The better way

Why does T2 think it’s okay to gut TFSAs, create a new tax bracket and whack business owners? Because, politically, it is. The federal Libs are out to destroy the NDP (currently trying to pick a leader), so they can suck off the soft socialists and rule Canada forever.

It’s a plan. So far, it’s working. Step One is to create class warfare. The steerage section of this pathetic blog will attest to how great that’s going. Drenched in debt, laden with house and swimming in their own bad decisions, the deplorables among us believe the way they can get more is to ensure everyone else has less. And why not? It’s exactly the message of Bill Morneau.

“Too many people still feel as though the system is stacked against them. They work hard. When it comes to paying their taxes, they pay on time and in full. But there is a sense that some may be getting a better deal than others. It’s time for the next steps in our plan to bolster the confidence Canadians have in their Government and in their economy. And it starts by making sure that we all pay our fair share of taxes—with no exceptions.”

When asked what a ‘fair’ tax is, the answer’s always the same – one that somebody else pays. If they have more than you, it’s ever fairer. Now that home ownership has risen to 70%, people have borrowed $1.3 trillion in mortgages, and the savings rate has plunged, our leaders know the time is right to cause division and stoke envy. After spending nine years in the House of Commons and the backrooms on Parliament Hill, I know. Power comes first. Responsibility second.

But, despair not. This blog is here to empower you, not induce suicidal thoughts. That’s what Costco and Drake are for. So instead of thinking you can build yourself up by knocking someone else down (the Lib-NDP-Screwed-Millennial way), why not just advance? One great way of doing that is to invest.

On Tuesday the Fruit People, formerly known as Orange Guy’s Shorts, released the results of a survey showing just how beaten down most Canadians have become. Incredibly (it says) only 4% of Canadians have ever seriously considered opening an investment account. Why? Not because they fear losses, but rather since 70% of all these dispirited beavers believe they don’t have enough money to invest.

And here’s another report proving what a mess children make of people’s brains. Just out, it shows 53% of parents think their adult kids are dependent on them. Almost 40% will hand over house money to their spawn or finance college even when it means kissing off retirement.  “According to the results,” says the Financial Planning Standards Council, “assisting their ‘big kids’ with post-secondary costs will postpone the retirement of 45% of respondents and prevent 46% from paying off their debt.” By the way, guys (at 44%) are way more willing to put their kids into real estate than women (32%). So much for the nesting myth.

So why would having offspring – which people have apparently done for some time – be putting a “financial strain” on almost half of all parents? Why can’t people manage to have a job, raise a family and still have enough loot saved after six decades of life to stop working?

You already know.

Years ago when I was traveling the country speaking on behalf of financial dudes, banks and fund companies, the gigs took me everywhere. Glittery ballrooms. Church basements. One night I walked into a hall in a remote, dusty burg in southern Saskatchewan to talk to a few hundred dour-looking locals. The advisor sponsoring the event told me how much money she looked after. A staggering amount. “Huh?” I said, meaningfully. And she explained – in a place where real estate was cheap and debt sparse, people gave their money to her (after buying some new cows, of course). No retirement crisis there.

The cost of a one-strategy strategy is incalculable. Debt’s off the chart. House prices inflated. Families stressed. And if property values don’t hold, millions of wrinklies will be pooched. People who have relied on real estate only to build net worth must liquidate it at some point to survive. What a crap shoot that can be – as we’re learning. Without balance, diversification or (often) liquidity, risk ignites.

The sooner you stop fawning over house, believing politicians or caving to your kids, the better the outcome. Tomorrow, a small refresher course on the better way.

 

309 comments ↓

#1 old gringo on 09.19.17 at 5:18 pm

maybe, just maybe 1st!!!!

#2 MF on 09.19.17 at 5:26 pm

“So instead of thinking you can build yourself up by knocking someone else down (the Lib-NDP-Screwed-Millennial way)”

-Glad you acknowledged it. We millennials are divided into 2 camps.

1) Hustles as best he can, cobbles together 3 part time contract jobs, admires and learns from successful people. Didn’t vote t2.

2) Lazy, smokes pot, complains all the time about unfairness. Head in the sand. Voted t2.

MF

#3 MF on 09.19.17 at 5:28 pm

It wasn’t just millennials who voted T2.

There was a lot of people who voted Liberal because Harper was “mean”.

As I have stated on here before, if you are over 25 and you voted Liberal, you are an idiot.

MF

#4 Screwed Canadian Millenial on 09.19.17 at 5:29 pm

Just a reminder that according to the Conservatives’ own budget documents, only 4% of Canadians had maxed out their $5,500 TFSA (~$50k total contribution room) when they decided to increase it to $10k. Typical Conservative priorities. Focused on the 4% who are already well off, screw the other 96%. And why the hell shouldn’t “investors” have to pay capital gains tax? Meanwhile hard working Canadians can’t even get a raise.. what a damn shame.

#5 Money Miser @ Money-Miser.com on 09.19.17 at 5:30 pm

It’s kinda scary how parent’s are so supportive of their adult children. Many of my fellow millennials are molly coddled well into their 30’s and even beyond. It doesn’t exactly lead to a capable and independent adult.

The sooner you leave your parent’s nest, the better, in all manner of life, especially when it comes to making your own financial decisions.

#6 HoweStreet.com on 09.19.17 at 5:31 pm

Ross Kay on HoweStreet.com Radio:
Does Ottawa Know Real Estate Impact on GDP?
CREA Projections Wildly Inaccurate. Are Realtor Databases Safe from Hackers?

http://www.howestreet.com/2017/09/18/does-ottawa-know-real-estate-impact-on-gdp/

#7 Jonah on 09.19.17 at 5:32 pm

Investment is great idea in Canadian equities but what to do with our neighbors who won’t defend us when we get nuked and is trying to kill our industries such as Boeing

#8 Toronto Spendthrift SOCIETY on 09.19.17 at 5:37 pm

Sir Garth, taking on a $800.000 mortgage debt to appease a spouse, then spending another $50,000 on granite counter tops, then another $100,000 on a luxury car for each couple, then another $1000 a month for the latest Iphone plan, and Fibe TV, then finally, another $10,000 for a honeymoon vacation at a 6-star hotel, because that’s the Toronto way of life.

If you don’t follow that script, and you’re a man, no woman in Toronto would even want to talk to you, and they will accuse you of being those MIGTOW or Smoking Man.

#9 Hotdogs from Heaven on 09.19.17 at 5:47 pm

Hey Screwed Canadian Millenial, can I ask you a few questions? You seem to be representative of your generation whether you want to be or not and I wanted to know more about how you developed your world view.

Are you the front end of the millenials (early 30s) the 20s or even a teenager?
What city do you live in?
Do you own or rent?
Or do you still live with your family?
Do you have a post secondary education and if so, a degree in what?
What industry do you now work in and what kind of salary (very ballpark like under $40k, $40k to $70k, $70k to $100k, etc…)?
Do you consider your education worth the money or is there a different degree that hindsight has you wishing you’d pursued?
Are you still going to school?

#10 Mark Deflation Theory and $1.35 Loonie... on 09.19.17 at 5:49 pm

Now where is Mark to explain to use the coming deflation in Canada, and the surge in demand for Canadian dollars which will spike above the current US dollar value of the Euro and Pound?

I noticed that my grocery bill rose by at least 5% from six months ago earlier this year, where is the deflation?

I’m fed up like that frustrated Canadian Millennial because I can’t afford to purchase a house in Toronto even when Mark is predicting deflation in Canada.

My last date, she asked me how much I made per year after taxes, and her face literally deflated before my eyes when I told her that I was earning less than $250,000 a year, but more than $180,000 a year, net income.

I can’t win in such a materialistic city like Toronto.

#11 Long Branch Apprentice on 09.19.17 at 5:50 pm

#4 Screwed Canadian Millennial

How does increasing the annual TFSA contribution hurt lower income earners who might not be able to top up? It’s not a zero sum game. Tired of people who don’t even know the rules of the TFSA telling me I don’t need more room for after tax savings.

Investors DO pay capital gains tax, whereas RE flippers are exempt on their primary residence.

You often sound angry on here bro, try viewing yourself as something other than a victim, and you’d be surprised how your luck can change.

BTW, I’m 33, went back to school for a 2nd career with a pregnant wife. Lots of savings. Using liquidity and mobility to our advantage. Stop bitching and moaning. It really does help.

Peace.

#12 Eco Capitalist on 09.19.17 at 5:56 pm

@ #3 MF

I’m over 25 and I voted Liberal. They promised me electoral reform, something this country desperately needs. They flat out lied to me. So long as the main 3 keep getting in, we will get nothing but the same, stale, retread ideas. We need to lose the socialist fluff and start teaching students the fundamentals of Capitalism and Investing. Churches should be running soup kitchens; the government should not.

#13 jimprdx on 09.19.17 at 5:56 pm

If you want “fair” taxation, wouldn’t you want capital-gains tax to apply equally to everyone, including for house-owners for their primary residence? Now there’s an idea…..

“Fair” depends on perspective, Trudeau’s proposed changes won’t suddenly make everything “fair” in one stroke, and anyway taxation is not just about being fair, it it also about encouraging certain behaviors over others.

#14 Smartalox on 09.19.17 at 6:04 pm

Did anybody else notice:

“Now that home ownership has risen to 70%, people have borrowed $1.3 trillion in mortgages, and the savings rate has plunged, our leaders know the time is right to cause division and stoke envy. ”

compared to this:

On Tuesday the Fruit People, formerly known as Orange Guy’s Shorts, released the results of a survey showing just how beaten down most Canadians have become. Incredibly (it says) only 4% of Canadians have ever seriously considered opening an investment account. Why? Not because they fear losses, but rather since 70% of all these dispirited beavers believe they don’t have enough money to invest.

Co-incidence?

#15 Screwed Canadian Millenial on 09.19.17 at 6:05 pm

Great post Garth. Well I was called out in the post, so you’ll be seeing more of me than usual in this comment section. Just warning you now. Don’t be mad at me. Take it up with Garth.

In regards to that TFSA. Let’s see, who needs a tax break on their source of income? Some wealthy elite bum sitting by the pool with his Rich Kids of Instagram trust fund brats, waiting for his stock to go up another point because the CEO just laid off another 1,000 workers and shipped the jobs over to China.

Or the actual real hard working people who are out there everyday on the construction site, in the mines or on the oil rig? They gotta pay 25%,30%, whatever it is, on their income but some wealthy bum sitting by the pool can pay 0 on his capital gains? Gimme a break.

I understand it’s attractive for some, but the TFSA is just another vehicle for the ones at the top to pay no taxes on their capital gains.

You make a capital gain? Great. Good for you. Pay your damn taxes you bum.

You’ve got plenty of traders who have millions in their TFSAs. The law was written so vaguely, the CRA can’t do a damn thing. We should be taxing these speculators, but no they get the break meanwhile the guy on the factory floor is making less than he did 10 years ago. What a sham.

Former trader amasses $1.25 million in his TFSA — now the taxman wants to know how
http://business.financialpost.com/personal-finance/tfsa/this-bay-st-trader-managed-to-amass-1-25-million-in-his-tfsa-now-the-taxman-wants-to-know-how

CRA demands $75-million be returned after TFSA audits
https://beta.theglobeandmail.com/globe-investor/personal-finance/taxes/investors-call-for-clarity-on-tfsas-amid-cra-tax-call/article35536546/?ref=http://www.theglobeandmail.com&

Yeah good luck with collecting that…

#16 Bob Dog on 09.19.17 at 6:06 pm

Norway has a $1 trillion sovereign wealth fund. That’s 200k per resident. I really wish Canada had oil or other natural resources we could all benefit from.

Go on arguing left right while you are screwed by your own government which represents not Canadians but multi nationality corporations and the wealthy investors of the world.

#17 Screwed Canadian Millenial on 09.19.17 at 6:06 pm

@#2 MF

I’m not lazy, don’t smoke weed or even drink quite frankly. You must have me confused with Smoking Man.

Coffee and raging at boomers on obscure blogs are my biggest vices.

#18 Screwed Canadian Millenial on 09.19.17 at 6:07 pm

What it feels like to live in Saskatchewan. In audio format.

http://www.cbc.ca/player/play/2607865216/

#19 RentYVR on 09.19.17 at 6:12 pm

Fair taxes mean that our income is taxed at the same level regardless of whether it’s in the form of a salary or proceeds from a business. Period. I’m not a fan of Trudeau, but this proposal at least brings some measure of fairness to our current tax structure.

Uninformed comment. Income is taxed according to the level of risk swallowed in order to earn it. Never started a business, have you? — Garth

#20 Screwed Canadian Millenial on 09.19.17 at 6:13 pm

Garth is right about 1 thing. There has been class warfare. By the wealthy elites, corporate interests, and billionaire globalists (as SM would call them) waging war on everyone else.

https://imgur.com/ZBZdXwm

https://imgur.com/FvecNm7

https://imgur.com/9vIQRhA

This is what conservatives fight for:

Super rich hold $32 trillion in offshore havens
http://www.reuters.com/article/us-offshore-wealth/super-rich-hold-32-trillion-in-offshore-havens-idUSBRE86L03U20120722

How the hell did the wealthy elites train and program all these boomers and conservatives to be their useful idiots? It’s amazing.

https://imgur.com/LgosRNJ

That’s enough for now but I’ll be back later, boomers.

A weak argument when you have to grasp at extreme wealth (little of it Canadian) to criticize our tax system. You lost that one. — Garth

#21 Smartalox on 09.19.17 at 6:14 pm

I attended a child’s birthday party recently, held in the common room of a housing Co-op. Amid the LEFTY social-justice treacle that adorned the walls, one statement caught my attention:

“Poverty is not a choice!”

I was surprised to find that I agreed with the statement, though upon reflection, not for the reasons one might think.

If poverty is not a choice, then by extension, prosperity IS.

I choose to show up.
I choose to stay sober.
I choose to get an education, despite my personal challenges.
I chose to go into debt to pay for my education; I chose to pay that debt back.
I choose to save money, in stead of spending it.
I choose to invest my savings instead of racking up debt.

I get it; poverty is not a choice. Why wouldn’t you choose to do something about it?

#22 D.P on 09.19.17 at 6:14 pm

To Screwed Canadian Millenial:

How would it ‘screw’ your quoted 96% by raising the cap room available each year? That available cap space is given to all Canadians, not just those who had/have maxed out TFSAs. Don’t you want to have that potential available to you? Is that not motivation to achieve greater things? Or perhaps you are content playing the victim and staying at the bottom of the totem pole?

Sincerely,

A Canadian with a non-maxed, modest TFSA who is working towards greater things.

#23 Plan, don't whine on 09.19.17 at 6:14 pm

I’ve been following Screwed Millennial. Please take note:

“Investors” always pay tax on the gains. The tax on gains are due every single year, on money you’ve already paid the tax! RRSPs – you only get to defer some tax until you stop/can’t work anymore. TFSA is the only place to put a few bucks that won’t be taxed.

“House Lottery” – total lie. Spending 17 years paying a mortgage, property taxes, roofs, drains, and a big screen TV. Now it’s worth 3x what I paid 17 years ago, but it really went up 7% a year. Some years the hours on repairs I did added up to a second job. No lottery there.

“Risk and fairness” – Saying that an employee losing a job is the same as a business owner losing the business. Does anyone really believe that? Yes being unemployed is terrible. Losing a business can mean losing your house, your savings and your family. Look at the divorce rates of those that declare bankruptcy.

You are not adding to the debate. You are inflaming it. Based on your choice of words I think it’s your goal. You sound bitter and are under informed.

Try and learn something instead of complaining about the success of those who did.

If you think you’re screwed now, keep thinking this way for another 10 years.

#24 KommyKim on 09.19.17 at 6:15 pm

“the deplorables among us believe the way they can get more is to ensure everyone else has less.”

If someone else avoids paying taxes that means that the rest of us have to make up the difference through either increased taxes or reduced services.

#25 Mike on 09.19.17 at 6:15 pm

The never ending rise in taxes has led to the collapse of societies and countries for the course of human history. Now states like Illinois are seeing the effects of Marxist/Socialist policies:

The most recent poll revealed that 47% of people in Illinois wanted to leave the state. Property values will collapse in Illinois because there is a mass exodus and no buyers unless they are oblivious to what is taking place. This is how Rome fell from a population of 1 million to 15,000. People just walked away from their property.

Marxism has destroyed the world economy and caused the deaths of countless millions of people all for a theory that has never worked. We are facing the darkest hours in this collapse of socialism. Make no mistake, there are plenty of people who have been brainwashed to believe it is the rich causing this rather than the greed of politicians. It is the government pensions in Illinois that has destroyed the State. They prefer to say the rich do not pay their fair share but government always needs more and more. So that “share” never ends until it reaches 100%

#26 I'm stupid on 09.19.17 at 6:16 pm

#4 screwed Canadian Millenial

I’m one of the 4% that maxed out my tfsa. The reason 96% don’t have them maxed out is because they’re either too stupid to know what they are or lack the discipline to save. Very few fall into the extreme low income that can’t scrape together 10k a year.

Your generation is stupid and screwed because they think it’s ok to buy $6 lattes at Starbucks or have $1500 iPhones with $100 per month data plans. Your a bunch of suckers that got fooled by advertisers and social media. You’re not special or better than boomers. You’re just poorer.

#27 Screwed Canadian Millenial on 09.19.17 at 6:18 pm

@#11 Long Branch Apprentice

The govt needs tax revenues. Conservatives have a hard time with this one. Conservatives love blowing up the budget deficit to give tax breaks to those who don’t need them. Why are you even asking me such a silly question? When the Cons raised the TFSA cap to $10k, that reduces capital gains tax revenues. That joke of a Finance Minister Oliver made an embarrassing gaffe on this.

See my post #15

Con priorities are all screwed up man. Give hard working Canadians a tax break. Raise the basic personal amount from the pathetically low 11k. I’m all for that. That is a true tax break for Canadian workers. But a $10k TFSA that only benefits 4% of people, when half of Canadians are making less than $30k… gimme a break.

#28 Fluorine on 09.19.17 at 6:18 pm

Glad to see Old Ron come back…

We need some happy medium perspective between
the “Houses go up always and forever/just a blip until September” crowd, and the HHCE crusaders.

Just ignore the silliness, and know a large chunk of silent people are interested in your perspective.

Cheers!

#29 Trojan House on 09.19.17 at 6:20 pm

Screwed Canadian Millenial:

You are very angry and feel you’ve been taken advantage of, can’t catch a break and feel everyone is out to get you.

Either that or you are a Liberal troll – perhaps even JT himself – trying to push the Liberal platform posing as a screwed Canadian millenial.

#30 Screwed Canadian Millenial on 09.19.17 at 6:20 pm

@#23 Plan, don’t whine

Lol cmon you know that your argument makes no sense right off the bat. Without the TFSA, they would be paying capital gains tax on those gains. It’s that simple. Don’t try to bs, I know exactly what I’m talking about. You clearly don’t.

#31 jim on 09.19.17 at 6:24 pm

#26

Yes, I wonder how many of those people who ‘cannot’ afford to contribute to a TFSA have the newest iPhone and frequent vacations to Cuba.

I have little pity for people who prioritize consumption and then complain that they “can’t get ahead” in life.

#32 millmech on 09.19.17 at 6:25 pm

SCM
Actually if you look at it the other 96%,70% of them are homeowners with very large TFSA that they do not pay taxes on their investment. Also homeowners get to sprinkle down to their children untaxed income who have done nothing to earn it. The homeowners also get unclaimed investment income in the form of air bnb and rental suites that they do not declare.When you look at it homeowners can make over a million dollars on their initial investments and not pay a dime in taxes on it. A person like you should be lighting your hair on fire over this obvious preferential tax treatment by the T2 party on this investor class. I will gladly give up the TFSA if homeowners also give up their TFSA.

#33 Darryl on 09.19.17 at 6:27 pm

@#2 MF
I’m not lazy, don’t smoke weed or even drink quite frankly. You must have me confused with Smoking Man.
Coffee and raging at boomers on obscure blogs are my biggest vices.
———————————————————–
That’s only because your mom wont let you smoke or drink in the basement . Which is where you obviously spend most of your time playing video games and posting on blogs .

#34 US Stockmarket Madness on 09.19.17 at 6:29 pm

US stock markets on a tear these days for the exact same reason that the housing markets are in bubbles (first Vancouver, then Toronto, now Montreal).

Mainland Chinese investors are searching for places to park their assets.

This is why the DOW and SP500 keep dumbfounding investors….but the US Markets will continue to rise just like Bitcoin so long as Mainland Chinese investors search investments outside of China and the RMB currency.

DOW going to 30,000. I’ve been full-bore long since mid-May. I first sold all my positions at the beginning of March expect a downturn but eventually realized I was wrong in my scan of the environment. There may be a few pullbacks, this madness gonna go until the Chinese bubble-lovers say it’s stops! go baby go!!! lol

#35 FOUR FINGERS WATSON on 09.19.17 at 6:29 pm

Wow, I’m one of the 4%. Hooda thunkit ? …….The Have Nots outnumber the Haves,they will vote accordingly, and the Smiling Turd will take our stuff.

#36 Money Miser @ Money-Miser.com on 09.19.17 at 6:30 pm

The ironic thing about Screwed Millennial’s comments is that the “average Joe” workers in the mines and on the oil rigs have sizeable salaries that are easily big enough to fill a TFSA. Unfortunately, most of these people have zero financial acumen. Rather than blame their lack of knowledge, they look for ways to shaft those with the forethought to use a TFSA to their own advantage.

#37 BS on 09.19.17 at 6:30 pm

16 Bob Dog on 09.19.17 at 6:06 pm

Norway has a $1 trillion sovereign wealth fund. That’s 200k per resident. I really wish Canada had oil or other natural resources we could all benefit from.

A Norwegian worker probably pays about $20K to $30K extra per year in taxes versus Canada. Save and invest that and you get to $200K and beyond pretty quick. Plus the money is all yours to do with as you please. The government with a trillion doesn’t do much good if you need the money. They will likely waste it in the end.

#38 RentYVR on 09.19.17 at 6:31 pm

“Uninformed comment. Income is taxed according to the level of risk swallowed in order to earn it. Never started a business, have you? — Garth”

All income should be taxed equally, regardless of how it is created. And you can’t tell me that a doctor, who’s one and only client is the Government, takes on more risk in operating their practice than a salaried employee of a private business.

