[lb71]

What are people's opinions on the issue? Not sure which way to go. I'm more looking at a small space, to hold important papers and a small portable drive.

A home safe provides convenience and fire proof are available. However, it can be carried out by a determined theif.

A bank gives you a buffer, and I would think an extra layer of security. But eventually, a home safe would pay for itself.

 

[mfd]

I would go the route of safety deposit box. I have a feeling that low end safes(sub $500) give a false sense of security. They probably aren't as resistant to theft and fire as you would think. These are only assumptions though

 

[canabiz]

Good thread!

How much does it cost to rent a safe from the bank ? Or is it usually free if you have multiple financial products with said bank ?

My opinion on this is I like to keep the very valuable and sentimental items in a safe in the bank while other items that require more usage i.e. insurance policies can be stored in a fire-proof safe at home.

 

[CanadianCapitalist]

Good thread!

How much does it cost to rent a safe from the bank ? Or is it usually free if you have multiple financial products with said bank ?

My opinion on this is I like to keep the very valuable and sentimental items in a safe in the bank while other items that require more usage i.e. insurance policies can be stored in a fire-proof safe at home.

We rent a safe deposit box from our bank. Costs about $60 per year.

 

[lb71]

We rent a safe deposit box from our bank. Costs about $60 per year.

That's not bad. Was this price negotiated?

Also, these are tax deductible, so the net cost can be up to 50% less.

 

[michika]

I have one of each.

We're renovating our basement at this time and are taken the opportunity to upgrade our current safe to a hidden/secret one. Like mentioned a determined thief can, with some help, walk out with your safe if its a smaller model.

 

[nick24]

I am going to get a bank safety deposit box. I will use it to keep valuable items, such as passport, marriage, birth certificates as well as investment advice slips. This means that I can claim the cost of the safety deposit box in my taxes each year as it is a carrying charge.

This is what the CRA has to say > http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/221/menu-eng.html

The important bit being "Fees to manage or take care of your investments (other than administration fees you paid for your registered retirement savings plan or registered retirement income fund), including safety deposit box charges".

CIBC is the closest bank to my place of work. I think they charge around $50 a year, with access whenever the branch is open.

 

[Mockingbird]

Good thread!

How much does it cost to rent a safe from the bank ? Or is it usually free if you have multiple financial products with said bank ?

My opinion on this is I like to keep the very valuable and sentimental items in a safe in the bank while other items that require more usage i.e. insurance policies can be stored in a fire-proof safe at home.

Here's a recent price list from CIBC

 

[furgy]

I rent a safe deposit box at CIBC , $120 per year for the largest box they have.

 

[George]

We've got a safety deposit box at the bank (about $45/year) and we're considering getting a safe for at home. A few of things to keep in mind, though:

• Safe deposit boxes aren't always tax-deductible. You need to use the box to manage your investments (i.e. as a place to store a stock certificate or savings bond) in order for it to legitimately qualify as a deduction.
  
• Home safes face three major threats: fire damage, water damage, and theft. Unless you spend a LOT of money, it's very difficult to find a safe that has a high amount of protection against all three threats.
  
• Many "fire boxes" are good against fire but not against a thief, since the thief could just take the whole thing and crowbar it open later.
  
• Many good-quality safes can be bolted to the floor and are difficult to break into, but provide limited protection in the event of a fire.
  
• A tubular floor safe provides extremely good protection against both fire and theft, but must be installed directly into concrete in a basement and can be vulnerable to flood damage.
  
• Fire-proof boxes are generally designed to keep internal temperatures low enough so that papers won't burn. Computer discs and hard drives will be destroyed at a much lower temperature. If you're planning to store any sort of computer media, make sure you get a safe/box that is rated for that type of use, or just put the drive/disc in a safe-deposit box, where fires aren't a big concern since banks are protected by sprinkler systems.

One last thought - items that require last-minute access should NOT be stored in a safe-deposit box if possible, because you'll only have access to them when the bank is open. Examples of items that are better stored in a home safe: Wills and funeral arrangements, passports.

