If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.
Policy / Politique
The fee for tournament organizers advertising on ChessTalk is $20/event or $100/yearly unlimited for the year.
Les frais d'inscription des organisateurs de tournoi sur ChessTalk sont de 20 $/événement ou de 100 $/année illimitée.
You can etransfer to Henry Lam at chesstalkforum at gmail dot com
Transfér à Henry Lam à chesstalkforum@gmail.com
Dark Knight / Le Chevalier Noir
General Guidelines
---- Nous avons besoin d'un traduction français!
Some Basics
1. Under Board "Frequently Asked Questions" (FAQs) there are 3 sections dealing with General Forum Usage, User Profile Features, and Reading and Posting Messages. These deal with everything from Avatars to Your Notifications. Most general technical questions are covered there. Here is a link to the FAQs. https://forum.chesstalk.com/help
2. Consider using the SEARCH button if you are looking for information. You may find your question has already been answered in a previous thread.
3. If you've looked for an answer to a question, and not found one, then you should consider asking your question in a new thread. For example, there have already been questions and discussion regarding: how to do chess diagrams (FENs); crosstables that line up properly; and the numerous little “glitches” that every new site will have.
4. Read pinned or sticky threads, like this one, if they look important. This applies especially to newcomers.
5. Read the thread you're posting in before you post. There are a variety of ways to look at a thread. These are covered under “Display Modes”.
6. Thread titles: please provide some details in your thread title. This is useful for a number of reasons. It helps ChessTalk members to quickly skim the threads. It prevents duplication of threads. And so on.
7. Unnecessary thread proliferation (e.g., deliberately creating a new thread that duplicates existing discussion) is discouraged. Look to see if a thread on your topic may have already been started and, if so, consider adding your contribution to the pre-existing thread. However, starting new threads to explore side-issues that are not relevant to the original subject is strongly encouraged. A single thread on the Canadian Open, with hundreds of posts on multiple sub-topics, is no better than a dozen threads on the Open covering only a few topics. Use your good judgment when starting a new thread.
8. If and/or when sub-forums are created, please make sure to create threads in the proper place.
Debate
9. Give an opinion and back it up with a reason. Throwaway comments such as "Game X pwnz because my friend and I think so!" could be considered pointless at best, and inflammatory at worst.
10. Try to give your own opinions, not simply those copied and pasted from reviews or opinions of your friends.
Unacceptable behavior and warnings
11. In registering here at ChessTalk please note that the same or similar rules apply here as applied at the previous Boardhost message board. In particular, the following content is not permitted to appear in any messages:
* Racism
* Hatred
* Harassment
* Adult content
* Obscene material
* Nudity or pornography
* Material that infringes intellectual property or other proprietary rights of any party
* Material the posting of which is tortious or violates a contractual or fiduciary obligation you or we owe to another party
* Piracy, hacking, viruses, worms, or warez
* Spam
* Any illegal content
* unapproved Commercial banner advertisements or revenue-generating links
* Any link to or any images from a site containing any material outlined in these restrictions
* Any material deemed offensive or inappropriate by the Board staff
12. Users are welcome to challenge other points of view and opinions, but should do so respectfully. Personal attacks on others will not be tolerated. Posts and threads with unacceptable content can be closed or deleted altogether. Furthermore, a range of sanctions are possible - from a simple warning to a temporary or even a permanent banning from ChessTalk.
Helping to Moderate
13. 'Report' links (an exclamation mark inside a triangle) can be found in many places throughout the board. These links allow users to alert the board staff to anything which is offensive, objectionable or illegal. Please consider using this feature if the need arises.
Advice for free
14. You should exercise the same caution with Private Messages as you would with any public posting.
For what it's worth, here are three of my ideas re banks and money:
1) When we deposit funds into a bank account we are, in effect, loaning money to the bank. We expect something in return. We used to get interest but now it's more service related (internet banking, cash machines and debit cards are foremost). The services are nice but let's not lose sight of the fact that we are loaning the banks our money.
If you're at a Big Bank then you actually pay a monthly fee just for the "right" to have an account with them!
For example, for various reasons I need to have a TD account. I never use it normally, it gets used anywhere from twice a month to sometimes 3 months in between use, and it's quite irregular. They charge me $3.95 a month for this.
I still remember my first bank account - at National Trust (part of Scotiabank now I think) in/around 1990. My *chequing* account was earning 8% interest, and this was before all the fees started coming in.