Doctors were allowed to incorporate in large part to save the government from having to pay them more. I guess you want to pay more tax, so they do, too? Weird. — Garth

#39 millmech on 09.19.17 at 6:32 pm

SCM
I am able to max out the TFSA & RRSP because I have not blown my financial brains out with useless degrees from universities, new cars every couple of years, massively overpriced housing and lifestyle inflation.
This has allowed me to be financially independent in fifteen years by saving over 50% of my take home pay, live below your means, pay yourself first, invest the difference(pretty simple stuff)

#40 Ian on 09.19.17 at 6:33 pm

Important books coming out in the fall: ‘Deflation’ by Mark, ‘Conservative Values: A Modern Critique’ by Millenial, and ‘Falling House Prices: The Grand Hoax’ by Blacksheep.

You can preorder on Amazon.

#41 Screwed Canadian Millenial on 09.19.17 at 6:35 pm

@#20 Garth

A weak argument when you have to grasp at extreme wealth (little of it Canadian) to criticize our tax system. You lost that one. — Garth

————-

Cmon Garth that’s so intellectually dishonest. You know very well, that I’ve presented plenty of arguments on your blog in regards to the shambolic state of wages, job quality and the labour market in this country. That’s real.

Will you at least admit for once, that the Temporary Foreign Worker program is a scam designed to import cheap labour into Canada and keep migrant workers on a tight leash under threat of deportation. All while robbing Canadians of jobs and wages. Wages rise when the labour market tightens. How is the labour market ever going to tighten when you have a TFW program that can bring in an unlimited amount of workers from the 3rd world into the country. Even in the US, H2B visas are capped at 66k per year. In Canada, there is no limit.

There is no labour shortage. Wouldn’t we see wages spiking if there was a labour shortage? This is basic economics.

Canada is the only country in the world where 6.2% unemployment (they’ve been saying labour shortage since 8%), 0 wage growth and millions out of work somehow qualifies as a labour shortage.

We have multiple provinces with +10% unemployment rates. How about a Permanent Canadian Worker Program?

It’s all linked together Garth…

Canadians’ Real Wages Are Shrinking. Is That Why We’re Falling Into An ‘Endless Debt Cycle’?
http://www.huffingtonpost.ca/2017/07/11/canadians-real-wages-are-shrinking-is-that-why-were-falling-i_a_23025302/

I didn’t bring up any nationalities, I know that gets you nervous so please don’t delete.

#42 Smartalox on 09.19.17 at 6:39 pm

Re: the TFSA

As Garth has described many times before, the TFSA is actually MORE egalitarian than RRSPs.

– The maximum TFSA amount is bestowed on everyone equally. RRSPs offer the most contribution room to those that earn the most.

– If you don’t use it all in one year, TFSA ‘room’ can be accumulated for when you DO have money to shelter. Example: You establish a TFSA when you’re 18, but have no money to contribute for the first 10 years. No problem. Flash forward 10 years, when you’re making some decent $, and you have $55 000 in TFSA room waiting for you! By comparison, RRSP room only accumulates if you make over $30k per year, or something.

– When earn profits in a TFSA, you can take money out and put the same amount back into your account (in the next calendar year) while still accumulating room every year. You can’t do this in an RRSP: once you take the money out, that ‘contribution room’ is lost.

Example: this year I took $11k out of my TFSA to buy a used car. Next year, I’ll put the $11k I’m currently saving back into my TFSA, along with my $5500 contribution for 2018.

The one benefit that RRSPs give to the wealthy is that when you have enough cash flow to make hefty RRSP contributions after your expenses, you can start making contributions to fill up that unused RRSP contribution room – and you can get some fat tax refunds, or actually pay less tax!

For example: I pay less tax now than I did when I made 40% less money, because I’m contributing thousands more per year to my RRSP.

For the first 15 years of my career, I earned RRSP contribution room, over $100 000 in total, even though I made regular (small) contributions. Every year I earn $22 000 more in contribution room in my RRSP, compared to $5500 for the TFSA.

If my RRSP contributions total $40 000 per year, I’m going to be reducing my tax payable for at least the next 5 years.

The irony is that if T2 had decided to bring in a TFSA limit of $10 000 per year, I probably would have spent more of my investment dollars on that, and ended up paying MORE in taxes (and at higher rates) than I do now.

#43 BS on 09.19.17 at 6:39 pm

Drenched in debt, laden with house and swimming in their own bad decisions, the deplorables among us believe the way they can get more is to ensure everyone else has less.

I still don’t get this. I guess there is a reason people are unsuccessful. Instead of worrying about making their life better they worry about making others life worse to make them feel better. Like a kid screaming his brother got a bigger slice of pie and won’t stop crying until mom takes it away and they both get a smaller slice.

This whole thing will backfire and bring in lower tax revenue. The funny thing is as Canada looks to increase taxes the US is looking to cut taxes with the goal of the tax cut funding the difference in revenue with increased GDP. A proven method of prosperity. Has there ever been a country that taxed their way to prosperity?

#44 Cherry Picker on 09.19.17 at 6:40 pm

So you’re saying we should all move to Saskabush?
I always get a laugh outa saying Regina because it sounds like,.. ah never mind.
Some cultures help their kids, others don’t, even if they risk their own retirement. It’s a choice, not a mistake.

#45 Dude on 09.19.17 at 6:45 pm

Uninformed comment. Income is taxed according to the level of risk swallowed in order to earn it. Never started a business, have you? — Garth

That is a ridiculous comment. You believe that your entitled to pay less tax because you have a business? C’mon. Risk is Reward and that is the reason why people go into business for themselves.

Of course risk determines taxation. It’s why capital gains and dividends are treated separately from interest, rent or salary. — Garth

#46 Screwed Canadian Millenial on 09.19.17 at 6:46 pm

@#33 Darryl

No actually I rent in Toronto. But I love how all you children can do is resort to petty, childish insults. Pretty SAD!

#47 Algonquin Settler on 09.19.17 at 6:50 pm

#4 Screwed Canadian Millenial on 09.19.17 at 5:29 pm
Just a reminder that according to the Conservatives’ own budget documents, only 4% of Canadians had maxed out their $5,500 TFSA (~$50k total contribution room) when they decided to increase it to $10k. Typical Conservative priorities. Focused on the 4% who are already well off, screw the other 96%. And why the hell shouldn’t “investors” have to pay capital gains tax? Meanwhile hard working Canadians can’t even get a raise.. what a damn shame.

……..

Here is a perfect example of your failure to think things through. I have a 19 year old kid, just entered second year of university. Has worked her behind off since she was 12, started slinging coffee at 14, worked full time nights while finishing her last year of school.

At 18, she was eligible to (and did) open a TFSA, with a limit of $5,500. Another $5,500 for this year, at 19, total $11,000 limit. She, due to having worked her ass off previously, scored a $20/hr student summer job in a hot, dirty, dusty, and dangerous manufacturing environment, with plate steel moving overhead.

With a limit of $11,000 on her TFSA at this point, and having already saved in that account, she had more income AS A POOR UNIVERSITY STUDENT than she could place in the tax-sheltered TFSA. When it comes to next summer, she will again be in the same situation.

Had the limit been left at the $10,000 annual contribution room instituted under the Conservatives, she could have saved all of her ALREADY TAXED summer student income in a tax-sheltered account. Instead, PM Selfie took that option away from her. Now she will have to claim the interest on the amount in the savings account as income, and pay tax on it.

Simple enough for you?

#48 RentYVR on 09.19.17 at 6:51 pm

“Doctors were allowed to incorporate in large part to save the government from having to pay them more. I guess you want to pay more tax, so they do, too? Weird. — Garth”

Actually I’m against big government and the taxes required to maintain it. But if we’re going to have an income tax then it should be allocated equally to all earned income, with no exceptions. The gov’t shouldn’t have played around with the system to artificially supplement doctor’s income. That was wrong. But so is keeping the current structure. My only hope is that when doctors and business owners start pay the rates that the rest of us working stiffs pay that they will push for lower tax rates across the board, rather than fighting to maintain their special status.

There was no ‘artificial supplementing’ of medical incomes but rather an artificial capping of them. Get over your bias. — Garth

#49 Screwed Canadian Millenial on 09.19.17 at 6:51 pm

@#16 Bob Dog

I do agree with you. Norway is the best country in the world imo. It’s the gold standard for what all countries should strive to be. Yes Norway has oil, lots of countries have oil. Canada has tons of oil. The key to Norway’s wealth is that they have a state owned oil company, Statoil. The wealth from the country’s resources go back to its people. Crazy right? They would never be insane or stupid enough to allow foreign multi-national corporations to exploit their natural resources, you know like Canada does.

And you are right, their sovereign wealth fund just hit $1 Trillion USD today. That’s over $1.2 Trillion CAD. For a country of 5 million people. Not bad, not bad at all.

https://www.nbim.no/en/the-fund/

https://www.youtube.com/watch?v=uGTzbj3fRSw

inb4 some boomer brings up Venezuela. We’re talking about Norway. Focus.

Who’s in to send SCM to Norway? He’s earned it. — Garth

#50 espressobob on 09.19.17 at 6:52 pm

Financial illiteracy is rampant in society. Individuals quickly buy anything their heart desires because it’s cool.

The consequences have no bearing on anything.

That’s the scary part. Where did we go wrong?

#51 Dave on 09.19.17 at 6:53 pm

The cost of a one strategy strategy is also grammatically incorrect!

#52 Headhunter on 09.19.17 at 6:54 pm

SCM
I am able to max out the TFSA & RRSP because I have not blown my financial brains out with useless degrees from universities, new cars every couple of years, massively overpriced housing and lifestyle inflation.
This has allowed me to be financially independent in fifteen years by saving over 50% of my take home pay, live below your means, pay yourself first, invest the difference(pretty simple stuff)
____________________________________

50% of your take home pay? I’m still shakin my head. Dude don’t let life pass you by, spend some and enjoy 15 years? Man id come un-glued. Life has funny twists and turns hope you live long enuf and are healthy enuf to enjoy the hard work. When that “someday” finally arrives. Blessings

#53 Screwed Canadian Millenial on 09.19.17 at 6:55 pm

@#45 Garth

Of course risk determines taxation. It’s why capital gains and dividends are treated separately from interest, rent or salary. — Garth

—————-

The recently arrived immigrant to Canada working at Fiera Foods for $11.50 per hour doesn’t take any risks?

Just asking…

http://projects.thestar.com/temp-employment-agencies/index.html

I don’t see too many hedge fund managers losing limbs on the job.

Capital gains and dividends are taxed far too low. Labour is taxed too high.

I have a book recommendation: https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century

#54 Equality on 09.19.17 at 6:58 pm

Class warfare is already there, it’s time to fix the issue and make taxes fair. Very strongly support the liberal’s move and this will bring equality among working class and the business. We should be equally rewarded for the hard work we do.

#55 Screwed Canadian Millenial on 09.19.17 at 7:00 pm

@#49 Garth

Lol you crack me up. Just don’t make me go with Smoking Man. I was browsing his Twitter and it gave me nightmares.

Ok time for a break. All these boomers lecturing me is literally triggering me right now. Jk jk I have to go get some avocado toast before the bistro closes.

Ok I’m packing my bags.

#56 crowdedelevatorfartz on 09.19.17 at 7:02 pm

The only thing I can be sure of is eventually Screwed Canadian Millenial will be earning a high tax bracket salary due to all us fat cat “rich” tax avoiding Boomers keeling over face first in our porridge.

Enjoy paying those exorbitant taxes Screwy!

#57 Eaglebay on 09.19.17 at 7:04 pm

#45 Screwed Canadian Millenial on 09.19.17 at 6:46 pm

I invest my after tax money in my TFSA.
What do you do with your after tax money?
Whiner. You will eventually grow up and lose some of that brainwashing.

#58 Big Dipper on 09.19.17 at 7:05 pm

“Oh, a new paid job offering? How quaint.

And what are we Amazons, Garth? Just a bunch of TFWs that you get to exploit for nothing while you get others to take what should be our paid employment?

Major grievance coming, you douchebag!

Emma Zaun
Chief Steward
CUPE
(Canadian Union of Peelers and Exhibitionists)”
—————————————————————-

Atta girl Emma. Good to see you’re as feisty as ever against the evil powers of parasitic capitalism. Let me know if the douchebag gives you anymore trouble.

Solidarity forever!

#59 Hajrin on 09.19.17 at 7:08 pm

For US version of our TFSA – their Roth IRA – limit is 5.5K (add one more thousand if over 50). It is also income restricted, so you can have Roth IRA if your income is up to 132K (single)/ or 194K (couple).
Raising limit of TFSA to 10K by Conservatives in election year was attempt to buy votes.

Americans have no HST and can deduct mortgage interest. You have no point. — Garth

#60 AGuyInVancouver on 09.19.17 at 7:14 pm

Of course risk determines taxation. It’s why capital gains and dividends are treated separately from interest, rent or salary. — Garth
_ _ _
Uh, what? More like because the wealthy are the ones most likely to benefit from capital gains and dividends and they always have the ear of government. If risk determined taxes, lottery winnings would have the highest rate of all.

#61 Darryl on 09.19.17 at 7:15 pm

#46 Screwed Canadian Millenial on 09.19.17 at 6:46 pm
@#33 Darryl
No actually I rent in Toronto. But I love how all you children can do is resort to petty, childish insults. Pretty SAD!
——————————————————————
There you go Hotdogs from Heaven .

That’s how you get answers from someone like SCM .
Send out a small implied insult and wait for the ego to kick in . I knew he would give up some info . He just cant shut up .

#62 espressobob on 09.19.17 at 7:17 pm

A TFSA is a minor tax break for most. It seems many use this gift for cash storage or a bank product like a GIC. What a waste.

Youngsters have absolutely no idea what a powerhouse this vehicle could generate over the long term using the right investment products.

#63 Not A Victim on 09.19.17 at 7:19 pm

These numbers shouldn’t shock me any more, but 53% is a crazy portion of adults dependent on their parents.

I’m 25, married with kids and went to university. Neither of us come from wealthy families. My household debt is $0.00 because we live well within our means and budget meticulously. I paid for my wedding and 75% of my four-year tech program.

My generation (and the last few) are obsessed with what others have, and are too busy moaning about it to put their nose to the grindstone. Stop buying things you can’t afford, do the math, work hard, and stop whining! Who cares if we have to work harder than some other generations? Life isn’t fair. Get married, get a job, pay taxes, and you’ll get some perspective.

#64 fred graves on 09.19.17 at 7:21 pm

Garth, I think you are spot on the way you describe the liberals strategy; you could be labelled a “conspiracy nut” by some, but really, they are relying on the time-proven weakness of human nature, and “divide and conquer” is a trust tool. But the basis of it’s appeal goes far back into the last century : a guy named Karl proposed “consume according to your need and produce according to your ability”. It had quite a run for some seventy years.
I believe the next step will be some sort of “one time”
“wealth tax”, just to get everyone lined up evenly on the starting blocks….

#65 SoggyShorts on 09.19.17 at 7:25 pm

#12 Eco Capitalist on 09.19.17 at 5:56 pm
@ #3 MF

I’m over 25 and I voted Liberal. They promised me electoral reform, something this country desperately needs. They flat out lied to me.
*****************************
Same here- As a small business owner I voted against my own interests in order to make things better with a more representative system. Bamboozled again.

#66 final peace on 09.19.17 at 7:26 pm

The above photo looks like lovely single family home.
I’d love to live the rest of m days in that beautiful home.

#67 Equifax Fiasco on 09.19.17 at 7:27 pm

In the fall of 2013 I was just one of many who received a letter from Peoples Trust indicating that our private information was breached by suspected Chinese hackers. As a result Peoples Trust contacted Equifax and Transunion and put a 6 year credit alert on our accounts. Therefore if you want to get a credit report sent out to you , you have to send in a form accompanied by 2 pieces of proper ID photocopied on both sides , for every request made. It’s also a pain opening up new bank or credit card accounts now. TransUnion Canada, located in Hamilton Ontario I believe have been excellent and their information is always up to date and accurate for the most part. Equifax Canada which is located in Montreal has been a nightmare for me anyways. They are constantly making spelling errors , address errors, job description errors, outdated information etc. and in order to get this corrected you have to send in a correction form with photocopied ID again and again. The next time you get a report from them they might have corrected their previous error but then they seem to come up with another mistake and the hassle goes on and on. It’s like banging your head against a wall. When the recent big Equifax security breach from the States was announced in early September, they said that Canadian and UK customers were also affected but not to the same extent as the US. The next day I called Equifax in Montreal and they told me that there are no Canadians affected by the breach ? Today I find out in the news that 100,000 Canadians are affected by the breach. It looks like the Americans will be filing a large number of lawsuits against Equifax and I can’t blame them. Equifax management has to clean house and retrain their employees to much higher standards or get out of the business because the company is doing a poor job in my opinion !

#68 pppppapa on 09.19.17 at 7:27 pm

#49

To be fair Norway has its own problems.
Imagine $20 latte and super slow restaurant service or service of any kind. Anything that’s been touched by human is about 5x the price.

I do enjoy the fact that Norwegian women will actually initiate and try to pickup men they like.

#69 SoggyShorts on 09.19.17 at 7:27 pm

#52 Headhunter on 09.19.17 at 6:54 pm
SCM
____________________________________

50% of your take home pay? I’m still shakin my head. Dude don’t let life pass you by, spend some and enjoy 15 years? Man id come un-glued. Life has funny twists and turns hope you live long enuf and are healthy enuf to enjoy the hard work. When that “someday” finally arrives. Blessings
******************************
Saving and investing 50% doesn’t mean you have no life. I rent an awesome place, go on lavish vacations, buy nice toys, and still save over 50%. The key to that is no kids–if you have kids, you probably have to give up one or more of the above.

#70 Stone on 09.19.17 at 7:31 pm

Please Garth, send SCM to Norway. You banned him once. Please ban him again. Self centered jerk who needs attention all the time. This blog is classy. He isn’t. I recommend no one respond to him further. Annoying as hell monopolizing the comments section. To those responding to him, you are just feeding his ego which doesn’t deserve it.

#71 Debtslavecreator on 09.19.17 at 7:32 pm

The simmering anger and economic situation is directly attributed to the intervention in the economy by the government and BofC. The mispricing of credit and lucky break of having enough borrowers to take it on led to a massive and historic credit bubble. This drives nominal home prices, GDP (spending=income) and asset prices. It also inflated tax revenues far beyond the underlying economy’s trend lines in labour force growth, investment spending and productivity. Over time this means more and more of our income is taken away as house prices, property taxes, insurance premiums and all other FIRE sector payments all rise much faster than the typical wage earners after tax pay.
The government spends at a rate more than GDP (itself inflated during the debt bubble ) and grows its size and spending /borrowing and now we have about 40% of GDP taken by these radical left wing crooks
The solution according to many poor misguided souls is to grow government even more and to steal even more from the minority who actually pay most of the taxes
Left wing brain disease
No amount of taxes are going to help
It’s lights out over the next 4-5 years

#72 SoggyShorts on 09.19.17 at 7:34 pm

#48 RentYVR on 09.19.17 at 6:51 pm

You(and the MSM) are too focused on doctors. Many small businesses are in the construction industry like mine, and we sacrificed a lot the first few years to start our company. Personally I didn’t get paid at all the first couple years, and the next couple each and every one of my employees made more than I did.
Having a company like mine includes huge risks–aside from the obvious ones, just this month an employee screwed up and the repairs will cost $15K to have fixed. Insurance is no help as the deductible+premium increase makes it not worth submitting a claim, so that is $15K right out of my pocket, making this another year where my employees make more than I do. Things like that never happen to an employee.

#73 Keith on 09.19.17 at 7:37 pm

#17 Screwed Canadian Millenial keep up the fight, workers have slowly been taking it in the neck for decades and people on this blog do not like to think about how bad it has become for young people.

The pre baby boom generation of my parents had it made. My father got a job as a scientist in the provincial government in the sixties with two years of university. His replacement in the eighties had a masters degree. He retired on an index linked pension with minimal penalties at age 53 because the government was willing to spend taxpayer money to cut the number of civil servants.

My mom got a job as a teacher in the sixties with three years university because demand for teachers was so high they waived the degree requirement. That’s what it’s like when the unemployment rate is a true, not manipulated 4%.

I grew up in a nice neighborhood in Victoria, some of my friends fathers had less than a high school education. With a unionized unskilled laboring gig, they earned enough to buy a house, raise a family on that one income, and got a modest pension on retirement. The work was boring, dirty and noisy, but it paid the bills. No one died from being less wealthy than they could have been without the labour shortage of the day.

Everyone who was willing to work made it. No one was left behind, unless they were a serious drunk or drug addict. We now have a generation who are blamed for lacking the connections to get a decent job, because now that really is the only way, short of blind luck.

Oh yeah, luck. Something that only self actualized successful people acknowledge. People bang on about working hard (there’s 168 hours in a week, so there are limits even to that) self sacrifice (try getting ahead on two or three part time low paying gigs) and being personally savvy. They never talk about being born on third base to start with, in a first world country with all the advantages.

#74 The real Kip on 09.19.17 at 7:38 pm

Justin has the Millenial vote in his shirt pocket and he knows it. He’s also got the slightly smaller Boomer vote as well so he’s as good as in for a second term. There is no way they’ll do anything to trash the economy with only two years to go to get re-elected.

#75 final peace on 09.19.17 at 7:39 pm

http://globalnews.ca/news/3757095/coquitlam-south-korea-dog-meat-petition/

http://globalnews.ca/news/3757033/therapy-dog-accidentally-killed-by-hunter-in-squamish/

#76 Smartalox on 09.19.17 at 7:39 pm

Garth,

Don’t corporate tax rules already account for a large portion of risk by allowing business expenses to be deducted from revenues, and allowing losses to be carried forward (counted against) future earnings for 20 years – or against revenues for the previous three years?

In this way couldn’t a doctor mitigate their ‘risk’ by:

– incorporating PRIOR to med school, to deduct student loan debt payments, and other expenses against 20 years of corporate revenue?

– re-file tax returns from the three prior years to deduct expenses incurred (lost income) while not working due to taking maternity or parental leave?

Starting a business involves risk, I agree. But there comes a time when risk is diminished, usually when the business becomes significantly profitable.

As a former Minister of Revenue, do you not think that the tax system adequately addressed business risk?

#77 Andrew on 09.19.17 at 7:41 pm

“And she explained – in a place where real estate was cheap and debt sparse, people gave their money to her (after buying some new cows, of course). No retirement crisis there.”

My Dad grew up in southern Saskatchewan. Living through the worst of the Depression and the Dust Bowl will do that to your attitude towards saving money.

#78 BS on 09.19.17 at 7:46 pm

Must be nice to be a trust fund baby, born with a “family fortune”, where you never had to work a day in your life to put bread on the table. They guy was able to take advantage of all the “unfair” tax loopholes and now wants to take those away for hard working people in the future.

