Whimsy

While poor Bill Morneau was being hammered at his Oakville town hall meeting Friday morning, there was bad news on Bay Street. Not about taxes – which the finance minister wants to jack on small business owners – but for housing, which is sacred.

Here’s what we know going into the last weekend of September, which was supposed to go all Lazarus, and jolt back from the dead. It didn’t.

Prices are stable, but sales have not revived. In the GTA, for example, volumes were down about 40% year/year. The story is similar in both Toronto and Vancouver – condos and entry-level houses are selling fine, detacheds and McMansions are unloved and sinking fast. In Van’s tony Westside hood, for example, the number of deals this month is expected to crash by half. First-timers are still spending. The move-up market’s a disaster.

This, say some experts worth listening to, will get worse. September might turn out to be the high point until next April, or maybe for a year. Or longer. Because of the universal mortgage stress test adding 2% on top of current rates, says RateSpy guy Rob McLister, people will simply qualify to borrow less than sellers demand. “Toronto is especially vulnerable to Ottawa’s next round of tightening,” he told that awful network, BNN. “If you’re a lender active in the Greater Toronto Area, the worst may be yet to come.”

According to RBC, Van and TO are already pooched. Housing affordability is at the worst level since Brian Mulroney was winning an election on free trade with the US (my, how things have changed). The bank says the ability of average people to buy average houses in the GTA plunged in the last few months despite the market cooling – and the coming interest rates run-up could erase the effect of future price declines.

It now takes 75.4% of a family’s pre-tax earnings (or just over 100% of what’s actually brought home) to buy and carry a house, even after a massive 25% down payment. That rate soared almost 13% in the second quarter of 2017, while it fell a little in Vancouver (to 81% of income). Across Canada, the bank found families must devote 46.7% of gross income – a deterioration to levels not seen since 1990, when a five-year mortgage cost 12.25%. Ouch.

As bad as that is, it gets worse. RBC expects four more Bank of Canada increases in the next 15 months, plumping mortgages a full 1%. Add in the stress test for a 3% bump – almost doubling the current five-year rate of just over 3%. That single-point mortgage increase will worsen affordability by 3.5% across the country and double that in YVR, says the bank. “This would occur at a time when housing affordability is already stretched in some of Canada’s largest markets.”

Hmm. Meanwhile the Trumpster says he’ll announce the next Fed chair in a couple of weeks, with a notable hawk now heading up the short list. Given that planned American tax cuts will boost economic growth and inflation, it’s a fair bet US interest rates will be dragging ours even higher over the next couple of years.

Does this mean real estate will crash and burn?

Nah, unlikely. But it does suggest prices will flatline, then melt, as Canadians – already carrying a record debt load – are able to borrow less. When money resembled this blog (dirt cheap and available), house values soared. So when credit contracts, expect the opposite. There’ll be further tightening through a stress test for all borrowers. And you can count on central banks normalizing rates at levels which will make current ones look like whimsy.

Buying in 2017, kids, might turn out to be just as good a choice as that butterfly neck tat.

$     $     $

Back to Bill. Friday’s event was brutal, even though Finance guys tried to control things tightly, with a curt one-hour format that left many angry people standing in front of dead mics. Still, it was an overall negative for the finance minister whose slip-shod tax reform plans have turned doctors, farmers, vets, contractors, accountants, hairdressers and indy IT guys into political vigilantes. The Oakville meeting was the final, ugly event in a Lilliputian 75-day consult period.

If comments on this blog are any indication, T2 and his crew have been successful in starting a class war. By calling small business people, farm families and incorporated pros tax cheats and loopholers, Ottawa’s vilified millions who have violated no laws. The government has driven an unhealthy wedge between the salaried and the self-employed with the same inflammatory language and devices Trump used to brilliantly divide and conquer. Who would have thought?

Well, here’s an example. Just received this suggestion from a fan:

What I’d like to know is how many millions Garth is worth as he sits on his throne casting stones at the new tax laws that aim to make things more fair. Elitist if I ever saw one. This blog is so out of touch with public opinion. How about call this blog: greatermillionaireelitistfool.ca

I like it.

 

 

221 comments ↓

#1 Cheekmonster on 09.29.17 at 6:14 pm

Here’s to an old 2010 episode of Hot Properties.
https://youtu.be/G08kYGSmDBc

I found it interesting when they were discussing the governments three major rule changes to “prevent” a housing-price bubble. There’s more about those rule changes in the description too.

#2 Screwed Canadian Millenial on 09.29.17 at 6:18 pm

At least we have government Ministers who are allowed to take questions from the Canadian people. Garth, didn’t you leave the Conservative Party and joined the good guys over how controlling that evil robot from Alberta with a chip on his shoulder the size of Nunavut was?

You didn’t want to sit in the back benches with those lunatic Conservatives from the hinterlands. Who could blame ya?

Enjoy the weekend boomers!

#3 Toronto Greatest City in World! on 09.29.17 at 6:19 pm

Toronto is a world class city that will never fall because we respect the rights of our Canadian-born women.

Morneau is on the right path to tax our convenience store owners because of foreign money laundering. We need to also reduce taxes on Canadian-born women and allow tax refunds of 99% when she purchases a condo under construction in downtown Toronto or Lakeshore.

#4 Free By 40 on 09.29.17 at 6:20 pm

Seems a lot of politicians are jumping on the divide and conquer bandwagon these days. I blame Brexit for showing us it’s possible and Trump for making it mainstream.

#5 Doug t on 09.29.17 at 6:20 pm

Garth the person that sent you that message is the one that is out of touch – self made wealth I have no problem with – BUT the wealthy that inherited their wealth like T2 can lick my boots

RATM

#6 Nick on 09.29.17 at 6:21 pm

Disappointing prices are stable for his month

#7 X on 09.29.17 at 6:23 pm

Mortgage Stress Test, higher rates…plus less left in everyones pockets due to higher taxes (despite being told will will be richer under the Liberals watch)…..housing is on that melt already imo…

#8 Screwed Canadian Millenial on 09.29.17 at 6:24 pm

Well, here’s an example. Just received this suggestion from a fan:

What I’d like to know is how many millions Garth is worth as he sits on his throne casting stones at the new tax laws that aim to make things more fair. Elitist if I ever saw one. This blog is so out of touch with public opinion. How about call this blog: greatermillionaireelitistfool.ca

I like it.

——————

No it wasn’t me. But it sure sounds like me. I do agree. Garth is an out of touch elitist completely oblivious about the millions of Canadians mired in poverty, working in a disastrous labour market, wages going nowhere, part time temp work galore, cost of living skyrocketing… while whining about $10k TFSAs and tax breaks for the top 5%.

Sorry Garth you know it’s true. I still love your blog though.

I employ 19 people in a retail store, and will spend Saturday morning sweeping. Tell me about being out of touch. — Garth

#9 John on 09.29.17 at 6:25 pm

The “fan” has a valid point.
Garth seems upset that him, and his wealthy clients won’t be able to divide up corporate income among kids, and spouses to minimize taxes paid. If the spouse helped provide services for the business they should be listed as an employee and receive a salary instead of dividends.
Garth you need to be more open minded, and stop painting self employed workers as victims here. They are expected to pay their fair share of taxes like everyone else.

The average person I help is 42, married with children and has a few hundred thousand saved. Most are employees and I know of none who pay their children (which is not permitted under current law). You have no idea what you are talking about, so I will forgive you. — Garth

#10 Screwed Canadian Millenial on 09.29.17 at 6:27 pm

http://www.cnn.com/2017/09/29/politics/tom-price-resigns/index.html

Another one bites the dust.

Trump hires the best people doesn’t he folks!!!

#11 Where's The Money Guido Coleman? on 09.29.17 at 6:29 pm

I guess since the hammer might come down on properties involved in the BC Casinos-organized crime money laundering; this property is auctioning itself off this weekend in the Kelowna area for NO MINIMUM BID!

Assessed at $3.2 million, they tried to skin someone earlier, by trying to sell it for $6.5 million.

If you’re the lucky bidder, expect the cops at the door to confiscate the property once the details of where the money came from to buy it initially, because who can take a $3 million loss like that. The owner says he wants to travel, maybe as far away from BC and their extradition.

