Having fun with my multiple Tax-free savings accounts and why TD Waterhouse is not that bad after all

Because they are getting pretty good at dealing with people like me! And I will go through it all in this post.

I got sooo confused on the Tax-free savings account. I taught I had understand it all – but just one little thing that I didn’t understand correctly – I taught that withdraws made during the year could be reinvested during the same year in the Tax-free savings account. But unfortunately for me, withdraws can only be reinvest during the next year following the withdraw – and never on the same year the withdraw were made. Here was my mistake.

Back in January of this year, I open a Tax-free savings account at RBC. And in it, I transfer some of my non-RRSP investment. They were mutual fund investments and in total, the money I transfer in the account was very close to 5 000$ - which is the limit authorize for 2009. I was very happy with the transaction. Everything went well and smoothly, without any problems... until… I got this bright idea.

A couple of weeks pass – it was time to invest in my RRSP and I suddenly realize I didn’t have planned anything for my 2008 RRSP. What I did was the following: I took some of my investments I had in my brand new Tax-free savings account at RBC and transfer them into RRSP. Everything went fine, well not perfectly fine, but I post previously about this, let say “learning experience” with bad agents of RBC trying to make money out of me.

Anyhow, a couple of weeks after, I decided to open another Tax-free savings account, but this time with TD Waterhouse. I complete the form and a few days after, the Tax-free savings account was from my TD Waterhouse. Once I call to see if the account had been created (I barely connect to the Internet on weekdays as I am running from 9 to midnight at my jobs) – the agent at TD told me that the Tax-free savings account was now from my TD Waterhouse account. All happy that I was, I ask him to immediately transfer my Crestsreet Alternative Energy Fund in it. But I didn’t talk to him about what I had done previously at RBC. The agent proceeds. I really taught I was doing right, until I contact RBC later on – asking what was left from my Tax-free savings account and than – but only at that time – I begin to ask question and I find out that well, I have to say it, I had done a mistake lol.

After what, I call TD Waterhouse, telling them all about what I done. And I suggest if it will be better just to get the Crestsreet Alternative Energy Fund out of the Tax-free savings account and the agent told me no. That was during a weekday’s afternoon.

Later on during the evening, I call back RBC to confirm the information of what I had been told during the afternoon and after – once again I call TD Waterhouse and the answer was still the same – I didn’t have to take off the Crestsreet Alternative Energy Fund from my Tax-free savings account. How confusing! And than, I ask the courageous agent if I could had move my Sprott Canadian Equity Fund into the Tax-free savings account at TD (like I never get enough or something lol) but he told me… NO… lol

I still do not understand in date of today – why it’s ok for me to leave Crestsreet Alternative Energy Fund into my Tax-free savings account at TD. I just hope things will turn all right. I am kind of having confident in them now.

But what I dislike about TD Waterhouse and main reason I keep “bitching” after them most of the time is that even if I ask for general info, the agents – but not all of them – keep asking for my name, my account number… And one time, I get very mad and I told the agent that I didn’t want to provide the info since I was just asking for general info. But it never works… I had to identify myself.

And by the way, their TalkBroker do not work in French but exists in French… Like anything cannot be perfect.

(and especially not at TD Waterhouse lol!!!!!!!!!!)

Another busy week

This week was quite a busy one, as I get another step in the 2008 RRSP direction lol. I transfer the mutual funds I had at CIBC into RRSP. I proceed over the phone only and everything went smooth. The guy was super good with me and once, I just cut him off and I ask him if he was going to offer me to take a loan lol! (I was still shock from my experience with RBC!!lol). And than he told me that no, he was just letting me no that he could had work out something better for my RRSP, like one of their portfolios but I said no. But it was gentle from him to offer me that and it’s really the best experience I had with an advisor. And it was over the phone. The name of the guy appears on the paper and it’s seem like it might be a sexy Italian guy. He had a very nice voice.

Even with those changes ahead, even with my new RRSP mutual funds at RBC, I do not reach the 7 000$ I need to save in taxes. Anyway, I try very hard. One thing that didn’t help me at all is the fact that the RBC O'Shaughnessy Canadian Equity Fund is close. Which make it impossible to move it into RRSP. At this time, the only « transformation » left and possible is the Fidelity Frontiere Nord mutual fund I own at Desjardins. Lucky am I if, in total, it make an overall of 5 000$ for my RRSP.

