Mistakes made by you and donot want other new desis to make
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Posted on: 09-05-06 13:16:08
What I consider now as a major mistake when I started having a decent income is NOT opening an RRSP account. Ofcourse, now I have all thar unclaimed amounts that I can use for Tax deductions, but my portfolio would have been much bigger if I started earlier. Especially since my company would match my contributions by half. I wasted 4 years. If you can afford to do so, it is a great way to pay oneself and save on Taxes.
Its not only what you make but also what you keep that counts.
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Quote:
Originally posted by jake3d
What I consider now as a major mistake when I started having a decent income is NOT opening an RRSP account. Ofcourse, now I have all thar unclaimed amounts that I can use for Tax deductions, but my portfolio would have been much bigger if I started earlier. Especially since my company would match my contributions by half. I wasted 4 years. If you can afford to do so, it is a great way to pay oneself and save on Taxes.
Its not only what you make but also what you keep that counts.
This mistake I too made it due to my ignorance. The pension plan (with some contribution from me) and share purchase plan needed sending some forms whereas medical dental was automatic. I thought even pension and share purchase plan would be automatic. I lost on company contribution and share purchase for 6 months.
I made another mistake for first 3 years of my service with Bell. We signed up for their top package without knowing what it was. It was all call features that could possibly be available. When we moved the house, we took a good look at what contract we had signed, what services were being offered. We realized that we had paid substantial amounts to Bell for something we never used.
Quote:
Originally posted by jake3d
What I consider now as a major mistake when I started having a decent income is NOT opening an RRSP account.
My mistake is not opening a mutual fund account, as I was quite weary and ignorant about investing.
TD allows you to open a mutual fund account by investing only $25 per month (or interval
). I just did not take some time to learn about investing optionsMeghal
Quote:
Originally posted by lana2005
I made another mistake for first 3 years of my service with Bell. We signed up for their top package without knowing what it was. It was all call features that could possibly be available. When we moved the house, we took a good look at what contract we had signed, what services were being offered. We realized that we had paid substantial amounts to Bell for something we never used.
I second that. Bell has ripped me off too on these features e.g wire care maintenance etc. When I called up their CSR and told her that I don't need all this I was advised to pay extra money to cancel all these unwanted stuff.
So new immies beware Bell is gonna rip you off so take only the basic options. Rather than opting for Bells voice mail buy an answering machine so you can save $80 in a year.
Nikhil
We made this mistake though to some extent it was inevitable.
When we moved to Canada , we did not know about how investing works. So for my RRSP I usually contributed to the funds sponsored by the company. This reduced your taxes too. We did that for 3 years.
Today, i will dare not do that. What I found was that the return on investments were very pathetic. Now our own self-directed RRSPs are giving double of what compnay sponsored funds gave.
Although, this is not for everyone. This is somebody who is very knowledgabale about investments. Beauty of this self-directed RRSPs is that it is free.
Hi,
I am a PR living in Trono. I seem to have lost/misplaced my 'record of landing' document. How do I apply for a duplicate document and can that be done online? Any help will be appreciated.
Thanks to all of you wonderful people in advance.
bonalas
Quote:
Originally posted by Nikhil
1. I came to Canada in the second week of December and that is the worst time to look out for a job because everyone is in festive spirits and not many companies are serious about hiring till the middle of January.
2. Opened a savings bank account with TD bank but forgot to read the fine print because they offered me some fancy cheques. So even though I maintained the minimum balance the bank was deducting $24 every month. This went on for 4 months and since I had neglected in informing the bank of the change in address they kept posting the monthly statements to my old address. When I informed the bank of this they said sorry but did not refund the fees but they haven’t charged me monthly fee since then.
3. I was having my international driver’s license but I wasn’t used to driving in the snow and one night I did a right turn before slowing down and smashed my sister’s car. Luckily no one hurt but I had to pay for the damages. So new immigrants who are not used to driving on the snow should be very careful in the initial days.
4. I used to smoke a couple of cigarettes with coffee before attending any interviews. Later realized that the smell is quite distinct and can be a disadvantage if the interviewers don’t like employees who smoke. I kicked the habit off a couple of years back.
5. The first job I worked in Canada was in research and development and I was teamed up with a female scientist who had worked for the organization for many years. She was very nice to me and showed me all the research papers for the past 6 years, helped me a lot in my work and on a few occasions brought me lunch, which was cooked by her. In appreciation of that I brought her a present but she got upset about it. Later on I came to know that she was unmarried and had misunderstood my intentions. But now I bring her flowers and she happily accepts it and we are the best of friends. So till you become familiar with your female colleagues do not buy presents for them.
Nikhil
