Pro Tip: Never invest with Robo stocks in a non-registered account

[2reshane]

@bookofkittehs OP sounds like they have exposed a solid reason to skip wealthbar...

 

[crossworx]

@66bookssss Wealthbar(CI) calculates it for you if you ask them to. Just shoot them a message and save yourself the five hours. I don't know about other ones since I only use the one place.

 

[elig]

@crossworx Your wealth bar doesn't just throw everything in vgro?? Cause that's what mine did.

Which I think is perfectly fine and actually got better returns that whatever the heck wealth simple is doing

 

[2reshane]

@66bookssss You say never invest in a robo within a non registered.

Can someone explain if this title/thread is relevant to wealth simple invest? And how? What am I specifically missing?

I feel like this is something that would have blown up years ago.

First I’ve heard of this. Apologize if this is rude but I don’t care about CI or wealth bar tho OP said never do do x with x so I feeel his statement is overly broad and Wealthsimple invest is an exception here...

what am I missing?

 

[zango11]

@66bookssss Do they provide your acb when you sell at least?

 

[66bookssss]

@zango11 They have missing ACB as per my image

 

[eliiya]

@66bookssss Can you have a non reg WS invest robo? I didn’t think there was a way to open a non reg account on their invest platform

Edit: yeah I never noticed but you can.

 

[tumrub]

@eliiya Curious why you thought this wouldn't be possible.

 

[eliiya]

@tumrub In truth I don’t know. I get using a non reg to make your own trades. Useful for not taking losses in a reg account or choosing to get the dividend tax credit in the non reg. Just seemed weird to have a robo investor in a taxable account. But yeah no real reason

 

[reneecope]

@66bookssss If I didn’t make any money and pull my money out of my non-registered account do I need to worry about this?

 

[kaylee994]

@reneecope This means you'll have losses, which drop your taxable income, so, yes

 

[thesonsetsyoufree]

@kaylee994 It's a capital loss then. If they didn't have capital gains to offset it against it doesn't matter. They can carry back or carry the losses forward.

If you're lazy and don't want to do the calculation I'm sure the CRA won't chase after you to figure out your loss so you can use it against next year's capital gains.

 

[antonyfrancisathikalam]

@66bookssss I have a google spreadsheet where I simply record every action I take. Every deposit, withdrawal, buy, sell, dividend, split. I note the account it relates to as people can own the same stock in different account types.

Then you can use queries to pretty much filter and figure out anything you want. Every week it just takes a few minutes to record everything but it works a treat at tax time for verifying what has happened.

That said, wealthsimple seems to provide fairly accurate slips in the app. When I checked the ones I got against my records most items were perfect or only a few cents different which is good enough for me.

 

[facingeast52]

@antonyfrancisathikalam You should offer a template to the collective or explain how to create. Many people could find it useful

 

[james111]

@66bookssss Can't you export to excel? What exchange are you using? Why did you think it would be different?

 

[jesusthisway]

@66bookssss Is 250 accurate? That’s 5% of your 5000 which seems pretty high for account turnover. Feel like that would hugely erode gains over time...

 

[tyrom0408]

@66bookssss Oh no! My registered accounts are maxed out and I was planning on investing in a non registered account with a Questrade portfolio. It sounds like this won't actually be as simple as I want it to be though?

 

[lieniitte]

@tyrom0408 Just buy an asset allocation ETF instead!

 

[readwritedream]

@tyrom0408 Get VEQT, VGRO or similar instead.

 

[tyrom0408]

@readwritedream Everyone on here talks about VGRO and I honestly don't know what it is or how one gets it.