I’m sure there’s going to be a lot of confiscations and surprised buyers as the gov’t gets their money one way or another.

$100s of millions have been washed thru BC Casinos since this was detected in 2012 and hidden by the criminal cabal BC Liberals by turfing the Joint Illegal Gaming Investigation Team.

And this all on the day they’re opening a new casino in downtown Vancouver led by a conflicted insider of the company:
https://beta.theglobeandmail.com/news/british-columbia/former-lottery-corp-ceo-michael-graydon-was-in-conflict-of-interest-bc-audit-finds/article19552217/?ref=http://www.theglobeandmail.com&

http://northerninsights.blogspot.ca/2014/04/money-laundering-and-casinos-who-knew.html

This is the history BC Liberals left BC taxpayers!

https://thetyee.ca/Opinion/2017/04/10/BC-Liberal-Falsehoods-Scandals-Whole-List/

#12 BlogDog123 on 09.29.17 at 6:29 pm

My specialist doctor just leased himself a fancy new place for his office. I wonder if he’s regretting this decision, knowing that T2&co. are going to tax the shit outta him. If he makes $500k a year, has to pay salary to the three technicians and receptionists under him, all that fancy diagnostic equipment, etc… He probably clears $170k/year after tax… who knows..?

#13 Kilt on 09.29.17 at 6:30 pm

In Garth’s defence. He would be much happier if we were all multi-millionaire’s. Especially if we invested with him.
I doubt he gets joy from anyone paying more taxes or being poor in general.

Kilt.

#14 Cpdlc on 09.29.17 at 6:30 pm

Chatting with a Doctors wife this week. Their accountant told them if these tax proposals go through they will need to shave off $2000/month in monthly budget to stay on track for Doc to retire at 65. These aren’t rich people they drive a 10 year old mini van and live in a Modest house with 3 little ones.
Accountant actually suggested Divorce as a tax planning strategy.

#15 Howard on 09.29.17 at 6:32 pm

If comments on this blog are any indication, T2 and his crew have been successful in starting a class war. By calling small business people, farm families and incorporated pros tax cheats and loopholers, Ottawa’s vilified millions who have violated no laws. The government has driven an unhealthy wedge between the salaried and the self-employed with the same inflammatory language and devices Trump used to brilliantly divide and conquer.

Quite.

And I would add : the truly uber-rich who simply inherited their wealth, represented by the trust fund Eau-bros, are looking on laughing their asses off. They get off scot free as usual while the employee-plebes fight with the entrepreneur-plebes.

And fools like SCM don’t even recognize this.

#16 I'm stupid on 09.29.17 at 6:33 pm

Let’s see how they Liberal lick asses like $3 tim coffees. I guess they don’t understand how a business works. I’ll explain it in a way a liberal can understand. A budget doesn’t balance itself, the goal is to make a profit. If the labour cost goes up so does the cost of the goods and services any business provides. So good luck with that!

#17 HDJ on 09.29.17 at 6:36 pm

“If comments on this blog are any indication, T2 and his crew have been successful in starting a class war. By calling small business people, farm families and incorporated pros tax cheats and loopholers, Ottawa’s vilified millions who have violated no laws. The government has driven an unhealthy wedge between the salaried and the self-employed with the same inflammatory language and devices Trump used to brilliantly divide and conquer. Who would have thought?” Garth
………………………………………
From my viewpoint this is just transparent propaganda. Exaggerations and distortions. Too bad.

#18 Tim on 09.29.17 at 6:37 pm

“According to RBC, Van and TO are already pooched. Housing affordability is at the worst level since Brian Mulroney was winning an election on free trade with the US (my, how things have changed).”

Was that before or after the crook received $225K cash in brown paper bags from Schrieber?

#19 Howard on 09.29.17 at 6:37 pm

Uh oh. Bill Morneau’s crooked company has its HQ in Toronto but it is registered in Alberta in order to pay less tax.

‘Tax fairness’ for YOU but not for ME! – Eau-bros

https://twitter.com/markstrahl/status/910966846727294981/video/1

#20 Debtslavecreator on 09.29.17 at 6:37 pm

Sick and tired of the whiners. Fair this fair that. It is NOT fair that people who work hard and take the risk of being self employed pay similar tax rates to high earning salary earners. It is NOT fair that high earning salary earners pay such high tax rates either
The Kleptocracy uses the guise of socialism to divide and conquer the masses and loot the masses
What you think is “fair ” today for others will be unfair to you tomorrow. No amount of tax revenue will help these extortionists- the problem is out of control borrowing and spending over the last 25-30 years
This divide and conquer is standard practice in the early stages of an upcoming re-set / collapse
This is nothing yet. Stop fighting each other

#21 jim on 09.29.17 at 6:38 pm

#2 Screwed Canadian Millenial

“At least we have government Ministers who are allowed to take questions from the Canadian people.”

Optics.

The Soviets had elections, you know. Didn’t matter, as they didn’t care about the actual results.

There’s no evidence that these ‘consultations’ are anything but a PR stunt designed to show that the government is listening to the citizenry. The sort of thing PR firms concoct to convince weak minded people that the system is actually democratic.

I suspect that the government is paying little attention to the concerns of small business owners. Even worse, I suspect that they have very little in the way of modeling to support these changes. Instead of evidence based policy making, this is probably pandering to their base.

But anyway, back to housing…

#22 SCD on 09.29.17 at 6:38 pm

So next comes DB pension plans for all Canadians?….in the interest of “fairness”

I won’t hold my breath.

#23 MF on 09.29.17 at 6:42 pm

So condos are still selling well in the GTA. No surprises there since they are all anyone can afford. Not great for us renters as it usually means higher rents as well.

And if we are to see a slow melt or period of stagnant prices, we cannot ignore rising rents. Who is ahead in all this? The guy who keeps paying more of his salary to rent, or the guy who buys in a stagnant market but pays the same amount towards his mortgage over the same period of time?

I believe rates will not be moving significantly higher. They are only being raised “slightly” to maintain the illusion of success 1, and to give wiggle room during the next inevitable crisis 2.

Tough call, but I am leaning more towards buying.

#2 Screwed Canadian Millenial on 09.29.17 at 6:18 pm

Hey where were you a few days ago? You should have seen all the whining and complaining about “public servants” here. You could have called out everyone who called you a “whiny millennial”.

Btw, I noticed The Mayor of Milton is back! Gotta admit, the girls in Milton sound like some of the most beautiful women on the planet. Tell us more about Milton!

M34ON

MF

#24 boopsie on 09.29.17 at 6:49 pm

#2 SCM
Good shot! So much whining from a perfect example of
the one percent.

#25 big bucks on 09.29.17 at 6:50 pm

Oh no ,no calling for housing crash and burn now is scaring me that there really is going to be a bigger crash and burn than I thought.

#26 No Saviour Coming on 09.29.17 at 6:51 pm

It doesn’t matter if affordability has disconnected from local employment. Foreign money is what is driving this market and will continue to drive it higher after a short pause. Prices are never going back to summer of 2016, or 2015, or 2010 for that matter.

Never going to happen because local incomes don’t matter. Sad but true.

#27 The Technical Analyst, CSTA, CPD on 09.29.17 at 6:51 pm

#230 Blog dog for truth on 09.29.17 at 5:16 pm
“getting back to me selling you that vacation property in Barbuda…”

Hell ya, I’ll buy it. Buy low, sell high! With 2 hurricanes hitting the island, I would guess your property is less than land value, so yes, send me the title I’d be happy to take it off your hands.

#28 Happy Housing Crash Everyone! on 09.29.17 at 6:53 pm

Happy HAPPY Housing Crash Everyone! :-)

#29 Bruce on 09.29.17 at 6:55 pm

Dah, Dah, it is good for Mother Kanuckistan to make us all equal, and take Comrade Turner down a few levels to the rest of the proletariat. How dare he work and improve himself. It is wonderful to live in comradeship – we all say it and it must be true.

#30 AGuyInVancouver on 09.29.17 at 6:57 pm

So how do we avoid media freakout stories about a collapsing housing market, when it is really just out of touch pricing in the single family home market that is the issue? If this starts getting spun as disastrous to the overall housing market, governments will unwind cooling measures way too quickly.

