For sure, happy to find another Can/Am family! The 1.26 is the posted rate which is VERY similar to what Schwab and the credit cards charge – they do not have those pesky extra fees in the 1-2% range whereas you would if you say did a non Norberts Gambit fx transfer with Questrade. Norberts Gambit is definitely a great route to go too. Using these accounts/cards work for us and our everyday spending.

Interesting! My husband and I are also a Can/Am family. I see your calc references 1.26. Is that what Schwab is offering you or just the posted rate? If the latter, there is a drag you’re not accounting for. We’re planning on using Norbert’s gambit when

Interesting! Thanks for the reply. My husband and I are also a Can/Am family and we’ll have substantial assets in USD to convert. I see your calc references 1.26. Is that what Schwab and the credit card are offering you or is that just the posted rate? If the latter, there is a drag you’re not accounting for. We’re planning on using Norbert’s gambit when the time comes.

Hey Andrea, we use US based credit cards to spend our USD. Somehow we both are still able to sign up and get approved for US cards which offer much better sign up bonuses. So we get the best going exchange rate by going this route. We also have a checking account set up with Charles Schwab (which was set up while still living in the States) which also has excellent exchange rates and no ATM withdrawal fees worldwide. Meaning we can fund the account with USD and then withdraw in Canada in CAD.

With the USD stronger than the CAD, we view our USD as a propeller to our FI journey rather than a drag.

Hope this answers your question!

Haha bonus’s come annually not quarterly for me, so nothing til next March. Definitely can’t complain though! Our team is already at our 2020 figure and it’s only April! So likely another crazy number to report next year.

Who knows? Maybe you’ll get a ~400% bonus next quarter!

Thanks Sterling! You sure will be there one day too!!

Thanks Marii! I was shocked when I looked at the numbers myself!

Agreed re RESPs. Unfortunately most likely have the money parked in a savings account or GIC and not really working for them.

I was very happy to see that when we were filing our taxes this year with WealthSimple they mentioned opening up an RESP with them. Hopefully this encourages parents who are unfamiliar or on the fringe to dig further into it and understand the benefits.