Trudeau: “I no longer have dealings with the way our family fortune is managed”

Trudeau’s own ethics filing reveals that private corporations play a significant role in his family’s financial affairs.

Trudeau owns 7664699 Canada Inc., which he has put in a blind trust during his time as prime minister but which has also been paying him dividends. His brother Alexandre also has a private corporation, 7664737 Canada Inc.

The companies are the primary and secondary shareholders in a third private corporation, 176078 Canada Inc., set up in 1995 to hold the assets of their father, former prime minister Pierre Trudeau.

Trudeau is also the joint owner with his brother of 9190-0563 Quebec Inc., set up in 2007. The company, which lists its activities as real estate development and the production and sale of firewood, owns a property with a chalet, which once belonged to their father, in the Laurentians community of Saint-Adolphe-d’Howard north of Montreal.

http://www.cbc.ca/news/politics/trudeau-fall-presser-tax-fairness-1.4296641

#79 Stone on 09.19.17 at 7:49 pm

#47 Algonquin Settler on 09.19.17 at 6:50 pm

Great story about your daughter. Good for her. Happy to hear that her dad taught her about the value of a dollar. It’s not often you hear stories like this. She’ll be able to hold her head up high with pride that she’s independent and can stand on her own 2 feet. My parents were not savvy with money (they saved but it was limited to GICs) but they taught me to save and try to invest as best as they knew how. Over time, I decided that I wanted to learn more about managing my money and so took it on myself to do that taking various courses. My first full time job paid me only $21,000 and yet about 20 years later, I’m on the cusp of a 7 digit investment portfolio, excluding real estate, car or any other depreciating asset (or should I say liability – LOL). I made some mistakes along the way but thankfully, it was early on and easily covered as the amounts were not big. I set my own goals and developed my strategy. Now, because of the choices I made, I get to watch the fruits of my labours as the capital gains grow and the dividends come in on a regular basis. I truely hope and wish that same success to your daughter, or better.

#80 Joe Schmoe on 09.19.17 at 7:49 pm

TFSA reductions were a huge mistake.

Was a perfect vehicle to maintain tax free growth if you profited from a house sale.

But only the rich have houses…

#81 Long Branch Apprentice on 09.19.17 at 7:51 pm

#46 Screwed Canadian Millennial

I’ve actually worked in Norway. The Krone is such a strong currency that a beer is (was) the equivalent of $12 CAD. What few youth Norway has face the same hurdles we do here. High unemployment and a government unwilling to spend that large slush fund lest it tick off it’s older population.

As for Canadian wages, try a job that doesn’t require one to sit on one’s ass in a cubicle and still be able to do math. There are still viable career paths if you are willing to move, do a job that requires more than just regurgitating and get your hands dirty.

If Smoking Man is still able to type tonight, he’ll agree.

#82 BS on 09.19.17 at 7:53 pm

49 Screwed Canadian Millenial on 09.19.17 at 6:51 pm
@#16 Bob Dog

I do agree with you. Norway is the best country in the world imo. It’s the gold standard for what all countries should strive to be. Yes Norway has oil, lots of countries have oil. Canada has tons of oil. The key to Norway’s wealth is that they have a state owned oil company, Statoil. The wealth from the country’s resources go back to its people. Crazy right? They would never be insane or stupid enough to allow foreign multi-national corporations to exploit their natural resources, you know like Canada does.

And you are right, their sovereign wealth fund just hit $1 Trillion USD today. That’s over $1.2 Trillion CAD. For a country of 5 million people. Not bad, not bad at all.

https://www.nbim.no/en/the-fund/

https://www.youtube.com/watch?v=uGTzbj3fRSw

inb4 some boomer brings up Venezuela. We’re talking about Norway. Focus.

Who’s in to send SCM to Norway? He’s earned it. — Garth

I think North Korea would be a better fit. Norway still allows private business which is evil. NK everything is state owned. Everyone gets to be poor and starve equally. 100% taxation. The prefect country.

#83 Fiendish Thingy on 09.19.17 at 8:02 pm

Garth,
You knock the Liberals and NDP for higher taxes and class warfare, and the millennialis who voted for them, but it was the Conservatives who set the debt trap with low interest rates, loose mortgage regulations, etc., and Canadians of all age groups and political stripes who took the bait.

Harper erred with mortgage rules but the Cons dud not set interest rates. — Garth

#84 RentYVR on 09.19.17 at 8:04 pm

@#72 SoggyShorts

I’m not arguing that running a small business isn’t hard or without risk. Nor am I arguing for you to earn less than the employees who work for you. I’m saying that using the tax system to supplement your income (and paying less tax than someone with the same income level is a supplement) is the wrong approach. What we should all be arguing for is a lower overall tax rate for everyone.

#85 TS on 09.19.17 at 8:05 pm

I used to have sympathy for people affected by Trudeau’s small businesses tax changes.

Today’s news that Trudeau owns multiple corporations along with his brother, some being owned by other corporations started by his father, some with dubious functions like chopping and selling wood, makes me believe a lot of this businesses are a complete fraud

If other families are using these methods along with dividends as a way to transfer old ones without getting taxed, it needs to stop.

#86 IHCTD9 on 09.19.17 at 8:06 pm

#4 Screwed Canadian Millenial on 09.19.17 at 5:29 pm

Just a reminder that according to the Conservatives’ own budget documents, only 4% of Canadians had maxed out their $5,500 TFSA (~$50k total contribution room) when they decided to increase it to $10k. Typical Conservative priorities. Focused on the 4% who are already well off, screw the other 96%. And why the hell shouldn’t “investors” have to pay capital gains tax? Meanwhile hard working Canadians can’t even get a raise.. what a damn shame.

———

Would you like to know why you’re screwed?

#87 I'm stupid on 09.19.17 at 8:06 pm

#16 Screwed Canadian Millennial

I’m sure the super rich really care about a tax free account that will save them a few hundred k in their lifetime.

How is it that everyone thinks TFSA’s are for the rich but no one has a problem with Rrsp’s? Rrsp’s are much better instruments to avoid taxes and the more you make the more you get (capped at around 24k). Know what you’re talking about before you throw hissy fits.

#88 Annek on 09.19.17 at 8:13 pm

” More than 175,000 middle income Canadians in Ontario alone are directly employed by doctors.”
Nice, you think?
I ask these questions?
1)Of all those employed, do they get pensions, benefits, sick days and great salaries when working for those docs?
2)Are those employed able to pass off income tax deductions to their spouse?
3) They carry risk as they could be let go any time when business plans change in the office or the MD retires, etc.
As a health care professional, I went to school, worked hard, had to pay off debts, worked overtime with no extra pay, as I was a salaried manager.
How I would have loved to write off deductions , reduce my tax by paying my spouse.
I say that we make the playing field the same for all. Either give everyone the right to these deductions, or let these guys pay fair share of their taxes.
I can understand the risk small business owners may take.
What is the risk a Physician or Dentist has?
Need more money, then see more patients.
Or learn the art of creative billing to OHIP. Or bill patients extra for incidentals. ( Did you know that many owners of walk in clinics instruct MD employees how to creative bill so more revenue is generated?)
I never voted for T2, do not agree with many of this policies, but I agree on this. I have seen too much abuse of the system with these tax write-offs.

#89 Pepito on 09.19.17 at 8:13 pm

Of course risk determines taxation. It’s why capital gains and dividends are treated separately from interest, rent or salary. — Garth.
_____________________

Capital gains and dividends are treated separately from interest, rent or salary because the ruling class wanted to give themselves an advantage over the worker proles. The “risk” argument along with all the other job creators and trickle down bs is nothing more than self-serving, made up lies repeated ad nauseum to justify an economic disadvantage towards the working class.

Now, that the current government attempts to right this ages old wrong, you cry class warfare. Do you have no shame?

#90 Entrepreneur on 09.19.17 at 8:14 pm

Yup, class warfare right here in the GT comment section, lol but not funny,

The bigger the group like boomers the votes and less like SCM less votes except soon/now when all us boomers are gone. Money/taxes talk (for now). Your turn will come (but unfortunately the boomers made a mess of the earth) and differently.

And money/taxes just might be the thing of the past. A lot of earthquakes happening, Mexico now. Maybe mother earth will have the final say.

Just like the political scene: Liberal or Conservative, bully palls, and anyone really believed that T2 was going to make promise on the electorial reform and other promises that he has broken, maybe a little effort but that is it.

All parties are horrible/terrible but pick the least evil one. The NDP at least think local and the environment and the Green party picked the NDP in B.C. to work with as they both have some similarities.

Think curling: Knock the two same ones that have been running back and forth for decades.

#91 Ian on 09.19.17 at 8:15 pm

#47 Algonquin

I LOVE this post!!! Fantastic!

What a lesson for people. If you can’t contribute more to your TSFA, become a SAVER!! Get Mr Money Mustache on your side and change your behaviour. Love it love it love it!

And when the Blues win in 2019, we will make the contribution limits higher than ever!!! Crank it!

#92 Lee on 09.19.17 at 8:17 pm

With these tax changes JT has just about wrapped up a second majority. Then he’ll change the voting rules in term 2 and it’ll be JT forever. Then maybe he can have his simple form of dictatorship.

#93 Jungle on 09.19.17 at 8:17 pm

Great post, really liked this one.

#87 I’m stupid

The problem with RSP is they should have deported the refund back into the RSP. Too many people I speak to think it’s free money so they spend it immediately. Then they get so upset once they learn that RSP withdraw is added to taxable income..

#94 VICTORIA TEA PARTY on 09.19.17 at 8:22 pm

TRUDEAU NEEDS TO LEAD NOT FOLLOW

Sucking up to an indebted underclass of whiners and self-admitted losers is no way for a young with-it PM to take his country into any kind of economically bright and competent future.

Justin, not like his father, seems lazy in taking the easy way to his next electoral victory. Too many selfies not enough substance.

With his new higher tax regime he’ll buy those self-same “loser” voters with other people’s money (through higher taxes from small/medium businesses, professionals and other traditional Liberal Party supporters).

And remember his government is racking up unconscionable debts which might be worrying him for 2019?

Therefore he’s seeking “electoral insurance” by attempting to steal NDP support a party known for its loser mentality and soon to be headed up by a new leader.

Meanwhile the Tories are still finding their way with Andrew Scheer. He’s a man who’s familiar with Parliamentary procedure and is a good guy as far as I can figure.

But as Opposition leader, he has a whole new learning curve to climb. This will not be easy, unfortunately for the rest of us.

So the Libs have room to run rampant with its divide and conquer class warfare scam.

This new tax regime will hurt our country’s economy very seriously in a dangerous world where today’s rules are tomorrow’s “what rules?” Are you paying attention to the NAFTA talks, Mr. PM?

You’re gambling our future for personal power, a very bad strategy, that could see you lose control of your political future.

Your cynicism is profound for such a youngster of a politician, very risky.

Think of the damage you are about to cause.

#95 Stone on 09.19.17 at 8:25 pm

#39 millmech on 09.19.17 at 6:32 pm

You must be my brother from another mother.

#96 Annek on 09.19.17 at 8:26 pm

Just want to add one more comment:
Risk for MDs and Dentists in Canada?
What risk?
Just try to sue when they make a major error. It is next to impossible.
Which I do not necessarily have a huge problem with, as it keeps costs down. Their financial risks are not the same as in the USA. The only risk is their conscience.

#97 Autumn Harvest on 09.19.17 at 8:26 pm

@15 SCM

Just to let you know, 100% of my offspring (all Millenials) are putting money away in TFSAs. One makes about minimum wage. Savings wise (by %), they are putting me to shame. No, they don’t live at home.

Why don’t you do the same?

#98 @Screwed Up Canadian Millenial on 09.19.17 at 8:29 pm

Did you even read what Garth wrote before spewing your garbage?

home ownership has risen to 70%, people have borrowed $1.3 trillion in mortgages, and the savings rate has plunged

only 4% of Canadians have ever seriously considered opening an investment account. Why? Not because they fear losses, but rather since 70% of all these dispirited beavers believe they don’t have enough money to invest.

^ Let that sink in.

You see, screwed up millenial, Canadians CHOSE not use their TFSAs. They CHOSE RE instead. Because they’re screwed up, just like you.

Choices. Consequences. Responsibility for your own actions. These are concepts screwed up millenials never seem to grasp.

If screwed up millenials had any sense whatsoever, they would be demanding smaller government and a reduction of everyone’s taxes.

#99 IHCTD9 on 09.19.17 at 8:30 pm

#30 Screwed Canadian Millenial on 09.19.17 at 6:20 pm

Without the TFSA, they would be paying capital gains tax on those gains. It’s that simple. Don’t try to bs, I know exactly what I’m talking about. You clearly don’t.

——

Nope.

#100 espressobob on 09.19.17 at 8:33 pm

RRSPs are a tax shelter. Potentially short term as ones income could change in a moment.

Much better thought of as a tax shift or contingency fund depending on what life throws your way.

#101 IHCTD9 on 09.19.17 at 8:39 pm

#45 Dude on 09.19.17 at 6:45 pm

That is a ridiculous comment. You believe that your entitled to pay less tax because you have a business? C’mon. Risk is Reward and that is the reason why people go into business for themselves.

————–

Unbelievable.

I am so right on just about everything Canadian.

#102 jess on 09.19.17 at 8:41 pm

ultimate flipper?

Gary Cohn Is Giving Goldman Sachs Everything It Ever Wanted From …
https://theintercept.com/…/goldman-sachs-gary-cohn-donald-trump-administration/
3 days ago – At Goldman Sachs, Gary Cohn nearly wrecked the economy. … staffer called “one of the largest mortgage trading desks in the world. ….. The 2010 Journal article quoted Justin Gmelich, then the firm’s mortgage chief, who said of Cohn, “He reshaped the culture of the mortgage department into more of a
more of a trading environment

https://theintercept.com/2017/09/17/goldman-sachs-gary-cohn-donald-trump-administration/

#103 S.Bby on 09.19.17 at 8:48 pm

#17 Screwed
And ironically Smoking Man is a boomer to boot!

#104 Raging Ranter on 09.19.17 at 8:49 pm

@#37 BS, that was a great answer to Bob. Why anyone would admire a government for horsing over a trillion dollars while it extracts high taxes from its citizens is beyond me. Scandinavians seem to like making personal sacrifices so their governments can have more, because they think some of this might eventually trickle back to them. Kind of like Canadian Millennials. Classic trickle-down socialism. Sure they have more equality than us – because doctors are taxed nearly down to the take-home income of bus drivers.

#105 I'm stupid on 09.19.17 at 8:52 pm

#73 Keith

I take personal offence at your post. I’ll tell you my life story. I’m in my late 30s I began life in the parking lot not even remotely close to any bases. My father (only person working) died when I was 16. My mom had zero employable skills. My inheritance was a mortgage and a dependent. The only luck I’ve ever had was having 2 siblings as determined as I am. Both under the age of 18 when our father died.

I began working as a bus boy every day after school and 12 hours on Saturday and Sunday. I then became a waiter while paying for my own University while still helping to pay the bills at home (mom got a min wage job). I dropped out of University prior to going to Law School because I didn’t want the debt that came with it. I began Hvac got licensed began a business and worked hard my entire life. I’ve done it the only way I know how, with blood sweat and tears. No easy money, no easy way, no cutting corners. So save me the sob stories those aren’t excuse.

I’ve hired a bunch of kids in their 20s and I give them all the same speech. I’ll teach you how to make 200k a year but it’s not going to be easy work. 50% quit after the first day, 90% after a month and 99% within a year. 1% make it because they want it. The rest are losers and will always be losers. It’s the way it is.

#106 AGuyInVancouver on 09.19.17 at 8:52 pm

#10 Mark Deflation Theory and $1.35 Loonie..

I’m not sure where Mark is, but he would do well to read this little primer on the disappearance of inflation and questioning the Phillips curve
https://beta.theglobeandmail.com/report-on-business/rob-commentary/unemployment-is-falling-but-the-ecb-and-us-feds-inflation-framework-isnt-working/article36038772/

#107 Tony on 09.19.17 at 8:54 pm

Re: #34 US Stockmarket Madness on 09.19.17 at 6:29 pm

It’s the central bankers not the Chinese or the DOW would be in the 3,500 to 4,500 range without manipulation. Maybe even lower than that if you look at charts back to around 1994 when all the shenanigans began.

#108 I'm stupid on 09.19.17 at 8:55 pm

#93 Jungle

My point was that you can control when you pay taxes with rsps. It’s much better at shifting income from high income years to low income ones. Totally agree with your post.

#109 Capt. Serious on 09.19.17 at 8:57 pm

The more I read about finance and investing, the more I’m convinced that by doing the basic things correctly you will outperform 90% of your fellow citizens. Yes, people are that unaware, unwilling, and/or incapable of managing their money.
Refresher course — when your blog has been around so long it’s time to catch up the newbies and renew the faith of the followers.

#110 Screwed Canadian Millenial on 09.19.17 at 8:59 pm

Listening to all these boomers and conservatives bitch and whine for more tax cuts, more gibs and more loopholes… I get the impression that you guys have no intention whatsoever of ever putting a dent into the $650 billion national debt you entitled, spoiled brats racked up.

You do acknowledge the existence of revenues right? Or is that a myth to you too?

#111 Raging Ranter on 09.19.17 at 9:00 pm

I will say this. I think Trudeau and Morneau are right to insist that similar incomes should pay similar taxes. They’re just completely wrong in how they are doing it. The problem is marginal tax rates are far too high. For everyone. Those “loop holes” were created precisely because punishing marginal tax rates would otherwise kill off small businesses. I’d be fine with equalizing taxes across all income types if they had slashed the top marginal rate down to 25% or so? Instead they boosted the top federal take to 33%, then changed the rules to force another few hundred thousand taxpayers into the higher bracket. Their motivation is revenue, not fairness. “Fairness” is just the marketing tactic they’re using to sell it. Taxes are now equally unfair for everyone. How very Canadian.

#112 Spock on 09.19.17 at 9:01 pm

Are AGuyinVancouver and SCM the same person? Both have same agendas and BS.

SCM thinks the TFSA limit should not be high because only rich benefit. Obviously it comes across that he has no faith that folks including other millenials (not as screwed as SCM) can maybe become successful at a future point of time.

And it was pretty classless to bring up the article of an immigrant who died in the food factory and ask if they take risk or not. Job risk is very different than taking monetary risk and staking your lifelong earnings (or borrowing) on your venture. But your intellectual capacity will not understand the difference.

I will gladly start a new project at those money raising websites to send SCM to Norway or North Korea. But SCM has to promise to go (we will raise funds for Uber from rental place to airport).

#113 BillyBob on 09.19.17 at 9:01 pm

Who’s in to send SCM to Norway? He’s earned it. — Garth

====================================

There’s no way Norway would accept Screwy Millennial. Zero chance. Norwegians do not care for petulant, whiny, entitled complainers.

If he ever actually went and visited there, he’d realize what a cultural misfit he’d be there and run back to Canada where he fits right in.

#114 Spock on 09.19.17 at 9:02 pm

With regards to earlier post, what happened to the poor lady was really sad and hopefully the owners (Fiera foods) are punished to the maximum extent of the law.

#115 Screwed Canadian Millenial on 09.19.17 at 9:03 pm

#70 Stone on 09.19.17 at 7:31 pm

Please Garth, send SCM to Norway. You banned him once. Please ban him again. Self centered jerk who needs attention all the time. This blog is classy. He isn’t. I recommend no one respond to him further. Annoying as hell monopolizing the comments section. To those responding to him, you are just feeding his ego which doesn’t deserve it.

————-

First of all, your mere presence here proves that this blog is indeed not classy. I increase the classiness significantly and but it’s still not enough to cancel you out. I’m not monopolizing anything so quit your whining. I am here to engage in rational discourse and present facts, which is more than I can say about many of you boomers. You’ve been coddled for far too long in your little boomer safe space echo chamber.

What’s the matter snowflake, don’t like your backward views being challenged? Toughen up buttercup, this isn’t your safe space.

#116 FLHTK on 09.19.17 at 9:03 pm

“Just out, it shows 53% of parents think their adult kids are dependent on them. Almost 40% will hand over house money to their spawn or finance college even when it means kissing off retirement. ”
—————————————–
53% of parents don’t teach their kids to be independent they are teaching them to be dependant! Sad but true! No financial literacy at all being taught. I see these kids now a days coming out of college and university with zero work ethic and drive, glued to snap chat!
The world is going to be in a big world of hurt very shortly!

#117 Screwed Canadian Millenial on 09.19.17 at 9:06 pm

#61 Darryl on 09.19.17 at 7:15 pm

There you go Hotdogs from Heaven .

That’s how you get answers from someone like SCM .
Send out a small implied insult and wait for the ego to kick in . I knew he would give up some info . He just cant shut up .

———————-

Jesus Christ Darryl this is what excites you? Pretty sure I’ve mentioned before that I live in Toronto. This is hardly breaking news. I’m just putting the finishing touches on my sparkling resumé before I personally submit it at Turner HQ.

OMG. — Garth

#118 When Will They Raise Rates? on 09.19.17 at 9:07 pm

#105 I’m stupid on 09.19.17 at 8:52 pm

#73 Keith

I take personal offence at your post. I’ll tell you my life story. I’m in my late 30s I began life in the parking lot not even remotely close to any bases. My father (only person working) died when I was 16. My mom had zero employable skills. My inheritance was a mortgage and a dependent. The only luck I’ve ever had was having 2 siblings as determined as I am. Both under the age of 18 when our father died.

I began working as a bus boy every day after school and 12 hours on Saturday and Sunday. I then became a waiter while paying for my own University while still helping to pay the bills at home (mom got a min wage job). I dropped out of University prior to going to Law School because I didn’t want the debt that came with it. I began Hvac got licensed began a business and worked hard my entire life. I’ve done it the only way I know how, with blood sweat and tears. No easy money, no easy way, no cutting corners. So save me the sob stories those aren’t excuse.

I’ve hired a bunch of kids in their 20s and I give them all the same speech. I’ll teach you how to make 200k a year but it’s not going to be easy work. 50% quit after the first day, 90% after a month and 99% within a year. 1% make it because they want it. The rest are losers and will always be losers. It’s the way it is.

——————————

Thank you for sharing that. I hope your story serves as an inspiration for screwed up millenials everywhere.

#119 Screwed Canadian Millenial on 09.19.17 at 9:07 pm

#82 BS on 09.19.17 at 7:53 pm

I think North Korea would be a better fit. Norway still allows private business which is evil. NK everything is state owned. Everyone gets to be poor and starve equally. 100% taxation. The prefect country.