House prices in Vancouver and TO need a push to send them back to earth, any suggestions on what form that push could be?

#31 Tyson on 09.29.17 at 7:01 pm

Screwed

Either move to Norway or channel your energy into something useful. Your whining is an embarrassment to any millennial with half a brain and a touch of ambition neither of which you possess.

#32 Garthjr on 09.29.17 at 7:02 pm

Looks like we are going to be back to square 1 again soon. Expect Canada to slow on rising rates and maybe even pull back to protect their bubble.

http://www.msn.com/en-ca/money/topstories/canadas-economic-growth-stalls-as-oil-car-production-slump/ar-AAsC6X8?li=AAgh0dA

#33 Joe Schmoe on 09.29.17 at 7:02 pm

#2

How are you getting more naive by the day?

There were several articles this week about the Liberal transparency myth is proven false.

Access to information has actually slowed down.

What questions were actually answered?

Go upstairs and get your mom to wipe your nose for you.

#34 Fuzzy Camel on 09.29.17 at 7:05 pm

Trumps new tax plan is a doozy!
Any business, which can relocate to the US, would be silly not to.

Max out your TFSA, buy a triple leveraged DJIA ETF. Watch as the US stock market sky rockets after the tax bill is passed.

Short China and Canada. Our world is about to get rocked, sort of. The Fed is probably going to hike rates aggressively as Trump makes America great again. Trump will be very inflationary.

Trudeau, making Canada socialist again, will likely cause a recession with his tax hikes.

We are about to enter into a trade war with the US. Canada’s team consists of sissy socialist feminist school teachers, team USA is loaded with cut throat businessmen and hardline financial experts.

Doesn’t look like we have a good leadership for this sort of event. I’m long the US market, everyone else will get crushed as the Fed cranks rates to control Trumps inflation. China, watch them, they have problems.

#35 Joe Schmoe on 09.29.17 at 7:06 pm

Garth and Gang,

Any speculation on how much money will be ‘lost’ to the market?

The ‘dead money’ Dirty Bill so desparately wants is likely sitting in passive investment portfolios.

$100 invested with a corp is $47 if forced out.

#36 Bob Dog on 09.29.17 at 7:07 pm

Not good enough damnit. Canada is a lost cause. Living in Vancouver is a wast of your life. Its starting to rain and I sense a NAFTA visa in my future.

Leaves are falling all around, It’s time I was on my way
Thanks to you, I’m much obliged for such a pleasant stay
But now it’s time for me to go, the autumn moon lights my way
For now I smell the rain, and with it pain, and it’s headed my way
Sometimes I grow so tired, but I know I’ve got one thing I got to do

Ramble on

#37 vikki in Victoria on 09.29.17 at 7:09 pm

Garth, tune in to The Vancouver Sun on Saturday….Sam Cooper..Seems like a lot of dirty SE Asian money being laundered through BC Casinos and then into RE for many years now. I seem to recall you didn’t believe criminal activity had any bearing on RE prices in Lower mainland..I’m sure what will be revealed will be just a small percentage how much dirty money has gone into RE in Vancouver in particular, but also other major cities globally and the problem is HUGER than most can imagine…But I’m sure you’ll down play this as usual..Cheers..

#38 Confused on 09.29.17 at 7:09 pm

Can you talk about Calgary for a bit? Are things really different over here? Prices have been stubbornly high for a while now.

#39 genbizx on 09.29.17 at 7:11 pm

april 9 1974 speculation tax…would clean this crap up in an instant…..

#40 Cici on 09.29.17 at 7:14 pm

I like it too, except I’m light years away from being a millionnaire, so wouldn’t qualify.

But at least I can appreciate the risks that many business owners take with their time, resources and capital, trying to get ahead for the sake of their families and communities, by building and creating wealth and jobs, while also often contributing to local charities.

#41 Linda on 09.29.17 at 7:19 pm

Saw a financial facelift article today where the question was whether a childless couple could retire by age 50. The test case presumed these folks would live 45 years past their putative retirement date so to age 95. End of story, retiring at 50 was not recommended unless they kept working at least part time & didn’t take CPP until age 65. So I wondered why such a high life expectancy was being used for the case study & consulted the handy StatsCan site for information. As per the latest figures from the 2016 census, 809,900 Canadians are age 85 or older. A mighty 2.2% of the Canadian population. More to the point, the number of Canadians aged 90 plus are far fewer than the 85 plus pool – roughly 200,000 fewer. So I’d say that while it might be prudent to plan your finances in case you live long enough to be part of the 2.2% cohort it is far more reasonable to plan your finances as if you will be part of the remaining 97.8 percent with regards to life expectancy.

#42 tulips on 09.29.17 at 7:21 pm

“But it does suggest prices will flatline, then melt”

Have been and still am actively watching, investing, and saving with plans to buy a place in the Fraser Valley in the next couple years. If prices flatline for a couple years while rates are increasing and consequently affordability decreasing, this is just encouragement to buy now before rates plump further. Garth, can you expand your hypothesis with how long of a flatline you think we could see before the melt?

#43 Frank on 09.29.17 at 7:22 pm

Morneau if he was smarter wouldn’t have touched the income tax.

Minimum wages could have been raised in increments as Bank of Canada does interest rates. The cause and effect are easily visible. Higher expenses but also more revenue for business. Poor people spend everything.

The middle class tax cut was a cynical ploy to any thinking person. If you’re going to cut it, obviously you do it at the bottom. And what fool would expect to collect over 50% tax?

#44 Sitting on the toilet thinking on 09.29.17 at 7:23 pm

I was watching the town hall today my oh my did wild bill get an ass kicking. He’s starting to look like a one term politician and I think he will thankfully go back to his cushy life, he seems almost disinterested in what anyone has to say

#45 Howard on 09.29.17 at 7:24 pm

#8 Tim on 09.29.17 at 6:37 pm
“According to RBC, Van and TO are already pooched. Housing affordability is at the worst level since Brian Mulroney was winning an election on free trade with the US (my, how things have changed).”

Was that before or after the crook received $225K cash in brown paper bags from Schrieber?

——————————

Love the froth from low-information Liberals whenever Mulroney’s name comes up.

I’ll see your $200K in a brown bag and raise you tens of millions of $$ stolen in a money-laundering operation by high-ranking Liberals (and likely within Chretien’s PMO) during Adscam.

Conservatives have made some questionable decisions in past governments. But the Liberals are the corruption pros. And they count on people like you not to notice.

#46 TEMPLE on 09.29.17 at 7:25 pm

“If comments on this blog are any indication, T2 and his crew have been successful in starting a class war. By calling small business people, farm families and incorporated pros tax cheats and loopholers, Ottawa’s vilified millions who have violated no laws.”

Garth, you keep hiding behind the law as justification for why a tax loophole that only benefits rich and morally ambiguous people should be allowed to persist. Of course you know that a lot of things have been and/or are legal which are morally wrong. Laws have to change when they being abused, or if they fail to meet the needs of the greater good. Comments on this blog are no indication at all. Anonymous (me included) and impolite (not even counting the stuff you have to see), and largely coming here in response to the dog whistle…yeah, that’s not a proper cross-section. You know this, and not at least from your last “who are you” survey which showed we are all kabillionaires.

#47 Farhan Hamojo on 09.29.17 at 7:26 pm

“Given that planned American tax cuts will boost economic growth and inflation, it’s a fair bet US interest rates will be dragging ours even higher over the next couple of years.”

Sorry Garth but this is far from given, ask Kansas how their tax cutting experiment has gone. Don’t see Trump nominating a fed chair keener than Yellen at raising rates.

#48 Screwed Canadian Millenial on 09.29.17 at 7:27 pm

Garth, what happened to my 3rd post? I’m sure it’s just a technical delay..

#49 Bruce on 09.29.17 at 7:28 pm

The sitting gov doesn’t care about what the law is or what you think. They have a majority and an agenda: next stop, secular humanist socialist utopia. It will be a good land, with a gender-neutral chicken in every pot.

