Chat Has anyone invested money for an MPA before?

[OG_funguy]

So one of my faves wants to give me a fairly large chunk of money (in cash nonetheless) to invest for her. I told her she just needs a SIN to open her own account but she thinks it's too much trouble and she doesn't have time to do it (personally I think part of the reason is she's scared to try online trading).

I told her about tax consequences and that I would be in a higher tax bracket than her but she doesn't care and said I can take whatever I need for taxes and even take a % as commission.

To make matters worse, she wants to invest some of the money in high flying "concept" stocks that some of her customers told her about. I explained that these are risky and that the valuations (e.g. P/E ratio, etc.) are through the roof but she doesn't care and said she understands they are risky.

Thoughts? Has anyone done this before and if yes, how did it work out?

 

[ppc]

Good luck to start another form of business. Just told her no pain no gain. She is using your body to do trading later on she will ask you to buy real estate or set up spa business with you being on titles.

 

[BmH6769]

I would stay away man, maybe money laundering scheme

 

[OG_funguy]

Good luck to start another form of business. Just told her no pain no gain. She is using your body to do trading later on she will ask you to buy real estate or set up spa business with you being on titles.

True and she's taking a risk handing me so much cash...I mean, she doesn't know where I live and probably doesn't even remember my full name (of course I wouldn't do anything dishonest but still...)

 

[bumzbumz]

stay away from that lol

 

[ppc]

True and she's taking a risk handing me so much cash...I mean, she doesn't know where I live and probably doesn't even remember my full name (of course I wouldn't do anything dishonest but still...)

And you should take this chance and help her to make millions. But I guess you two should sign something with witness there to prove that you invest &$ on her behalf otherwise later on you will be in trouble with xxx?
Or just say you don’t want to do it and still bang her.

 

[OG_funguy]

I should add that I do know her very well and truly believe she just wants the excitement of owning some stocks. But let's say I'm wrong about her...as far as I can tell, there's nothing I'm doing that's illegal, right? It could be anyone that just gifted me some money...I would still pay taxes and anything like that.

 

[OG_funguy]

And you should take this chance and help her to make millions. But I guess you two should sign something with witness there to prove that you invest &$ on her behalf otherwise later on you will be in trouble with xxx?
Or just say you don’t want to do it and still bang her.

You can be the witness

 

[Whitesnake1987]

I had some MPAs begging me to take them across the US Canada border , in return for lots of sucking and fucking in the hotel.

I said fuck that shit, you don't want to be caught crossing the border with someone you have no idea on their criminal history. Could have landed me in hot water and jeopardize my ability to cross the border.

Lesson: there whores always try to use men Baby. Fuck, pay and leave.

 

[BmH6769]

I should add that I do know her very well and truly believe she just wants the excitement of owning some stocks. But let's say I'm wrong about her...as far as I can tell, there's nothing I'm doing that's illegal, right? It could be anyone that just gifted me some money...I would still pay taxes and anything like that.

I was approach by a girl at Serene b4, don’t remember her name tho...just feel sceptical that a spa girl would suggest some’ like that during massage

 

[ppc]

I was approach by a girl at Serene b4, don’t remember her name tho...just feel sceptical that a spa girl would suggest some’ like that during massage

So many rich girls at that spa has monies to invest? Let me go there one day and see if I am lucky before we are going back to stage 2 or 1.

 

[ppc]

I was approach by a girl at Serene b4, don’t remember her name tho...just feel sceptical that a spa girl would suggest some’ like that during massage

Also are you a regular there too?

 

[Hangdai]

In my opinion, ladies giving large sums of cash to a “friend” for whatever reason, usually don‘t end well.

At least not without a lot of DRAMA.

The other way around, guys giving cash to ladies? Well, that’s in our DNA, lol

 

[OG_funguy]

I was approach by a girl at Serene b4, don’t remember her name tho...just feel sceptical that a spa girl would suggest some’ like that during massage

Just to be clear, this isn't just some MPA I know at the spa but a fave that I've known for years and have seen many times outside of the spa too. I'm 99% sure there's no ill intent on her side, other than she wants to own some stocks. She already has an accountant and pays taxes so there's no need for her to "hide" money from the government or anything like that.

 

[shanekhan]

I should add that I do know her very well and truly believe she just wants the excitement of owning some stocks. But let's say I'm wrong about her...as far as I can tell, there's nothing I'm doing that's illegal, right? It could be anyone that just gifted me some money...I would still pay taxes and anything like that.

If you say that was a gift from her and she can not provide a money trail, you can lend in trouble. Big brother will treat that as your income

 

[ppc]

Just to be clear, this isn't just some MPA I know at the spa but a fave that I've known for years and have seen many times outside of the spa too. I'm 99% sure there's no ill intent on her side, other than she wants to own some stocks. She already has an accountant and pays taxes so there's no need for her to "hide" money from the government or anything like that.

Then so she applies for her sin number and go to Bmo or Td or Scotia to open the online trading .

 

[OG_funguy]

Lots of good points so far but was hoping to hear from someone that might have actually done this before...

Maybe I'll suggest to her to start with a smaller amount and see how that goes first...

 

[Hornet]

Strongly steer her towards opening her own account or talking to an investment advisor.

Let her know that by giving you money with no legal document explaining this arrangement then you could steal her money and it would be a “he said/she said” situation. She’s taking risk. On the flip side, this could be dangerous for you as if she could prove her position that you were acting as a broker on her behalf. So, if you don’t have a broker’s license you are now at risk. I assume you are not licensed to ask this question.

 

[ppc]

Strongly steer her towards opening her own account or talking to an investment advisor.

Let her know that by giving you money with no legal document explaining this arrangement then you could steal her money and it would be a “he said/she said” situation. She’s taking risk. On the flip side, this could be dangerous for you as if she could prove her position that you were acting as a broker on her behalf. So, if you don’t have a broker’s license you are now at risk. I assume you are not licensed to ask this question.

Fun guy should use his head more often than rather using another head .

 

[Hornet]

Other considerations........

If the amount she gives you is large (over $10,000) then any amount of that size hitting your bank account Has to report it to CRA

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www.fintrac-canafe.gc.ca

This could then be taxable income for you.

Also, the nature of the investment is risky and you need agreement on what happens in the case of a gain or loss. Does she understand that if the stock is sold for a loss she’s not getting all her money back? Or does she assume she’s getting all her money back and you are eating the loss on a drop in stock price? Does she understand that there will be capital gains taxes if the stock appreciates in value and that you’d have to deduct that from the money she? Or, does she assume she gets full capital appreciation and you pay the capital gains tax?

In other words, this is just far too messy an arrangement to try to get into. Too many land mines to navigate.