————-

Argued like a true conservative. I bring up Norway, you hear North Korea. smh…

#120 For those about to flop... on 09.19.17 at 9:13 pm

Reading this thread is making me feel all warm and fuzzy.

And so to pay it forward ,can the person with the initials L.W who wanted to get in contact with me send your query via Thor Turner and he will begrudgingly forward it to me in exchange for some cheesy photos and I will see how I can help you out…

M43BC

#121 Millenial Dude on 09.19.17 at 9:14 pm

As a millenial myself, I’m appalled at Screwed Millenials comments.

Funny thing is that there are lots who think like him.

SMH at the loser mentality, which plagues vast majority of the public.

#122 BillyBob on 09.19.17 at 9:15 pm

#59 Hajrin on 09.19.17 at 7:08 pm
For US version of our TFSA – their Roth IRA – limit is 5.5K (add one more thousand if over 50). It is also income restricted, so you can have Roth IRA if your income is up to 132K (single)/ or 194K (couple).
Raising limit of TFSA to 10K by Conservatives in election year was attempt to buy votes.

Americans have no HST and can deduct mortgage interest. You have no point. — Garth

===================================

He’s also cherry-picking his comparison to try and make it.

How about comparing the TFSA to its UK counterpart, the Individual Savings Account (ISA)?

They’ve just raised the adult individual limit for 2017/18 to £20,000 from £15,240. (Unused amounts do not accumulate).

At current exchange rates £20,000 is about $33,000 CAD.

Yet we have Screwy moaning about raising the limit in Canada to $10,000.

People need to get out more.

#123 Fish on 09.19.17 at 9:15 pm

RE#100 espressobob on 09.19.17 at 8:33 pm
RRSPs are a tax shelter. Potentially short term as ones income could change in a moment.

Much better thought of as a tax shift or contingency fund depending on what life throws your way

******************
yes, I agree

#124 Screwed Canadian Millenial on 09.19.17 at 9:17 pm

Lol you guys keep claiming you’re so smart and clever and you understand how things to work. You keep whining that Trudeau reduced the TFSA limit from $10k to $5.5k. First of all, get over it. It’s done.

Second of all, NOBODY is stopping you from saving your money. You crybabies keep whining “wahhh I can’t save anymore because hurrdurr Trudeau.” You can still save, you can still invest, nobody is stopping you. Just pay your damn taxes when you make a gain. Deal with it. You’re still getting a sweetheart capital gains/dividend tax rate. The government has no business subsidizing tax free capital gains for you whiners.

#125 IHCTD9 on 09.19.17 at 9:17 pm

#49 Screwed Canadian Millenial on 09.19.17 at 6:51 pm

inb4 some boomer brings up Venezuela. We’re talking about Norway. Focus.
——–

Uh oh, a socialist utopia that has oil where folks hunt dogs and cats to put food on the table.

At least she knows where her assertions skid into the ditch…

#126 Screwed Canadian Millenial on 09.19.17 at 9:19 pm

#117 Garth

OMG. — Garth

—–

It comes down to me and Smoking Man. Who do you choose? Suicide is not an option.

#127 Blutterfy on 09.19.17 at 9:20 pm

@84 rentYVR

Gotta love it when we all vote for low tax fairness. Personally as a small business owner I love paying for only what I use. Since I hardly ever go to doctor I say that the government should just privatize everything. No tax and no government spending.

On a serious note though I really think T2 is gonna hurt everyone- especially those on the lower end of earners. I think a lot of the small guys like us will go out of business and that means a lot more people competing for the jobs at the big corporations which means they can lower wages since there will be a much bigger worker pool to choose from. Then government will have to raise taxes for everyone to cover the EI payments for all the rest that can’t find work and don’t have the capital to start something on their own. Just you wait and see. :/

#128 Keith on 09.19.17 at 9:23 pm

@#105

Now put yourself in Calcutta or Mumbai or sub Saharan Africa or many places on the planet, same family circumstances. Try pulling yourself up by the bootstraps in the second or third world, if you weren’t enslaved or killed or died of disease before your teenaged years. Congratulations on your work ethic, your smarts and your achievements. Much easier in the sixties, as an unskilled employee or any other way. Birth timing is a huge factor. My point stands. Lots of people being left behind, living with their parents. Times have changed drastically.

#129 IHCTD9 on 09.19.17 at 9:24 pm

#65 SoggyShorts on 09.19.17 at 7:25 pm
#12 Eco Capitalist on 09.19.17 at 5:56 pm
@ #3 MF

I’m over 25 and I voted Liberal. They promised me electoral reform, something this country desperately needs. They flat out lied to me.
*****************************
Same here- As a small business owner I voted against my own interests in order to make things better with a more representative system. Bamboozled again.
——

Hopefully some wisdom was gained.

Next time you’ll know what expect BEFORE you vote.

#130 Ron on 09.19.17 at 9:25 pm

Here’s a simple idea to solve all our financial problems. Federal, provincial and municipal works make approx. 30 – 40% more than private industry workers. There are over 3.6 million government workers you in reality represent maybe not the 1% but when you look at their pensions probably in the top 10%. Let’s take their wages and pensions down by $10,000 each. They should be pretty happy as they will still be grossly overpaid. This will save all levels of government 36 billion a year. Viola….no more government deficits and we are going after a very rich and elite group of extremely lazy people. Everybody is a winner.

#131 Leo Trollstoy on 09.19.17 at 9:25 pm

#10 Mark Deflation Theory and $1.35 Loonie

Deflation is nowhere to be seen in a Canada and the CADUsD will be range-bound as our respective economies are solid

BoC and FED to jack rates in both countries

#132 When Will They Raise Rates? on 09.19.17 at 9:32 pm

#125 Keith on 09.19.17 at 9:23 pm

@#105

Now put yourself in Calcutta or Mumbai or sub Saharan Africa or many places on the planet, same family circumstances. Try pulling yourself up by the bootstraps in the second or third world, if you weren’t enslaved or killed or died of disease before your teenaged years.

—————

Ahh yes, the “you didn’t build that” argument:

https://www.youtube.com/watch?v=YKjPI6no5ng

#133 Ian on 09.19.17 at 9:37 pm

SCM

At least six people on here tonight talked about working hard and saving, and you call us entitled. You are a clown. Please leave. Forever.

#134 Leo Trollstoy on 09.19.17 at 9:38 pm

People can cry all they want but docs and dentists will always make more than plebs. Just accept it and be happy. And be nice to your boss; and your dentist and doctor

#135 Mark on 09.19.17 at 9:39 pm

“Did anybody else notice: “

Sure, Canadians hate “the stock market”. That’s a pretty well known fact given what Garth tells us all the time about portfolio allocations in typical TFSAs, self-directed RRSPs, etc. Housing, and GICs thus become the investment vehicles of choice for most Canadians.

Deflation is nowhere to be seen in a Canada

We’ll have a new batch of CPI data in the next few days in Canada. But in the most month reported, inflation (or deflation) was 0%.

#136 IHCTD9 on 09.19.17 at 9:39 pm

#119 Screwed Canadian Millenial on 09.19.17 at 9:07 pm
#82 BS on 09.19.17 at 7:53 pm

Argued like a true conservative. I bring up Norway, you hear North Korea. smh…
——

Shit guys get the hint, she doesn’t want to hear about any socialist dump other than Norway.

If you guys keep talking about other socialist dumps like North Korea, Venezuela, Yugoslavia, Cambodia, Somalia, Vietnam or any other country that serves Cat burgers, then folks will start thinking that Norway is the only example of Socialism where you can buy a hamburger.

Get a clue guys, please.

#137 Smoking Man on 09.19.17 at 9:42 pm

Ha all the chirping of my twitter videos. In High Scholl I won best actor award 2 years in a row in Drama.

For those out there who know JS personally would have me up for an Academy Award. Im that good.

On a sad note a fellow blog dog with a young family just got replaced by a TFW. Trudeau is a stupid asshole that will destroy the middle class.

#138 FLHTK on 09.19.17 at 9:45 pm

#130 RON_no more government deficits and we are going after a very rich and elite group of extremely lazy people. Everybody is a winner.
______________________________________________Get your head out of your as* I’m a gov worker and far from lazy, my job is surrounded by legislation that holds me accountable to joe blow public, I have no time to be lazy in my job, I can personally be charged and go to jail! I should make way more than I do, I protect people from becoming sick both from H2O and from sewage, just imagine if there weren’t people like me and overtime you flushed the toilet and it didn’t go down the sewer it went onto your front lawn, seeped back in through your foundation into your house wouldn’t take long before you got sick there would be a lot of sick people walking around and dying of different diseases. And for the water, well I don’t have to tell you that I save more lives and people’s health with every glass of water they drink then most cops do in their whole career! So should I be making more than I do definitely, do I like what I do you bet. Not all gov workers are over paid and lazy! Next time you drink a glass of water of flush your sh*t down the toilet think about that one!

#139 Pete on 09.19.17 at 9:45 pm

I love this blog. Where else can you get 100% raw ,unedited, uncensored thoughts from people? Watch boring tv? F no. I’m going to lol while reading this blog. I bet Garth uses this blog to gain perspective on how the masses think.

Scares the bejesus out of me. — Garth

#140 OttawaMike on 09.19.17 at 9:46 pm

Doctors who have a spouse and children can incorporate and income sprinkle.
Doctors who are single do not enjoy the same corporate benefits.

Where is the equity in the existing tax structure?

#141 MoMs who love GT on 09.19.17 at 9:49 pm

any chance tomorrow’s refresher will include some sage aka free RESP advice….? (just in case our kids don’t get accepted into SM’s Herdonomics Programme)

ps. did I mention MoMs find you achingly handsome and irresistibly witty?

#142 Ian on 09.19.17 at 9:54 pm

#106 Vancouver

Yes, similar article on MarketWatch yesterday.

I think it’s because the unemployment main figure is so flawed with more part time work and more people giving up. The giving up part is probably the main reason inflation isn’t higher.

Mark isn’t here because he is getting ready for his book signing tour. ‘Deflation’ will be at Indigo soon and I will be first in line at the book signing event.

#143 Ian on 09.19.17 at 9:54 pm

Welcome back Old Ron woohoo!!!

#144 Pete on 09.19.17 at 9:55 pm

I voted T2. One of the reasons was electorial reform. electorial reform would of ensured the conservatives would never ever E V E R! Have another majority. It would also mean the Liberals would have much fewer majorities. We would of had a strong NDP or maybe a new labour party but the working class can forget that now. Nope the current shame of two party system controlled by the corporate elite. Since of crazy evil CONs? Vote lib. After 8 years of lib people forget why was the CONs so bad. Then they remeber when the evil CON comes out with fangs and sucks the blood from taxpayers

#145 YVR Renter on 09.19.17 at 9:58 pm

CTV news here in Vancouver just broadcast tonight on the 6pm news what income level is needed to buy a home in this city. For East Vancouver, (lots of dumps and shady areas), bare min. family income of $250K/yr. To buy in the westside, ie. Kits, Point Grey, $500,000 annual not even enough. I do see the crazy-priced single family homes sitting much longer….months… same places for sale when I walk my dog daily, week after week. Last spring (2016) everything sold with multiple offers, no conditions, no inspections, in a heartbeat. Absolute teardowns reeking of mold went well over asking for insane prices. I know, we were looking to buy. Now, nothing is selling quickly, it is a much more normalized or slowed market for SFDs. Open house signs take over the landscape on weekends, it’s almost becoming competitive. Condos are another story. But $2.6 million gets you a tiny shack in Kitsilano, and when you cross Dunbar, $5 million is pretty much the point of entry for a house that would have been $650 -750K in Ontario a couple yrs ago, and on a bigger lot. (We moved here spring of ’16 and quickly learned, despite being bottom of the top 1%’ers, ww’ll never afford a house here, and aren’t willing to pay $1500/sq ft for a 1000 sq ft condo with Ikea level cabinetry and finishes.Or $1.8 million to live way out in Coquitlam and spend 2-3 hours commuting every day. Been there, done that, too old to repeat.) Rent we pay- $5000/mth for 2000 sq ft., and we’re lucky to even have a place. A new rental apt building had 1900 applicants for 97 units -also CTV news tonight. So with a reported (CTV) avg family income of $90,000. In Van…who is buying all the houses??? The foreign investor influence is far more prevalent than reported, just drive or walk anywhere in Vancouver. ‘Smurfing’ accounts for so many investment properties–large numbers of small overseas investors pooling their money, almost like a pseudo REIT or mutual fund. They buy 10 new condos pre-sale. A massive condo project on Cambie was halted before the ground broke…probably because the presales last year were half the price per sq ft they can get this year. The absolute greed and complete inability for people working i this city to afford a home is disgusting, and going to turn it into a ghost town. No one can afford to live here. Avg rent for a 1 bedroom apt was $2100/mth in August. We came for work transfers and promotions…not feeling so promoted now.

#146 Backmarker on 09.19.17 at 9:59 pm

Screwed Canadian Millenial: The Guy that yelled at Garth over deleted posts. In fact they weren’t deleted, SCM failed to hit the submit button. Turns out he couldn’t figure it out on his own and went right at Garth to blame for his own failure.

A Millenial who didn’t know how to post on a message board…maybe why he is screwed.

#147 Ian on 09.19.17 at 10:01 pm

#107 Tony

I checked out that Excess Returns book you mentioned. Not bad!

#148 KLNR on 09.19.17 at 10:02 pm

#3 MF on 09.19.17 at 5:28 pm

LOL insult anybody who doesn’t agree with you.
definitely not helping your argument.

Group think on here is highly entertaining.
keep it up dogs.

#149 Smoking Man on 09.19.17 at 10:02 pm

So the savage road trip is coming to an end. This casino drunken tose money away had a sinister deeper propose. Looking for new ideas for business.

Today on I65 New Orleans to Nashville. More trucks on the road than Cars. No hotel rooms in Nashville or Franklin.

The UDA economy is on fire. Why? tax cuts coming for business and people. In Canada I’m calling a depression to start in two years under T2. And you won’t be able to get rid of him. He’s fast tracking refuges and TFW to get to vote.

The millenials on here are teacher dumb down little communist with no abilities to change and inovate. Trudeau polices are going to destroy them first.

I’ll be fine. Im submitting my resume when I get home. I’ll need to dumb it down a bit. No way garth will beilive I can do all that shit.

#150 Rogue One on 09.19.17 at 10:02 pm

Just go to Mongohouse or one of the other Chinese sites that show the list/sell price of every property in the GTA.

TREB can’t do s**t to stop these sites…..even Zolo has a running total of market stats

#151 I'm stupid on 09.19.17 at 10:04 pm

#128 Keith

The place you referenced was Canada a first world country with safety nets so no one starves, has access to quality medical care and is one of the safest places to live on earth. I just can’t accept the argument that you can’t have a decent life here if you work hard. Sure life is different now than the 60s but the failure isn’t in the system but in the individual.

#152 InvestX on 09.19.17 at 10:12 pm

“Screwed Canadian Millennial”

Even his name screams “victim”.

#153 Long Branch Apprentice on 09.19.17 at 10:12 pm

#124 Screwed Canadian Millennial

You realize TFSA’s are funded by after tax income right?

Who gets tax free capital gains?

Do you even invest bro?

Another clueless idiot without a dime to his name crying about how the system is unfair. You’re either trolling the blog dog’s tonight, or an idiot, but most likely both.

Have fun being poor the rest of your life.

#154 For those about to flop... on 09.19.17 at 10:21 pm

Here is the latest visualization from howmuch.

Click on the link to receive a free pack of crayons…

M43BC

“Truth Behind America’s Record-Breaking Debt of $20 Trillion

The U.S. federal government just passed a record $20 trillion in publicly held debt. That’s bigger than the entire economy of every country in the European Union, combined. The debt will only grow higher unless President Trump and the U.S. Congress can agree to unprecedented spending cuts combined with tax increases. Don’t count on that happening anytime soon. Most people think that an eye-popping $20+ trillion debt is insurmountable, and in fact, it is the largest in the world by far. But when you look at another fiscal measure—the ratio of debt-to-GDP—the U.S. is not in the worst situation.”

https://howmuch.net/articles/worlds-debt-2017

#155 TnT on 09.19.17 at 10:22 pm

Well folks, take a hard look at the comments here.
It’s a microcosm of Canada’s 1% war technique of divide and conquer along economic lines.

Few years ago we had Occupy Wall Street getting some serious traction in the US before the MSM started showing Cops shooting visible minorities to wedge another classic divide and conquer technique along racial lines.
The focus changed from “Eat the Rich” to “Feed the Rich Orange Billionaire” in the White House.

Communism and Fascism are more aligned than you think.
Picture the political spectrum not as a straight line left to right but more like a horseshoe with the fringe left communism ever so close to the fringe right fascism at the bottom of the horseshoe and middle being the top in-between.

Advice for SCM & Millennials
You are no match for the billions being spent on advertising Credit Consumption. Music, TV, Pop-Up Ads etc. sell you a life style you could never afford without massive debt.

Advice: Debt is Wealth now. Best to unplug, rejecting Wealth is actually rejecting Debt now. Do that and watch your bank account grow.

Advice for Boomers
You squandered the greatest opportunity ever afforded to humanity on getting this planet right.
You inherited the greatest transfer of wealth EVER in human history from your parents who scrimped and saved through the depression only to piss it away on self-indulgence.
Retiring broke even though you had a lifetime of cheap education and high wages.
Being the largest voting bloc, you constantly voted for more and more privileges knowing full well the future generation will be picking up the tab.

Advice: Quit complaining about Millennials, this is their time now to shape and form the society that they want. Millennials are the first generation to truly see humans as individuals and not lump them is “racial classes”. They are more globally responsible than any other generation EVER. You best hope they have empathy for you boomers while they tend to your diapers.

#156 45north on 09.19.17 at 10:23 pm

One night I walked into a hall in a remote, dusty burg in southern Saskatchewan to talk to a few hundred dour-looking locals.

Weyburn?

Hours later I was relieved the rental car lady in the Regina airport had shoved me into a bruising Ford instead of some metrosexual urban candyass eco-box like a Prius. Because here I was last night, hurtling through the prairie blackness, as the wind and snow gathered force against the hulking grille, trying to find Weyburn.

http://www.greaterfool.ca/2010/11/17/no-rescue/

Screwed Canadian Millenial: The govt needs tax revenues.

but it’s not going to get it. Ask Garth, small business pays him for tax advice. How much is the government getting to get? Not much but Bill Morneau is causing tremendous damage to the economy by discouraging small business.

Lead Paint: And the key here is not just a particular change to a tax policy, but the positioning and rhetoric of the Liberals.

It is the positioning and rhetoric of the Liberals which are discouraging small business who are an important and integral part of our economy. Bill Morneau is the coach and he just told small business he doesn’t want them on the team.

So where are you right now? You’re no better off and I’d say worse. The positioning and rhetoric are affecting small business right now: they’re taking fewer chances, hiring fewer employees.

What about everybody else? Well if you have an $800,000 mortgage, you damn well still have it except that small business is now leasing or buying less real estate. Reality 1: If implemented as envisioned, this new tax plan could be a real NEGATIVE for the value of residential real estate and smaller commercial buildings.

http://www.greaterfool.ca/2017/08/27/fantastically-irresponsible/#comment-537005

Screwed Canadian Millenial: Give hard working Canadians a tax break. Sounds like Bill Morneau – are you him? But let’s stay with the rhetoric “give hard working Canadians a tax break”. The unexamined image is best “hard working Canadians” – lives in a modest house, pays the rent, plays by the rules. Assuming you’re not Bill Morneau, what if there is no more money? After all Bill never said there would be. Then there is no break.

You’ve been played.

#157 waiting on the westcoast on 09.19.17 at 10:23 pm

#49 Screwed Canadian Millenial on 09.19.17 at 6:51 pm
re: StatOil in Norway…

Scared – you should read more about our history… T1 tried that… PetroCanada. Set the country/industry back a long way…

Yes – some of the Nordic socialist countries have done well. But read about Sweden twenty years ago when they had serious challenges and had to make more market reforms. There definitely needs to be balance but we should endeavor to have more freedoms and more private sector involvement (with appropriate oversight) rather than state owned vehicles. In general, the more centrally controlled an economy, the less successful it is in the long-run.

#158 JustMe on 09.19.17 at 10:26 pm

#65 SoggyShorts on 09.19.17 at 7:25 pm
#12 Eco Capitalist on 09.19.17 at 5:56 pm
@ #3 MF

I’m over 25 and I voted Liberal. They promised me electoral reform, something this country desperately needs. They flat out lied to me.
*****************************
Same here- As a small business owner I voted against my own interests in order to make things better with a more representative system. Bamboozled again.

—————————————————————————

The Who – Won’t Get Fooled Again – 1971

https://www.youtube.com/watch?v=BrHUD2XmLN4

I’ll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around me
Pick up my guitar and play
Just like yesterday
And I’ll get on my knees and pray
We don’t get fooled again
Don’t get fooled again

#159 tccontrarian on 09.19.17 at 10:32 pm

Screwed Canadian Millenial:

I’ve been reading your rants for a while hoping that some day you’d just stop with the nonsense – alas, I was wrong.

You may be right on 3 counts, however:
1. You’re ‘screwed’
2. You’re a ‘Canadian’ (maybe)
3. yeah, you guessed it…the age bracket you belong to.

The truth is, the vast majority of Canadians don’t know anything about investing. Many have no interest in learning anything either! So they fall prey to Bank Mutual Fund ‘pushers’ who are really only interested in the trailer-fees and/or commissions.
I was amazed a couple years ago when a Financial Planner actually didn’t know that one could have a TFSA set up as an investment account (ie. not merely a bank account)!

Anyway, no matter how you look at it, life is mostly about choices – where to live, how to live, how to spend ‘free’ time, money etc.
For the past 10 years or so, I made the choice to spend an average 30-60 minutes a day (exluding weekends), reading about Financial Markets, Behavioural Finance, etc. . Even borrowed books like, Reminiscences of a Stock Operator, Market Wizzards,… and others – left no stone unturned. I almost became obsessed…in a good way, I think. It was a conscious decision to do this in order to avoid dependency on people like the one I mentioned earlier.
Over time though, I realized that I actually enjoyed the process and it became more of a hobby than ‘work’.

To make a longer story short, with the accumulated arsenal of knowledge of how the markets actually work, and simultaneously recognizing the bubble mentality in the local RE market, I sold my house and invested most funds in assets that I had followed for years (inluding but not limited to, gold). I’m still renting, happily, and watching my portfolio grow, diversified and with a plan.
What I didn’t plan for is to be giving more tax $$’s to T2 and his outlaws…in the name of ‘fairness’, of course!