If you're at a Big Bank then you actually pay a monthly fee just for the "right" to have an account with them!
For example, for various reasons I need to have a TD account. I never use it normally, it gets used anywhere from twice a month to sometimes 3 months in between use, and it's quite irregular. They charge me $3.95 a month for this.
I still remember my first bank account - at National Trust (part of Scotiabank now I think) in/around 1990. My *chequing* account was earning 8% interest, and this was before all the fees started coming in.
You do reaize I guess that in 1990 interest rates were quite a bit higher. Mortgages were about 12%. I don't think banks can pay out 8% on a risk free chequing account these days when mortgages are a lot less than 8%. The options are GICs and if you want to by pass the banks buy Canada Savings Bonds, lend your money directly to the government, help the economy and take the interest rate set by the government not the banks. Or simply get into the business of making personal loans with your own money and negotiate with the borrower what interest rate they will pay you.
For $3.95 you might be able to play one night a month at a chess club and maybe buy a cup of coffee, so I see what you mean.
As for chess and math being a non-profit, it is but I would tend to think it's cash flow would put a lot of other non-profits to shame.
Last edited by Zeljko Kitich; Wednesday, 2nd May, 2012, 02:20 PM.
Let's also not forget that alot of those tax dollars are not just ours. Our banks, their dividend recipients and their shareholders that realize a capital gain pay a lot of taxes. That alone amounts to billions of tax dollars contributed to the public coffers every year. So when we say it's our tax dollars let's maybe remember where some of the taxes come from in the first place. I know it's not so popular to think of banks and their shareholders as being tax payers too but there you go.
Our Canadian banks do donate a large amount to charities, are stable and provide excellent service. However, bank profits have a heavy portion from government debts. Government debts would be greatly reduced with the IMF-supported taxes on banks and banking transactions, such as the Tobin tax or the Robin Hood tax (.05%).
You do reaize I guess that in 1990 interest rates were quite a bit higher. Mortgages were about 12%. I don't think banks can pay out 8% on a risk free chequing account these days when mortgages are a lot less than 8%.
Yes I understand that, but you virtually never even hear about a chequing account paying interest anymore much less being free at the same time.
For $3.95 you might be able to play one night a month at a chess club and maybe buy a cup of coffee, so I see what you mean.
It's more the principle of the thing. Banks in general already make a ton of money using what is deposited into them, now they have to turn around and milk you again.
Looking forward to the day when I don't have to use a big bank anymore. Right now I'm stuck dealing with 3 of them on various items!
Larry,
BMO offers free bank accounts for non-profit organizations. This includes all the fees, the cheques, everything. I know a few chess clubs who opened their account there. Maybe there would be some fees for CMA, since it is quite a big organization... But probably nothing expensive.
Our Canadian banks do donate a large amount to charities, are stable and provide excellent service. However, bank profits have a heavy portion from government debts. Government debts would be greatly reduced with the IMF-supported taxes on banks and banking transactions, such as the Tobin tax or the Robin Hood tax (.05%).
Article number 1 I find humorous. It is conflating the deferred tax account that accounts for the difference between taxes due today according to the income tax act and taxes as calculated on an accounting basis. That is often simply the difference between ITA mandated CCA and accounting amortization. It is always possible to play these games because few people understand or frankly care to understand accounting and annual statements. That leaves lots of room for 'academics' to misconstrue whichever way they like, whichever way their ideology leans. I also like how they left out the provincial portion of corporate tax rates, ignore the taxes paid by dividend recipients and don't even mention that the lowest tax rates are paid by small business not large corporations such as banks. Yes a certain number of Canadians are engaged in tax evasion. Be it the contractor working under the table or the cash based business understating their receipts.
However, let's not forget that as Canadians we have the right to avoid taxes. To do tax planning and arrange our affairs in such a way as to legitimately minimize our tax bill. There is no legal requirement for me or you or the business down the street (no matter how big or small) to arrange our affairs to maximize how much we pay in taxes.
Last edited by Zeljko Kitich; Wednesday, 2nd May, 2012, 03:07 PM.
Yes I understand that, but you virtually never even hear about a chequing account paying interest anymore much less being free at the same time.
It's more the principle of the thing. Banks in general already make a ton of money using what is deposited into them, now they have to turn around and milk you again.
Looking forward to the day when I don't have to use a big bank anymore. Right now I'm stuck dealing with 3 of them on various items!