#50 Mattl on 09.29.17 at 7:29 pm

So basically everyone that bought prior to 2017 – basically 99% of all homeowners – will be fine. So much for all the rich renters with yuuge balanced liquid portfolios swooping in and vulching real estate. A slow melt is their worst nightmare, how do you possibly time the bottom of a slow melt?

And in a market where half of howeowners have no mortage, and most folks have strong equity, the big losers will be the trades and realtors as housing starts come to a halt.

#51 Screwed Canadian Millenial on 09.29.17 at 7:29 pm

Oops nvm I see it now.

I employ 19 people in a retail store, and will spend Saturday morning sweeping. Tell me about being out of touch. — Garth

—-

I was referring to the other 6 days of the week.

No Temporary Foreign Workers at the Belfountain General Store? Maybe Timmy’s, RBC, McDonalds, etc could do the same? Hmmm

Just admit you’re an asshole. It’s faster. — Garth

#52 Pete from St. Cesaire on 09.29.17 at 7:31 pm

Accountant actually suggested Divorce as a tax planning strategy.
—————————————————–
Like I said before, this is all just part of the plan to destroy the traditional family. How can the government claim legitimacy? A nation of real Christians (or Jews or Muslims) wouldn’t put up with this kind of attack on the sanctity of marriage for one minute.

#53 crowdedelevatorfartz on 09.29.17 at 7:31 pm

@#236 Disengenous Dissenter
“In addition to my first university degree, I also have a Bachelor of Education in English.”
++++++

My my.
An 11 year old Bachelor of Education degree in English. I’m guessing that was quite a stretch for an english speaking person such as yourself.
A Bachelor degree?
How quaintly sexist.
Shouldnt that be a bachelorette degree?
I mean, after all, isnt that what you misandrist types screech from the highest hills? The unfairness of it all.
It must kill you to look at those framed, 11 year old degrees and think “Sexist Mysogynistic Labeling!”
You should contact the Human(errr sorry Hu-person) Resourses Dept of whatever University issued your Framed Sheepskins for new ones with the gender specific corrections.
Fair is fair.

So …anyway….. with those two bachelorette degrees I have to ask a question that’s been bothering me….

What DOES Starbucks pay barristas these days?

#54 HanMan3000 on 09.29.17 at 7:33 pm

LOL @ “Buying in 2017, kids, might turn out to be just as good a choice as that butterfly neck tat.”

#55 crowdedelevatorfartz on 09.29.17 at 7:33 pm

@#50 Totally Screwed Millenial Whinger
“Just admit you’re an asshole. It’s faster. — Garth”

+++++++

garth sed a funny.

#56 Happy Housing Crash Everyone! on 09.29.17 at 7:34 pm

This new tax by wild Bill will crash the housing bubble. Everyone is over leveraged. From the poor worker to the Doctor with the happy spending wife. This new fair tax will leave many short thousands of dollars of once tax free money.

#57 Smartalox on 09.29.17 at 7:37 pm

#7 Cpdlc:

Chatting with a Doctors wife this week. Their accountant told them if these tax proposals go through they will need to shave off $2000/month in monthly budget to stay on track for Doc to retire at 65. These aren’t rich people they drive a 10 year old mini van and live in a Modest house with 3 little ones.
Accountant actually suggested Divorce as a tax planning strategy.

$2000 / month ($24k per year) is about the same as my current tax bill, consistent with a gross salary of about $95k to $100k per year, depending on your province of residence.

If she’s saying that’s the amount they’ll have to reduce their variable spending, in order to make up for the tax hike, it makes me wonder how much tax they’re paying now, BEFORE the changes.

Likely not very much, I’d wager.

#58 AJ Hammer on 09.29.17 at 7:37 pm

Did someone say Evidence Based Decision? More like decision based evidence. Spot the difference. We all get screwed by one and not the other.
Ps- thank you again Garth for a great post.

#59 Lost...but not leased on 09.29.17 at 7:38 pm

Still submit multi family will take the biggest hit…and drag ALL RE down.

In comparison…SFH are “rationalizing”…..as their actual numbers are relatively static, unlike condos of which orders of magnitude are added monthly.

Given condos in BC are exempt from Foreign Buyers Tax..they are not only delaying the inevitable, the tulip bulb frenzy will look like a picnic.

The Gov’t should have closed this” loophole by design”..allowing developers to flood the market with 1000’s of condos, yet shutting down the smaller SFH market?

Won’t end well ….

#60 Bruce on 09.29.17 at 7:38 pm

Just saw Smoking Man in the lobby. He was stuffing emeralds into a plastic dinosaur and muttering about a villa in Argentina.

#61 Pat Huge on 09.29.17 at 7:40 pm

I have half a mind to register that baller domain and CName point it to your blog ;)

#62 Happy Housing Crash Everyone! on 09.29.17 at 7:43 pm

I hope they do not screw over the Doctors. Doctors are important to Canadians and Canada. It wouldn’t be fair to them.

#63 Smartalox on 09.29.17 at 7:47 pm

Mulroney’s bags of cash from Schreiber:

I seem to recall that when Schreiber paid off Mulroney, Brian was faced with a small problem. He was in New York at the time, and he realized that he’d have to declare the cash – and it’s origin – at the border if he went home.

So instead, he went and found a safe deposit box, parked the cash there, and then instructed his daughter Caroline – who was a student at Harvard at the time – to travel to New York, take the cash out of the safe deposit box, and use it to pay her tuition!

No fuss, no muss, and best of all, no taxes!

(I wonder how many Harvard students pay for their schooling in small, un-marked bills?)

#64 Perspective on 09.29.17 at 7:53 pm

The Asian money is gone, and if it doesn’t come back soon its gonna be a mess. The high end houses in YVR are seeing price reduction after price reduction, with no takers.

http://www.myrealtycheck.ca/

Just look at the multiple reductions in Coquitlam. Some up to $500,000. No really surprising. What local can afford a $4,000,000 build in Port Moody. At the open houses last weekend the Relators looked desperate. This is analogous to when I am falling a tree, and I start to hear the snapping and cracking as the last support lets go before the whole thing comes crashing down.

#65 crowdedelevatorfartz on 09.29.17 at 7:59 pm

@Plaigerizing Dissident dissenter

You never did answer my query as to which I should do first….
Speaking from personal experience would you…….
Stop eating chicken BEFORE starting hormone treatments or switch it up?

I’ve been shaving my old white man face since Happy Days was #1 on the TV and I’m getting tired of it.

Speaking of which.

Happy Housing Crash Everyone!

#66 Denied on 09.29.17 at 8:03 pm

Just went to the govt website to leave my educated and well informed comments on the proposed tax changes. Got met with this:

The Pre-Budget consultation is now over. We thank everyone who participated.

Guess they’re tired early of hearing from us. Most of us have figured out now that Drs, accountants, mechanics, farmers; they’re all the working middle class, just like us. Leave well enough alone, and get on with seriously taxing trust funds, and let Revenue Canada apply a reasonableness tax to corporate CEO salaries.

Anyone else notice that T2 has gone into hiding and is letting Morneau take the flack. Don’t suppose that’s damage control to protect the precious leader?

#67 A123 on 09.29.17 at 8:04 pm

#12 BlogDog123
My specialist doctor just leased himself a fancy new place for his office. I wonder if he’s regretting this decision, knowing that T2&co. are going to tax the shit outta him. If he makes $500k a year, has to pay salary to the three technicians and receptionists under him, all that fancy diagnostic equipment, etc… He probably clears
$170k/year after tax… who knows..?

—————————–
No, he probably clears$20 k after taxes.
Why?
He pays his wife $150k in dividends and salary for light bookkeeping.

#68 Popeye the sailor Man on 09.29.17 at 8:08 pm

The average person I help is 42, married with children and has a few hundred thousand saved. Most are employees and I know of none who pay their children (which is not permitted under current law). You have no idea what you are talking about, so I will forgive you. — Garth
______________

Yes that’s us, Just started with Garth in 2015, being a Gen X, I got a slow start but through hard work I’m now in some peak earning years at a blue collar job at sea. We are A single income family always have been with two kids a mortgage and now RRSP’s, TFSA’s, RESP’s and have a plan that his team has us on track with.