Other than that, I am quite busy with all my jobs and other, but the hardest is my morning job, where I have to call almost 2 times per day on weekdays to see if there work available for the next morning. At a point, it’s really driving me crazy and I got tired. I am lucky enough that when I end earlier or when no work is available, I can run to my evening shift and do overtime, as overtime is available even if we are not that much busy. I find it really strange that’s some overtime is available, but I believe they still need, as a contractor, meet their hours and that’s why overtime is available. But it make it very long to make a 12 hours shift at the same job in one day and sometimes, when I learn in the morning that there’s not enough work for me, I just go back home or I go to a coffee shop or do something.

Like right now, I don’t know for sure if I will be working tomorrow morning, but form my end, I don’t think so. Worst part is not having a phone or cell at home so I could call before actually getting out, but I do not have a phone. So each morning, I get ready, phone in when I close to their office, and if they told me yes, there’s work, I just go in and if not, well, at least, there’s my evening job.

But right now, I am tired and if something happing tomorrow, well, I will just go back to sleep. I will be able to sleep in until 14h30 if I feel like it.

But the worst coming from the inside of my left hand. I have this pain since the end of December. Its all begin when I invite that guy to try to fix my laptop for free to the movie, just for fun. But unfortunately for me, he didn’t know where was located the parking lots – its true it’s was a bit difficult to find. And unfortunately for me again, he park in a place where the snow was in ice and once he wanted to go, he was stuck there for good. So I push and I push so hard on the back of his car, there was nothing to do. We were stock until someone stop by and had the proper equipment to get the car out of the snow.

Not that it’s that painful, but it’s very annoying, that little feeling I have in my left hand. I don’t think my hand is broken, as I have no problem to open or close or move my fingers, but anyway, I feel that pain and its make me realize that hey, inside my hand, there might be muscle or something like that lol.

For now, the overall portrait is not looking so bad, but I desperately need a hair cut lol

Running out of time.... and of money

My latest purchase of Methanex Corporation (MX) for 100 stocks was a desperately move to try to make some money as I lost so much. What make me loose a lot are those Sprott Asset Management shares, that I purchase near 10$ and now, its value is not even half of that. Not too much I can do about it. I got also pretty unlucky with the Blue Note Mining stocks, which I purchase at 60 cents, and now, the share only worth 0.015…. And what to say about Timminco… In a way or in another, I don’t regret anything as those where my choices and I completely assumed them.

My only real regret is just not having enough money to invest even more. Time is running too fast and in December, I had to save for my RRSP. I had 7 000$ I need to save – I had until March 2009. I will probably done paying my credit line in December, only if I decide not to purchase new shares until December.

I really like Fortis, and if only I was making 2 000$ more this month, I will definitely purchase some Fortis shares. Fortis is really great, even during rough times, the share didn’t really go under 20$. Now it’s value is 25.98$. If only the share price could false down again, it would be my ultimate buy. And Fortis is based in Newfoundland and as a New Brunswicker, I like the idea to purchase something form the Maritimes. As my Blue Note Mining didn’t turn out really well… The famous Caribou mine is… closing its doors…….. oh lol! It is so funny after all. Mines might not be my stuff after all. I should just gave up on stock and stop trying so hard.

My 3 jobs got well again. I am so desperately in need of money right now. I get upset at some points but I do not show anything about it. At least not openly. At a point, if I was not that dead focus on making money, I thing I could lose control and run out crazy like hell. But that’s my secret, I want to reach 50 000$ one of these days. And writing about my problems is really releasing for me and I especially pay 8$ this evening just to write on my blog. It’s just not the fact on going and writing, it’s the writing and posting, both need to be combine together. The wireless on my laptop still not working.

Another mutual fund....

I call TD yesterday to see if there was any fees related to the purchased of some units of the Sprott Canadian Equity Fund (SPR001) and there's none. I was told that for some funds TD charges fees and for other, they don't. Which I really don't understand, because I believe they get a compensation on a way or another from the company where individuals like myself purchase funds. I know how it works.

