Canadian Money Forum - General Personal Finance Talk http://canadianmoneyforum.com/ Main Money Forum en Sat, 25 May 2013 13:50:18 GMT vBulletin 60 http://canadianmoneyforum.com/images/misc/rss.png Canadian Money Forum - General Personal Finance Talk http://canadianmoneyforum.com/ Help with business financials http://canadianmoneyforum.com/showthread.php/15593-Help-with-business-financials?goto=newpost Fri, 24 May 2013 23:31:16 GMT Hi all- My wife and I are looking at a business that is for sale. I have their financials but need someone to help me look at them and break down... Hi all-

My wife and I are looking at a business that is for sale. I have their financials but need someone to help me look at them and break down what I'm seeing as I have no accounting experience. Should I just pick an accountant out of the phonebook, or are there specific types of accountants that could help us? ]]> General Personal Finance Talk indexxx http://canadianmoneyforum.com/showthread.php/15593-Help-with-business-financials A math question http://canadianmoneyforum.com/showthread.php/15591-A-math-question?goto=newpost Fri, 24 May 2013 17:56:00 GMT If I invested $100 a month every month for a year and at the end of the year I have $1240 - what is my net rate of return ? It wont be as simple... If I invested $100 a month every month for a year and at the end of the year I have $1240 - what is my net rate of return ?

It wont be as simple as (1240-1200)/1200 right since not all installments have been there for the same time. ]]> General Personal Finance Talk pnky http://canadianmoneyforum.com/showthread.php/15591-A-math-question My Credit Card was hacked! http://canadianmoneyforum.com/showthread.php/15589-My-Credit-Card-was-hacked!?goto=newpost Fri, 24 May 2013 17:03:28 GMT Just received a call from CIBC fraud dept, someone used my card number in Quebec yesterday so my card has been cancelled. The rep said the number... Just received a call from CIBC fraud dept, someone used my card number in Quebec yesterday so my card has been cancelled. The rep said the number could have been stolen as much as six months ago and sold along with many others. Not necessarily somewhere I have shopped recently.

Had the same thing happen with a Wells Fargo card we used in California two years ago. All the purchases were made after we had returned to Canada. I did not receive any notification, only saw the changes when I checked our account online. Needless to say I check the account more often now.

So disappointing. ]]> General Personal Finance Talk Emma http://canadianmoneyforum.com/showthread.php/15589-My-Credit-Card-was-hacked! No limit to credit? http://canadianmoneyforum.com/showthread.php/15588-No-limit-to-credit?goto=newpost Fri, 24 May 2013 15:02:43 GMT With asset bubbles popping up.......due largely to cheap credit, one has to wonder if there is an upward limit to what consumers can borrow. As... With asset bubbles popping up.......due largely to cheap credit, one has to wonder if there is an upward limit to what consumers can borrow.

As long as people (already deeply in debt) can borrow more and more................is there any reason they wouldn't borrow to spend?

After all.........they are cooked anyways, so what is a few more thousands here and there.

I am thinking when it all comes to an inglorious stop...........a lot of lenders are going to be wondering what happened. ]]> General Personal Finance Talk sags http://canadianmoneyforum.com/showthread.php/15588-No-limit-to-credit Allocation Conundrum http://canadianmoneyforum.com/showthread.php/15581-Allocation-Conundrum?goto=newpost Thu, 23 May 2013 02:56:04 GMT The financial background is:
22 years "old"
grossing ~ $46,200/yr this does not include OT & bonus which brings me to ~$55,000
$1000.00 in high interest debt (visa)
$16,942.15 Loan for Investment 'X' @ 4.25%
$7,396.86 RRSP loan @ 4.5%
$5,500 loan @ 0% (bank of Ma'&Pa') I would like this to expire sooner rather than later but there is no looming due date

$30,678.18 Investment 'X' ROI @ 19.13%
$3,146 (ABX.TO bought @ $19.49 x 160 shares) TFSA
$10,374 TD comfort balanced growth fund I would like to change this but do not meet the TDW 25k criteria for a free account

extra:
monthly expenses are $1300 + $810 loan payments
I expect $1600 (soon) + $4000 (in time) this is for taxes in 2011/2012 (I'm late I know!)
I have a vehicle repair for $500 ASAP
I currently put an extra $200/mth towards taxes as I worked in AB over winter and made 20k while paying 30% towards taxes
I am just worried about being bumped up a tax bracket this year and not having RRSP money to bring me back down
my credit score is just shy of 700 last I was updated

Now the meat of the matter!
What should I do with the $1,058 distribution I just got from Inv. 'X'?
What about my 2011/2012 tax return(s)?
Am I giving the Gov extra

As a personal aside, I am beginning to feel overwhelmed/incapable of keeping up. Conventional wisdom would say to pay off debt starting with the highest interest and working down but I would feel very good about paying my Ma'&Pa' loan back as Pa' is about to retire. Furthermore, my investment 'x' may end in this calendar year depending on my decision to move to a new higher paying job or home (east) to a more than likely lower paying job.