Look at Garth’s past history a risk taker and a rebel; calling him elitist is like Trump calling George Clooney elitist.

http://nationalpost.com/entertainment/celebrity/f-k-you-george-clooney-blasts-trump-for-hollywood-elite-comment

#69 Stone on 09.29.17 at 8:14 pm

#13 Kilt on 09.29.17 at 6:30 pm
In Garth’s defence. He would be much happier if we were all multi-millionaire’s. Especially if we invested with him.
I doubt he gets joy from anyone paying more taxes or being poor in general.

Kilt.

——–

I agree. Garth’s wealth is self made and his willingness to keep up a daily blog for free is very appreciated. Employing 19 people at Belfountaine as well as running Turner Investments which employs many others is a fantastic achievement. Not everyone is cut out for that so kudos to him for all he does. If anyone wants to call him an elitist for that, there petty imbeciles and I have no empathy for them. I can’t soften that up whatsoever. It is how I see it and I know with full clarity that I’m 100% correct.

Every day, he raises awareness so that hopefully we avoid the pitfalls of losing hard earned money whether it be in regards to real estate or investing in a balanced and diversified portfolio. Those who open their eyes and minds have every opportunity to benefit. For the others who only come here to whine but do nothing to improve their lot in life, the ugly face you see in the mirror is none other than your own and the only one you can blame for your predicament. It’s called being accountable and accepting the consequences of our decisions.

I started reading this blog in June of 2016 and I’ve really enjoyed it. I’ve gone from absolutely nothing 20 years ago to just under a 7 figure investment portfolio in that time period. I will say I was not able to do that alone. There were many open and helpful individuals who guided me to where I am now. I thank them all for what they’ve done and am very appreciative. I look to pay it forward to those who walk the same path I did so they can do as well or better than myself.

So thanks Garth. And if you set up another blog under that site mentionned in today’s post, I’ll be an avid reader as well. Investing…becoming wealthy…enjoying life…my favourite subjects.

#70 Big al on 09.29.17 at 8:15 pm

Canadian Millenial guy. ..u seem annoying. Stop being an noying. Ur already a lazy entitled Millenial. That is bad enough as is.

Go back downstairs in ur parents basement and jack it instead of being annoying. That is what u guys do best. Oh..and not pay for any groceries or utilities that ur parents pay.

:O

#71 Screwed Canadian Millenial on 09.29.17 at 8:16 pm

Just admit you’re an asshole. It’s faster. — Garth

———

Lol Garth that’s not very nice. What did I say that was so bad? I was agreeing with the guy who wrote in who called you an elitist. Even you said “I like it.” I thought you wore that title with a badge of honor.

Don’t call me names please, you’re only going to encourage your Boomer Brigade.

See what happens when the weather gets crappy.. everyone is cranky.

#72 JustMe on 09.29.17 at 8:16 pm

#33 Fuzzy Camel

Trudeau, making Canada socialist again,

—————————————————————————–

Have you seen the proposed change to the flag for the new Canadian Socialist Republic?

https://www.youtube.com/watch?v=3lGE6WSx4qM

#73 Smoking Man on 09.29.17 at 8:18 pm

You can’t expect these kids to understand anything about running a business. The newly schooled have been educated by communists.

Living in a small place is good, riding around on a bike is good, V8 with a holly carburetor is bad. Working for free as an intern noble.

They will just sit back and salivate and cringe with jealousy at a dude driving the hot car. No one taught them that getting rich is good, and to get rich, you need to make bets, work your ass off. Or like in T2 and Billy Boy case inherit it and have it managed in a loophole-filled trust account.

Nope, the kids today are very familiar with safe spaces. They ain’t never going to get rich and know it. So let’s vultch the risk takers.

Wonder how many ratted me out to CRA about my fictional offshore trading accounts.

Bahahahahah

#74 Screwed Canadian Millenial on 09.29.17 at 8:20 pm

I’m just watching the most trusted name in news, CNN.

Looks like Puerto Rico is Trump’s Katrina. Only took 8 months in. God, Republicans are such a disaster when it comes to actually running government. They’re great at bitching at things and cutting taxes for billionaires, not much else. Maybe invading a few countries in the Middle East.

Anderson Cooper was just interviewing the General who was famous in New Orleans during Katrina.

#75 Andrew Woburn on 09.29.17 at 8:22 pm

Wherever you stand on the issue of illegal aliens in the US, it is hard not to conclude US policy (or lack) has been a disaster for the rule of law and everyone except employers. If US immigration law had been enforced as written, we would not have screaming, build-the-wall Trumpsters because undocumented workers could not have taken jobs from low income Americans unless employers turned blind eyes to obviously fake documents.

It looks like someone in US government finally gets it.
A major employer has been fined $95 million for knowingly hiring illegal immigrants and many more are under the gun.

For all you aspiring SJW’s, I am an immigrant and have nothing against hard-working Mexicans. But for the elites of any country to flout their own laws at the expense of their fellow citizens is unforgivable. Canada generally doesn’t (although there have been some dubious temporary workers).

Note that this action started under Obama but that won’t stop Trump from claiming credit.

https://www.wsj.com/articles/pennsylvania-company-to-pay-record-fine-for-illegally-hiring-immigrants-1506713490

I used to wonder why Trump was obsessed with

#76 n1tro on 09.29.17 at 8:30 pm

#50 Screwed Canadian Millenial on 09.29.17 at 7:29 pm
Oops nvm I see it now.

Just admit you’re an asshole. It’s faster. — Garth
———————————
Of all the years I’ve been reading the blog, I don’t think Garth has called (rightly so) anyone an asshole. That is some real skill SCM! Piss off someone that has god like patience given the number of idiots he tries to help daily.

Congrats to SCM, the biggest asshole at GreaterFool!

#77 Nonplused on 09.29.17 at 8:32 pm

September 29th started for me late in the morning when I was rudely woken by my phone, a friend who knows I like to sleep in roused me to go for a motorcycle ride. With the weather perfect and snow only weeks away I dragged my sorry arse out of bed, saddled up and off we went. It was glorious. The back roads of Alberta are truly a motorcyclist’s dream on a sunny fall day.

But over lunch conversation eventually turned to all things NFL, Trump, the Turdeau and Moroneau clown dual, and Bombardier. I think I left the small town pub angrier than I was before.

So, how much does Moroneau think he’s going to raise by sticking it to the small business owners of this country? I’ve heard between $250 and $400 million, which as I have laboriously pointed on this comment section has to come from the prices we all pay for those services because the small business owners don’t actually have any money besides what they charge you for a hair cut or to fix your sink. You will pay the tax increases. We all will. The invisible hand will simply adjust the pricing mechanism as it always does.

Meanwhile, how much has Ottawa invested in making planes at a loss in Quebec? Some people figure it’s in the billions, and no, Bombardier will never pay that money back. They can’t, because they make planes at a loss. Companies that lose money on every sale go broke, they don’t pay back loans. We can’t really tell how much money the federal government has lent Bombardier, it’s a corporate secret, but we can guess it’s a crap load based on the American reaction. They probably have someone at the NSA who figured it out. With the newly announced tariffs on Bombardier planes, well, they no longer have a market for their product.

And how many Canadian jobs are they really saving? The wings come from Ireland, the engines from the US, the electronics from the US, heck all they really do in Quebec is assemble the planes. I don’t even think they make the seats there.

So how did we come to this point? Moroneau is preaching tax fairness and sticking it to the working class middle income small business owner, meanwhile funneling what is probably billions into a dying company that should probably just be let go. Where is the fairness in that? It’s more welfare for the ultra-rich at the expense of the working poor, same as always.

Trump may in every way be a distasteful character. Lord if only he would stop tweeting. He of course was also a trust-fund baby much like Turdeau and Moroneau, but at least he ran some businesses and made some money. He’s no snowboard instructor. He owned and ran the resort. He even managed a couple of TV shows that were successful.

I travel to the US a lot, and the one thing I’ve come to realize, despite all the concerns so many people have about Trump, Canadians have nothing to say and must hold their tongues. After all, the best we could do was Turdeau. Turdeau doesn’t tweet, but he’s far more dangerous than Trump.