I don't really follow what I write on this blog. I first taught about the iShares, now stocks, and now back to mutual funds, when I just told myself I will not purchase mutual funds ever again... Anyway, that Sprott Canadian Equity Fund is a mine of gold and I would like to invest in it, even if the management fees are high (2.5%). And they also request that we keep the investment for 6 months, minimum investment is of 5 000$, which I currently have in my Waterhouse account. If not hold for 6 months, there's a penalty. But in case of need, I could always pick in my non RRSP mutual funds I have everywhere else. Because it's really investment all over the place. Like if I was willing to try anything kind of investment for money. This is the case. And it's really only for money.

But so far so good, as I stick to my 3 jobs to make near 800$ per week after taxes. I get kind of tease at one of the job. But I don't really care, as I never really care about what was going at my different work places. At one of my job, some idiots keep talking to me in English, while I am French and speak a some kind of broken English. Anyway, I don't pay too much attention, I reply in French. I don't care for anything else than the money I can make from different jobs. I am so not such difficult that everything is going very smoothly. And I am pretty good, as it been going on for a while now and money is coming like crazy, I just have to look at my expenses carefully.

After this investment (5 000$ in the Sprott Canadian Equity Fund, non RRSP), I won't be able to make any more investments for a while maybe, as I need to save 7 000$ for my RRSP of January 2008. And it will be good if I could pay off those stupid loan debts.

I feel lost in the finance world and stocks are tricky. Sprott Canadia Equity Fund appears to be a good solution. It's been well ranked by MorningStar even if the fund doesn't appear in the Analyst pick. Maybe because of its high fee. And it's also a bit volatile, but I am looking for a long-term investment. So now, I only have a phone call to place to make myself super rich with the Sprott Canadian Equity Fund. It is soooooo simple.

Up, up, up!

Wow! My mutual funds are doing so well at this time. And I didn't any money I have invest yet in my TD Waterhouse account. I was planning to maybe add an extra 2 000$, which made 6 00o$ in total. I have too much money in my banking account and that money is doing absolutely nothing. And I really think the iShares are a good place to start. I couldn't start with the real thing right away, even if I read Derek Book's. I am not completely feeling secure about stocks because I didn't do my own search.

And also about that DRIP thing he explains in his book, I am not feeling that sure about it. It's too difficult for me to invest monthly. Just like for my RRSP. I prefer to invest all in one time. I didn't register to any DRIP yet.

I had been quite busy at all kind of things. And since I work from 9 to midnight from Monday to Friday, there's not too much I can do during week days. But I like it because time pass really quickly and money just keep coming in my bank account. I work at really low salary job and for the studies I made, I deserved much more. But at this time, let say everything fit well together and I don't mind too much.

Next week is going to be better because I have Saturday and Sunday off and I will be able to do my search and maybe, purchase my first iShare units. Finally.

Getting close to my first 50 000$

I am only missing a bit more than 13 000$ to reach my first 50 00$. I pay my credit cards each month, everything is going smoothly. I have more than I expect in regular saving. Which is good, because for next year, I exactly have 7 120$ that I can invest in my RRSP. Knowing I invest the max that I can in my RRSP each year, I need to have 7 120$ ready for next year. And 7 120$ is a lot of money.

It’s been my first weekend off since a really long time and I enjoyed it at… the Library lol. I didn’t get a card from there, so I subscribed myself and borrow some DVD and books.

I have registered myself to the eServices of TD Waterhouse, to avoid those fees for inactivity. I once get confuse because I am using the French site and on the French site, eServices is being translated by CyberServices. They should had keep the same name, would had been less confusing. Anyway, I went thought the whole site and it’s appear to be really easy to sale and buy shares. I have 4 000$ in there, ready to get started in the wonderful word of stocks.

I had an eye on the iShares for quite some times now and I would maybe like to invest 4 000$ in one type of iShare. The trick is that I will pay 29$ for any 1 to 1 000 stocks being bought or sale, so it didn’t worth it buying 1 000$ in about 4 iShares, because it will cost me 116$, before taxes… I am so used to buy a little over here, a little bit over there… Those times seem to be over for me. I just now to do my search on the iShares more seriously and get ready to buy my first stock.