I'm a young bull but this little piggy wants to stay away from the slaughterhouse too!

Thanks a few million, I'm learning a lot on the site! ]]> General Personal Finance Talk bflannel http://canadianmoneyforum.com/showthread.php/15581-Allocation-Conundrum RRSP or Mortgage overpayment ? http://canadianmoneyforum.com/showthread.php/15563-RRSP-or-Mortgage-overpayment?goto=newpost Mon, 20 May 2013 14:41:36 GMT I've been overpaying my mortgage but about $600/month and have 11 years left before it is paid off. 2.9%
I put about $5k into my RRSPs and so does my wife.

She is going to be off for a year without pay and things are going to be very tight. Should I be overpaying the mortgage or making the RRSP payments? I was thinking of making the RRSP payments instead of the over payment (going back to what my actual payments should be) and then use the tax return to put down a lump some payment against the mortgage. What do you think? ]]> General Personal Finance Talk thotho http://canadianmoneyforum.com/showthread.php/15563-RRSP-or-Mortgage-overpayment The Number of Bond Funds that own or are buying stocks ...is at an 18 yr high! http://canadianmoneyforum.com/showthread.php/15558-The-Number-of-Bond-Funds-that-own-or-are-buying-stocks-is-at-an-18-yr-high!?goto=newpost Sun, 19 May 2013 16:26:06 GMT Attachment 249 (http://canadianmoneyforum.com/attachment.php?attachmentid=249) Yikes..News to me. Consider the consequences. Up to 20% of the... bf_stock.png

Yikes..News to me. Consider the consequences. Up to 20% of the total allocation of your Bond Fund may be in stocks! If/When the market drops - so drops your bond mf...who knew.
Attached Images
]]> General Personal Finance Talk dubmac http://canadianmoneyforum.com/showthread.php/15558-The-Number-of-Bond-Funds-that-own-or-are-buying-stocks-is-at-an-18-yr-high! Employer withheld RRSP contribution http://canadianmoneyforum.com/showthread.php/15553-Employer-withheld-RRSP-contribution?goto=newpost Sat, 18 May 2013 09:48:19 GMT Hi there, I resigned from my company earlyer this year. I have a question regarding RRSP contribution which my ex-employer is withholding. Here... Hi there,

I resigned from my company earlyer this year. I have a question regarding RRSP contribution which my ex-employer is withholding. Here are the details:

On February 13 this year, I handed in my formal resignation. Normally, my ex-employer matches an RRSP contribution on every February 1 but they never sent it to me. Three weeks ago, I received a termination letter stating that I am not eligible because I resigned before February 1 when in fact I resigned on February 13. It appears to me that my ex-employer is trying to sneak out of the obligation to pay my RRSP contribution. I contacted the HR department about this but I have not received any answer which makes me believe they try to quiet it out.

My contract states that the RRSP contribution is part of my salary. Can I do anything about this or is an RRSP contribution more or less like a good-will payment to me? What would be a good next step for me? Try asking nicely for it, give up or contact a lawyer? We are talking about 4000$ here!!!

Thanks a lot for your help. ]]> General Personal Finance Talk Kalergie http://canadianmoneyforum.com/showthread.php/15553-Employer-withheld-RRSP-contribution Rust Proof recommendation http://canadianmoneyforum.com/showthread.php/15552-Rust-Proof-recommendation?goto=newpost Sat, 18 May 2013 02:56:26 GMT Hi,

I got a new car recently, just wondering if it's worthwhile to do rust proofing. Do you have any recommendations?

Thanks,
Slacker ]]> General Personal Finance Talk slacker http://canadianmoneyforum.com/showthread.php/15552-Rust-Proof-recommendation GIC Laddering? http://canadianmoneyforum.com/showthread.php/15547-GIC-Laddering?goto=newpost Fri, 17 May 2013 18:51:08 GMT I'm a bit confused by the benefit of gic laddering. My understanding is you buy a gic at different levels eg. 3 months, 2 years, 4 years and 5 years then when the 3 month one matures you buy a 5 year gic. Couldn't I just buy a 5 year gic every year - then a gic would be eventually maturing every year. Would that be laddering?

