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TD Mutual Funds to Directline?

The journey from TD Mutual Funds to TD DirectLine has proven a winding and lengthy one. In Adieu TD Mutual Funds, I outlined how it all started.

Thanks to changes to the TD Mutual Fund Account for my son’s RESP, we will be moving it to TD Directline. The changes meant we would be unable to use the TD E-series Index Funds unless we moved the account. I also grew weary of the clashes over Investing Risk Profiles.

This moving of accounts is not possible online. We had to make an appointment with a TD Branch nearby. The meeting went, interestingly.

Meeting

The meeting was with a TD Investment Rep, my wife and myself. My wife needed to be there because we held the RESP for our son. It all started well, and we proceeded to traverse the myriad of online forms to open a new Directline RESP and then transfer the TD Mutual Funds content into the same account. Every step was online, and I should have been able to do it myself if I had access to the system.

My wife and I each already have DirectLine accounts. We were looking to add this account to one of those accounts. The Rep said the account needed to be added to my wife’s account. I had no issue with that advice.

The process of setting up the account meandered along. We filled in the information for my wife, and at the end of the questioning, an odd form came up. The paper stated that it was about to open a new account for my wife. This seemed strange since we had already told the system that she had an account. The same thing happened while collecting my data, and again, a new account was mentioned.

The meeting concluded with the process partially complete. The transfer still had to be processed. More forms needed to be signed, so we made another appointment to come in and complete the move of securities.

TD Directline Still Waiting

This meeting took place in October, it is now three months later, and the RESP account has not moved. I followed up with the branch, and they dutifully told me they would “check in to it.” Nothing came of these inquiries.

While I waited, I moved another account from a TD Mutual Fund position to a TD Directline Account. I solely held that account, and the move took three days. I went in and dealt with the same young lady, and it all went, except I ended up with a new Account and a New Directline access as well.

Too Many TD Directline Acccesses

I called TD Directline to consolidate the three login accesses that ended up being created by these processes. At this juncture, things got more interesting.

The representative managed to consolidate all of these accounts until one online login. One login makes life simpler for me. The Rep also inquired about the RESP transfer. It was delayed due to incorrectly done forms at the branch. He called the branch and may have cleared up things, but I am still waiting. The RESP still sits in a TD Mutual Account and remains transferred to the new Directline RESP account.

Keep Calm but Follow Up

That is what I continue to do. I will check in the new year what is happening with my son’s RESP. Given he turns 17 in a few months, I don’t have much more time to put money into it.

Other TD E-series Funds Stories

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Happy New Year 2022 and #MoneyTalk

Happy New Year 2022? Can we even say that yet? After 2021, maybe let’s just say, “We hope for a Happy New Year” and leave it at that.

Over the year we have seen wave upon wave of COVID. Now we are seeing Inflation coming on strong, and natural disasters monthly. All in all a wonderful year.

I have been unable to write much due to work and family issues. I have learned a great deal about Dementia and how the Quebec Legal system works, which has been, enlightening.

Questrade

Some Numbers to End 2021

Inflation (year over year November 2021) 4.7% ⬆️
Bank of Canada Overnight Rate December 24 th 0.25%
Unemployment Rate (as of November 2021)6.0%
Real GDP By Expenditure (Q3 2021)(quarterly change)1.3%
The population of Canada (Est Q4 2021)38,436,447
CIBC current prime rate2.45%
BMO current prime rate2.45%
Scotiabank prime lending rate2.45%
TD prime lending rate2.45%
Tangerine prime lending rate2.45%
Some Useful Financial Data for Canadians as of December 31st 2021

Inflation is the scary one. So far, no reaction with Interest Rates, but they are promised some time in 2022.


COVID19 Data Canada

Click here to find an up to date graphic from the Government of Canada

Total Cases1,945,754
Total Deaths30,131
Data as of December 30th 2021

The number of cases is much higher from this time last year, but the number of deaths has doubled.

Click here for more great Posts from 2021 ! 🧨

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CPP and EI for 2022

CPP and EI rate max 2022 (as usual) are a little higher. Were they somewhat following the inflation rate? Not the current rate of inflation, luckily. Lots of arguments about how CPP and EI are a tax? CPP is the Canada Pension Plan, and EI is Employment Insurance, so now sure what they are getting at.

One of my most popular posts in 2021 was CPP (Canada Pension Plan) and EI (Employment Insurance) rates for 2021, so I figure I’ll keep going with a winner. Interestingly interest in this topic is year-round. CPP and EI rates for 2021 (as usual) are a little higher.

Will 2022 be a better year? I don’t know, but it starts with a bang (read Omicron COVID).

As we start 2022 (a new year), all who receive paycheques (the Japanese term is Salaryman) get to start paying CPP and EI premiums again. Depending on how much you make, this might be a short-term issue or a year-long pain.

If you pay CPP and EI premiums all year long, don’t worry, this is not for you. Read on for those who have an end date for your CPP premiums.