Regardless, I suggest you put an end to your whining and get to work. T2 or the next guy (or gal), isn’t going to save you. Only YOU can do that!
And reading this blog…of course!

TCC

#160 Rentin on 09.19.17 at 10:37 pm

I own a business, commercial property am a landlord and rent a home and am an employee. I also own bare land. The only thing I don’t own is a residential house since all you people with no money and access to cheap debt pooched the market.

There is not much difference in the tax structure whether I earn the money on the business side, pay the 13% and then dividend it out, or earn it as an employee outside of a business.

There are however a few advantages to owning a business:

1. I can leave it in the company and only pay 13%
2. I can deduct many expenses from income
3. I can carry back losses
4. Rental income within the business is taxed at 50% (which is higher than most people are claiming/paying on their basement suite rental income….)

This BS move by Trudeau is aimed it collecting more tax of course, but built to rally votes for himself by pretending to be robin hood. They just eliminated the tolls on P3 bridges in Vancouver, same move. Who do people think ultimately pays for things? (Hint: look in the mirror)

The rest of you air bnb heads don’t know what you are talking about.

#161 Prairieboy43 on 09.19.17 at 10:39 pm

Send SCM to “Lillehammer “, the gangsters can take of the rest.

http://r.search.yahoo.com/_ylt=A0SO81nNzsFZBJAAFBEg7YlQ;_ylu=X3oDMTEzbGFlcDd2BGNvbG8DZ3ExBHBvcwMxBHZ0aWQDVEFDQTAxXzEEc2VjA3Ny/RV=2/RE=1505902414/RO=10/RU=http%3a%2f%2fwww.imdb.com%2ftitle%2ftt1958961%2f/RK=1/RS=gHs7qhH._hJRiKYTb4cP0oRpWE0-

#162 Spock on 09.19.17 at 10:50 pm

Don’t be too hard on SCM. We should have SCM over at the Quebec border to talk to the influx of refugee claimants.

Once they understand how the poor in Canada are oppressed and badly treated by the rich, they may turn back at the border.

Garth can also hire SCM to talk to his clients about sacrifice and giving out handouts. Of course anyone who thinks that T2 has a reven problem needs to get their heads examined. But folks like SCM who will go through life with blinders on their eyes will only think of themselves as the victim not realizing that all the basic necessities they enjoy in Canada are paid through the taxes of the same rich people they blame and are jealous about.

Good entertainment today listening to the poor oppressed folks

#163 Manitoba Whale on 09.19.17 at 10:52 pm

The federal Libs are out to destroy the NDP (currently trying to pick a leader), so they can suck off the soft socialists and rule Canada forever.
*****

I was thinking along the same lines, squeeze the left, steal their policies and give a bone to the righties at election time. Similar game plan as Chretien during his run in the 90’s.
Unfortunately the NDP may elect a cooler guy than old school Trudeau. The media love-in will shift to this guy. Interesting times ahead.

#164 Piano_Man87 on 09.19.17 at 10:57 pm

Can confirm having grown up in Southern Saskatchewan… Average house price in Saskatoon in 2001 was $118,900. Less in Regina.

But now it’s around $350,000. Things have changed. Now we have brand new condo buildings on the edge of town that look out upon the expanse of prairie – essentially empty space. We have no shortage of land here, but have somehow, like Canadians in many other places, convinced ourselves that we should all be paying more for housing. Simply because we think we should. We have all agreed it should cost more, so now we all pay more for it. Genius, right?

#165 The Limited Sage on 09.19.17 at 11:00 pm

SCM

I’m 28, live in Brampton and The first time I attended post-secondary school (at 19) I paid my own way and then dropped out because the career I pursued was no longer a flourishing industry so I left with not even a refund cheque from the school.

I spent the next eight years working jobs with pay ranging from minimum wage to $16 bucks an hour. No pension, no benefits, little overtime and – in the last year of those eight – had three weeks holidays (all of which I spend working in one of my other three jobs at the time so I could double my paychecks).

I still made rrsp and tfsa contributions during this time.

I should mention too that I went back to school in this time and again paid for it all on my own. At the beginning of this year, after nine hard working years, I was hired in a rewarding position that I enjoy doing. Now I get a pension (thankfully), benefits and eventually holidays.

My point is: make your own damn luck and stop complaining. You won the lottery by being born in Canada in the world’s more richest and free time frame. Stop blaming others for your lack of ability or drive.

#166 gary smith on 09.19.17 at 11:07 pm

lol. Garth, I’m sure this is an oft repeated comment-looks like you and the other Boomers did a crappy job in raising Millenials

#2-you speak with such definitive wisdom, despite the ignorance which befalls many a Millennial.

Watch your step when dismounting.

#167 Keith on 09.19.17 at 11:08 pm

@#151 “Life is different than the 60s”

Let me offer you an example or two. My mom became a teacher without a degree in the sixties. By the mid eighties, my best friend graduated with a five year education degree in Victoria. Started his career on the substitute list. In Prince George. Teachers to this day are going overseas to get work.

In the sixties, Port Alberni had the highest income in Canada. There is a sawmill in that town, produces a million board feet a day. Employment peaked at over 2000. That mill is running today, still producing over a million board feet a day. Employs 85 people.

My Dad’s collective bargaining agreement in the seventies had a clause that said if his job was no longer necessary, he had to be paid his salary until there was a new one available for him. That’s what full employment and a growing economy looks like. It’s not like there wasn’t going to be a job for him.

There is a global oversupply of labour. Do you think that people with bachelors and masters degrees in the 60’s were working in coffee shops? Things have changed since the sixties, I don’t really know how to explain it to someone who wasn’t there. And in the system we have, welfare to corporations is available at the drop of a hat and promises to small business are routinely broken.

People didn’t graduate with five figures of student debt, they paid their tuition with a summer job, and companies came to university to recruit people before they graduated. It is much much much much tougher today.

#168 Dmitry on 09.19.17 at 11:09 pm

To Screwed Canadian Millennial and others who think the same way.

You are really screwed not by someone else but only by your loser mentality.
Have you ever heard about equality of opportunity vs equality of outcome?
What you’re talking here is mostly about equality of outcome, where everyone should end up the same no matter what they do or how smart/hardworking they are.
In Canada there is (or was, if this small business fair tax will be implemented) really equality of opportunity, so everyone has the same chances and only depends how smart and hardworking the person is.
Even immigrants with no English have the same equality of opportunity.
I am one of these immigrants who came to Canada in 2001 with no money (owing $6000 to my friend who loaned me money so I can buy tickets, etc) and pretty much no English. I started my life in Edmonton as life is cheaper there and started my IT career. My first job was $2k/month or ~$1600 after tax, but I’ve spent my spare time to educate myself on technologies, acquired certifications, changed jobs, etc. Once I felt that I no longer can advance in Edmonton, I moved to Toronto and became self employed contractor.
Now I’m one of these so called 1%ters who you so hate (until you become one, which you can do if you really want to and put some efforts).
It’s relatively easy to do here in Canada. All you need is to set goal and execute by spending time and effort on that.
The fact is not everyone is equal, so different people achieve different results according to the goals they set (and how they execute). This has absolutely nothing to do with luck.
This loser mentality, unfortunately, is being pushed on all kids in school, as “no one can lose” and “everyone wins” ideology. Simple example – kids are graded in school not by how smart or hard working they are, but how they do on the scale of their potential. So the kid that does worse that all other kids, but because he is at 90-100% of his capabilities is graded the same as the kid who does best but he’s at 40% of his capabilities.
This is one of the reasons we home school our kids. Not a chance that liberal “gender identity” and “equality of outcome” ideology can be pushed onto our kids, so they do not grow up with screwed canadian millennial loser mentality.
I came from former communist/socialist country so I know what you’re talking about is what we had back in CCCP in this regard – everyone should be equal. But the fact is everyone is NOT equal.
Yes there are super mega rich people like Soros, Rockefeller, etc. Also there are corporations with CEOs getting multi-million dollars compensations, there’re super rich who hide their wealth in offshore tax heavens and do not pay taxes at all.
In fact, we’re on the same side against these super rich who do not pay taxes and hide their wealth in off shore tax heavens.
I can’t know this as a fact, but I’d suspect JT and Bill would be part of this elite crowd that does just that.
But these have nothing to do with middle class small business owners, doctors, lawyers, contractors, etc.
Believe me, we pay taxes according to law, as everyone I talk to has the same mentality – pay taxes sleep well, not worth cheating. Besides taxes are used for public goods like roads, hospitals, etc.
But when super rich JT abd Bill calls us cheats and say we’re super rich and do not pay taxes as we should and he’s going to make us to pay more tax because that’s not fair to middle class (who is middle class if not us is beyond my understanding).
The equality of opportunity here in Canada allows anyone to become middle class so called 1%ter if they so desire and it is absolutely not hard to do at all.
In fact a lot of my friends who immigrated to Canada in the last 20-15-10 years are doing very well – small business owners, doctors, etc.
So here is my first advice – close your Facebook and all other social media accounts and do not waste time on these.
Set the goal where you want to be in 1 year, 3 years and 5 years and start working towards that.
Spend time on self education. Very easy to do these days with absolutely everything available on the net 99% free.
Always thing what you can do to become wealthier and be this so called 1%ter as opposed to blaming them for being rich and cheating on taxes.

Hopefully that helps you.

#169 Smoking Man on 09.19.17 at 11:10 pm

Anyone know who Dylan Shinder is. Apparently a country singer that wants my autograph .

#170 Manitoba Whale on 09.19.17 at 11:10 pm

#109 Capt. Serious on 09.19.17 at 8:57 pm
The more I read about finance and investing, the more I’m convinced that by doing the basic things correctly you will outperform 90% of your fellow citizens.
*****

It is not rocket science, or at least it doesn’t have to be.

I am so frustrated by someone in my life that is on the precipice of serious financial doom within the next year. They had the tools at their disposal. And we will be getting that phone call to help.

In the end it comes down to placing a low weight on future consequences. ‘What the hell, its only one round of beer with the boys’ – until 40 years go by.
Consequences.

#171 Dolce Vita on 09.19.17 at 11:11 pm

I hate to interrupt this proletariat ageist promulgation of the species fest, but meanwhile back at the RE ranch for the City of Vancouver:

Avg. Sold Price: $1.2 MM
Monthly Change: -8.4%
Quarterly Change: -13.8%
Yearly Change: -2.4%
Unit Sales vs. May peak: -41%
$ Value Sales: $692.6 MM or -50% from May peak of $1.39 B
Avg. Condo Sell Price: $828 K, -1.3% from May peak, +9% y/y
Avg. Detach Sell Price: $2.6 MM, -3.8% from May peak, -13% y/y

New sales may be booming, for now, but to monetize they will have to sell in the above market which is beginning to lose asset value especially in the past 126 days.

Myra Andrews & Flop posts corroborate all is not well in Vancouver RE.

Overpriced but correcting.

As for the condo assignment crowd, CRA investigating them, 1 already fined about $130 K for not having declared capital gain income. CRA in court with 2 recent new developments for client lists to identify the assignment crowd and if they declared that income.

The RE single asset devaluation has begun in Toronto and is gaining steam in Vancouver.

All that is left for Vancouver and Toronto RE is a hope and a prayer for the next April-May RE peak selling season.

________________________________

Screwed Millennial

One day you will grow up like the rest of us former lefty Marxist dickheads and accumulate wealth…have a care until then.

As for Boomer safe space echo chambers, more than likely you rent in a concrete, steel and glass high rise in Trauma…

#172 Keith on 09.19.17 at 11:12 pm

@151

And in the 60’s no rich person would spend their money this way, they had more respect for capital.

http://www.metronews.ca/news/vancouver/2017/09/18/luxury-condos-for-cars-are-now-a-thing-in-richmond.html

#173 joblo on 09.19.17 at 11:17 pm

#154 For those about to flop…

WOW just WOW, thought Kanada wuz broke but this debt to GDP…..so screwed.

#174 Page on 09.19.17 at 11:18 pm

@ #25 Mike

Martin Armstrong couldn’t have said it better.

https://www.armstrongeconomics.com/world-news/taxes/new-zealand-the-hunt-for-taxes/

#175 Frank on 09.19.17 at 11:22 pm

Screwed Canadian Millenial, you’re quickly becoming the blog star.

Completely right about TFW and H1B programs used to drive down wages. FYI, the temp companies in US monopolized the H1B visas. Both countries are flooded with tech workers while companies complain loudly about shortages.

Canada adjusted immigration programs to encourage engineers and programmers to come to fill the supposed shortage here. Most engineers have not even been able to get Canadian experience to get licensed. Anyone who has directly experienced stem employment here knows it is a challenge.

Other fields have been disappearing unfortunately such as newspaper reporters, greatly lowering the quality of public discourse. Even if we disagree with them.

As far as the TFSA, there’s more than 4% luxury cars on the road, and I expect that many would spend money needlessly rather than deposit to the account. We partly have the debt because the government manages money as everyone else does.

SCM, when you meet a friend with expensive items, ask them if they maximized their TFSA first. There’s two elements, income, and what you do with it. The median income in Toronto is over $80K. That should be enough to assume maximizing the TFSA.

It is not right to tax low income people who need the cash to eat. There’s associated costs that fall on the public regardless. The exemptions should be higher. T2 could not care less about them, that’s why its a middle class tax cut. The evidence to date is that the higher minimum wages have not had major negative effects.

On the other hand, nobody will be investing at over 50% tax rates. You risk losing your capital, and quality life whether by investment or in a business and equity with an employee means you get a break on the tax.

SCM, we are lucky to have you, considering all your efforts. Businesses and high income people are mobile, you don’t simply collect more by charging more. Fiera can move to Texas. No state tax and no zoning rules or building inspections outside incorporated cities.

You’re analytical, and I think would shift you views on tax benefits with reasons.

#176 Rabbit One on 09.19.17 at 11:24 pm

I am curious to know who claims TFSA is for riches, how much contribution he made so far.

One can open TFSA, for example, (dead) savings account at any Canadian banks, and start with $0.01 transfer from your chequing account.

You have to be a resident of Canada and age of majority to contribute to TFSA.
Accumulated room is now $51,000.
Equally, to all residents, majority of age, after tax dollars. (more advantage on lower income on contribution)

If not maxed yet, fine, but how much have you done?
Hope you just not complaining TFSA is just for riches.

#177 Manitoba Whale on 09.19.17 at 11:28 pm

#154 For those about to flop… on 09.19.17 at 10:21 pm
Here is the latest visualization from howmuch.
*****
Never seen it mentioned, so thanks for plugging this site (and for bringing it to my attention). Always an interesting read/visual.

#178 Sensitive Deplorable on 09.19.17 at 11:44 pm

Garth
Go easy on the deprlorables – your description of people that low income and takers is false. I am proud deplorable -debt free, own my home and make a very good living. Deplorable People are fed up with what you’ve written about in tonight’s blog – excessive taxes and over bearing big government. Show some respect and get on board.

#179 HDJ on 09.20.17 at 12:05 am

Income is taxed according to the level of risk swallowed in order to earn it. Never started a business, have you? — Garth

So, long ago our government decided to use financial risk taking as an argument in favour of allowing the wealthy to pay less taxes. Of course, those who established this slanted tax system were among the very same people who directly benefited from it. As a consequence, we now find ourselves in the midst of undeniable wealth and income inequality. Our tax system has helped make it possible for the wealthy to outdistance those who are salaried. While average Canadians are being financially squeezed, the wealthy are happily enjoying their tax loopholes. In the meantime, there’s angry noise in the background from wealthy interests, who are shouting loudly because our current government recognizes the problem and is attempting to eliminate tax advantages not available to the majority of citizens. It’s nice to see that the Liberals are trying to do the right thing. This is no time to be hiding behind the ploy of risk swallowing. I’ve taken countless risks in my life and none of them ever came with a tax loop hole. Fairness in the tax system should be a top priority.

#180 Dolce Vita on 09.20.17 at 12:08 am

Proletariat ageist Keith and Screwed Millennial getting a World of Hurt from Turner’s devotee’s today…too funny.

Garth, you sure do know how to stir the manure up when you want to. It has made for some excellent reading today. And, some great comments and poignant life stories from people.

Really, this is THE Great Canadian Blog.

You learn so much here about the human condition, life strategies and their results…not bad for what is supposed to be an investment and financial discussion forum.

#181 TalkingPie on 09.20.17 at 12:18 am

Screwed Canadian Millenial (I can’t believe you’re still not spelling that correctly):

Air Canada is currently hiring 1,000 flight attendants, many to be based in Toronto. Instead of whining about your situation, why don’t you go do that?

The job gives enough free time to study something on the side (minimum 13 days off a month), nice pension, and within a few years you’ll be making $50k, more, faster, if you become a service director. After 6 months you get flight passes that’ll let you go travel and gain some perspective, along with other benefits. No post-secondary required, only 7 weeks of training for which the airline pays you, but speaking at least two languages is a huge advantage.

You can qualify to do at least that, can’t you?

FYI: That’s exactly what I did, and I currently bank >40% of my take-home. My TFSA will be maxed within about 18 months, and my RRSP already is. As a millennial FLIGHT ATTENDANT.

While working part-time on a Management degree (expect to finish in December).

No financial help from my parents since 2008, nor would I expect or want it. No rich elite here, but I found something that worked for me. You can, too, if you start hustling more than complaining.

#182 For those about to flop... on 09.20.17 at 12:21 am

176 Manitoba Whale on 09.19.17 at 11:28 pm
#154 For those about to flop… on 09.19.17 at 10:21 pm
Here is the latest visualization from howmuch.
*****
Never seen it mentioned, so thanks for plugging this site (and for bringing it to my attention). Always an interesting read/visual.

////////////////////////////

You’re welcome Whale.

I like to pay it forward.Someone that used to post on here called “A belieber” helped me out by showing me how to use an image sharing website as I wanted to post photos on here as part of my Pink project.

Anyway, when I was on the site I occasionally noticed these visualizations or maps and I like how they try to simplify everything,short ,sharp ,to the point with colourful charts which is why I made the crayon joke.

Sometimes they don’t do a new article for a week or so as they don’t have the same stamina as Thor Turner,but the last couple of weeks they have been cranking them out and so I check everyday and post them in the hope that someone gets something out of it as I do.

Sorry,if I got anyone’s hopes up with the promise of a free pack of crayons…

M43BC

#183 Spock on 09.20.17 at 12:28 am

T2 lowered the TFSA limit to get a gauge of the intellect of his supporters and see how and if divisive politics (rich vs poor) would work.

As can be seen from the comments it has worked very well for screwed millennials and ilk.

Saving future taxes on gains is smokes and mirrors. If T2 just decides not to do a single thing for a year, the amount of extra debt not picked up would pay for any potential tax loss in the future many times over.

I have sent an email to T2 to explain the math how a salaried person making $50,000 pats more tax than a business owner earning $200K. This clown should be taken to court and made to pay a fine and apologize for making claims out of thin air.

#184 yonge millennial on 09.20.17 at 12:42 am

SCM, I don’t usually comment but feel compelled as you’re causing others to unfairly paint us with the same broad brush.

I also voted for T2 but only for Harper was getting more ‘mean’. Was hoping for better but look where we are on the verge of now.

People aren’t paying their fair share of taxes; TFSAs are not fair for the 96% that don’t use them, investors don’t pay taxes on their gains. You complain continuously (might i suggest jealously) about fruits of others work. Throughout all this it sounds like you rely on the government to make life better for you and hand you benefits that you happily accept because it came from others pockets. I think the bigger question is what have you done to make things better for yourself?

There have been many good shares of personal learning, and life experiences of others like MF, I’m stupid, TCC to name a few. They might be irritated but open your mind. You are the master of your own situation be it actually using your TFSA or spending your free time educating yourself.

Quit whinging like Gendry and do something about it. Like Hotdog from Heaven, am curious to understand what circumstances caused such vitriol to spew across this board.

If you aren’t willing to help yourself, you might as well change your handle to ‘Entitled Canadian Milennial’.

#185 BS on 09.20.17 at 12:52 am

#105 I’m stupid on 09.19.17 at 8:52 pm

…I’ve hired a bunch of kids in their 20s and I give them all the same speech. I’ll teach you how to make 200k a year but it’s not going to be easy work. 50% quit after the first day, 90% after a month and 99% within a year. 1% make it because they want it. The rest are losers and will always be losers. It’s the way it is.

It is pretty simple to be successful in almost any job:

1. Show up everyday on time.
2. Be productive. Get your job done.
3. Don’t complain and get along with others.

Most people struggle with accomplishing number one. Few understand number two is why they were hired in the first place. Almost nobody understands number three is actually the most important. Put all three together and you have success.

I agree only 1% can do it consistently. As you said 99% fail at doing the simple things that will make them successful in any job. There are McDonalds workers who followed those principles above and are now in the 1% now as McDonalds executives or running their own restaurant. The people who spent their energy complaining about making minimum wage are still making minimum wage.

#186 Oft deleted much maligned stock picker on 09.20.17 at 1:03 am

If you weren’t a Trump fan before last night…..you have to be a major Trump booster today. He said what no politician could ever say….the truth about the way things are in the world and why. The namby pamby ponses like our petulant Trudeau must have all wet their blankets when the big dog read the world the riot act. Trump explained why ‘diversity is not strength’…..it’s destructive and cruel. Bravo Mr Trump. As an investor I know right where things are going over the next few years…..all the arty farty spit from our lip serving liberals means nothing.

Trudeau is crawling around the political pig pen with his American advisors…like David Alexrod…trying to emulate what Obama did in the US…..Gerald Butts is taking notes from his dunce chair in the corner, chewing furiously the stained toilet paper left behind by Joe Bidens post loss rush tour that ensured Liberals that Obamas policies would live forever…..HAH.

Trudeau will find his head in the proverbial guillotine as his lies falter and Canadians edge towards revolution. Social media is already screeching with the sharpening of knives. Btw……’tax fairness’? I live in a country with a 15% flat tax…..universal health care for the poor….a booming economy……people spending real cash….not debt……that’s what I call fair….everybody gets some…..unlike Canada….where only the elite union members get a good nights rest .

Canadians have the prospect of a ‘class war’….? Only because a greater number are becoming rapidly disenfranchised and permanently poor. The Russians had to give in…..the Chinese were forced to give in….Venezuela is starving….Cuba has its thought prisons.

Trump was right on…..”Socialism hasn’t just been poorly implemented…it has been faithfully implemented” in countries where people are the poorest . Canadians now find themselves on the outside looking in….at the elites living in their homes…dining well…..while in Canada’s seniors are binning and children starve. ….while Trudeau chases hundreds of billions in foreign investment out of the country. Meanwhile he vies around at your expense giving away billions at selfie encounters…..and applying himself to everyone’s well being but yours. Tell me if that’s not the fodder of revolution?

