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Are you ready for retirement?

Moronic Monday Thread for the week of January 21, 2019

Feel free to ask your stupid or not so stupid personal finance questions. Everyone should please be nice and not down vote questions for being too stupid. And remember to up vote good answers. And if your question is complex, it’s probably better to submit a new post for it. submitted by /u/AutoModerator [link] [comments]

Are you ready for retirement?

Im a Victim of Cheque Fraud, TD wont believe me and wants me to pay

My TD card bank account has had fraudulent cheques deposited and cash withdrawn totalling $2000, When I called TD to let them know They canceled my card and started an investigation. Their conclusion of the investigation is that “We cannot proceed these transactions as fraudulent as your bank PIN should be secure and known to you only” What Can I do? Anyone been through this before? EDIT : I have not Shared or given my pin to anyone submitted by /u/whykgoat21 [link] [comments]

Are you ready for retirement?

Tough crisis with RRSP over contribution.

Hi I and my father is immigrant. Specially my dad who’s english not good. basically what happen is that CRA did reassessment in end of 2018 and send a letter that he over contribute since he come to canada in mid 2000s. before that my dad the government’s assessment say he had room to contribute until 2016 despite there is few thousand dollar that’s unused contribution. for example,before reassessment for 2010, he has unused deduction in 2009 for about $300 leave him 19000 room for 2010. after the assessment he over contribute over $10000 dollar. for 2014 he has unused deduction of only $7000 from 2013 (still had room in 2014) before reassessment and now $30k. and even til 2016 he had some room to contribute. Maybe he thought it’s just a joint saving account create by his employer, the bank is promoting their accounts and just tell us more is better, encourage us to save without tell us the the fine print and limits. since the assessment he now owe almost 100k in contributions my dad don’t really understand much of Canadian stuff. he said he use the previous assessments to add money to his account. he also said...

Are you ready for retirement?

What’s the place you can save money for…

Your kid to go to school? And I’m on odsp, so would that money count as an asset or as my kids Money? I can’t remember what the account is called or even seem to put my thoughts into words. It’s like a retirenent fund, but for kids school? submitted by /u/pretty99 [link] [comments]

Are you ready for retirement?

Financial plan help

Hi all, I am 20yr old fresh out of uni and just moved a few weeks ago to start my career. This is my first time living away from home and the idea of budgeting my money is a new concept to me. I feel like I’m in way over my head financially and am not prepared to take on all the added bills that come with living on your own. Currently making 52k gross salary (take home approx 1600 bi weekly after deductions). My current fixed expenses are as follows: Student loans: 300/mo (Have upwards of 20k in student loans, 13k provincial 7k federal) Gas: 100/mo Groceries: 160/mo Gym: 10/mo Car Insurance: 203/mo Rent: 1405/mo on 12mo lease first 4 months free works out to about 940/mo Cell phone: 130/mo Internet: 60/mo Electricity: 65/mo ​ Financial assets: 4k in TFSA 3k in savings 3k in chequings Contributing approx 225/mo into company pension plan Credit card for 2yrs 776 credit score ​ I am wondering what steps I should be taking to creating a safety net for myself in the event things go sideways as well as where my money should be going in terms of saving or paying down...

Are you ready for retirement?

What is the Climate Action Incentive? Here’s how it affects your taxes.

You may have heard that as part of the Government of Canada’s climate change plan residents of New Brunswick, Ontario, Manitoba and Saskatchewan will receive a new tax credit called the Climate Action Incentive when they file their 2018 tax return in early 2019 -an effort to protect the environment, grow the economy and increase your refund (yay)! If you live in one of these provinces you will be charged a federal carbon tax beginning in April 2019 – it’s called a “fuel charge.” Rather than the fuel charge coming to you in the form of a bill, it will instead be added to the cost of your gas when you fill up at the pumps or added to your home heating bills. The idea is that a price on pollution gives people the incentive to make cleaner choices and encourages businesses to find clean solutions – which benefits us all as it protects the environment and helps to grow the economy. However, don’t let the idea of extra expenses make you nervous. The goal of the Climate Action Incentive exists to offset the cost of the fuel charge and put some money back in your pocket. Now, we know...