I mean this is a man who thinks sticking it to small businesses while subsidizing Bombardier is “fair”. Even he can’t be so stupid as to not realize he’s just buying the Quebec vote. It’s blatant politics most foul and writ large. It makes me really embarrassed to be a Canadian.

I mean, let’s look at what we’ve got here folks, in terms of the intellect of our PM. Turdeau is talking about abandoning the carbon economy in Canada, shutting it down if you will, by some magic date I think he said 2030 or 2040. Well, we know what societies that don’t use carbon fuels look like. They are called hunter-gatherers and they live in mud huts and hunt rabbits with home made bows and arrows. Meanwhile he’s subsidizing an airplane manufacturer, which is about the most carbon intensive way there is to get from A to B. The man is a complete moron and has no grasp of reality. He’s only about votes. No conscience, no morals, and no intelligence. But he photographs well.

State side they have Trump, who of course is also all kinds of bad but everyone knows it because he’s so damn honest it’s frightening. But you know what he thinks and he definitely grasps some of the problems, even if his solutions are simplistic. But the first step in resolving any problem is correctly identifying and acknowledging it, which Turdeau cannot do. Turdeau has always lived in a world where the maid does your laundry, electricity comes from the wall, and pixie dust powers modern society. We have, here in Canada not the US, elected the most unqualified and unintelligent person who has ever been a head of state anywhere in the world. Even England couldn’t do worse with kings and queens inheriting the role through chance of birth.

#78 Pete on 09.29.17 at 8:32 pm

Don’t confuse hard-working, wealth-building (that the world hates with envy), winning-centric, boomers with dumb-*ss liberals. The only error that boomers made was to spoil their kids that grew up to be “ungrateful” screwed Canadian millennials!

#79 Adam on 09.29.17 at 8:33 pm

“who have violated no laws”

Nobody said they did, but sometimes existing laws need to change. And what’s up with all the Liberal hate, both sides of the aisle do this. There’s no way your memory is so short that you don’t remember:

‘He called trust conversion “a growing trend to corporate tax avoidance.”‘

I’ll bet you don’t need to click the link to know who I’m talking about.

https://www.google.ca/amp/www.cbc.ca/amp/1.573751

#80 FOUR FINGERS WATSON on 09.29.17 at 8:36 pm

The trust fund crowd cannot relate to the average person’s reality. They have never had to scrimp and save for a down payment, they never had to work overtime to make ends meet or make the mortgage payment, they never had to make payroll or balance the books, they never had to worry about financial security, they never had to worry about getting or creating a pension, they never had ” money worries ” like the rest of us, How the hell can they relate to the average person’s reality ? How could anyone vote for turds like that ? They are empty suits. I think the average Canadian is not very smart.

#81 yorkville renter on 09.29.17 at 8:36 pm

The average person I help is 42, married with children and has a few hundred thousand saved.

for once, I’m happy to be below average…

#82 BS on 09.29.17 at 8:37 pm

The government has driven an unhealthy wedge between the salaried and the self-employed with the same inflammatory language and devices Trump used to brilliantly divide and conquer.

The difference is Trump goes after illegal immigrants who are technically criminals, not citizens, pay little or no taxes and take jobs from real citizens versus T2 who goes after law abiding Canadian citizens who provide jobs for others, already pay significant taxes and are the backbone of the economy. Plus Trump was voted in to do exactly what he is trying to do.

#83 For those about to flop... on 09.29.17 at 8:37 pm

Here is another article from howmuch.

Also as I said last night ,tonight you can find out part of the reason that I am dumb as a box of hammers by watching the Aussie football final.

I suffered from over 20 concussions during my b- grade 10 year semi -professional career.

I predict Richmond will win the game by 19 points.

Sometimes I forget who is the boss of this blog and then Thor Turner drops the hammer on someone and my memory is temporarily restored…

M43BC

“Visualizing the Crypto Bubble. Are We Headed for Another Dot-Com Disaster?

Are cryptocurrencies the future? With Bitcoin and Ethereum growing rapidly year over year, cryptocurrencies have reached — and surpassed — the market capitalization of some of the largest companies online. WIth an overall market cap of $143 billion, our visualization illustrates the market cap of online currencies compared to popular online companies such as Facebook, Paypal, and Expedia.”

https://howmuch.net/articles/putting-the-crypto-market-in-perspective

#84 Screwed Canadian Millenial on 09.29.17 at 8:38 pm

#69 Big al on 09.29.17 at 8:15 pm

I wish I didn’t have to pay rent or groceries. What a dream. Utilities are included though.

Where do I find these generous parents you boomers seem to be so familiar with?

#85 Balmuto on 09.29.17 at 8:42 pm

“I’m long the US market, everyone else will get crushed as the Fed cranks rates to control Trumps inflation. China, watch them, they have problems.”

Trump thinks coal is the energy source of the future. That’s who you want to bet on?

#86 Screwed Canadian Millenial on 09.29.17 at 8:44 pm

#74 Andrew Woburn on 09.29.17 at 8:22 pm

I’m all for illegals being deported. The law shouldn’t stop applying just because corporations and business owners want cheap labor. CBSA is a joke here. Don’t even get me started.

#87 Popeye the sailor Man on 09.29.17 at 8:45 pm

#68 Stone on 09.29.17 at 8:14 pm

Well Said!

#88 Darren on 09.29.17 at 8:48 pm

I have no dog in this tax fairness hunt. Logic and common sense tells me that Jackie Chiles has this right….

https://www.youtube.com/watch?v=X8rxPrV-tn4

#89 n1tro on 09.29.17 at 8:48 pm

#52 crowdedelevatorfartz on 09.29.17 at 7:31 pm

Please stop. I’m likely to choke on my dinner from laughing too much!
Sides, it’s not nice to pick on people who are clearly insane. Your crime is being white, old, and a male. Sentence: 5 years of watching the Ellen show and then Oprah.

#90 The Oscillator on 09.29.17 at 8:49 pm

Alot of misogynists and TO haters on here recently. Well the killyjoy pushback has begun, first they attack Heff, next if will be Little Rascals He-Man club, and finally it will be members of this blog.

https://www.thestar.com/opinion/2017/09/28/the-man-who-made-sex-sad-mallick.html

By Heather MallickColumnist
Thu., Sept. 28, 2017″

The sign at the gates of the city will have to be amended to,

Toronto
Population, 2,700,000
Si Oscillas, Noli Tintinnare

#91 Stone on 09.29.17 at 8:49 pm

#40 Linda on 09.29.17 at 7:19 pm
Saw a financial facelift article today where the question was whether a childless couple could retire by age 50. The test case presumed these folks would live 45 years past their putative retirement date so to age 95. End of story, retiring at 50 was not recommended unless they kept working at least part time & didn’t take CPP until age 65. So I wondered why such a high life expectancy was being used for the case study & consulted the handy StatsCan site for information. As per the latest figures from the 2016 census, 809,900 Canadians are age 85 or older. A mighty 2.2% of the Canadian population. More to the point, the number of Canadians aged 90 plus are far fewer than the 85 plus pool – roughly 200,000 fewer. So I’d say that while it might be prudent to plan your finances in case you live long enough to be part of the 2.2% cohort it is far more reasonable to plan your finances as if you will be part of the remaining 97.8 percent with regards to life expectancy.

——

My thought is that whoever wrote the article you mention is that they can’t conceptualize retiring early or actually saving sufficient funds. I’m single, 42, a few thousand shy of a million dollars invested in ETFs, all self made, will continue to work and save more to increase the dividend payout of my portfolio, expect to retire between 45 and 50. For most of those 20 years, Made a modest income employed in the private sector until just a few years ago. Spent modestly, saved way more. Expectation is to never touch the principal portion of the investment portfolio and only need to pull a portion of the income component so that the portfolio continues to grow and beat inflation over time. I’m hoping to make it to 150 years old at least. LOL. I’m not concerned whatsoever of the money running out after I retire.

Those articles saying it isn’t possible to gain sufficient wealth to retire early are just fear mongering and trying to make everyone feel small. I never fell for that and I think I’ve done ok. And when I say ok, I mean 1% style ok. That’s not elitist. I worked hard for every penny.

#92 ANON on 09.29.17 at 8:50 pm

Does this mean real estate will crash and burn?