#187 Former Fool on 09.20.17 at 1:12 am

#165 The Limited Sage on 09.19.17 at 11:00 pm

WELL SAID!!!! And congrats on working hard and succeeding!!

#188 Bob Dog on 09.20.17 at 1:30 am

‘Socialism is not Communism.’

Can I register that like REALTOR (r)

#189 Bob Dog on 09.20.17 at 1:35 am

‘Socialism is not Incompetence’ ®

#190 DON on 09.20.17 at 1:39 am

Screwed Canadian Millenial

Your attitude reminds me of my boomer ants and uncles when they were your age.

By all means it is par for the age group. Youth are youth and old are old. You will see soon enough. For now keep an open mind and fight the good fight. And watch out for the boomerangs.

#191 Bob Dog on 09.20.17 at 1:41 am

‘Socialism is why society exists.’ ®

#192 DON on 09.20.17 at 1:44 am

#155 TnT on 09.19.17 at 10:22 pm

Nice!

#193 DON on 09.20.17 at 2:00 am

#121 Millenial Dude on 09.19.17 at 9:14 pm

As a millenial myself, I’m appalled at Screwed Millenials comments.

Funny thing is that there are lots who think like him.

******
The prophecy is correct! Idiocracy is upon us. Highway to the danger zone.

Yikes! Time for a safety meeting!

#194 Ron on 09.20.17 at 2:01 am

#138. FLHTK

I happen to be 61 years old and have seen so many different government workers in my life. in response to your elequent description of where my head is located you couldn’t be farther from the truth. In my very extensive interaction with public workers there are 2 camps. Maybe 10 – 20% that are very aware and admit all government workers really don’t work very hard at all. Then there the majority who claim they are overworked, unpaid and blah, blah, blah. I could give you 40 examples of what I have experienced with givernment workers both personally and in my business. I also have many family members in government so I speak with a very well rounded and informed opinion. You are in a work culture where you convince yourself of a false reality. I will end by saying I don’t blame individuals like you but the system that allows it.

#195 Norway on 09.20.17 at 2:37 am

81 Long Branch Apprentice
$12 for a beer in Norway. That must have been in happy hour Haha

I worked there in oil and gas and Stavanger and beer and food was mental.
Had lunch one day by the harbour in a very average pub,
1 beer
1 G&T
One salad
Worked out at $56

A 5 yr old Audi would cost over $50k

A friend (Norwegian) married an American firm while he lived in the US.
Moved back to Norway and wanted to import his beloved F150 truck.

Import duties and taxes due to the “emissions” were going to be about $150000.
The truck stayed in the US.

#196 juno on 09.20.17 at 3:12 am

Oh oh Canada

Canada is a socialist society. You can’t get rich in this country

And that is why only the foreigner in other countries can afford to buy the multimillion dollar houses in this country because they are tax less and can take home more.
we are currently 5th but after the big T is finished we may be competing with italy for first place

Italy – 50.59% (takes home $202,360 out of $400,000 salary)
India – 54.90%
United Kingdom -57.28%
France – 58.10%
Canada -58.13%
Japan – 58.68%
Australia- 59.30%
United States – 60.45% (based on New York state tax)
Germany – 60.61%
South Africa – 61.78%
China – 62.05%
Argentina – 64.02%
Turkey – 64.64%
South Korea – 65.75%
Indonesia – 69.78%
Mexico -70.60%
Brazil – 73.32%
Russia – 87%

#197 BillyBob on 09.20.17 at 4:18 am

@ #168 Dmitry on 09.19.17 at 11:09 pm

Fantastic, thanks for sharing your story. Cannot disagree with a single word, and congratulations on well-earned success.

#198 gfd on 09.20.17 at 4:20 am

#4 Screwed Canadian Millenial on 09.19.17 at 5:29 pm
You are an idiot who will never get it. Can’t even spell Millennial correctly.

#199 gfd on 09.20.17 at 4:31 am

#15 Screwed Canadian Millenial on 09.19.17 at 6:05 pm
Marxist agent from hell.

#200 gfd on 09.20.17 at 4:42 am

#43 BS on 09.19.17 at 6:39 pm
“I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”

― Winston S. Churchill

#201 When Will They Raise Rates? on 09.20.17 at 5:49 am

#152 InvestX on 09.19.17 at 10:12 pm

“Screwed Canadian Millennial”

Even his name screams “victim”.
—————————————–

Yup. A man child who doesn’t even have the balls to take ownership of his own future. Or he’s a troll.

#202 When Will They Raise Rates? on 09.20.17 at 5:52 am

*gifted troll

#203 Under the radar on 09.20.17 at 5:55 am

The millennial’s that I meet seem to have a strong sense of entitlement which their parents generation never had. They want everything right away and feel they don’t have to work hard to get it. They take many things for granted , yet half of them couldn’t start a lawnmower or grow a tomato. Toronto is a very expensive city, if buy your lunch every day, because all they can assemble is kraft dinner, and start your mornings with Starbucks. Oh, and then there’s $300 air Jordan’s and a $50 haircut where the sides of their head is carved and they look like a cross between a Mohican and chewbacca.
Yeah it’s tough to be a millennial gets easier when they start acting like adults.

#204 Dharma Bum on 09.20.17 at 6:55 am

#15 Screwed Canadian Millenial

“Let’s see, who needs a tax break on their source of income? Some wealthy elite bum sitting by the pool with his Rich Kids of Instagram trust fund brats, waiting for his stock to go up another point because the CEO just laid off another 1,000 workers and shipped the jobs over to China.”
——————————————————————-

HEY! I resemble that remark!

https://www.youtube.com/watch?v=tEM7I5VSVjY

https://www.youtube.com/watch?v=KZSyGCIBDEs

#205 maxx on 09.20.17 at 7:37 am

#4 Screwed Canadian Millenial on 09.19.17 at 5:29 pm

“Just a reminder that according to the Conservatives’ own budget documents, only 4% of Canadians had maxed out their $5,500 TFSA (~$50k total contribution room) when they decided to increase it to $10k. Typical Conservative priorities.”

The entire point of hiking the TFSA to 10K was to motivate more Canuckleheads to save for retirement, given that RSP’s are nowhere near being maxed out. That way, there might be less pressure on social programs going forward.

Your binary, vitriolic spews on generational iniquity will imprison you on the “GO” square forever. Most dawgs overwhelmingly don’t give a rat’s behind about your incessant whinging.

White noise.

Have a really close look at post #2, and reflect upon where you’ll be relative to this dawg in 20-30 years. You’ll likely be shining his/her Gucci loafers. Don’t spit as you shine though, as you’ll likely burn a hole in them.

And where, oh where will T2 be then? No doubt basking in the apotheosis of retirement luxury, island-hopping for 5 à 7’s with the rich and successful with nary a care in the world – the days of political strategizing a distant memory. Smiles all around. A highly rarefied school of privileged fish, swimming around the globe and doing the best of the best by the seasons, or as they fancy. An esoteric life few ever get a glimpse of. And just for the record, the average boomer doesn’t anywhere near approach this lifestyle.

Do you honestly believe that he gives even a microsecond of his existence actually worrying about the likes of you, poor “Screwed Canadian Millenial”?

People far worse off than you will ever be have pulled themselves out of the fire to become successful since time began. In order to accomplish this, how much time do you think they invested in whining?

Ummm…………zero.

#206 Victor V on 09.20.17 at 7:37 am

http://nationalpost.com/news/politics/trudeau-stands-by-tax-reform-plan-despite-shrinking-deficit

The Finance Department says the federal government ran a smaller deficit than the $23 billion that was forecast in the spring budget, ending the 2016-17 fiscal year with an actual deficit of $17.8 billion.

Not surprisingly, Trudeau seized on the news as evidence of progress in the Liberal plan to grow the economy by helping middle class Canadians. And he stood firmly by contentious new tax rules for small businesses — changes he insisted are more about making the system fair than they are about generating revenue.

“We are moving forward to make the tax system fairer to stop the system that encourages wealthy Canadians to use private corporations to pay lower tax rates than the middle class,” Trudeau told a news conference in Ottawa.

#207 Ezzy on 09.20.17 at 7:59 am

DING DING DING “come on down and lets play the victimhood game”! I’m hearing that being shouted to the tune of Price Is Right, in my head. This sentiment is what I experience often when I think of most of us in Canada.

#208 Ezzy on 09.20.17 at 8:02 am

#204 Yes. Yes. Exactly this! Bravo. The work of a politician is complete the moment people believe they are being cared for by one.

#209 Al on 09.20.17 at 8:08 am

Doctors were allowed to incorporate in large part to save the government from having to pay them more. I guess you want to pay more tax, so they do, too? Weird. — Garth

If that’s so, I don’t get the government’s play here, they pay them less and then give it right back to them in turn with a lower effective tax rate. Its all coming from government/taxpayer. This would only save the taxpayer/money if the tax break was not consumerate with the foregone wages, is this what was happening?

#210 rjrt81 on 09.20.17 at 8:23 am

Keep it up SCM. Your ruffling the feathers of the angry old white guys. Amazing stuff. The echo chamber is deafening tonight. No JT or Liberal fan. But the economy and the $$$ are motoring along just nicely thanks to booting the Cons. And the Libs don’t even get the gift of $100 oil.

And poor old MF cobbling together 3 lame jobs. Time to start smoking pot. You might manage to get somewhere in life if you relaxed and didn’t have a 10 ft pole buried up your backside.

#211 TurnerNation on 09.20.17 at 8:25 am

Definitely SCM should apply on Bay St. Channel that energy. I started after the heyday in the era of online trading. GFC then hit.
Still there’s no life like it. Raw ambition and naked money. Personalities abound though muted they are by P.C. SJWism.

Employer covered my securities courses to become an IR and I got derivatives designated.
Where are the customer’s blogs ;-)

#212 crowdedelevatorfartz on 09.20.17 at 8:29 am

@#117 Screwed Canuck Millenial
“I’m just putting the finishing touches on my sparkling resumé before I personally submit it at Turner HQ.”
+++++

The job interview sounds something like this…..

“You start at 7am. Bandit expects pats, praise and his poo picked up twice daily.
Only Mr Turner is allowed to reveal his manly tattoos and joke about Amazons. There is no “safe space” here. Texting during work is not permitted, niether is posting on Facebook, Twitter, Kijiji, Craigslist or any other time wasting internet site.
We dont “empower” you here. Junior staff are at the bottom of the heap until they prove otherwise
We expect you to listen, take direction and follow orders not complain, suggest new” ideas or do it “your way”. Two 15 minute coffee breaks and one half hour lunch break. Two weeks paid holiday the first year , if you last more than 12 months you will get 3 weeks holiday after that. Medical, dental, etc. after 3 months.
The day ends at 4pm
Those are the rules of employment.
Still Interested?”

#213 Herb on 09.20.17 at 8:29 am

The median individual income in Canada in 2015 was $33,920 – http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil105a-eng.htm

In other words, half of the income-earning population of Canada made that or less. Now, pay rent, feed yourself, travel to work etc. on $33,920 p.a. or less and tell us how you are going to have $10,500 p.a. left over to contribute to a TFSA, or 18% to put into an RRSP to finance your retirement.

Process that lump in this ideological cesspool, and then complain about socialism or current and future taxation in Canada!

#214 Hiding On The Backstreets on 09.20.17 at 8:37 am

@ #36 Money Miser

Too true. Highly paid workers (rigs, construction) without financial acumen, no $ for TFSA. Also, how about those Ford F 150s? I call them killer tanks. Crushing cars in head on collisions, sucking up gas and their owners’ after tax $$$.

#215 crowdedelevatorfartz on 09.20.17 at 8:46 am

@#155 TnT
“They( Millenials) are more globally responsible than any other generation EVER. You best hope they have empathy for you boomers while they tend to your diapers.”
*******

While they tend my diapers!
Hardly.
I’ve rarely seen a Millenial in ANY job that involves getting their hands dirty let alone sweat. Take a look at any Tradesperson. 50 years old or older. Not too many young bucks following in their footsteps…….

Nah. The Millenials will most likely be the administrators, managers and beaurocrats endlessly pushing paper/ emails/ whatever back and forth to determine that will need to hire MORE Temporary Foreign Workers to do the “dirty” work.

It’s more “empowering” that way.

Empowered Millenial managers will save the Earth……unless it all becomes too stressful and they need to go off on stress leave………..give me a break.

#216 Penny Henny on 09.20.17 at 8:55 am

By the way, guys (at 44%) are way more willing to put their kids into real estate than women (32%). So much for the nesting myth.-Garth

Don’t you mean so much for the bank of mom myth?

#217 Victor V on 09.20.17 at 9:07 am

http://business.financialpost.com/news/economy/oecd-raises-outlook-for-canadian-economy-this-year-maintains-global-forecast

OTTAWA — The Organization for Economic Co-operation and Development has raised its expectations for economic growth in Canada this year compared with a June forecast.

The Paris-based economic think tank says it now expects the Canadian economy to grow by 3.2 per cent this year, best in the G7.

That is up from its forecast in June for growth of 2.8 per cent.

#218 boterkoek on 09.20.17 at 9:10 am

ja, but can vour husky do dis?

http://video.dailymail.co.uk/preview/mol/2017/09/19/3994320887093546718/636x382_MP4_3994320887093546718.mp4

#219 TnT on 09.20.17 at 9:13 am

#214 crowdedelevatorfartz on 09.20.17 at 8:46 am

You must have had a hard time typing that silly comment while shaking your old man fist in the air.

Anyone who actually stopped and had a look at any construction site would see it is full of millennials.

Millennials are by and large just like any other “young” generation trying to navigate the world they inherited.

Ask yourself how you would be any better if you were to do it again in this “new world” of globalism and Debt = Wealth onslaught of advertising.

I have faith that the world Millenials shape will be far better than what the boomers left.

#220 Screwed Canadian Millenial on 09.20.17 at 9:19 am

Well boy oh boy, did a different perspective ever light your boomer diapers on fire. I feel sorry for the TFW serving you coffee this morning. I can’t possibly reply to all your replies but reading your comments, boy do you boomers come off as such spoiled, entitled brats. Everything with you is GIMME GIMME GIMME. Now now now. The Gimme Generation. That’s what you are. “Give me that tax cut!” “Give me that loophole!” “I want a $10k TFSA!” “No make it $20k, that’s what they have in the UK.” “Why should I have to pay capital gains tax!” You are the most fiscally irresponsible people I’ve ever seen in one online community. Your selfishness knows no bounds. You’ve been trained for decades that you can just take, take, take and pile it all onto the debt and leave it all on the next generation’s lap to pay off. $650 BILLION national debt and all you can think of is what else can the gubmint give you.

Your total and complete lack of self-awareness blinds you from seeing how arrogant and self-involved so many of you have become.

Congrats you’re the first generation to leave things off worse than what you inherited. That’s your legacy. And you don’t even give a damn. You’re still obsessed with what else you can TAKE, rather than leaving anything behind for those coming up behind you.

#221 wah_wah_wah on 09.20.17 at 9:29 am

@ Screwed Canadian Millenial

guess who you are in this story?
http://rightsideva.blogspot.ca/2008/02/ten-men-go-out-for-dinner-who-pays-what.html

#222 crowdedelevatorfartz on 09.20.17 at 9:45 am

@#110 Screwed Canadian Millenial.

“I get the impression that you guys have no intention whatsoever of ever putting a dent into the $650 billion national debt you entitled, spoiled brats racked up.”

+++++

Ahhhh yes. The ever ballooning national Debt.
Apparently your were to young to remember the “Debt Clock” that was designed , built and sent on a tour of Canada back during the early 1990’s ( by Boomers) when the National Debt was hovering around $500 billion.
Boomers disgusted at the obscene govt “tax and spend more” policies produced the clock and sent it on a national “tour”….every major Canadian city.
The result?
The Cretien govt with Paul Martin as finance minister managed to stop spend more than they made and reduce the national debt…….
Years later the typical Canadian voter with the attention span of a drunken gnat swirling over an empty wine glass staring at the lowest interest rates in over 100 years we borrowed, spent and borrowed again.
Saving and paying down debt was sooooo 1990’s
and after a decade of Harper and now an even worse fiscally immature, selfie absorbed, new “tax and spend more” Prime Minister at the helm……

That $500 billion dollar debt is now $650,000,000,000.00 and climbing………..

Enjoy paying ever more taxes my fiscal whiner (winer?)
Prime Minister True-dough has your back……

#223 crowdedelevatorfartz on 09.20.17 at 9:56 am

I have an idea.

Why don’t we invade Norway, take their National Pension money, pay off our national debt and spend the extra $350 billion on retraining Millenials as English as a Second Language teachers)?

A win win all around ( except for Norway but we could always allow them to become temporary foreign workers at the Boomer Old Folks Homes and underemployed Millenial ESL Teachers could retrain them! Damn! This just might work!)

Hmmmm blonde Norwegian amazons changing my thirsty underwear………

#224 wah_wah_wah on 09.20.17 at 9:57 am

Herb on 09.20.17 at 8:29 am

Sounds like you made some poor career choices but damn it, someone else should pay for that.

#225 MF on 09.20.17 at 10:20 am

14 crowdedelevatorfartz on 09

I grew up with lots of Italian millennials. Tons of them work with their hands as tradesman.

Your comment is 100% bull. Judging by your post, I don’t think you have actually met any millennials in real life.

MF

#226 Centre Wing on 09.20.17 at 10:24 am

As a Canadian Millennial (age 30, can spell), I’d like to make sure you blog dogs don’t think we are all like the admittedly typical SCM.

#227 WUL on 09.20.17 at 10:25 am

#214 crowdedelevatorfartz on 09.20.17 at 8:46 am

“I’ve rarely seen a Millenial in ANY job that involves getting their hands dirty let alone sweat.”

YMM YMM YMM…

A day in Fort McMurray will change that. Ubiquitous. Anxious to fulfill a 12 hour shift for up to 14 days straight and all the overtime they can get.

#228 milleniallmoose on 09.20.17 at 10:29 am

Screwedmillenial

If you are so angry maybe look at your choices. Husband and I are mid 20s (millenial-like you) and had immigrants for parents, meaning we had to be on our own and pay for our own education (no parental help here). We both became engineers (a degree we know would pay off), paid our debt off, and live way below our means by renting, making our own food, and not buying stuff we don’t need (cars, cable , Iphones, data plans, expensive brunch etc.) We have saved150K of savings in TFSA and RRSP. Are we the 1%? No! We just make smart choices. Instead of paying for 50$ brunch and a 100$ outfit for Instagram likes we save. Should’t this behavior be rewarded? I don’t think I should be taxed more so you get your “fair share”. I sacrificed for my savings, what did you do?

#229 Dana Smith on 09.20.17 at 10:47 am

To Herb

This sick obsession of trying to make everyone equal and alike is a utopian dream that will never work.

Everyone can’t be very attractive, rich, smart or whatever standard you want to use. Everyone who believes this is fooling themselves and others.

It seems to me that people are just plain angry and jealous of others and want to ruin society in general to get even or some sort of revenge.

Socialism and high taxation is just a way of cheating. Remember as kids they used to tell us cheaters never win, well I guess they were wrong.

#230 tomohawk52 on 09.20.17 at 10:49 am

#4 Screwed Canadian Millenial on 09.19.17 at 5:29 pm
Just a reminder that according to the Conservatives’ own budget documents, only 4% of Canadians had maxed out their $5,500 TFSA (~$50k total contribution room) when they decided to increase it to $10k. Typical Conservative priorities. Focused on the 4% who are already well off, screw the other 96%. And why the hell shouldn’t “investors” have to pay capital gains tax? Meanwhile hard working Canadians can’t even get a raise.. what a damn shame.

——————————————————-

My wife and I max out our TFSAs every year. Between us we make less than $50K, pre-tax. Just yesterday we went into our local MP’s office and wrote a suggestion that the government introduce a one-time $250K/person TFSA contribution so that older Canadians can get the same bang as younger people who have a lifetime to contribute.

#231 CJBob on 09.20.17 at 10:53 am

#195 juno on 09.20.17 at 3:12 am
we are currently 5th but after the big T is finished we may be competing with italy for first place
____________
Link? Reference? Here are the facts. Canada has a lower tax rate that the average OECD country. Oh, and here’s the link:

https://www.aei.org/publication/the-us-remains-a-low-tax-country-even-if-president-trump-keeps-oddly-saying-otherwise/

#232 TurnerNation on 09.20.17 at 10:56 am

#202 Millenials look down on blue collar work.
Their leftist indoctrinated teachers tell them white collar and unionized busy work is the way to go.
Entitlement of large salary and gossipy co workers.

For the Schlock Pickers yesterday I bot kaputs on Shopify SHOP.US. And SMH.US the semis.

#233 maxx on 09.20.17 at 11:04 am

#43 BS on 09.19.17 at 6:39 pm

“I still don’t get this. I guess there is a reason people are unsuccessful. Instead of worrying about making their life better they worry about making others life worse to make them feel better.”

Perfectly summed up – too many Canuckleheads never left the metaphorical schoolyard. Armies of losers, who are likely too lazy and entitled to work towards a vision of a better life based upon their own effort. No wonder some of these idiots consider lottery tickets a type of retirement plan.

Why is it that so many hard-working, uncomplaining, successful people consider themselves lucky and moreover are grateful?

#234 Herb on 09.20.17 at 11:11 am

#223 wah_wah_wah,

where did I mention my career choice or its results? But
of course you have nothing to say on the actual issue.

Grow up!

#235 Ready To Give Up on 09.20.17 at 11:17 am

I’m stunned by the ‘eat the rich’ attitude by so many. And when talking with a friend recently, he stated it was good Toronto wants to tax your empty home even though you pay property tax on it now. WTF!

Public has lost their sensibility and gone herd. This is the stuff people leave other countries over. You don’t allow any government to mess with your home or homes.

I have run a small biz for 30 years in Toronto. Busted my butt to survive. Banks wouldn’t lend a cent, governments don’t give a crap about small biz. And now this BS from T2 and his Ontario party reviving up a mob like mentality cause it’s someone else’s fault you suck.

Hey bonehead millennials, you scrimp and save as long as it takes to build up for a TFSA. That’s what we all do. TFSA was the greatest gift for building your own retirement fund. Your loss if you can’t figure it out. See that blank sheet of paper?? That’s what you’re owed in life.

After reading this blog for many years, along with many economic blogs etc., I’m beginning to regret my decision to not move to the US back in the 80s. As nuts as they may be at times, they don’t eat their own. And they understand the importance of small biz which drives an economy.

