My daughter is running into the same issue that I did when I had my TD E-series orders rejected, due to my investment risk profile. She has set up a TFSA, unfortunately with TD Mutual Funds (not TD Direct investing). As we learned to use TD E-series funds in a TD Mutual Fund account, you must complete many steps. None of these steps include the change your investment risk profile to stop having your TD E-series orders rejected.

e-series orders rejectedI have talked about how to use the E-series funds to set up a simple Couch Potato investment portfolio, so my daughter is going to use this for her TFSA account.

The application to allow you to use TD E-series Index Funds in your TD Mutual Fund account is straight forward and easy to fill in. You must do this if you end up with a TD Mutual Fund account, which is what you end up getting steered into if you go into a TD Branch. My daughter thought she was opening a TD Direct Investing account, but it ended being a TD Mutual Fund.

If you fill in the form, you assume that you then buy E-series funds (they even show up in your list of funds that you can buy), however, that is incorrect.

The E-series funds are Index funds with low MER fees (and I use them in many of my accounts, as full disclosure, but I am not receiving any recompense for talking about them). Many different web sites have talked about them, and how useful they are, but they are tricky to use in a TD Mutual Fund account.

A TD Mutual Fund Investing Risk Profile is filled out when the account is first opened, and periodically after that (every year or two). The profile questions usually push folks into a lower risk Balanced profile, and evidently the E-series funds are far more riskier funds.

The E-series Funds have turned into the red-headed step-child of the TD Mutual Funds group. None of their staff seem to want to sell them or use them in any kind of form. It is easier to use TD E-series funds in a Questrade account than a TD Mutual Fund account.

My opinion is that due to the E-series being lower cost, the TD Mutual Fund reps don’t make much money (if any) off them, so they are less motivated to sell them. Why the TD Mutual Fund on-line system seems to default to E-series orders rejected, is another issue.

Simple Solution to E-Series Orders Rejected ?

A simple fix which I will suggest to TD Mutual Funds who be to add the following “initial” block.


Ο  I allow the TD Mutual Funds group  to alter my Investment Risk Profile to allow me to use the E-series funds in my investment portfolio.

Name:  ________________           Initials: _____________


Seems straight forward to me. I doubt this will happen, it is too straight forward and nobody makes money.

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Mothers Day, Counterfeit Reality, Higher Stress and #MoneyTalk

It is Mothers Day on Sunday, normally the day with the most long distance calls (if that data is still being collected). Traditionally Fathers Day was when the most collect phone calls happened. To paraphrase Keith Hampshire, “Be Good to Your Mother!”, remember all the things she did for you?  Time to start paying back a little.

Counterfeit RealityDo you realize that many articles you read are actually AI created? Not here, as you can tell by my bad grammar and punctuation no computer could easily recreate my awkward writing style. Gartner in their Top Strategic Predictions for 2018 pointed to the dawn of Counterfeit Reality 1 (analysis by:Daryl Plummer, David McCoy). The funny part of this analysis is that with the explosion of fake news via AI will be tools to combat it. It will all become an AI arms race, with your brains being the target. The best recommendation was, “…Do not underestimate the number of counterfeit reality sources that exist in the world today….”. This is very important in the world of Financial News. So much of Financial Documentation in general and Financial Media in specific is becoming AI based.

How can you tell you are getting a Real Financial Reality? For lack of a better term, guess you are going to have to do some research. Just because it is on Face-hole doesn’t mean it is the truth.

A more telling statement about Counterfeit Reality is from the same report, “By 2022, most people in mature economies will consume more false information than true information” (research by Magnus Revang & White Andrews). If this is true, we end up with the liar paradox of “All financial blogs are liars, and I write a financial blog“. Good luck figuring out what is the truth, and what is fiction in the coming years, sums it all up.

What might Counterfeit Reality in the financial world look like? Maybe talking about how investing in any of the 900 cryptocurrencies (at last count) is a great idea? Just saying folks, if I was going to send Hype to pump up an investment, that is where I would start.