I am with TD (for a long time - since Canada Trust days...) and now I am fee-free! (over 60)
I realize you youngsters may not be there yet, but I can tell you it is nice to NOT pay $19.95/month anymore!
Yes I understand that, but you virtually never even hear about a chequing account paying interest anymore much less being free at the same time.
It's more the principle of the thing. Banks in general already make a ton of money using what is deposited into them, now they have to turn around and milk you again.
Looking forward to the day when I don't have to use a big bank anymore. Right now I'm stuck dealing with 3 of them on various items!
Given internet banking it's pretty easy to flip money over to an interest paying savings account and then flip it into chequing when you want to spend it. When I was a treasurer of a union local I found the treasurer before me out of sheer incompotence failed to do this over a 2 year period and kept close to a million in chequing getting no interest at all. Total loss to the union was about $100 000. Was this at a big greedy bank? No it was at the local municipal employees credit union.
... It's more the principle of the thing. Banks in general already make a ton of money using what is deposited into them, now they have to turn around and milk you again. ...
That's why the banks love Toronto Maple Leafs fans: they're already bent over with their pants down around their ankles. :)
Seriously, I think Zeljko has already pointed out that the banks, in Canada at least, have a 'user pay' philosophy. What you're suggesting, Chris, is that a bank's loan customers should, in effect, pay for your chequing account fees - not a popular proposition with the loan customers.
"We hang the petty thieves and appoint the great ones to public office." - Aesop
"Only the dead have seen the end of war." - Plato
"If once a man indulges himself in murder, very soon he comes to think little of robbing; and from robbing he comes next to drinking and Sabbath-breaking, and from that to incivility and procrastination." - Thomas De Quincey
That's why the banks love Toronto Maple Leafs fans: they're already bent over with their pants down around their ankles. :)
Seriously, I think Zeljko has already pointed out that the banks, in Canada at least, have a 'user pay' philosophy. What you're suggesting, Chris, is that a bank's loan customers should, in effect, pay for your chequing account fees - not a popular proposition with the loan customers.
In the long run it'll cost them. Places like Ally and PC and ING are slowly taking business away, not to mention credit unions.
Not getting any interest 1n your bank account? Put the money into shares of Canadian banks and get 3-4% on the common shares (with growth potential) or 4-5% on the preferred shares.
Not getting any interest 1n your bank account? Put the money into shares of Canadian banks and get 3-4% on the common shares (with growth potential) or 4-5% on the preferred shares.
It's more the principle of the thing. Banks in general already make a ton of money using what is deposited into them, now they have to turn around and milk you again.
It's not particularly relevant what the banks do with the money or how much they make with their loans - only what service you get for your charges and what alternatives you have.
Personally, I think the banks provide extraordinary value for the service they provide me. They keep accurate track of my multiple accounts, provide remote internet access so I don't ever have to actually spend my time going to a bank, provide easy ways to pay my bills by cheque or electronically, they provide ATMs for easy access, allow access to other bank ATMs should I not be able to conveniently access theirs, access to funds when I'm travelling in a foreign country, take care of providing appropriate tax documentation, assume the risk of fraudulent access to my account, electronic deposit, and so on.
All of that saves me many hours of time and actual cash outlays. The alternative of keeping cash on hand, being paid in cash, going to each business I owe money to to pay them, worrying about being robbed, trying to find someone to lend money to so I can get interest..... Really, it's not an option.
YMMV of course but those people who complain don't have my sympathy.
As I write this, the yield on BMO, as an example, is a little over 5%. But, the stock price has gone down by about $1 since I wrote the above. Higher yield usually means higher risk, of course.
Because dividends are effectively taxed at a lower rate than interest, one needs an interest income of approximately 6.5% to keep the same amount in your pocket after taxes, all else being equal! I don't know if this calculation is the same for all tax brackets.
One of the things regarding dividends is how they can affect other calculations. The tax calculation on dividend income is done by "grossing up" the actual income to show more income and then, at the end, when doing the actual tax owing calculation, there is a tax credit given. This tax credit is not going to give you a refund if you owe no tax, as far as I know.
One effect of all this could be to make one subject to an Alternative Minimum Tax if too much of your income is dividend income.
Another result of the dividend income being "grossed up" to show a higher income is that there are many cases where your Net Income is used in situations where there is a means test such as the OHIP Health Tax in Ontario. There are many other areas where this comes into play.
Always being happy to learn, if anyone can correct anything here or add anything, I would like to read it.
Comment