 

[Mockingbird]

We've got a safety deposit box at the bank (about $45/year) and we're considering getting a safe for at home. A few of things to keep in mind, though:

• Safe deposit boxes aren't always tax-deductible. You need to use the box to manage your investments (i.e. as a place to store a stock certificate or savings bond) in order for it to legitimately qualify as a deduction.
  
• Home safes face three major threats: fire damage, water damage, and theft. Unless you spend a LOT of money, it's very difficult to find a safe that has a high amount of protection against all three threats.
  
• Many "fire boxes" are good against fire but not against a thief, since the thief could just take the whole thing and crowbar it open later.
  
• Many good-quality safes can be bolted to the floor and are difficult to break into, but provide limited protection in the event of a fire.
  
• A tubular floor safe provides extremely good protection against both fire and theft, but must be installed directly into concrete in a basement and can be vulnerable to flood damage.
  
• Fire-proof boxes are generally designed to keep internal temperatures low enough so that papers won't burn. Computer discs and hard drives will be destroyed at a much lower temperature. If you're planning to store any sort of computer media, make sure you get a safe/box that is rated for that type of use, or just put the drive/disc in a safe-deposit box, where fires aren't a big concern since banks are protected by sprinkler systems.

One last thought - items that require last-minute access should NOT be stored in a safe-deposit box if possible, because you'll only have access to them when the bank is open. Examples of items that are better stored in a home safe: Wills and funeral arrangements, passports.

Very good points, George.
I would attest esp. to "passports"

 

[George]

In a previous post I mentioned that floor safes can be vulnerable to flood damage, but in doing a little research it seems that some of these safes have been designed to be relatively flood-resistant. This floor safe which is sold at Costco for about $170 is billed as "waterproof" if installed correctly.

It'd be a weekend job to install a safe such as this one, and it would require that you have a home with a basement (and therefore a concrete floor), but it would provide a very high level of security from fire, theft, and flood damage.

Water damage isn't usually something you think about when you buy a safe, but it's important. If your house is on fire, the safe doesn't just need to protect the contents from getting burned - it has to protect them from getting soaked as well.

 

[mfd]

In a previous post I mentioned that floor safes can be vulnerable to flood damage, but in doing a little research it seems that some of these safes have been designed to be relatively flood-resistant. This floor safe which is sold at Costco for about $170 is billed as "waterproof" if installed correctly.

It'd be a weekend job to install a safe such as this one, and it would require that you have a home with a basement (and therefore a concrete floor), but it would provide a very high level of security from fire, theft, and flood damage.

Water damage isn't usually something you think about when you buy a safe, but it's important. If your house is on fire, the safe doesn't just need to protect the contents from getting burned - it has to protect them from getting soaked as well.

According to the website it looks like the company hasn't rated that safe for fire

 

[George]

According to the website it looks like the company hasn't rated that safe for fire

True, but when installed in concrete and in a basement it should provide quite good fire protection.

 

[Taxsaver]

Let's say I put my gold in a bank safe. I would be afraid that an employee gets the key and steals my gold. They surely have the key for it.

 

[Plugging Along]

Let's say I put my gold in a bank safe. I would be afraid that an employee gets the key and steals my gold. They surely have the key for it.

In our bank, they actually state that the bank does not have an extra key. If you lose it you must pay the money (I think $100) to get a lock smith to get a new lock.

 

[Taxsaver]

Thanks for the info, Plugging Along!!

 

[the-royal-mail]

Very interesting thread - thanks for all the participation!

 

[Seth]

My vote is for a WELL HIDDEN decent home safe.

Spend 500.00 On a decent fire rated safe, bolt it to the wall / floor and HIDE it well.

Certain items you're going to want immediate access to in times of extreme need...

What if the global markets collapse and your bank becomes insolvent?

How long will you wait in line during a bank run to access your most precious belongings?

Don't think it can happen? I CAN happen and has happened before.

Keep some cash on hand, at home in small bills... this will come in handy during times of prolonged power failure.

Ever been in a store checkout line, arms full of goods only to find out debit's down? It's a sinking feeling... that is unless you've got cash reserves!

 

[Cal]

TD gives me a free safety deposit box....can't remember why though, it has been awhile.