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You do earn more points with the Insiders card, but you would have to do a lot of shopping at Loblaws locations to make up for the $120 annual fee if you don't use PC Express. That being said, we did sign up for the Insiders card even though we don't use PC Express to take advantage of the 250,000 points. We will likely cancel the card as soon as the contract says we can and go back to the no fee World Elite card.

To eliminate the quarterly Maintenance Fee of $25 you need to have at least $15,000 invested with RBC. I use WealthSimple for TFSA and Non Registered trading accounts and Questrade for my RRSP (I hold USD in my RRSP and can use Norberts Gambit with Questrade to avoid foreign transaction fees). WealthSimple is completely free for all transactions but charges 1.5% foreign exchange fees. Questrade is free to buy ETFs but $4.99 to sell. Interactive Brokers do have low fees and a low foreign exchange fees. I have a video coming out about Interactive Brokers scheduled for January 18 2025. They do have much lower reviews than Questrade and WealthSimple

Wow! That sucks. Sorry to hear that. They are usually ranked as the highest for customer service. I hope everything gets resolved for you.

Goodness, that's ironic! Is there a way that the bank can email you the code instead of texting it to you?

Questrade has recently changed this. As of Dec 30 2024, there is a button in the middle of the top of the screen that says "MOVE MONEY". Click on it then select "Withdrawal". Select the account you wish to take money out of. Select CAD (or USD if transferring USD). Enter the amount you wish to withdraw. Select "Electronic Fund Transfer". Next, if you've already inputted your bank info, select the bank. Or, you need to enter your banking info (transit # etc) to connect to your bank (you can find this info on a VOID cheque or in your account). EFT usually takes a few days to transfer into your account. This is the way to do it online. On the app (they have a few versions now. I use EdgeMobile), select the the dots at the bottom of the app, select move money and then the process is the same. As for fees, Electronic Funds Transfers (EFT) are free, but you have to wait a few days for the money to transfer. Wire transfers cost $20, but are faster. So if using EFT there won't be any fees for most accounts. The only one you have to be careful about is withdrawing from an RRSP. Questrade charges a $25 partial deregistration fee or a $50 full deregistration fee. This is a standard fee all institutes charge, but can be avoided if you convert your RRSP to a RRIF first. No fees for withdrawing from a RRIF. I hope this helps. Thanks for watching

@ thanks very much .

@@financialwellness1 Also, can you please give me your opinion on Moo moo app? Should I open an account and use the bonus they offer knowing that I am in my 50’s and still a beginner in investing? If I open it will be for a passive investment, dividend based, but I have heard that moo moo is more for daily trade investors? Also, I have already my Questrade account as I used Questwealth a while ago. Is maybe staying with Quest trade a better option for me? Thanks very much. If I get your opinion on this, I will definitely subscribe to your channel and follow you on YT.

Hello, you can contact me at financial.wellness.ss@gmail.com

I wouldn't lol. I use WealthSimple and Questrade (which allows me to use Norbert's Gambit to convert from CAD to USD for free). Some people prefer to use a platform that they also bank with. I do hope that people realize that there are other, lower cost options out there

I'm glad it was helpful. When I was selecting a trading platform, fees were the biggest factor for me. I make purchases every month so the fees can add up. Good luck choosing, there are a lot of good ones :)

The 5 year annualized return is calculated this way: (current price/price 5 years ago)^(1/5) -1. Things get a little more complicated because the annualized return will also include dividends which are implied to be reinvested. An example you could use: You invest $1000 that has grown to $1200 in 5 years. (1200/1000)^(1/5) - 1 = 0.0371 which is a return of about 3.71% per year. As for avoiding a stock purchase, historical data should not be given too much weight. There are other metrics you should look at. For example, P/E Ratio, PEG Ratio, EPS, etc. I hope this answers your question. I don't invest in many individual stocks. I have found that index investing is simpler, less time consuming and has generally higher returns over the long term so most of my portfolio is set up that way.

Yes, I can. There are definitely fewer option for Internet than there are for Cell Plans, but I am happy to make one.

