Ask MetaFilter questions tagged with finance and canada

Does anyone have a Toronto bank that they love?

scrute — Wed, 04 Nov 2009 19:15:02 -0800

My bank has quit the banking business leaving me high and dry -what is your favourite non-TD or BMO banking option in Toronto? I have been a big fan of Citizen's Bank of Canada (not the same as the US bank of the same name) for years, but they have gone out of business. While they have sold mortgages and secured credit to TD, they are leaving those of us with unsecured lines of credit on our own (TD's choice I believe).

I need to replace my unsecured line of credit ($10k) and open a new account. I don't have much in the way of assets but have a stable, reasonable salary and a good credit rating. I also have a relative who is happy to co-sign on a line of credit, but most banks now refuse this practice and I do not want a traditional loan.

I am happy to consider credit unions or similar alternatives. I have had horrible experiences with Bank of Montreal and TD in the past and have no interest in banking with either of those institutions.

So, where can I get my line of credit with a reasonable interest rate and a good chequing account? Bonus points for affordable wire transfers and programs for New Canadians (my husband lives overseas (wire transfers) but will be moving here once we manage to sort out his visa (New Canadian programs)).

Where to get the best exchange rate to buy a big USD bank draft in Toronto?

winston — Tue, 01 Sep 2009 21:05:47 -0800

How do I get the best exchange rate when I have Canadian dollars in hand and want to make a large payment in US dollars? I'm in Toronto and the recipient is not flexible with regards to payment methods so I need to end up with a certified cheque or bank draft to send. The money is currently in a President's Choice account and they can get me a USD draft but their premium on the exchange rate seems to be 2.5%. Currency exchange businesses usually advertise better rates than that but is there someplace I can walk into with a draft in CAD and walk out of with a draft in USD? Or is there some other option? I'll only need to do this once.

How can we get a car now if we're moving to Canada in 3 months?

setanor — Fri, 12 Jun 2009 12:29:24 -0800

We're moving to Canada in 3 months but we need a new car now. Buy? Lease? Here? There? Our little blue wonder-car has finally started to become more of a burden than we can afford, and we don't want to make the investment to get it inspected right now. We need a new car. We're moving to Canada in 3 months - it is my assumption that if we were to lease a car in the US right now, we wouldn't be able to bring it to Canada.

So, buying, maybe? What about warranty? A lot of dealers around us offer long-term warranties that are very attractive on used cars, but do these generally apply in Canada? This is important to us, as we would like to keep costs to a minimum for the next few years and don't really want to budget for wear and tear repairs.

Should we wait until we get to Canada, and make do for now? How hard will it be for us to buy a car with no Canadian credit?

This is very confusing. Can anyone help make sense of it?

credit ratings across nations

Anonymous — Tue, 13 Jan 2009 11:34:02 -0800

I was born in the US, lived in Canada for ten years, and moved back to the States last year. While I was in Canada, I built up a solid credit rating- I had two credit cards, an unsecured line of credit with low interest (7%) and overdraft protection on my checking account up to $3,500. At one point when I was underemployed I built up some credit card debt, but I payed it off. Last year, when I moved back to the US for grad school, I got into a bad pattern of leaning on my credit cards and low-interest line of credit to pay for moving and start up expenses. This June, the world financial collapse coincided with one of my own- I was employed super part time, was making around $750 a month and was struggling to pay rent and buy $20 worth of groceries a week. I just couldn't pay my debt, and I paid very minimally, then not at all. I know I probably should have called the bank and tried to work something out, but what can I say- I panicked and froze. Currently, my total debt load is $14,000 on the line of credit, $3,700 on the overdraft and $1,400 on my Visa. I've worked hard to hustle up jobs, and currently I am no longer as financially destitute as I was. I also have just now been taken to collections. I have an appointment with Canadian credit counseling (the reputable nonprofit that everyone goes to) on Thursday. I plan on amalgamating and paying off the debt.

My question is: how much, if at all, will my credit raring in Canada affecr my US credit rating? So far there seems to be no bleed-through- when I applied for a cell phone a year ago, with excellent credit in Canada, I was told that I had no credit rating in the US- not a bad one, just a nonexistent one. I told them I had great credit in Canada, and was told that the two systems don't relate at all, as the identification markers (Social Security Number and Social Insurence Number) are different. So I'm wondering, if that's so, if it might be so in reverse- that I could maintain good credit in the US even if mine in Canada has taken a hit. I'm not planning on taking out any new credit cards or debt, have worked up a budget, and all the good stuff- but I'd like to know that I could rent a car, not be screwed if I moved and am applying for a new apartment, etc.

Also, I've been told that the credit counseling service may not be able to help me, as I don't work one full-time job- I'm a performer and grad student with several part-time jobs, and sometime chunks of money from performance gigs, grants, etc. So I'm also wondering- given that they charge a fee, might it be better for me to work out my own deal with collections? I can defintiely pay off the small Visa ballance in one chunk this month, and can pay perhaps $500 a month towards the other two after that. Not great, but I could have this debt paid in three years if I stick to it.

Finally, does anyone know of any good budgeting software/budget plans for folks who are self-employed who don't have a regular paycheck? It's been a struggle for me to budget when I might only get $1,000 one month from my regualr small gigs, but then get $3,500 in one chunk from a university performance. Most budget info seems geared towards folks who have one, or two, steady jobs.

Thanks in advance!

More tax cuts?

Vindaloo — Mon, 12 Jan 2009 06:48:58 -0800

Canadian finance minister, Jim Flaherty, is set to announce our government's plans to stimulate the economy. That plan is rumoured to contain some major tax cuts. Help me understand why every policy, in good times and bad, always calls for tax cuts. The Harper government has already made numerous tax cuts, including the famous 2% reduction in the GST. This reduction means the average Canadian now save about $250 a year, but it costs our government about $7.5 billion in lost revenue. And this was done when the economy was strong, the coffers were full, and the government said it didn't need the money.