CPP EI Max 2022

EI this year is again a bit lower:

  • The maximum insurable earnings for 2022 is $60,300, up from $56,300 in 2021. This is the EI maximum insured income for the year. If you earn more than this, and claim EI, this is what your benefits will be based on.
  • The rates have remained the same as last year:
    • Workers rate (self-employed folks should research further, or if you live in Quebec) $1.58 per $100 earned.
    • Maximum premium paid $ 952.74, once you reach this point no more EI will be deducted from your pay
    • Max difference from 2021 $ 63.20 more, over the year.

CPP rates continue to rise. The system is under more pressure from more Boomers retiring.

  • Maximum Pensionable Earnings: $64,900 (up from $61.600 in 2021)
  • Employee Contribution Rate : 5.70 % (rate is up 0.25 % over 2021)
  • Maximum contribution for year: $ 3,499.80 ($6,999.60 if self-employed)

Guess How Much Bill Makes

Around July, Bill (a friend) says he has paid off his CPP & EI. Can we construe from this how much Bill makes (given he lives in Ontario and is not self-employed)?

MonthBi-Weekly
Pays
Approx Gross IncomePer Pay EIPer Pay CPP
January2$804,340.00$476.37$1,749.90
February4$402,170.00$238.19$874.95
March7$229,811.43$136.11$499.97
April9$178,742.22$105.86$388.87
May 11$146,243.64$86.61$318.16
June13$123,744.62$73.29$269.22
July 15$107,245.33$63.52$233.32
August17$94,628.24$56.04$205.87
September20$80,434.00$47.64$174.99
October22$73,121.82$43.31$159.08
November 24$67,028.33$39.70$145.83
December26$61,872.31$36.64$134.61
CPP EI Max 2022 Fun and Games to Guess how much your co-worker makes

So from this helpful table, we can guess Bill makes more than $105,000.00. Isn’t this a fun game to play? Also, if Bill told you what the approximate EI deduction is on his paycheque, you can guess his gross income using this remarkable table.

Past CPP & EI

Yes, it is a topic I write about, as it is essential to me. Here are a few from the past years to compare and contrast (hint see how much CPP has gone up).

Reference:

These are the sites I gleaned the information from

FAQ Answers for CPP & EI Maximum

What is the EI Maximum for 2022?

  • Maximum premium paid $ 952.74
  • What is the CPP Maximum payment for 2022?

  • Maximum contribution for year: $ 3,499.80
  • What is the EI Maximum Insurable Income?

  • The maximum insurable earnings for 2022 is $60,300, up from $56,300 in 2021
  • What is the CPP maximum insurable income?

  • Maximum Pensionable Earnings: $64,900 (up from $61.600 in 2021)
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    Merry Christmas 2021

    It has been quite the year. This is a whole year of COVID and now another Surge from Omicron, so this is my Merry Christmas Wishes to my loyal readers.

    Find the Cat in the Tree

    Merry Christmas 2021

    It has been a light year for me to write due to family issues. I am dealing with a loved one with dementia and how the Quebec government system works. As with all Governments, it moves very slowly, but we are starting to get to a better place. My French is getting good use these days.

    I wish you and your families and loved ones all the best for this Holiday Season. I may have an end-of-year wrap-up, but given how this year is gone.

    Turkey Bacon
    Happy Christmas All

    Christmas Wishes from the Past

    I seem to do this a lot, so here are my Christmas wishes from years gone by:

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    Use Your Calendar

    I almost pulled a significant blunder this month by forgetting to pay my MasterCard Bill when it was due. It wasn’t in my Calendar.

    Let us review. When you don’t pay your Credit Card Debt off monthly, you then incur exorbitant usury fees that dig you a hole that you will have a tough time getting out of, so paying your Credit Card debt off monthly and on time is of vital importance in any financial plan you put together.

    Calendar
    Why did it take so long?

    I usually end up putting the date of when the payment is due in Outlook or Google Calendar. My Calendar will remind me on my SmartPhone (or Watch), but you need Notifications turned on as well. I should write it on the Calendar at home on the Fridge as well, and you may have other places where you put important dates, but that one is essential.

    Pay that darn credit card off ASAP!

    Carrying credit card debt will hurt you financially. Make sure you get rid of it and pay it right away.

    You Can Get Penalties Reversed

    I was able to call and ask that the penalties be reversed since I am a “good” customer (i.e. I spend a lot of money with the card, and I pay it off every month). MasterCard was nice enough to forego it for that month. Since I had paid the entire amount, I didn’t have to pay any more penalties.

    Use Your Calendar Don’t Be Proud

    Don’t be too proud of your memory. This is creating a reminder for you, and maybe for your spouse. If you share your calendar with your spouse they can be aware of bills as well. The more information you share (financially) the fewer misunderstandings about money. Shared Calendars can be a very good thing.

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