOB collapses. Hope they are soon able to show a profit…

January 20, 2023
10:14 am
Loonie
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Is there a rule of thumb about how long it ought to take for a bank to show a profit?
If so, what is it?
If not, how do we know it is taking too long?

January 20, 2023
10:34 am
savemoresaveoften
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Loonie said
Is there a rule of thumb about how long it ought to take for a bank to show a profit?
If so, what is it?
If not, how do we know it is taking too long?  

It can be as long as the pocket is as deep, you never know what the owner's ultimate plan is (just like most golf courses are owned by real estate developers and the ultimate goal is very different from golf.) What I dont quite sure is what is CDIC's minimum criteria before they allow a new FI to be their member.

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