If you are of the belief that this is in the future, think again, the Associated Press is already augmenting their writing staff with AI (according to the MIT Tech Review). Maybe Financial Blogger won’t be a job of the future?

The Bank of Canada announced a 20 basis point increase on the Stress Test Rate, that is to be used to figure out whether you can afford a mortgage. The rate is now 5.34% according to the CBC. This means if you want a mortgage you will have to prove that you can live with a mortgage rate of 5.34%, can you?

I did enjoy a Twitter discussion this week about Financial Media Whores, well worth checking out and I will be talking more about this in the near future.


1. [“Counterfeit Reality” is the digital creation of images, video, documents or sounds that are convincingly realistic representations of things that never occurred or never existed exactly as represented (according to Gartner)]

My Recent Writings

I did write about Get Your Taxes Done Dammit ! However, you are late now. That doesn’t mean you shouldn’t file your taxes, just that you might have to pay penalties if you owe money. It really isn’t that hard, time to get that done, and if you are due a rebate, think how next year you can stop loaning the government money (for free).

Micro Blogging for Motivation

I do wander around the financial internet and found a very interesting article outlining a long list of things to do. Normally, I hate list articles, but this one was OK by me.

💻 If you want more great financial stories click here 💻

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Get Your Taxes Done Dammit !

In Canada, you should have your taxes and in to the CRA by April 30th. Occasionally there are extensions, but it does not appear to be the case for 2018. Get on with it, and get your taxes done.

If you are ill, disabled or unable to file your taxes, you can ask for an extension, but it is better to get your taxes done on time. Why is it important? Let me quote the Canada Revenue Agency directly:

If you do not file your return on time (see exception to the due date of your return), your goods and services tax/harmonized sales tax (including any related provincial credits), Canada child benefit payments (including related provincial or territorial payments), and old age security benefit payments may be delayed or stopped.

I know a few folks who don’t usually submit their taxes on time and here are some of the excuses I have heard about not doing your taxes on time.

I didn’t get my T4

Doesn’t matter, you are supposed to go to the CRA site and see what data they have for you. Yes, employers not getting important data to you on time is annoying, but this is not a valid excuse. You can log onto your CRA account on line and see if they have your T4 information.

If you get incorrect information, all you can do is file with the information you have and send in a correction later. This year many Civil Servants are getting Phoenix’ed again, by getting T4 receipts with incorrect information (including CRA employees). Not ironic, but interesting.

The dog ate my T4 is also not a valid excuse.

Saying you are waiting for data so you can get a bigger refund is foolish as well. You can always file for a correction later, get it done now.

I don’t owe money, so I can do it later

So you enjoy making long-term no-interest loans to the Government? You also enjoy not getting your Government benefits? Are you really sure that you don’t owe money? The assumption that your employer did your tax forms correctly is admirable, but are you sure? If you are a Civil Servant I would never make that assumption.

Not enough time to get it done

So you are one of the 1% and your taxes are really complicated? If you have a job, a wife, kids and little or no investments, your (and your spouses) taxes can take less than an hour to do. There are plenty of free community workshops that can help you get it done. Spend the hour or two and get it done.

It is far too complicated for me

When I first did my taxes, I was petrified of the whole process. I had to manually calculate and fill out (in pen) my entire tax form. These days, you can get free software to get your taxes done. You can do it all for free, and most of the software are relatively straight-forward to use.

You don’t need a calculator, white-out, erasers, pencils or anything else, just a computer or access to someone who can do it for you. Ask a family member who may have a copy of Quicktax, they can typically submit for you (at not extra charge). Our Church offered a tax clinic that helped you fill in your tax return (if you make < $40K).

Fast Cash Back?

Please don’t go to the Fast cash back scams run by a few companies. Wait for your refund, and get all the money you deserve, when you get your taxes done!