Nah, unlikely
:)

#93 Ian on 09.29.17 at 8:55 pm

I can just hear it already, the MSM / Re/Max / CP24 / Al Sinclair etc crowd will all say ‘prices have stabilised’ and harp on that as some kind of bullish pronouncement next week.

This with three weeks until Happy BoC Day and four weeks until Happy Stress Test, and a Zolo GTA inventory line that is rising so much that it is closely resembling my blood pressure due to I Do Tax Fairness To Gain Personal Advantage and The Snowboarder.

#94 Hopeful on 09.29.17 at 8:59 pm

If the amount of money we can borrow is reducing then house prices will do the same. It’s the main thing that dictates house prices. It’s not a coincidence that prices are sky high and the amount of money that can be borrowed is the same. House prices will come down. Listen to Ross Kay’s podcast on Howestreet for the 25th of September.

#95 Lost...but not leased on 09.29.17 at 9:05 pm

If Screwed Canadian Millenial is a @sshole….what does that make his aunt CrowdedElevatorFartz??

(Oh yes…of course !!!)

#96 Happy housing crash everyone! on 09.29.17 at 9:09 pm

Happy housing crash everyone!

#97 Happy Housing Crash Everyone! on 09.29.17 at 9:09 pm

After reading this I think the new taxes don’t go far enough. Only Doctors should be excluded.

http://www.moneysense.ca/save/taxes/small-business-tax-proposals-ottawa/

#98 Victor V on 09.29.17 at 9:10 pm

#90 Stone on 09.29.17 at 8:49 pm

Congrats. Well done especially the self-made part as I can relate to much of what you said and am a fellow Gen Xer so we’re cut from the same era.

One thing…you mention you’re single. If you do decide to get hitched and have kids, that does change the saving dynamic but with what you’ve achieved to date, you can enjoy financial stability and peace of mind while also enjoying the invaluable benefits of love and family if those are goals you aspire to achieve in due course.

Be well.

#99 Stone on 09.29.17 at 9:14 pm

Screwed Canadian Millenial

We all choose our path in life. Some of us look on the bright side of things, think about achieving potential, finding happiness, enriching ourselves and those around us.

Then, there are worthless pieces of garbage like you. I truely feel sorry for the type of existance you have. It has nothing to do with how much money you have or the things you can buy or the opportunities that you could grasp. Your lonely, bitter responses speak to the shallow and empty existance that you have. Envy, jealousy, greed is all I see when I see your comments. You may speak about how things should be fair but that just feels like a false front. You’re a fake, a fraud, and quite probably a hypocrite. Otherwise, you would have shown some empathy somewhere but its non existant.

This anger and resentment you have will only cause you to develop ulcers and far worse over time. I’d highly recommend you get some help for yourself. As much as I dislike you, you should have an opportunity to get better. Even pieces of garbage can become something better. Do it for yourself if for no one else.

#100 Smoking Man on 09.29.17 at 9:19 pm

Bruce on 09.29.17 at 7:38 pm
Just saw Smoking Man in the lobby. He was stuffing emeralds into a plastic dinosaur and muttering about a villa in Argentina

You at Seneca message me on twitter @SmokingMan I’ll get you into the losers lounge

#101 Incorporated Real Estate Agents on 09.29.17 at 9:25 pm

The list of those being impacted by the incorporation changes seems to conveniently omit real estate agents.

http://www.remonline.com/remax-brings-agent-incorporation-ontario/

I suspect the narrative isn’t as convincing when one has to justify that particular group being allowed to incorporate. The bottom line is simple here. Over time far too many were invited onto the low tax bandwagon that incorporation provides. Lawyers and accountants working for major national and global companies incorporating? Really? Of course with many politicians being lawyers, that cohort was certain to gain preferred status. The professionals screaming loudest and longest today were incredibly silent when it came to ridiculous taxes levied on the salaried payroll employees over the years. Now that these favoured groups are in the crosshairs its a different story. The screaming is endless. Forget sprinkling. The greatest benefit from incorporation is the ability to save 30 to 35 points of gross income over what a high income person would have removed at the payroll; invest that added capital for decades, and earn compounded returns on that much larger capital base. Time and compounding are astounding factors that allow the Holding company to defer on a large retained earnings base.

Of course, these new rules are BS when it hurts a LEGITIMATE small business. But everyone was invited to the party and now they are looking to send everyone home. I’d love to hear the justification of why a real estate agent or lawyer or CA with a multi-national firm should be allowed to qualify for incorporation versus many other occupations. Are these truly legitimate small businesses? I think this is similar in some respects to the Income Trusts. When every Canadian company was contemplating the Income Trust structure, O’Flaherty shut it down because it would kill a lucrative layer of taxation and drop revenues.

Incorporation was allowed to run wild and every man and his dog jumped on board and now they will hurt both the legitimate and the illegitimate structures. They’ve divided and conquered, the goal of every government. They need the tax money which they will waste, and they have taxed the salaried sucker as much as they can, so they are hunting for the next victim, and they have found them. They will win, because there are many who are incorporated but are not legitimate, and this is why many on this blog support the Liberals. They should simply redefine who can and cannot incorporate and bring it in line with reality. Real estate agents!! Give me a break.

#102 Screwed Canadian Millenial on 09.29.17 at 9:27 pm

#75 n1tro on 09.29.17 at 8:30 pm

Deep down Garth likes me. I’m like the son (or grand-son) he never had. Or wanted.

#103 Stress Test Dummy on 09.29.17 at 9:28 pm

stress test will be cancelled
guaranteed
the impact of the cooling measures and Oct 3rd changes in reporting = less RE trading
= HST drought
and drought is a euphemism
Go into a high end retailer and see for yourself

#104 Eco Capitalist on 09.29.17 at 9:29 pm

That picture is awesome! Every time I look at it I can’t help but smile.

#105 For those about to flop... on 09.29.17 at 9:30 pm

If you look at the article I posted at number 82 they reckon Zillow is worth 7.6 billion.

Pink Snow is worth minus 5 hours on weekends…

M43BC

https://howmuch.net/articles/putting-the-crypto-market-in-perspective

#106 Screwed Canadian Millenial Fan Club on 09.29.17 at 9:35 pm

September might turn out to be the high point until next April, or maybe for a year. Or longer.
___

Wait, are you saying you think prices might rebound beyond their current levels as early as next April, or simply that sales volumes might not begin to pick up until then? I’m going to assume you mean the latter, since a mere seven-month price trough would be more than a tad anticlimactic in light of the endless run up we’ve seen.

#107 Stone on 09.29.17 at 9:37 pm

#97 Victor V on 09.29.17 at 9:10 pm
#90 Stone on 09.29.17 at 8:49 pm

Congrats. Well done especially the self-made part as I can relate to much of what you said and am a fellow Gen Xer so we’re cut from the same era.

One thing…you mention you’re single. If you do decide to get hitched and have kids, that does change the saving dynamic but with what you’ve achieved to date, you can enjoy financial stability and peace of mind while also enjoying the invaluable benefits of love and family if those are goals you aspire to achieve in due course.

Be well.

—–

Thanks Victor. Right back at you. 2 thumbs up!

For the kids part, my thoughts were that what I contribute from my pay to my portfolio would just be diverted to them instead. At this stage, my annual contribution to the investment portfolio feels like a minimal drop in the bucket. I’ve been debating stopping and just live it up a bit. That’s why I want to work a bit longer so that the portfolio grows unhindered.

And yes. GenX. The forgotten generation. Being forgotten works me. Nobody hates us. Even SCM only hates Boomers and other Millenials. LOL. No offence to Boomers or Millenials. Just an observation. LOL

#108 For those about to flop... on 09.29.17 at 9:40 pm

I was in the process of putting this article up the other day and I saw a couple of people getting into it and so I waited and hopefully cooler heads will prevail and someone will enjoy this article without slinging any mud…

M43BC

“Visualizing Black & White Inequality in Each State

Over the past 50 years America has made great strides towards civil rights for all races, religions, and creeds. Unfortunately, socioeconomic equality is still decades behind, with African Americans earning $21,225 less each year than their Caucasian counterparts.”

https://howmuch.net/articles/black-white-inequality-50-states

#109 Smoking Man on 09.29.17 at 9:41 pm

#100 Screwed Canadian Millenial on 09.29.17 at 9:27 pm
#75 n1tro on 09.29.17 at 8:30 pm

Deep down Garth likes me. I’m like the son (or grand-son) he never had. Or wanted
……

Apart from a few millenials I’ve trained to trade forex. Now capitalists. Your entire generation is fkd.