Now things are bad, the economy stinks and the government must intervene. With more tax cuts.

I don't get it. Tax cuts when things are good, tax cuts when things are bad. Tax cuts in the morning, tax cuts at lunch, I smoke two tax cuts then I smoke two more. Please help me understand why the solution to seemingly every macroeconomic situation is tax cuts. Is it just my left-bending mind which finds this suspicious?

Where in Toronto can I buy a money order in US Dollars, drawn on an American bank?

winston — Wed, 24 Dec 2008 08:34:21 -0800

Western Union no longer sells US Dollar money orders in Canada. Where in Toronto can I still buy a money order in US Dollars, drawn on an American bank? (The ones from WU were drawn on a Wells Fargo branch in Colorado) My payee won't accept postal money orders, nor money orders drawn on a Canadian bank. CIBC and RBC used to sell money orders or drafts drawn on an American bank, but apparently they don't anymore (assuming the people I spoke to in the branches know what they're talking about).

A money order (or other form of cheque drawn on an American bank) is the preferred payment method.

Spreadsheet to calculate EI/CPP?

Jairus — Mon, 07 May 2007 20:57:23 -0800

Are there Excel spreadsheets available for Canadian (Ontario) payroll calculation that automatically calculate EI, CPP, etc?

Help me spend my loonies wisely.

flibbertigibbet — Wed, 21 Feb 2007 06:09:13 -0800

Help me learn about personal finances... Canadian style. I'll admit it: I know very little about personal finances, beyond "save for retirement now!"

So, I googled, and found a few good blogs, mostly thanks to get rich slowly, but I am craving more.

So: can you suggest any Canadian personal finance books, blogs, and websites?

Bonus points if they are of the "hello, idiot, welcome to the world of money" genre!

RESP...still don't know what it means for me

acoutu — Mon, 29 Jan 2007 19:47:28 -0800

College savings: Does the government care how you spend a college savings plan in Canada? More than a year ago, I asked about registered educational savings plans. Now I'm wondering how the (Canadian) government regulates how you spend them.

I understand when my child(ren) can withdraw the funds and that they have to be registered in a post-secondary program. But, aside from that, how does the government check to see what you spent the money on?

I see that there's a $42,000 contribution limit over your child's lifetime. Let's say this grows to $78k. Tuition in, say, 2023, is $12k per year and my child needs a total of $50k to cover four years while living at home. My child also works at some internships and part-time jobs that cover, say, $24k of expenses. After they kick that in, there's around $50k left in the RESP. Heck, let's say there's even $25k left.

Do you have to spend this money on room and board? What's to stop someone from using this to save for a downpayment on a condo that they help their child upon graduation? Or for a car to help them get to school? Or for some other purpose? (I recognize the money is taxed in the child's hands upon withdrawal, but let's assume the child hangs on to the withdrawn money.)

And, if your child only does a one-semester program, can they pull all the money out at once? The government's RESP page is pretty vague.

How can I become a trader?

smitt — Wed, 17 Jan 2007 14:01:02 -0800

I'm looking to become a trader in Canada, and need some ideas on how to go about it... I'm just finishing my final year in the Business Admin / Finance program at Sheridan College (www.sheridaninstitute.ca) and have already completed the first of two exams required for the Canadian Securities Course. I will be done the second exam at roughly the same time I finish my program at Sheridan.

And with the CSC, it will be fairly easy for me to secure a job with any number of Canadian banks in a retail branch location doing sales work.

But I want to become a trader in Toronto, and am not entirely sure what it'll take to go about it.

I realize this is a fairly vague question, but was hoping some of the MeFi-ites might have some relevant information they could pass down. Thanks alot!

Vancouver accountants?

stavrosthewonderchicken — Thu, 14 Sep 2006 17:51:06 -0800

Possibly a longshot : can anyone recommend an accountant in Vancouver? I'm looking for one that can advise me on tax issues and possibly do some document preparation for me, particularly with regard to my lengthy and continuing expatriate status.

Also, a follow-on question: I've never actually sat down with an accountant who wasn't just a professional friend helping me out. My expectation is that I might be able to sit down with one to lay out my requirements and get a price estimate for the actual engagement, without charge. Is this the case, or will the initial consultation cost, and if so, what might I looking at, ballpark, for say the initial 20 minutes of his or her time?

International Money Transfers

srboisvert — Tue, 27 Dec 2005 07:04:57 -0800

What is the best way to do international transfers in order to get the best currency exchange rates and avoid excessive bank transfer fees? Transferring from the UK to Canada is costing me £20/transfer.

RESP...tell me what it means to me...

acoutu — Mon, 14 Nov 2005 15:34:23 -0800

CanadaFinancialFilter: What's the best way to invest in an RESP? My husband and I recently opened a no-fee bank RESP for our son. We plan to use the bank RESP until we have enough money to warrant opening a self-directed RESP. However, we know some people who have gone with "scholarship trust" plans. It sounds like these programs involve a bit of a risk, in that your child may not pursue four years of post-secondary education. My husband and I both have masters degrees, but we recognize that our children may not be interested or even suited to university. We want to make sure that the maximum amount of our contributions/interest/grants will be available for RRSP transfer, cash out or what-have-you, in the event that our children do not pursue post-secondary programs. We don't want our children to feel guilty or pressured about university, even though we think there is a strong likelihood that they will pursue some form of post-secondary education.

Canadian parents...what do you think the best way to invest in an RESP is?