Hubert is Almost DEAD! | Page 2 | Hubert Financial | Discussion forum

CAD said

AltaRed said
That is not true. T5s are supposed to include accrued interest on compound multi-year GICs based on anniversary date. If the T5 does not include those amounts, the FI is breaking the law. 

Let put it differently: if money is not ADDED to the principal, there is nothing to report.
Having 5 years non-redeemable GIC with interest paid AT THE END of period - nothing to report for years 1-4. When you GET all interest then you pay the taxman.
BUT if 5 years non-redeemable GIC has an option to ADD interests to principal after every anniversary - most likely you HAVE to declare it as income even though it is still locked until the end.  

Winnie said: I always report interest actually received, that I calculated myself.
When all T5 will arrive, I will confirm amounts and take action, if something needs to be corrected.
And, in July, I always check CRA T5 records, because sometimes they will have different information.
About Hubert. Yes, old Hubert CRS told me recently, that very soon Hubert will NOT exist. They know better, they are there, in Manitoba. CRS explain to me: "... nothing stays forever, everything changing ...". Let see, how long it will take.

@CAD makes sense.
But.
If you watch, as I do, a GIC at Oaken, for any term, you will see the market value go up every day. So at Oaken is the interest actually paid out to the GIC, every day?

If you watch a GIC at Hubert you will see the GIC value go up every year, based on purchase date, and it shows in the GIC transactions.
So I guess in the case of Hubert you can calculate the interest payouts in the “transactions” and look at any matured GIC interest for the year to calculate total income. Matured GICs disappear so those payments might show in the HISA account records.

I’m going to verify my T5 for Hubert today.

So when Winnie said she calculates interest herself…..I would think that is a difficult calculation to do especially if the GIC stared mid year.

So for sure a simple example of a 2 year GIC …. you would see the principal amount and see the GIC value is now higher than the principal….thus a taxable amount for that year.

Ie. just checked my 1 year GICS at another FI purchased mid 2024 and the value today remains same as the principal amount = no T5 for 2024.

AltaRed said
One year GICs are different because interest does not compound, plus they mature on the first anniversary date by definition with interest only paid upon maturity. CRA is clear on when interest is taxable (as of each anniversary date). That is why interest is taxable in the year at the end of each anniversary for a compound GIC, whether interest is simply accrued or paid out. It is not a difficult concept to understand.  

I agree...1 year is easy peasy.

GIC-Fanatic said
So when Winnie said she calculates interest herself…..I would think that is a difficult calculation to do especially if the GIC stared mid year.
 

No, it's super simple in my case, because I only have 1 year quarterly GIC from Hubert. If any quarterly interest was paid in 2024, I will calculate it. That is very simple.

Re the ALMOST DEAD forum title.

Hubert now follows up every call made to them with a poorly phrased survey of one question. Rate 1-5. 5 being excellent.

I’m always dubious of surveys as if they are anonymous (that’s a no), and how they are worded, interpreted and how they will react.

So.. is a rating of 1 interpreted as:
We need to improve, but we don’t know what the issues are, because we didn’t ask.
We need to call this customer back.
We might as well fold Hubert as our customers are not happy, at Happy Hubert.
And if call is answered with no response, is that given a default rating or no rating?
And if I always give a 1 or hang up….am I flagged?

CAD said

Nobody is forcing you to do a survey. I got a call back but hearing a survey hanged up.

Telling your opinion to CSR might help or not. They most likely record every call 'for training purpose' but unless you swear at them and threat with violence I doubt anybody listens to it.
Even if agent tells you he/she will call you back do not expect it. I did a chat with CSR and she promised to let me know (email/call) when account(s) become inactive but never called back...  

lol. I don’t do surveys……for anyone!

dougjp said

I do, but only if I get paid cash to do them 🙂 Otherwise, why? 

This ⬆

When I'm asked to do a survey, I tell them I charge $75/Hour, with a $75 minimum.

Though I've been asked several times over the years, I haven't completed a survey in a Very Looong time now ... but I'm not sure why.

Go Figure

Dean