#236 Blobby on 09.20.17 at 11:22 am

People go on about these new tax rules being more “fair”.

I am personally all for fairness and equality.. so therefor, as a business owner, if my tax rules are the same as employees, I demand equality in perks too. So therefor I want to be able to claim EI. I want employees to lose paid holidays, if they want to go on vacation, they don’t get paid for that time. I want employees to not get pensions, rsp matching, etc etc.

I want employees to have to put $20k plus of their own money into a job before they start work. And go through a few months of not getting paid..

Etc etc etc… I think that’d be fair..

#237 IHCTD9 on 09.20.17 at 11:23 am

#202 Under the radar on 09.20.17 at 5:55 am
The millennial’s that I meet seem to have a strong sense of entitlement which their parents generation never had. They want everything right away and feel they don’t have to work hard to get it. They take many things for granted , yet half of them couldn’t start a lawnmower or grow a tomato.

_______

I worked with a millennial a few years back. At the end of the day, we just happened to walk out the door at the same time. Out in the parking lot I noticed him staring at a flat tire on his car.

I walked over and offered him the use of my 3 ton floor jack as it was just sitting in the back of my truck – beats the heck out of farting around with those rinky-dink jacks in the trunk.

I dragged it over and he promptly shoved it under the rocker of his car and started jacking. He couldn’t make the car go up because he didn’t understand that you had to close the valve on the cylinder before it would lift – same as any hydraulic jack you’ve ever used. I pointed out he had to twist the handle to close the valve.

Once he got the flat tire in the air, I watched as he fought with the freely spinning tire trying to break the nuts loose. I offered that usually a guy would loosen the nuts up before they jacked the car off the ground.

Guy twists the jack handle back like he’s cracking open a beer and drops the car back to the ground with a crash. Something under the car smacks the tarmac. “Touchy” he says. Yep, they certainly are.

Buddy breaks the nuts loose and shoves the jack back under the rocker and proceeds to put a second good dent under there. Thus far, he’s not been using the factory jacking point.

Buddy finally gets the spare on, and as we’re collecting up the tools and jack I notice a wet spot on the pavement forming where the jacking had occurred. I look under and see a freshly punctured brake line.

I offer buddy a ride to his hotel and listen to him curse the car calling it a pc of s#it the whole way.

#238 Tazi Bnu on 09.20.17 at 11:28 am

#49 Screwed Canadian Millenial on 09.19.17 at 6:51 pm
@#16 Bob Dog

Who’s in to send SCM to Norway? He’s earned it. — Garth
____________________________________________
I’ll pitch in a five’r. I know someone who went there to teach english. Said it was an incredibly boring place, and winter’s were hell. They now teach english in South Korea and loves it, but it pays less.

#239 Ian on 09.20.17 at 11:30 am

GTA inventory on Zolo on the rise again, passing the 6k level. Happy September!!!

#240 IHCTD9 on 09.20.17 at 11:32 am

#226 WUL on 09.20.17 at 10:25 am
#214 crowdedelevatorfartz on 09.20.17 at 8:46 am

“I’ve rarely seen a Millenial in ANY job that involves getting their hands dirty let alone sweat.”

YMM YMM YMM…

A day in Fort McMurray will change that. Ubiquitous. Anxious to fulfill a 12 hour shift for up to 14 days straight and all the overtime they can get.
______

Probably not degree pursuing urban Millennials, those.

I know a lot of redneck tradesmen millennials and they seem just the same as they ever were except now they get paid tons of money for what they do, and drive a lot nicer trucks.

#241 JohnnyBoy on 09.20.17 at 11:34 am

#55 Screwed Canadian Millenial on 09.19.17 at 7:00 pm
@#49 Garth
Lol you crack me up. Just don’t make me go with Smoking Man. I was browsing his Twitter and it gave me nightmares.
Ok time for a break. All these boomers lecturing me is literally triggering me right now. Jk jk I have to go get some avocado toast before the bistro closes.

Ok I’m packing my bags
____________________________________________
On his twitter link he does Periscope videos.
They are actually hilarious to watch except it is sad.
I’m afraid that there is no acting there at all. This is the real Smoking Man. He is a grumpy old man probably in his mid to late sixties. A babbling boomer for sure. As someone pointed out before he is probably out of cash and dragging his sorry ass back to the GTA.

#242 JohnnyBoy on 09.20.17 at 11:36 am

#227 milleniallmoose on 09.20.17 at 10:29 am

Screwedmillenial

If you are so angry maybe look at your choices. Husband and I are mid 20s (millenial-like you) and had immigrants for parents, meaning we had to be on our own and pay for our own education (no parental help here). We both became engineers (a degree we know would pay off), paid our debt off, and live way below our means by renting, making our own food, and not buying stuff we don’t need (cars, cable , Iphones, data plans, expensive brunch etc.) We have saved150K of savings in TFSA and RRSP. Are we the 1%? No! We just make smart choices. Instead of paying for 50$ brunch and a 100$ outfit for Instagram likes we save. Should’t this behavior be rewarded? I don’t think I should be taxed more so you get your “fair share”. I sacrificed for my savings, what did you do?
_________________________________________
You go girl………………..

#243 waiting on the westcoast on 09.20.17 at 11:40 am

@ #219 Screwed Canadian Millenial on 09.20.17 at 9:19 am

Definitely trolling… How much is Garth paying you to get more engagement on the site?

;-)

#244 maxx on 09.20.17 at 11:41 am

#50 espressobob on 09.19.17 at 6:52 pm

“Financial illiteracy is rampant in society. Individuals quickly buy anything their heart desires because it’s cool.”

Perhaps it’s because they’re so easy to convince that it’s cool. In a basically innumerate society, there is plenty of low-hanging fruit.

“The consequences have no bearing on anything.”

Maybe the consequences do bear out – in politicians grabbing the opportunity to pit that debt-laden fruit against those who made it their business to learn and apply simple math to build wealth.

#245 Tazi Bnu on 09.20.17 at 11:46 am

My personal experience with my age group, “Millennials,” is that we are a double humped normal distribution. Statisticians should know what that means. In this case the mean, median and mode for my generation is useless because there’s two distinct and separate groups of behaviors. I’ve been to three post-secondary institutions and every class had the marks in this kind of distribution. It made it very difficult for the profs to shift the bell curve to pass the necessary numbers. Sadly though the “under-achievers” hump is larger than the “over-achievers” hump.

The main characteristic of the “under-achievers,” in my experience, is that they’re minimalist. They want to put the minimum amount of effort into anything, ie. if they need a 65% to stay on the sports team then they aim to get a 65%. They do this by purposefully choosing the “bird” courses and avoid the courses that are hard but will teach you a skill.

Just my 2c
M29ON

#246 JohnnyBoy on 09.20.17 at 11:48 am

#232 IHCTD9 on 09.20.17 at 11:32 am

#226 WUL on 09.20.17 at 10:25 am
#214 crowdedelevatorfartz on 09.20.17 at 8:46 am

“I’ve rarely seen a Millenial in ANY job that involves getting their hands dirty let alone sweat.”

YMM YMM YMM…

A day in Fort McMurray will change that. Ubiquitous. Anxious to fulfill a 12 hour shift for up to 14 days straight and all the overtime they can get.
______

Probably not degree pursuing urban Millennials, those.

I know a lot of redneck tradesmen millennials and they seem just the same as they ever were except now they get paid tons of money for what they do, and drive a lot nicer trucks.
_________________________________________
I’m in my mid thirty’s so I surmise I qualifier as a millennial.

A I have a degree. (Wife as well)
B I came from immigrant parents (Italy)
C I paid for my own education.
D I worked in dirt and crap to pay for my education.
E I & my wife own our home less a $150K mortgage. Home estimated at $1.5M
F I own and run a plumbing and HVAC company. The Business degree helped to establish practical and savvy business knowledge for a great P&L balance.
G I still get my hands dirty just to prove to the staff that work under me that I know what I’m doing at the top and the bottom “pardon the pun” of my business.
H My parents are probably going to retire and live in my home. That is the way we want it. They are going to go to Florida for the winters.
So don’t say a millennial wont get their hands dirty. Just try to replace an old lead plumbing pipe or drain in any home in Toronto and find out what the shit smells like.

#247 IHCTD9 on 09.20.17 at 11:49 am

#212 Herb on 09.20.17 at 8:29 am
The median individual income in Canada in 2015 was $33,920

Now, pay rent, feed yourself, travel to work etc. on $33,920 p.a. or less and tell us how you are going to have $10,500 p.a. left over to contribute to a TFSA, or 18% to put into an RRSP to finance your retirement.

______

Sure no problem:

Find an apt in a city where you can earn that 33,920.00 and pay 600.00/mo. in rent for a bachelor apt. I live near several cities where this can be done.

Income 2400.00/mo. net

Rent – 600.00 all in
Food – 200.00
Gas – 200.00
Entertainment – 200.00
misc. 200.00
internet/phone – 100.00

Total expenditures 1500.00

Surplus – 900.00/mo. = 10,800.00/year.

Shit that was EASY, and all those expenditure costs I listed other than rent are actually MORE than my real life costs for same.

#248 n1tro on 09.20.17 at 11:56 am

#15 Screwed Canadian Millenial on 09.19.17 at 6:05 pm

Some wealthy elite bum sitting by the pool with his Rich Kids of Instagram trust fund brats, waiting for his stock to go up another point because the CEO just laid off another 1,000 workers and shipped the jobs over to China.
—————————————-
To a “wealthy elite bum”, the room in the TFSA is pocket change versus a king’s ransom to you. If you know your history, Garth had a big part in bringing in the TFSA for middle class Canadians. Are you calling Garth out??

#249 Pre-retiree on 09.20.17 at 12:03 pm

Taxing the rich does not work.
Case in point: I will be taking my pension early. The increase in tax at the highest bracket was one of the factors considered in my decision. Pension income can be split…until the Liberals want to make this “fair” and put a stop to it.
I will contribute to lower tax revenue for the Feds next year. And…I will have to change my name on this blog.

http://nationalpost.com/opinion/john-ivison-know-the-dirty-little-secret-about-taxing-the-rich-it-doesnt-work

#250 Mennwa on 09.20.17 at 12:07 pm

#136

Yugoslavia seized to exist about 24 years ago. I doubt that you had opportunity to live in Yugoslavia back in the days to be able to assess Yugoslavia’s economic system.

That being said, if you use random terms in addition to your limited knowledge on anything… it would be hard to establish yourself as knowledgeable character.

Try again without anyone’s help…

#251 Pre-retiree on 09.20.17 at 12:08 pm

Doctors were allowed to incorporate in large part to save the government from having to pay them more. I guess you want to pay more tax, so they do, too? Weird. — Garth

If that’s so, I don’t get the government’s play here, they pay them less and then give it right back to them in turn with a lower effective tax rate. Its all coming from government/taxpayer. This would only save the taxpayer/money if the tax break was not consumerate with the foregone wages, is this what was happening?
______________________________________

The agreement with incorporation was granted by the Provincial government. Some of the tax not paid in large part would have gone to the Federal government. Maybe the docs should have been careful about this. As in too good to be true. I bet the ongoing rounds of negotiations in provinces will not be so pretty, especially since the right to arbitration has just been granted in the province of Ontario.

#252 WestisBest on 09.20.17 at 12:19 pm

I’m over 25 (though still millennial) and voted T2. I am a resource Engineer, work in defense (strange shift I know), and believe firmly in personal responsibility, including financial.
I voted against raping and pillaging our resources for the lowest bidder (look at the financials, resources shouldn’t all come out of the ground at once, sustainability is key to the industry), against throttling scientists, against the degradation of our environmental protections, and against the increasingly intolerant conservative social policies. I am without a doubt, fiscally conservative, but some things mean more than money. You can’t buy back our planet, or our human decency.

#253 FahtCoot on 09.20.17 at 12:25 pm

“There are two ways to have the tallest building in town. One is to tear everyone else’s building down & the other is to build your building taller.

One is a hell of a lot easier and unfortunately the choice most make…

#254 X on 09.20.17 at 12:35 pm

What year does the OMA re negotiate fees again? That sounds like fun.

#255 wah_wah_wah on 09.20.17 at 12:43 pm

Herb, I don’t care what you do but Dana Smith has you pegged to a T.

Here are some extra tibits for left brains:

1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.

2. What one person receives without working for, another person must work for without receiving.

3. The government cannot give to anybody anything that the government does not first take from somebody else.

4. You cannot multiply wealth by dividing it!

5. When half of the people get the idea that they do not have to work because the other half is going to take care of them and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation !

#256 aa6 on 09.20.17 at 12:57 pm

I would consider supporting class warfare.. if first take away the money from the very rich families like the Trudeau’s and the Morneau’s.

It was the Achilles heel that sunk the global warming debate. When the Gore’s and Travolta’s who are the worst polluters – with their private jets and mansions, were lecturing regular people that they pollute too much.

In politics no one can live up to their own ideology. So you find where they are in contradiction and you just relentlessly hammer them on that point.

#257 TurnerNation on 09.20.17 at 1:02 pm

Fact: Millennials would protest against their own shadows if they thought this would win points on social mediums.

#258 IHCTD9 on 09.20.17 at 1:04 pm

#249 Mennwa on 09.20.17 at 12:07 pm
#136

Yugoslavia seized to exist about 24 years ago. I doubt that you had opportunity to live in Yugoslavia back in the days to be able to assess Yugoslavia’s economic system.

That being said, if you use random terms in addition to your limited knowledge on anything… it would be hard to establish yourself as knowledgeable character.

Try again without anyone’s help…
______________________________

Don’t take it personally, but the SFR of Y meltdown to me was almost as disgusting as what happened in Rwanda. I could hardly watch the news back in the 90’s.

I’m well aware of the Yugoslavia’s demise, and how long ago it was (not that long ago). I watched it on TV from afar (not far enough).

#259 paulo on 09.20.17 at 1:06 pm

latest OECD report adding fuel to the probability of a further .25 increase by the BOC in October.

#260 Gonkman on 09.20.17 at 1:12 pm

#246 IHCTD9 on 09.20.17 at 11:49 am

Sure no problem:

Find an apt in a city where you can earn that 33,920.00 and pay 600.00/mo. in rent for a bachelor apt. I live near several cities where this can be done.

Income 2400.00/mo. net

Rent – 600.00 all in
Food – 200.00
Gas – 200.00
Entertainment – 200.00
misc. 200.00
internet/phone – 100.00

Total expenditures 1500.00

Surplus – 900.00/mo. = 10,800.00/year.

Shit that was EASY, and all those expenditure costs I listed other than rent are actually MORE than my real life costs for same.

____________________________________________

But..but..but… that’s not possible in Toronto or Vancouver!!!

Do you mean people in Canada can or should live outside of Toronto and Vancouver?

Do you need a Passport to move to these places where everything is cheaper?

Do they have Starbucks in these foreign cities? Is there WiFi?

It sounds scary to me…

#261 T on 09.20.17 at 1:15 pm

#110 Screwed Canadian Millenial on 09.19.17 at 8:59 pm

You obviously have no clue how an economy functions and grows, and through growth pays off debt.

I will give you a clue, it’s not through more taxes. Businesses of all sizes should be incentivized to grow and flourish, to create, to expand, to spend, to hire more employees.

You are only screwed because of yourself. I will tell you the same thing I tell MF and the rest of the millennial whiners here. Grow up, put on some big boy pants, and get to work.

Your perspective is a poor perspective and will keep you that way for life.

I am a millennial. You and a few others on here are terrible representation for our generation.

#262 Slippery cricket on 09.20.17 at 1:18 pm

Wow I’m a 4%er too! Just have a regular job, wife worked part time to be home to raise our two children. We had one car that we kept for 12 years, rode my bike everyday to work,no dining out,buying coffee, or shopping trips. Instead paid off the house , saved money in resp for kids, maximized tfsa. I see others who spent everything on things I didn’t. Everyone has a choice….what’s yours?

#263 BusinessKanada on 09.20.17 at 1:23 pm

Hi all
You Millenial and other envious dudes; Taxation Hikes do NOT work

they raised the tax rate to 33%; Surprise (I’m not) they go LESS Money. idiotic socialists

Except from Below
“But it also indicated attempts to raise nearly $3 billion by increasing the top rate of income tax to 33 per cent had precisely the opposite effect — income tax receipts for the year fell $1.2 billion.”

Article
http://nationalpost.com/opinion/john-ivison-know-the-dirty-little-secret-about-taxing-the-rich-it-doesnt-work

Still want to raise more taxes on business (or higher income earners). It does not work

We stop working extra
We stop working Period

Pie gets smaller, not hard to understand, really
Jean

#264 Guy in Calgary on 09.20.17 at 1:23 pm

#15 Screwed Canadian Millenial

I want to give you a real life example:

Both my wife and I are millennials. 28 and 26 respectively. We saved up a combined $40k through working and bought our first home in GTA for 197k in 2014. Obviously you can imagine the house wasn’t the greatest but it got us in the market. No gifts from parents and we are certainly not “elite”. Conventional mortgage so no CMHC. We were in a student town and got a place with a rental in the basement. Yes we took some risk. What we did was pay our expenses like the rental didn’t exist and saved all the rental income. We did this for almost 2 years. This resulted in a large amount of savings as on top of this, we were also saving my entire income since we bought well within our means. All this time we were indexing through TD e-series and took advantage of the bull run in the markets. Yes we both make ok money combined but individually we were both below $100k. So our incomes were far from the “elite.”

My degree is in political science which is useless and typical millennial. I went and took some finance courses and got some designations on my own time and dime. It has started paying off. We sold the house in 2016 and got our money back plus double. We sold at a good time which was part luck and part watching the market and being rational. Now all our registered accounts are close to max, some RRSP room still (no pensions here). These investments grew from the sales proceeds but also intense savings habits.

We now live in Calgary and bought again. We bought a house we will live in forever and is easily affordable. We have a lot of money in investments and switched to ETF’s in the last year or so. We still save my entire salary. No kids but 2 dogs. Happy and secure, but it came with work and sacrifice.

I just want to give you an example of millenials without silver spoons and show you that it’s possible. To your point on attacking TFSA limits being fine because it only affects the elite, think again.

Go do something for yourself and quit blaming everyone else for your problems. You live in a country full of opportunity, take advantage of it.

Sincerely,
And annoyed millennial.

#265 Pre-retiree on 09.20.17 at 1:24 pm

Judging by some of the comments on this blog and elsewhere, I think the (federal) Liberals have exhausted their “goodwill” votes.

At least…here’s hoping.

For #253 X- Negotiations are ongoing as we speak

#266 IHCTD9 on 09.20.17 at 1:25 pm

#248 Pre-retiree on 09.20.17 at 12:03 pm

Taxing the rich does not work.

Case in point: I will be taking my pension early. The increase in tax at the highest bracket was one of the factors considered in my decision. Pension income can be split…until the Liberals want to make this “fair” and put a stop to it.
I will contribute to lower tax revenue for the Feds next year. And…I will have to change my name on this blog.
_________________________________

So many Canadians are oblivious to this time tested effect. Many Lib supporters are scared sh!tless that a result like this could be predictable, and even expected. Lefties scorn Laffer Curve economic theory, but governments still stay broke after every tax increase.

So often in life it’s true, if you try to produce a result via force, you eventually get exactly the opposite. Trudeau and his collection of goons have already become case studies for this effect, but looks like they aren’t paying attention.

Trudeau will always have mouth-breathers like SCM to support his policies – but they will keep going deeper in debt as long as they ignore what is actually happening and why. Of course, they HAVE to ignore it. That’s why we’re headed for trouble.

As for me, I have been offsetting my tax exposure through modifying my spending and investing habits. This winter will mark a foray into cutting super high taxed products way down. My 2016 tax return was the largest ever. All legal, and not close to finished yet.

#267 AGuyInVancouver on 09.20.17 at 1:28 pm

#112 Spock on 09.19.17 at 9:01 pm
Are AGuyinVancouver and SCM the same person? Both have same agendas and BS.
_ _ _
Is every old white guy ranting on here about paying their fair share the same person? Now, go clutch your Andrew Scheer baseball card to your bosom, open the front door and give a nice hearty “Get off my lawn” to some youngsters.

#268 IHCTD9 on 09.20.17 at 1:32 pm

#245 JohnnyBoy on 09.20.17 at 11:48 am
_________________

But can you change a tire without help? :)

#269 IHCTD9 on 09.20.17 at 1:40 pm

“The Liberals brought in a tax hike that their election platform forecast would raise $2.8 billion in new revenue.

As the new financial report revealed, it actually reduced income tax revenue by more than $1 billion.”

Yep, sounds about right.

Now T2 and the Libs what to raise taxes again even though they just did so and it backfired to the tune of 1 Billion in lost revenue per year from here on in.

What do you call doing the same thing over and over again and expecting a different result?

#270 rainclouds on 09.20.17 at 1:41 pm

SCM: “Congrats you’re the first generation to leave things off worse than what you inherited. That’s your legacy. And you don’t even give a damn. You’re still obsessed with what else you can TAKE, rather than leaving anything behind for those coming up behind you.”

As a Boomer I cannot disagree with your assertion , we have allowed politicians to bribe us with borrowed money for 40 years commencing with T1(Aside from the Martin period and that was due to IMF warnings).

We spend more to service debt than any other program. Disgusting. Libs/Cons, all the same, math is hard. Imagine what could be done with 35 billion a year!

However, I would like to see the voting participation rate Boomers VS Millennial. Correlation?
When your generation decides to participate in unraveling the profound mess created I will be first to cheer.

You wanna get back at Boomers? Elect a government that has the balls to make the decisions to put us in the black. There is more of you than us. Its your time to shine. Dont blow it, we did…

#271 Ian on 09.20.17 at 2:08 pm

Fed announcement now…looks like another rate hike in 2017!

BoC all clear to do October and December 100%.

#272 um, yes on 09.20.17 at 2:13 pm

Why does T2 think it’s okay to gut TFSAs, create a new tax bracket and whack business owners? Because, politically, it is.

………

he’s playing to the current environment. This housing stuff is crushing the middle class, gotta go after the savers, chaps with monies

sorry

#273 Where's The Money Guido? on 09.20.17 at 2:29 pm

Re: #236 IHCTD9 on 09.20.17 at 11:23 am

“Buddy finally gets the spare on, and as we’re collecting up the tools and jack I notice a wet spot on the pavement forming where the jacking had occurred. I look under and see a freshly punctured brake line.

I offer buddy a ride to his hotel and listen to him curse the car calling it a pc of s#it the whole way.”