@@financialwellness1 I mean like comparing plans like Rogers, bell, Telus, oxio and so on

@@dostroyc3361 Absolutely. I'll put it on the list and get that out. No problem

You're welcome. Thanks for watching

Here is the link. I have set it so that anyone can have viewer access. Just click file>make a copy and you should be able to edit it to meet your needs. Let me know if it doesn't work: docs.google.com/spreadsheets/d/1sQ9rX5VtnP_bhuqYblrrzXTrNLGEDXNxgW_acZTAGMY/copy?usp=sharing

That's a great call. Rates are falling and some banks have already started dropping their interest rates. GIC rates will also start dropping, so if you are looking at some safe short term investments, now's the time

To pay the Triangle Credit card, I check my balance on Canadian Tire Bank website: www.ctfs.com/content/dashpublic/en/login.html Once I know how much to pay I go to my bank and select "pay bill". Select "New payee". Find the Triangle Mastercard. Enter your account number. Once the card is set up, then you can pay the credit card off. I hope this helps. Let me know if you need further assistance

Unfortunately, Questrade has discontinued their Practice Account. That is a big blow to me as I used it to teach all my students how to invest. In my opinion it was the best practice account and the easiest to access. They now offer a 1-on-1 demo instead. You can sign up for that here if you are interested: www.questrade.com/self-directed-investing/trading-platforms/edge/demo

Unfortunately, Questrade has discontinued their Practice Account. That is a big blow to me as I used it to teach all my students how to invest. In my opinion it was the best practice account and the easiest to access. They now offer a 1-on-1 demo instead. You can sign up for that here if you are interested: www.questrade.com/self-directed-investing/trading-platforms/edge/demo

@@financialwellness1 thank you!

I'm glad you liked it. Thanks for watching

Sorry, I'm not very involved in the social media world. Many of the RUclipsrs and Bloggers I follow are on an app called "Blossom" . It is an app that allows you to follow others investment journey. You can put in what you've invested in and see what others have invested in. You can ask questions etc. I haven't used it yet, Canadian In A T-Shirt has a great video on it: ruclips.net/video/zFC7jBChno8/видео.html

You can get the Neo Card that will be linked to your spending account. You can use it withdraw money from any ATM. There will be a $2.50 fee for doing so. Since you rarely need cash any more, you won't have to pay the fee too often I'm sure. However, I keep my tangerine account and use it as my main bank and chequing account (free withdraws from Scotiabank ATMs) and use Neo as my savings account. I honestly don't think I need to any more , but I guess it's a comfort thing :)

I'm glad you thought it was helpful. Thanks for watching

Thank you so much!

I'm glad you enjoyed it.

@@financialwellness1 can you tell me the site name from which you have taken the list in the video pls?

@@kartiknanda7247 I used slickcharts for the S&P500: www.slickcharts.com/sp500 and I might have used WOWA for the TSX: wowa.ca/sp-tsx-index

@@financialwellness1 thank you so much sir

I'm not sure what you would get flagged for. I have moved lots of money back and forth with no issues

Anyone 18 or older can get a credit card. The World Elite that I talk about in the video requires an annual income of $80,000. There is a regular Triangle MasterCard. You don't get the Roadside Assistance though, but you still get 4% back at the affiliated stores. You will have to pay interest if you don't pay off your credit card fully by the due date. If you make a purchase on the Jan 2 for example and your bill doesn't come in until the Jan 15 and your payment is due on Jan 28, you won't pay interest if you pay it off by the 28th. Please pay it off completely though, the interest rate is 20.99%. Once you apply and are approved to get the card, it generally arrives within 7-10 business days. Then you activate it online (or phone) and then you can use it immediately. I hope this helps

To "close" a position, do you mean sell it? If so, follow the same process as buying, but click on sell. Then use the "ask" price as a reference or simply select "market price" again and it will sell at the best current price. Is this what you meant?

Sorry, I'm not sure what thr soap is

There are no reporting features on the practice account. Only the one screen is available. I think the purpose was to get a person used to buying and selling stocks, bonds, ETFs, etc. It would be nice for a new user to see other aspects though

I don't know your age, but it sounds like you are doing great, no matter which age category you fall under. Congratulations!

@@financialwellness1 I'm 54, but struggling with health issue and working VERY part time at home.

@anish3977 - For the trendline in a candlestick chart for stocks, type the stock symbol into the symbol lookup, then select "full feature chart", at the bottom, select "display", select "candlestick", then at the bottom again, select "drawings", then select "trend line". Click on a start point, then click on an end point. I do not trade options so I am unfamiliar with the layout. I could not find a way to do this with options after playing around with it for some time. Sorry.

I totally agree. QTrade also has a practice account, but you can't "trade" on it, you can just explore. It's nice that you can actually practice trading on Questrade's practice account

No you cannot. You are not borrowing any money, so there is no credit history being built

I also have the Canadian Tire card and am planning to do a short video on it. The free roadside assistance alone makes it worth it! I hear you about the greed. I'm glad all the news stories came out about it and hope there will be some change and more affordability. We find that the No Frills here is significantly cheaper than Sobeys and Co-Op so we still go there. Metro also made $20.8 million more year over year as well so we are getting ripped off from everyone.

Yes, interest from a savings account is one of the least efficient tax strategies (but necessary for emergency accounts etc). The interest you collected gets included on your overall income. So if you are in the 30.5% income tax bracket, 30.5% of your interest you collected gets taxed.