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Decisions, Bitcoin, Inflation and #MoneyTalk

This past week my wife and I celebrated our 32nd year of living in Ottawa. When we first moved to Ottawa in 1986 I was sure we would be here for only a year or two. All our friends and my wife’s family are near Toronto, so I was sure we would decide to move back, at some point. The problem was that decision was never made, so by not making that decision, we decided to stay in Ottawa. In life not making decisions, is still a decision (and some folks never quite figure out that philosophical point). Keep this in mind when you cannot decide things financially, your lack of decisiveness is a decision.

DecisionsFor those unaware Michael James (friend of this site), knows his algebra, computers and cryptography, so I have waited for him to write about Bitcoin, and write he did this week. As usual his article is pointed, and excruciatingly on the mark for those who want to dabble in Cryptocurrencies. Yes, I have called you an idiot for investing in Bitcoins, but now you are hearing from someone who is an expert in the area, he thinks you are an idiot too. No he doesn’t call you an idiot, but you can plainly read that is his sentiment.

The Bank of Canada says Inflation has returned (given gas is $1.35 a litre in Ottawa, I tend to agree with that statement). Even though they held their overnight rate at 1.25% they also warned that Inflation is here and they will need to react to it soon (in a separate statement):

Assuming our forecast remains on track, it is Governing Council’s view that interest rates will need to move higher over time to keep inflation on target.

Does this mean that Interest Rates will be going up soon? The Magic 8-Ball of Personal Finance replies, “Signs point to yes”.


My Recent Writings

Does a Credit Card Appear Out of Nowhere? That is the question that came to mind when my daughter told me about a credit card that appeared on her on-line banking page, but she never did apply for one. How is that possible? Best read and see how that happened.

Micro Blogging for Motivation

John Young and I were at the University of Waterloo at the same time, we caroused a few times together, and he is even somewhat related to me (he is my wife’s cousin), but the fact that he ran the Boston Marathon is amazing. The fact he is going to then run many more marathons this year, is even more amazing. What does John normally do? He is a Math Teacher.

💻 If you want more great financial stories click here 💻

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Does a Credit Card Appear Out of Nowhere?

One of my daughters is starting to work and has asked me questions about what she should be doing with her money. She is lucky, her student debt is not very high and she has very few expenses, but she has a credit card (more on that later). We started with where she should put her excess savings (but yes she is paying down her student debt too). We decided she should open a TFSA (I will write more about that later).

During these discussions, she asked me, “Should I put more money in my TFSA or pay off my credit card balance?”. Luckily she asked me that in an e-mail, and I was able to delete the, “WHAT ARE YOU INSANE? DON’T YOU READ MY BLOG?!?“, e-mail and simply responded, “Pay off your credit cards balance every month, never carry a balance”.

My daughter took my advice to heart, and she paid off her credit card.

Credit Card

Wait a minute, when did my daughter get a credit card? She never told me she did, maybe she got one when she started working? I was confused.

We started discussing her TFSA again, and she was looking at her on-line banking page, and I asked her, “When did you get a credit card?”. She pointed to her on-line banking, and said, “… there it is…”, so she seemed to have a credit card.

I was still confused, so I asked, “When did you apply for a credit card?”. That was the right question to ask.

As background, about 3 years ago, I decided that as a safety measure, I would give my daughters  credit cards from my account. This was when most of them were in school, so it was very much an emergencies only card.

My daughter’s answer to my question was, “I don’t know, I never applied for a card”, and finally everything fit into place. TD had put my credit card on her on-line banking (using her card number). What is interesting is that she sees the entire balance on the card, and she paid it all off (taking my advice).

In the end she had paid off a couple of Uber trips that one of her other sisters had taken, but luckily I had no charges on there.

My only concern is why did TD put my credit card on her on-line banking? My guess is because it is in her name, so it is actually a group credit card, but I am not sure.

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