Well aren’t you the nice guy, offering him the exact thing that busts his car.
Why are you so vindictive. Any normal person who offers their services would point out the mistake and HELP him.
You’re a mean person IHCTD9, Karma will touch you some day…

#274 John of Grant on 09.20.17 at 2:33 pm

#212 Herb
The median individual income in Canada in 2015 was $33,920 – http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil105a-eng.htm

In other words, half of the income-earning population of Canada made that or less. Now, pay rent, feed yourself, travel to work etc. on $33,920 p.a. or less and tell us how you are going to have $10,500 p.a. left over to contribute to a TFSA, or 18% to put into an RRSP to finance your retirement.

Process that lump in this ideological cesspool, and then complain about socialism or current and future taxation in Canada!
————————————–
Checked your link. Number includes 75% of the population but participation rate is only 65% (for 2015). So includes 10% of population that wasn’t working. Gross up by 75/65 and income is closer to 40K.

#275 of course on 09.20.17 at 2:37 pm

The sooner you stop fawning over house, believing politicians or caving to your kids, the better the outcome.
……..

housing, in certain regions of Canada, is no longer affordable to the average Canadian family. We are becoming Europe.

Rent,………………..and don’t cry about it. Blame chronic low interest rates for this debacle.

#276 waiting on the westcoast on 09.20.17 at 2:54 pm

Who knew that Flop was causing global climate change to increase???

https://gizmodo.com/more-evidence-that-pink-snow-will-be-a-problem-for-the-1818540014

#277 RyYYZ on 09.20.17 at 3:06 pm

#89 Pepito on 09.19.17 at 8:13 pm
Of course risk determines taxation. It’s why capital gains and dividends are treated separately from interest, rent or salary. — Garth.
_____________________

Capital gains and dividends are treated separately from interest, rent or salary because the ruling class wanted to give themselves an advantage over the worker proles. The “risk” argument along with all the other job creators and trickle down bs is nothing more than self-serving, made up lies repeated ad nauseum to justify an economic disadvantage towards the working class.

==================================

It’s true. How much “risk” is there in the long term in sitting on a nice fat portfolio of stocks and bonds, earning dividends and realizing capital gains? How are those owners contributing any more to the economy’s growth than those who work for a living and get only a salary? If it’s “risky”, why do the rich continually get richer?

To me it seems fairly obvious than capital gains and dividends are taxed advantageously because the ruling class, which includes many of our politicians, and who certainly pull the strings behind the curtain, make their money from the earnings on their largely inherited wealth.

I didn’t inherit my wealth. The investment income I receive is on money that was taxed at 53%, and I pay tax on that. I also took a pile (that I paid 53% tax on) and opened a small business that employs 19 people, who pay tax on their incomes. The business also pays corporate tax on anything left over. You are full of crap, in other words, but I wanted to ease into it. — Garth

#278 Herb on 09.20.17 at 3:08 pm

#228 Dana Smith,

who suggested making “everyone equal and alike”? If I rang a bell of right wing fear and you had to respond with a dogmatic diatribe, I apologize.

I know that “Everyone can’t be very attractive, rich, smart or whatever ….”. I assume that you know that no one can pick the parents and social stratum they are born into. I merely point out a hard, verifiable statistic that should be considered before forcing the concerns and standards of the top twenty per cent or so to the whole population, then blaming those who can’t meet them. I know there are exceptions; everyone on this board seems to be one.

Let’s deal with facts, not ideologies. At this rate, we’ll revert to the old Calvinist view that those who are poor deserve to be so because they are sinners. If they were not, God would favour them and they would prosper like the faithful.

#279 Stan Broock on 09.20.17 at 3:11 pm

Interesting read:

http://nationalpost.com/opinion/conrad-black-the-liberal-tax-reform-proposals-will-be-a-national-disaster

Spending more money to enforce perceived tax fairness than the benefits from it.

The worse damage:
It shows you that you can not have any trust whatsoever in our government.

Do the best for you and your family. RUN!

#280 jess on 09.20.17 at 3:13 pm

This is sounding a lot like the seven eleven scandal australia(student visa)

“The workers allege that as many as 450 people — mainly from Nepal and the Philippines — had similar experiences when they were recruited by consultants in Dubai.”

“This is a disturbing case of how low income workers spent their life savings to try to find a better life in Canada through a job at Mac’s Convenience Stores but instead found they had lost their money and most had no employment,” lawyer Carmela Allevato said in a news release.

Foreign workers allege ‘life savings’ paid for Mac’s jobs that didn’t exist
B.C. Supreme Court certifies class action lawsuit against convenience store and 3 Surrey companies

By Bethany Lindsay, CBC News Posted: Sep 19, 2017 5:54 PM PT Last Updated: Sep 19, 2017 5:54 PM PT

========================
the business model
..”The government’s new legislation will include new offence provisions to target head office and parent companies which fail to deal with exploitation by their franchisees.”
Despite it being 12 months since Fairfax Media first exposed systemic wage fraud, the financial plight of franchisees and a head office cover up of worker exploitation, underpayment of workers is still believed to be rampant within the company and a new sinister scam dubbed the cash back scam, where workers are paid in full but have to hand back half their pay in cash to the franchisee, has emerged.

7-Eleven: Investigation exposes shocking exploitation of convenience …
http://www.smh.com.au › Business › Workplace
Aug 29, 2015 – Australia’s biggest convenience store chain, 7-Eleven, is under fire for paying many of its staff as little as $10 an hour before tax with the …
7-Eleven’s wage fraud sparks $170 billion blow back
http://www.smh.com.au › Business › Retail
Aug 27, 2016 – Since the investigation 7-Eleven has repaid $26 million in back pay to … processed in what is the biggest back pay claim in Australia’s history

#281 Herb on 09.20.17 at 3:14 pm

#246 IHCDT9,

good for you! In how many years will you be able to join FireCracker and Wanderer on the beach?

#282 S on 09.20.17 at 3:14 pm

Unfortunately it looks like those who followed the script, borrowed, bought expensive houses, cars and vacations won. Those who worked around the clock, saved for retirement, bought used cars to fend off losses through depreciation, retained their earnings in small businesses so they don’t have to eat cat food in their old age lost. They are now under attack by a government that cannot keep its hands off the pot that does not belong to it.
Turns out that in Canada being smart turned out to be pretty stupid.

#283 IHCTD9 on 09.20.17 at 3:15 pm

#272 Where’s The Money Guido? on 09.20.17 at 2:29 pm
Re: #236 IHCTD9 on 09.20.17 at 11:23 am

“Buddy finally gets the spare on, and as we’re collecting up the tools and jack I notice a wet spot on the pavement forming where the jacking had occurred. I look under and see a freshly punctured brake line.

I offer buddy a ride to his hotel and listen to him curse the car calling it a pc of s#it the whole way.”

Well aren’t you the nice guy, offering him the exact thing that busts his car.
Why are you so vindictive. Any normal person who offers their services would point out the mistake and HELP him.
You’re a mean person IHCTD9, Karma will touch you some day…
_______

I offer the guy a sweet floor jack to help change the flat, I point out all his mistakes after I realize he can’t even change a damn tire, I then drive him to his Hotel in my truck after he uses my jack to **** up his car…

…and I’m the bad guy?

#284 Herb on 09.20.17 at 3:22 pm

#252 wah_wah_wah,

didn’t know Dana Smith had me pegged.

Got some good socialist reading for you. You should have no trouble pointing out what was wrong with it and telling us why it was considered internationally as a model of what taxation should be, but was not implemented in Canada. If you can’t, ask Dr. Google.

http://epe.lac-bac.gc.ca/100/200/301/pco-bcp/commissions-ef/carter1966-eng/carter1966-eng.htm

#285 IHCTD9 on 09.20.17 at 3:33 pm

#259 Gonkman on 09.20.17 at 1:12 pm
#246 IHCTD9 on 09.20.17 at 11:49 am

Sure no problem:

Find an apt in a city where you can earn that 33,920.00 and pay 600.00/mo. in rent for a bachelor apt. I live near several cities where this can be done.

Income 2400.00/mo. net

Rent – 600.00 all in
Food – 200.00
Gas – 200.00
Entertainment – 200.00
misc. 200.00
internet/phone – 100.00

Total expenditures 1500.00

Surplus – 900.00/mo. = 10,800.00/year.

Shit that was EASY, and all those expenditure costs I listed other than rent are actually MORE than my real life costs for same.

____________________________________________

But..but..but… that’s not possible in Toronto or Vancouver!!!

Do you mean people in Canada can or should live outside of Toronto and Vancouver?

Do you need a Passport to move to these places where everything is cheaper?

Do they have Starbucks in these foreign cities? Is there WiFi?

It sounds scary to me…
_________

LOL, nicely done.

Maybe living within walking distance of Ripley’s Aquarium is just so worth the price?

#286 Grey Dog on 09.20.17 at 3:36 pm

263 Guy in Calgary
WOW I hope you two aren’t outliers for the Millennial Generation!

It’s great that the TWO of you are a wonderful t

#287 Stan Broock on 09.20.17 at 3:36 pm

I didn’t inherit my wealth. The investment income I receive is on money that was taxed at 53%, and I pay tax on that. I also took a pile (that I paid 53% tax on) and opened a small business that employs 19 people, who pay tax on their incomes. The business also pays corporate tax on anything left over. You are full of crap, in other words, but I wanted to ease into it. — Garth
—————————–

Internet is full with paid or just plain stupid lie-beral trolls.

There is no way to be easy on them, stupidity must have some limits after all!

#288 Red Kartoshka on 09.20.17 at 3:38 pm

Garth said:

“Uninformed comment. Income is taxed according to the level of risk swallowed in order to earn it. Never started a business, have you? — Garth”

How does one calculate said risk exactly? How can this be quantitatively applied to tax policy?

That’s what tax policy is all about. — Garth

#289 Stan Broock on 09.20.17 at 3:39 pm

#276 RyYYZ on 09.20.17 at 3:06 pm

———————————
Stupid like you really please the elitists.

Do you believe that T2 and the wild Bill with the stupid arrogant face have the middle class interests in mind?

#290 IHCTD9 on 09.20.17 at 3:43 pm

#280 Herb on 09.20.17 at 3:14 pm
#246 IHCDT9,

good for you! In how many years will you be able to join FireCracker and Wanderer on the beach?
__________________________________

Probably 10+. My life, commitments, responsibilities, and goals are nothing like those two – not even close.

If you’re saying big cities pay oh so much more than smaller ones, for a select few yes, for most no – maybe less even for many. No diff in pay for what the wife and I do.

When the day eventually comes; I’ll be heading North – not south.

#291 Herb on 09.20.17 at 3:47 pm

#273 John of Grant,

don’t know where you’re coming from or the source of your “participation rate”.

Statcan’s notes indicate that “the sample is nearly a census (95.3% of the total population identified) and the data are neither weighted nor adjusted to compensate for the 4.7% of the people who appear to be missing.”

#292 TnT on 09.20.17 at 3:50 pm

#282 IHCTD9 on 09.20.17 at 3:15 pm

Comedy Gold!

I offer the guy a sweet floor jack that broke his brakes to help change the flat,

I point out all his mistakes must have been fun having these pointed out while figuring out how to change a tire after I realize he can’t even change a damn tire like most people

I then drive him to his Hotel in my truck after he uses my jack that you offered to **** up his car… nice guy, that’s for sure

…and I’m the bad guy? nope, just a hard ass

#293 JohnnyBoy on 09.20.17 at 3:56 pm

#267 IHCTD9 on 09.20.17 at 1:32 pm

#245 JohnnyBoy on 09.20.17 at 11:48 am
_________________

But can you change a tire without help? :)
_____________________________________
Yes not problem, but I don’t need to. I have run flats on my SUV. I work hard and I’m smart. Time is money. I change tires on my toy in the garage. She is a beauty and I change to oil. No way the she is going to a quickie lube. An 1995 ACURA NSX.

#294 Grey Dog on 09.20.17 at 4:09 pm

263. Make a great team!!! It is amazing how your investments can accumulate and compound, if the two are are committed to your plan.

Boomers we are 65, Husband and I were similar, overtime for him, full time job plus teaching night school for me for years, TTC and driving inexpensive car into the ground.

Save and invest your savings, compound. One day you will retire very comfortably and enjoy a trip to Spain and Portugal, to finally get the summer, we NEVER got in Toronto GTA this year.

That other simpering Millennial needs to get a back bone, make a plan, work a second job, or least give back to those less fortunate, he needs to realize he has already won the lottery by being born in Canada, if he comes off as “the world owes me…other generations had it made…GROW UP BUDDY, JEEZ did you even do your own laundry this week, or did you leave it to your Mom.

Leeches that borrow from Bank of Mom or regularly COD: Call on Dad, will never be satisfied, how can they possibly have any respect. My Baby brother 11 years ago bought a cottage with generous gift from inlaws (yea, private entrepreneur), however, cottage was too shabby for them and had to borrow 200,000 from my Dad ten years ago at GIC rates. Guess what…deadbeat just stopped paying after a year! Last year while family was scrambling for pay for palliative nursing care, brother stated after I told to start coughing up and help definitive NO! He is a Millennial ahead of his time…he was born in 1960! Even after moving from their 1.3M$ to a 770K$ Home …also a gift from entrepreneur father inlaw, a couple of years ago, I know they have investment accounts, I thought they would pay this debt back to my Dad at this time. No…once a moocher, always a moocher, new vehicles always in driveways and always have the nerve to BRAG ENDLESSLY “we did this ourselves”! All I can think is “yea right Deadbeat”.

#295 lol on 09.20.17 at 4:11 pm

good for you! In how many years will you be able to join FireCracker and Wanderer on the beach?

………

those two are cartoonish. Hysterical. They blog and take pictures of where they went and how little they spent. Why do they need to share that with others? cause….why not?…..lol

#296 IHCTD9 on 09.20.17 at 4:16 pm

#291 TnT on 09.20.17 at 3:50 pm
#282 IHCTD9 on 09.20.17 at 3:15 pm

Comedy Gold!

“that broke his brakes” – the jack just jacked like it always does. The reason buddy ended up with a leak is because he positioned the jack directly underneath the brake lines AND THEN JACKED HIS 2 TON CAR OFF THE GROUND with the lines sandwiched between the jack and the floor pan. The jack is innocent.

“must have been fun having these pointed out while figuring out how to change a tire” – I could have just thrown him the jack and left. I also wanted to get home before dark.

“like most people” – I don’t know anyone who can’t change a damn tire good grief…

“that you offered” – I offered him a great tool to complete the task at hand – you’re saying because he ****** up his car using my jack – that somehow I bear some responsibility for his broken brake lines?

“nice guy, that’s for sure” – Next time, I’ll just assume the kid has a handle on the situation, and just drive home I guess.

“nope, just a hard ass” – First time I’ve ever been called a hard ass for lending out a tool. Should I stop lending out tools so I can be a nice guy?

#297 IHCTD9 on 09.20.17 at 4:19 pm

“An 1995 ACURA NSX.”

Niiice. rare as hen’s teeth, always has been.

#298 Victor V on 09.20.17 at 4:29 pm

Housing risks ‘could even threaten financial stability’ in Canada: OECD

http://business.financialpost.com/news/economy/housing-risks-could-even-threaten-financial-stability-in-canada-oecd

Rising housing prices and swelling household debt levels in Canada runs the risk of leading to a market correction that would reverberate throughout the economy, the report warned.

“A sufficiently large shock could even threaten financial stability,” it said.

The OECD report expects rising interest rates to temper the overheated housing market in some of Canada’s largest cities. Bullish economic data in the first half of 2017 prompted the Bank of Canada to raise its overnight interest rate twice in less than two months, up to 1 per cent.

#299 @careeraftschool on 09.20.17 at 4:36 pm

Garth nailed it! The Liberals are trying to win the NDP vote. If you had a competitor down on their knees and could significantly increase market share with one blow, would you hold back?

My advice to the entire Canadian business community (most of my friends will be negatively impact with the new tax changes so I get it) is to book a very large ballroom, make some changes to your strategy and hire a really good PR firm.

The new tax changes will happen but maybe now is the time to lobby the federal government and get them to increase the TFSA limits to $25,000 a year. You need to walk away with something.

“Tax Cheats” and “Income Sprinkling” are now part of most people’s vocabulary and unfortunately facts don’t matter to them. The business community needs to change their approach.

#300 Manitoba Whale on 09.20.17 at 4:44 pm

#252 FahtCoot on 09.20.17 at 12:25 pm
“There are two ways to have the tallest building in town. One is to tear everyone else’s building down & the other is to build your building taller.
*****

Some town councils are elected and then place regs in place to limit how tall the buildings can be.

#301 Penny Henny on 09.20.17 at 5:04 pm

#236 IHCTD9 on 09.20.17 at 11:23 am

Guy twists the jack handle back like he’s cracking open a beer and drops the car back to the ground with a crash. Something under the car smacks the tarmac. “Touchy” he says. Yep, they certainly are.

Buddy finally gets the spare on, and as we’re collecting up the tools and jack I notice a wet spot on the pavement forming where the jacking had occurred. I look under and see a freshly punctured brake line.

I call BS.
If the car dropped enough to have a brake line crash against the ground there is no way that that jack would not be stuck under that car.

Now if the wheel was already off then different story regarding the brake line

#302 IHCTD9 on 09.20.17 at 5:29 pm

#300 Penny Henny on 09.20.17 at 5:04 pm
#236 IHCTD9 on 09.20.17 at 11:23 am

Guy twists the jack handle back like he’s cracking open a beer and drops the car back to the ground with a crash. Something under the car smacks the tarmac. “Touchy” he says. Yep, they certainly are.

Buddy finally gets the spare on, and as we’re collecting up the tools and jack I notice a wet spot on the pavement forming where the jacking had occurred. I look under and see a freshly punctured brake line.

I call BS.
If the car dropped enough to have a brake line crash against the ground there is no way that that jack would not be stuck under that car.

Now if the wheel was already off then different story regarding the brake line

——-

The line got destroyed on the way up. That’s why the leak was “where the jacking had occurred”. I figured it was the exhaust or front crossmember that smacked the pavement. Read up a few posts for an explanation.

#303 powder_hound86 on 09.20.17 at 5:30 pm

Garth, the reward for taking on high risk to open up a business is high income if you succeed, not an endless list of tax loopholes.

There will still be economic incentive for successful startups, and its called $$.

Man the rich people like to moan. While I don’t mean to detract from anyone’s effort at startups and running businesses, but society is also helping these people succeed. They can pay a fair share of taxes.

They are. BTW, most businesses fail after five years. Try it. — Garth

#304 RyYYZ on 09.20.17 at 5:49 pm

#276
I didn’t inherit my wealth. The investment income I receive is on money that was taxed at 53%, and I pay tax on that. I also took a pile (that I paid 53% tax on) and opened a small business that employs 19 people, who pay tax on their incomes. The business also pays corporate tax on anything left over. You are full of crap, in other words, but I wanted to ease into it. — Garth
==================================

Cool, I got reamed by Garth. Don’t take it so personally, Garth. You’re not the type that I had in mind. You made your money, and then invested it, same as me. You’re not really part of what I consider the “ruling class” of the monied elite of this country. You may disagree with me whether there is such a thing. Or it could be that I’m full of crap, lol.

#305 RyYYZ on 09.20.17 at 5:52 pm

#295 IHCTD9 on 09.20.17 at 4:16 pm

“nope, just a hard ass” – First time I’ve ever been called a hard ass for lending out a tool. Should I stop lending out tools so I can be a nice guy?

I guess what people are getting at, is since it was apparent to you that this guy didn’t know what he was doing, while you were watching, why didn’t you offer some advice to him so he could avoid damaging his vehicle?

#306 crowdedelevatorfartz on 09.20.17 at 6:05 pm

Well.
The Millenial vs Boomer war topped the 300 comments

Well done Social Justice Warriors!

Now get back to “work” and stop surfing the net.

#307 SimplyPut7 on 09.20.17 at 6:11 pm

#246 IHCTD9 on 09.20.17 at 11:49 am

Find an apt in a city where you can earn that 33,920.00 and pay 600.00/mo. in rent for a bachelor apt. I live near several cities where this can be done.

Income 2400.00/mo. net

Rent – 600.00 all in
Food – 200.00
Gas – 200.00
Entertainment – 200.00
misc. 200.00
internet/phone – 100.00

Total expenditures 1500.00

Surplus – 900.00/mo. = 10,800.00/year.

——————————————————–

You can’t rent a moldy old basement for $600 in Toronto – all-in.

And the take home pay in Ontario is $27,432 not $28,800.
http://www.ees-financial.com/calculators/TakeHomePayCalculator.htm

I noticed you put gas without mentioning insurance for the car, in Ontario that’s $1,400 to over $3,000 you are looking at a year. I pay over $2,000 a year for car insurance and I have never been in an accident or had speeding ticket.

Exactly where are you going to park this gas vehicle? Your landlord will want extra for that ($50-$150 month) and parking at work can cost nothing or $200-$300 a month. You could take transit in the week but that’s at least $126 a month by TTC, or $200-$440 a month by GO Train.

So your math vs (Toronto)

Income 2400.00/mo. net (2286/mo. net |27,432 divided by 12)

Rent – 600.00 all in (more like 900, even for a basement)
Food – 200.00 (yes if you watch every sale price at the grocery store and never buy fast food)
Gas – 200.00 (ok)
Entertainment – 200.00 (No can do | 10.99 Netflix and Chill, you have to use that money to pay for insurance, parking and transit)
misc. 200.00 (maybe, if there are no emergencies, nothing breaks in your car and your “stable” contract job doesn’t let you go)
internet/phone – 100.00 (ok)

What you missed:
Insurance (150)
Parking car on landlord property (80)
Parking at work and/or taking transit (150)

Total expenditures 1500 (1990.99)

Surplus – 900.00/mo. (295.01/mo.) = 10,800.00/year. (3,540.12/year)

Difference = -7,259.88

#308 FLHTK on 09.20.17 at 8:49 pm

#139- Ok Ron we’ll leave it at that then…

#309 Kaganovich on 09.21.17 at 1:06 am

Keith is giving accurate descriptions. The responses to him and SCM are comical in the hyperbolic character of the individualist bootstrapping heroic biographies being recounted though. Success is about timing and the circumstances one has to work with…a more cohesive social safety net tends to mitigate the extremes of the birth lottery. Most wealthy people I know came into their fortune by dumb luck. Few admit it though lol. But, by all means work harder. You don’t want to end up like the poor saps in Mexico or, say, Puerto Rico right now. Just work hard, and ‘invest smart’ lol. Oh, and make sure all the central banks continue to coordinate policy so your smart investments don’t fail catastrophically. SMH

https://collapseofindustrialcivilization.com/tag/tim-garrett/