Hot answers tagged

232

Yes, absolutely! You are obligated to pay your rent, and you haven't done so yet. Since this was your landlord's issue and not your own, if your bank charges you a stop payment fee, it would be reasonable for you to request that the landlord allows you to discount the rent by that amount when you rewrite the check.


174

If I had a legitimate reason to give to you $100,000 with a $500 fee, I would ask you if it is okay to take the $500 out of the $100,000, and if you agree, I'd pay you $99,500 without any cost for you. Someone who wants to give you money doesn't ask for fees, they just deduct any cost from the money they give you. Same for lotteries, inheritances, tax ...


104

Your obligation wasn't to write a check...it was to pay your landlord. And you haven't actually paid until money has gone from you to the landlord. So you're still obligated to pay. (You might not have to write another check. Any method of payment the landlord accepts will work. But if they will only accept a check, then check it is.)


82

Credit card limits are, for the most part, soft limits; sometimes, a credit card will allow you to charge a little over your limit. The large amount they allowed you to go over your limit is unusual, but not unheard of. It is your responsibility to keep track of how much you charge on your credit card, not the bank. Just like with a checking account, you ...


82

The simple answer is that their underwriting models show that customers with higher credit scores are less expensive to insure. The general argument is that credit score is a reasonable proxy for responsibility, not wealth. Someone that religiously pays their bills on time is likely to be quick to address small maintenance issues rather than letting them ...


81

Have her talk to her bank and ask if they have programs designed for people like her. If they aren't any help, consider switching to a bank with more of a customer-health focus. Many banks and credit unions have specific programs for people like her, to allow them to build credit with less risk (both for the bank and for her). Also, many financial ...


63

Arguably, "because they can". Canada's banking industry is dominated by five chartered banks who by virtue of their size, pretty much determine how banking is done in Canada. Yes, they have to abide by government regulation, but they carry enough weight to influence government and to some extent shape the regulation they have to follow. While this ...


63

Congratulations on an amazing rise on salary. Please pat yourself on the back for such an accomplishment. The best thing you can do is to hire a competent tax specialist. Here in the US, it is typically an accountant and they would tell you that there is not much they can do. Maximizing tax favored retirement accounts is about the best one can get away ...


60

However, my marginal tax rate jumps up by 5.5%, which is not minuscule. Although it is true that your marginal tax rate jumps as you go up in income to the next bracket, your effective tax rate, which is found by dividing your total tax by your total income, does not jump. It is a gradual transition as you go up in income. For example, in the Canadian ...


54

You can make a contingent offer: "I will buy this house if I sell my own." In a highly competitive environment, contingent offers tend to be ignored. (Another commentator described such a contingency clause as synonymous with "Please Reject Me".) You can get a bridge loan: you borrow money for a short term, at punishingly high interest. If your house ...


54

Don't bother. It's a stunt, and a wasteful one. The whole point of it is emotional: wanting to believe this is your money, blah blah. But money is fungible: there's no difference of this, vs your RRSP loaning to somebody else's mortgage while you borrow from a bank. The RRSP money is tax sheltered, "restricted" money. It's not your money (yet); it's ...


48

According to the OSAP website you will not be charged interest until 6 months after you graduate for the Ontario portion of your loans (Canada portion accrues interest immediately after graduation). The loans are interest and payment free while enrolled full-time. That means for the next year you could earn interest on your savings and have extra cushion at ...


45

I am neither Canadian, a lawyer nor a tax-adviser. This is neither tax- nor legal-advice. TL;DR: As far as Income Tax is concerned, it is very likely that there will be nothing to pay. You will, however, almost certainly have to pay Provincial Sales Tax (PST) (at probably 12% of the "fair market value" of the vehicle). In addition, should the vehicle ...


43

Yes, you are still obligated to pay the rent. I don't know Canadian law, but in the US, your obligation to pay a debt is generally relieved when control of the money passes to the other person. In a simple case, suppose you paid the landlord with cash. If you gave him the cash, and then as he was on his way to the bank to deposit it, or on his way to the ...


