But it also depends what type of transactions you do, cuz if you only had to pay hydro, property tax, wire, visa once in a while PB it's kinda stupid, as you still gotta tell them to do it which takes more time than just paying a bill online, it's only if you're that busy always sending wires that PB is kinda worth it? I think the benefits of high net worth lending, investment advice, tax planning, better rates obviously, is more benefit than not having to pay a bill online. Unless you are a boomer that goes in person to do everything.

Well anything that's allowed to do online, I already do online. My bill payments are automated, my property tax is a couple clicks through CTFS portal, etc.

It's just a bunch of random things seem to be barred by regulation in Canada. You can't actually send a wire transfer online. You can send EMTs, "Global Transfers", and ACH, but you can't do wire transfers. This is something I was routinely able to do in the Bank of America app.

The most recent unexpected thing I had to line my peasant-ass up for, was update my CRA direct deposit. I had to go to a bank in person for that wtf. It was either get in a line, or mail in a form. I don't even own a printer.

Re actual financial advice, that's a good point. I just assumed they wouldn't know their ass from their face. I guess I should just talk to them and find out, because if I'd actually be getting lowside67-level advice, then hell yes I'd gladly pay for that service.

Just ask the regular folks here on Revscene. Everyone here is on PB-level (except for me). :derp:

I meant "lowside67 level" wrt technical adeptness, not wealth :p.

But presuming the latter: probably the most complicated part about it is the cross-border income: I'm getting paid in equities in both the US and Canada, in addition to my regular income. Meanwhile, the IRS & CRA are both withholding the maximum lol. I want to be as tax-efficient as I can be, but there's the bigger picture of net investment returns I need to look at, as well as gaming out the scenarios for any future changes in career or location.

Even if everybody is PB level here, I'm guessing it's an uncommon enough situation that they haven't had to put a lot of thought into it.

Wait, there are losers here who don't qualify for wealth management??!?!

I went to breakfast this morning and stole the little packets of jam and peanut butter. Does that make me PB level ?

I have RBC Private Banking. Requirements aren’t publicly listed but generally you’re looking at high 6 figures to low 7 figures in investable assets, sometimes more depending on the relationship. But it’s not just about cash sitting there either, they look at overall net worth, business ownership (assuming you own one), lending needs and long term potential.

In my case it wasn’t a strict number, it was more about the relationship and complexity of finances. Once you’re in, you get a dedicated private banker, better access to lending and everything is handled a lot more discreetly. It’s useful if you have multiple assets, businesses, or larger purchases rather than just day to day banking.

This sounds more like a need for a good accountant + financial advisor than a need for a private banker.

Re: IRS/CRA - withholding tax - is that b/c you're still considered an American employee and haven't been transferred to the Canadian entity and/or is it because your stock grants were made while you were an American employee and that sticks with you till those grants are all exercised?

I'm guessing the former has been explored and HQ has said no?

I am the only loser in the not qualified category.

I think what RabidRat needs first is a creative accountant followed by a crafty banker.

I think he also needs none north American passport

I also need to get financing from brown brothers in Surrey ... and then try not to get shot at for not paying $$ back in time.

The accounting firm that did my income tax charged me $6000, and that was just asking me a couple of questions over email. And I'm sure that was just popping stuff into their software.

I'm deeply afraid of what they'd quote me to do an actual consultation ><.

Yeah it's the latter :(.

Who are you hiring? KPMG?

Badhobz = PeanutButter

No dude, I wish. Just a smaller firm. I called / emailed around for months and anybody that would hear me out, was in the $5-7k range. Including the independents.

Seems as soon as you mention that you have a cross-border situation, nobody wants to deal with you :lol

I'm a Turbotax $55 on sale at Costco kinda guy. This year now that I can sort of copy their template, I'll try to go back to that approach.

Woah woah turbo tax ?!?! Look at mr money bags here… Psssh… try HR block free online tax prep. It’s free !

Once again ITS FREE !!!!

Great for simple taxes like my parents.

I've heard from a few folks who have US/CAN tax stuff and $6k is run of the mill. Everything gets magically more complex with cross border taxes and I know someone who has to shell out annually for it as he doesn't want to give up his US citizenship (while working here).

If you need cross border guy lmk - a friend who ran that practice for EY left and started his own thing.

Rates were super good, $600 for cross border filing and $100 for consult when he as doing it on the side back then.
I've sent 30 Microsofties his way - happy to see if he's taking on new business and what his rates are.

Wtf that's amazing, PMed!

PB is about connections really. You need anyone specifically in whatever field? Say accounting lawyers, corporate accountant, multi-national accountant... etc. Chances are, your PB peep would have someone to refer you to or at least point you to the right direction.

It's not solely to have a person to call/email/text to for your banking needs, but rather anything and everything to do with money, it's just one step away. Just saves time and especially when you are traveling or somewhere where you don't have physical access to bank, this has proven a life-saver to me many times. And they have a lot more authority vs. regular teller as well. When we were closing on a property, I was getting funds (bank drafts/checks) from others made to me to complete the purchase. Usually, they'd have a hold for large amounts, and I was risking on not able to close in time. One call to my PB ppl and all restrictions were lifted.

Nothing is free. HR Block has the most deceptive business practices and will do nothing to protect your personal information and data, let alone might even apply for grants under your name and defraud the government.

https://www.cbc.ca/news/canada/canad...cked-1.7363440

https://www.ftc.gov/news-events/news...stomer-service

My family does corporate and personal income taxes, support RS members instead #supportlocal LOL shameless plug (we don't do cross-border *yet*)

Hey question for people specifically with variable TD mortgages.

With the decline in rates this past year, has your payment adjusted downwards? Or has it stayed the same, but with more going to the principal?

When we signed a 5 year variable with TD back in January, I assumed as the interest rate goes down, our payment would as well.

12 months later and that doesn't appear to be the case.

Did I just miss that part of the fine print in the mortgage agreement? Or is this something I can adjust?

It's a pain to talk to anyone at TD without making an appointment so I thought I'd ask here in case anyone knows.

studiotax used to be free for all, but changed the model so only low income folks get it for free. it's still a good deal - just under $20 for up to 10 returns. i like how if you submitted online before it can use your previous return to populate a lot of stuff making it even more user friendly.

^^ A variable will keep the payment the same and adjust the amount paid to principal until/if a trigger point is hit (ie: interest rate is super high and barely any is going to principal or maybe none at all)