Thanks,

Christina ]]> General Personal Finance Talk christinad http://canadianmoneyforum.com/showthread.php/15547-GIC-Laddering GIC Research http://canadianmoneyforum.com/showthread.php/15546-GIC-Research?goto=newpost Fri, 17 May 2013 18:48:47 GMT I found out People's Trust RRSP gics are non-redeemable before maturity. You'd have to talk to a bank representative in extenuating circumstances. Maxa Financial Gics are redeemable with a 1 year loss of interest penalty. Both are 2.7%. Maxa Financial has only been around since 2006 but its parent company has been around since 1963. I think I'd feel more comfortable to be able to redeem my gics even though it's unlikely I would do this. ]]> General Personal Finance Talk christinad http://canadianmoneyforum.com/showthread.php/15546-GIC-Research CMHC guarantee for private debt? http://canadianmoneyforum.com/showthread.php/15538-CMHC-guarantee-for-private-debt?goto=newpost Fri, 17 May 2013 03:27:39 GMT I was astounded today, when the CEO of Boardwalk REITs was a guest on BNN and said with a smile......we have 2 Billion dollars in debt............and... I was astounded today, when the CEO of Boardwalk REITs was a guest on BNN and said with a smile......we have 2 Billion dollars in debt............and it is all guaranteed by CMHC.

Somehow that just doesn't sound like a good idea. ]]> General Personal Finance Talk sags http://canadianmoneyforum.com/showthread.php/15538-CMHC-guarantee-for-private-debt Bond in your investment mix http://canadianmoneyforum.com/showthread.php/15531-Bond-in-your-investment-mix?goto=newpost Wed, 15 May 2013 20:47:56 GMT Hi There

My wife and I are in the mid 30's. I own about 1-2 dozens of different stocks and is slowly switching to ETF doing couch potato strategy. We currently don't own any bonds ETF in our investment portfolio. My reasoning behind is interest rate is as the lowest in history. Even if it stays constant in the next few years, bonds wouldn't move much anyway. If interest rate starts to go up, we'll see a squeeze in bond prices. Is that reasonable assumption?

Thanks ]]> General Personal Finance Talk b_foot http://canadianmoneyforum.com/showthread.php/15531-Bond-in-your-investment-mix Price fixing in LIBOR, Swaps Market, and now resources (mainly oil)? http://canadianmoneyforum.com/showthread.php/15530-Price-fixing-in-LIBOR-Swaps-Market-and-now-resources-(mainly-oil)?goto=newpost Wed, 15 May 2013 16:39:34 GMT http://www.bloomberg.com/news/2013-0...ng-window.html

"“The commission has concerns that the companies may have colluded in reporting distorted prices to a price reporting agency to manipulate the published prices for a number of oil and biofuel products,” the executive arm of the EU said in its statement yesterday. A single reporting company is involved, Antoine Colombani, a spokesman for Joaquin Almunia, the EU’s antitrust commissioner, told reporters today in Brussels."

"The influence of price reporting companies stretches beyond crude and oil products. The assessments published by Platts and its competitors including Argus and ICIS, a unit of Reed Business Information, are used to price the raw materials used in the $2.2 trillion global base chemical industry as well as coal, power, metals, emissions, liquefied natural gas and shipping rates."

I know everyone hates regulation, but is it time regulators looked into ways to mitigate price collusion? If one does not have firsthand knowledge of price collusion, we as investors are fighting a losing game. ]]> General Personal Finance Talk nakedput http://canadianmoneyforum.com/showthread.php/15530-Price-fixing-in-LIBOR-Swaps-Market-and-now-resources-(mainly-oil) Help me help my friend? Bank service question http://canadianmoneyforum.com/showthread.php/15526-Help-me-help-my-friend-Bank-service-question?goto=newpost Wed, 15 May 2013 00:40:38 GMT I got this email from a friend who is looking for advice/help/recourse with a banking situation. Here's the situation:

[Spouse] and I feel like we got fleeced by our Bank. Our Bank Rep sold us a new mortgage under the pretence "it will save you money". Great right? We still had a couple years under our previous mortgage, but Bank Rep said they'd waive the penalties ect. We were going to be getting a better mortgage rate & it would save us money in the long run.

We signed all the morgage papers & was about to go on our merry way, when we were told we would have to come back to sign more papers. Apparently to get this great new lower rate, we also had to take on a $40k line of credit. Oh. Ok. We were told this was just to secure funds in case we ever needed them. Sounded reasonable at the time.

The next day, after everything was signed, I checked out our new stats on our online banking account & found our mortgage was $40 greater than it was previously. WHAT ?!? So I'm not sure how to play this out.

Part of me wants to go to the bank manager & point out the underhanded practises going on (but maybe this gem is his selling strategy?). Part of me wants to just suck it up & take the $40k (at 2.84%) & drop it into rrsps (our rrsps could use some beefing up), but move home branches & not deal with our Bank Rep ever again. Part of me wants to take all of our accounts, sever all relations with this bank & move to a new one (but then that's another Pandora's box).

I am so angry I'm shaking. I feel so naive. But if we knew that this new mortgage rate came with an additional $40k debt, we would never have gone for it, as it defies our primary goal of getting debt free. UGH.

Thoughts? Help? Advice? What should she do? ]]> General Personal Finance Talk MoneyGal http://canadianmoneyforum.com/showthread.php/15526-Help-me-help-my-friend-Bank-service-question