42

No, it is not correct. You bought those 909 shares for $90,900. You sold them for $99,990. Your capital gain is $9,090 Or you could calculate the cap gain by multiplying the share price increase by the number of shares sold: 909 * $10 = + $9,090


42

Essentially you have two people pretending to understand something and writing enough that it feels like it makes sense. The whole idea falls apart when you realize that equity grants are taxable. Get paid $100,000 in stock, you owe income tax on $100,000 of income even though you didn't actually receive $100,000. People do this because they think the ...


38

It doesn't feel savvy to offer without Conditions Precedent like Financing Condition, Subject to Appraisal Inspection, Legal Review, Survey. For the average buyer, those typical conditions are very important. But for a team of investors, they are handling many of these internally. The purpose of visiting the house before making the offer is to do an ...


38

First to answer your question: Because it is the law. Period. No discussion allowed there - yes, some laws make no sense, but still, that is the reason. DO not like it? Vote for someone who will change it. The reason is that the money there is pre-tax and you are not allowed to USE it for yourself before retirement. Having a mortgage which pays market rate ...


37

This answer is based on my understanding of the US banking system. We have check cashing businesses here too, which are just like what you describe, except for the spelling :-) Let's consider what "cash it for free at the bank" really means, and why it might not be an option for everyone. One key issue is "which bank?" As an example, suppose that I have ...


35

The United States taxes gifts to the giver, not the receiver. Thus, in your case there would be no direct tax implications from the receiver so long as you are gifting cash and the cash is in Canada. If you are gifting capital (stocks, property, etc.), or if you are gifting something that is in the United States (US stock, for example), there may be a tax ...


34

The Régie du Logement is the government agency responsible for setting regulations regarding leases in Québec. They are very clear that paying the rent in full is your #1 obligation as a tenant. When paying by cheque, the rent is generally deemed paid when it has been honoured by the tenant’s financial institution, according to the Régie link above. In your ...


34

I used to do this when I was younger. The process went like this: look through the flyers from the stores near me. Note things that are significantly cheaper this week (eg chicken is on sale) add those items to the shopping list and note the store name add store names to items already on my list that are advertised on sale then go to the first store. Buy ...


33

If you never had a break in coverage, then you can answer "No" honestly. Your insurance was not cancelled. The reason that this question is asked is this: If you did have a lapse in coverage, and a problem arose during the time you were not covered, you might be trying to obtain a new insurance policy and then immediately make a claim on the situation that ...


32

The interest rate is the annualized interest rate you'll pay on the remaining principal balance each month. Since it's annualized, you'll divide the rate by 12, and pay 2.95%/12 = 0.24583% of the balance each month. For the first payment, your remaining principal is $250,000, and you'll pay 250,000 * 0.24583% = 614.58 in interest. The rest of the $1,180 ...


31

Both your aversion to debt and your aversion to living paycheck-to-paycheck are admirable. Many people live in both of those states. Fortunately, if I am reading your question correctly, you can avoid both. You currently have $18k in your savings, and your tuition for the upcoming year is only $13k. This means that if you pay cash for your tuition, you will ...


30

Understand your own risk tolerance and discipline. From Moneychimp we can see different market results - This is a 15 year span, containing what was arguably one of the most awful decades going. A full 10 year period with a negative return. Yet, the 15 year return was a 6.65% CAGR. You'd net 5.65% after long term cap gains. Your mortgage is likely costing ~...


30

Lawmakers like to be able to set the marginal tax rates for different income groups independently of each other. A politician who is negotiating an increase or decrease in taxes wants to be able to communicate very specifically to his electorate about who is hit by, or benefits from, the changes he's voting for. A single unified curve that defines marginal ...


30

Do not disclose any more information and change your passwords to the bank website. You might possibly have to change your phone number that you have linked to the bank account. This is important since you might be receiving One Time Passwords (OTPs) on the mobile number which can be used to gain access to your account. Personally, I think physical address ...


30

This is a supplement, not an alternative, to TripeHound's excellent answer. In BC you are required to pay tax (PST) on private vehicle sales. Moreover you are usually required to pay tax on the market value of the vehicle, even if you say you bought it for less (because it's far too easy for buyer and seller to report a price lower than they actually paid ...


27

If you read the fine print in the Pricing & Terms section of that card, you'll see: By becoming a Visa Business Card cardmember, you agree that the card is being used only for business purposes and that the card is being issued to a public or private company including a sole proprietor or employees or contractors of an organization. So that card is a ...


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