New answers tagged

7

Optimistically, you are playing an arbitrage game for 6.5% (10%-3.5%). For me it is not worth it, I'd rather own a house free and clear. You may have a different opinion. One of the ways to evaluate a business proposition is to discount the money invested in 20%. So, you would only buy into a business for 100K if it had 20K in profits. That 20% factors ...


0

Identity theft is constantly reported by media but few people know how to deal with it. Filing a dispute is a wrong way to deal with the situation. The correct way is to report them as identity fraud. Identity fraud in Canada can be reported to the CAFC Fraud Reporting System or you can contact them through the toll-free number (operation hour 9:00 am - 4:...


0

There are two very similar but sublty different questions here: Will having "too much" available credit impact my credit score? versus, Will having "too much" available credit impact my chances of being approved for a specific loan? Other answers have thoroughly, and correctly, covered the first question. Current popular models don't penalize based ...


0

This is true for USA Vantage 3.0, but my FICO score seems to track my Vantage score, so it might be true for Canada. The amount of available credit needs to be high to get a good score. And yes, this is counter intuitive. In my case, my credit score was very good but I wanted it higher. I increased the available credit on one of my cards by $10,000. My ...


6

In the US, at least, that WAS true, but doesn't seem so anymore. https://www.creditcards.com/credit-card-news/will-increased-credit-limit-hurt-mortgage-approval-process.php You’re not alone in thinking that a credit limit increase can hurt your score and make it harder to get a mortgage. Years ago, the common wisdom was that the more credit you had ...


2

Is Keehn right to advise having a low credit limit? But she doesn't say how much is "too much". Most everything I read suggests that FICO in US or Canada does not penalize for too much available credit. According to this Experian Q&A: From the standpoint of increasing your credit scores, you can't have too much available credit. The obvious ...


1

First, for clarity the amount you are transferring is technically not '$750' [the net impact to taxes payable], you are transferring '$5000' [the gross amount of the tax credit]. So the question is, if you transfer $5,000 in tax credits to your mother, would she pay any Ontario tax? [Note: you must also transfer the federal tax credits separately - I assume ...


0

In Canada, an individual CRA agent has a fair degree of leeway, in determining how charitable to be with a reassessment like this. This could be good for you, because there is no requirement for the CRA to accept refiled returns older than 3 years ago. But in my experience, it is quite likely they will, in a situation like this. I strongly advise you to ...


6

You can pay an awful lot for a mattress, but you might not have to. There are often very similar mattresses for much lower prices. Go to a different mattress store When you introduce yourself, try to make a friendly and polite, but not naive or gullible impression. You want the salesperson to both like you and respect you. They should think that you are ...


5

Can you handle the truth that the mattress industry is a rip-off? In fact, a mattress that sells for $3000, you can hunt around and get it with $500 or even less(depends on bed size). The huge margin is mean for the shop to keep running until they hit another customer. Here is your Mattress store bubble story. This story is confirmed by the reputable ...


13

Unfortunately this all sounds very normal, both for retail in general and the mattress industry in particular. As to why the sales person doesn’t want to give you a discounted price over the phone and wants you to come into their shop, this common tactic is based on an assumption that once you have made the effort to come to their shop you will be more ...


1

I find in general, Norbert's gambit makes financial sense for everything above about 3K assuming the two $10 trade fees one pays. TD now allows you to journal shares over without ever talking to a broker using the transfer shares feature. Depending on how deep your brokerage/bank digs, you save between 2k and 3K per 100k on both in and out transactions. ...


2

(I am neither a lawyer nor financial adviser; this neither legal nor financial advise.) TL;DR: Refusing to execute an order because of a broker's competing product would seem to be at least against the spirit of both SEC/FINRA regulations. If there are no clauses that specifically prohibit such action, it certainly seems to be against the overarching ...


2

tl;dr you've read the tax brackets wrong. Your third source states that in 2010, you should've paid 5.05% on the first $37,106 of taxable income to the Ontario government. Your mother's taxable income of $35k puts her well into the first bracket. In all likelihood, your mother will be able to benefit from the full amount. To ensure this is the case ...


1

I'm not a lawyer. However, I did find some interesting parts at Your Guide to the Employment Standards Act - Vacation. Quoting: Vacation pay Employees must receive a minimum of four per cent of the gross "wages" (excluding vacation pay) they earned in the 12 month vacation entitlement year or stub period for which the vacation is being given. [......


2

Canadian lenders are required by law to lend to you only if they can verify that you can afford the payments. In fact they are required to make sure you pass the Mortgage Stress Test to prove that you could continue to meet the payments even if interest rates rose. This means they are absolutely going to have to see evidence of your income. For employed ...


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