Not your fault. I forgive you. But your teachers no so much.

You are the defenition of dulusional if ya think a biker who employees 19 kids likes you.

#110 steerage steward on 09.29.17 at 9:47 pm

Although I don’t share many of Garth’s ideological views, he strikes me as some one that is honest about his background and goals. Try saying that about most public figures.

We don’t have to all agree, but hopefully we can have a respectful discussion. The posts on this wide open comments section give me cause for hope then disrepair in that regard. Maybe because Garth deletes a lot of posts.

To be accurate, an average of five per day get the axe. — Garth

#111 Asterix1 on 09.29.17 at 9:52 pm

#101 Stress Test Dummy on 09.29.17 at 9:28 pm
stress test will be cancelled
guaranteed
the impact of the cooling measures and Oct 3rd changes in reporting = less RE trading
= HST drought
and drought is a euphemism
Go into a high end retailer and see for yourself
——————————————–

OSFI does not care about less RE transactions or HST collection. They are not there for you, they are there to protect banks from themselves. Banks want the stress test at this point.

The stress test is a necessity to slow things down and minimize their risk from us, consumers of debt.

#112 millmech on 09.29.17 at 9:53 pm

#50 SCM
You mean those TFW workers taking those jobs that are beneath you. Your generation started all the TFW issues by being so arrogant and self centered that all these jobs are beneath you. Hate to tell you SCM that most companies would rather hire TFW than deal with the prima-donna millennials who feel the best job/wage is their entitlement.
Your generational motto should be “bullet meet foot”.

#113 Bytor the Snow Dog on 09.29.17 at 9:55 pm

I am sad….

Golden country your face is so red
With all of your money your poor can be fed
You strut around and you flirt with disaster
Never really carin’ just what comes after
Well your blacks are dyin’ but your back is still turned
And your freaks are cryin’ but your back is still turned
You better stop your hidin’ or your country will burn
The time has come for you my friend
To all this ugliness we must put an end
Before we leave we must make a stand

Mortgage people you crawl to your homes
Your security lies in your bed of white foam
You act concerned but then why turn away
When a lady was raped on your doorstep today
Well your blacks are cryin’ but your back is still turned
And your freaks are dyin’ but your back is still turned
You better stop your hidin’ or your country will burn
The time has come for you my friend
To all this ugliness we must put an end
Before we leave we must make a stand, oh yeah

Golden country your face is so red
With all of your money your poor can be fed
You strut around and you flirt with disaster
Never really carin’ just what comes after
Well your blacks are dyin’ but your back is still turned
And your freaks are cryin’ but your back is still turned
You better stop your hidin’ or your country will burn
The time has come for you my friend
To all this ugliness we must put an end
Before we leave we must make a stand

Before we leave we must make a stand

#114 Ian on 09.29.17 at 10:00 pm

OMG Smoking Man at Seneca Casino!

There goes his Nexus card…

#115 Newcomer on 09.29.17 at 10:02 pm

Garth,

Can you think of one example of an overheated RE market that flatlined and then melted? I don’t think that’s ever happened. Probably because the high attributed value is based on expected appreciation and, once appreciation is no longer expected, the attributed value drops sharply. This interesting idea is known as the “greater fool” theory.

#116 For those about to flop... on 09.29.17 at 10:09 pm

Here are a handful of Pink Snow cases that were removed this week ,hopefully I can find a realtor on here that is on their second bottle of Merlot and is feel a little rebellious…

M43BC

493 Shannon Way ,Delta.

942 Edgar Ave. Coquitlam.

211 Parkside Dr,Port Moody

13697 Malabar Ave,Surrey.

13390 22a Ave Surrey.

#117 David on 09.29.17 at 10:11 pm

Old time veteran Texas Blues men used to mention about playing a tough gig in the wrong town in front of the wrong crowd. Looks like Bill has lived a sheltered life or his Liberal Party handlers didn’t pick more benign locales for propaganda dissemination masquerading as transparency.
Ask anyone in Canada about Oakville Ontario and they say automotive industry. It was an industry that supported downstream jobs and small businesses in the supply chain.
No company in Canada can compete against tax free corporate off shored earnings taxed at 1% or offshore labour earnings at $2.25 an hour.
There is no point in about talking tax equity either horizontal or vertical.
Bill got to wear his first hair shirt.

https://wolfstreet.com/2017/09/29/repression-of-wages-in-auto-manufacturing-in-mexico/

#118 Smoking Man on 09.29.17 at 10:14 pm

#112 Ian on 09.29.17 at 10:00 pm
OMG Smoking Man at Seneca Casino!

There goes his Nexus card.

What if I told you. I coach Bannon who advises Trump un officially now. Would you beilive it.

Not likely.

T2 is done no matter how many NDP votes he attempts to steel with he Dr tax.

Spent many nights in Boston last year making sure MAGA wins.

My nexus card is god plated. Still hoping, long shot CRA shows up. Camera is ready.

#119 Keith on 09.29.17 at 10:17 pm

So the tax changes are expected to raise $240 million. There are 2 million self employed/small business people in Canada. So $120 apiece.

#120 Smoking Man on 09.29.17 at 10:21 pm

There is only one Dr of Herdonomics on this planet right now.

It’s me.

#121 DON on 09.29.17 at 10:25 pm

#31 Garthjr on 09.29.17 at 7:02 pm

Looks like we are going to be back to square 1 again soon. Expect Canada to slow on rising rates and maybe even pull back to protect their bubble.

http://www.msn.com/en-ca/money/topstories/canadas-economic-growth-stalls-as-oil-car-production-slump/ar-AAsC6X8?li=AAgh0dA
*****************
Lowering interest rates would indicate trouble, in which case unemployment and bankruptcy would weigh on the housing market and ability of the over extended to refinance. No magic beans here!

#122 Vampire studies GMST on 09.29.17 at 10:27 pm

56 Smartalox – I checked my tax calculator for ontario and found the tax payable on a $230k income is $86k. Tax payable on a $115k income is $31k. Assuming a perfect split there is your difference. $62k is a lot of tax.

while they could take dividends, they would have an
equitable tax rate overall.

Divorce might work!

#123 Ian on 09.29.17 at 10:48 pm

Where is Mark?!

I thought he would be absolutely giddy with this Kevin Warsh / US Fed / ultrahawk news.

Inflation will be eradicated forever!

#124 Leo Trollstoy on 09.29.17 at 10:51 pm

Throughout history there has always been class warfare.

The elites know that the poor always lose the long game.

Always.

#125 Leo Trollstoy on 09.29.17 at 10:53 pm

i feel bad for millennials.

ignorant and poor

who am i kidding, i don’t feel bad for them

i find it funny

rofl!

#126 Dolce Vita on 09.29.17 at 10:59 pm

Excel Stress Test Spreadsheet Comments…

#178 Ian on 09.29.17 at 11:55 am

Sent to Garth. Hopefully, he will not ban me for using him as an intermediary. I did suck up to the Greater One in my e-mail to him, for you, with the file.
__________________________

#191 Reality 1 on 09.29.17 at 12:58 pm

Thank you for that diatribe about my Vehicle expenses input.

The point was that even with those lower numbers, a $100 K salary for a $400K mortgage, the applicant would have failed, more so, with your number.

With your Vehicle number in there, of about $800/mo, the max. afford. mortgage becomes $291K, a whopping 27% drop in mortgage purchasing power to maintain a TDS of 40%.

Maybe Garth’s guy on the 18% or so drop in mortgage purchasing power after B20 may not be that far off after all.

As for me, no car, so why my number so cheap, like me when it comes to transportation (I was a SkyTrain and Loser Cruiser, save the trees, bees, snails and whales kind of guy).

One thing for certain with your number which I do not dispute, B20 will make for more public transportation people if they want to qualify for the mortgage amount they want.
__________________________

#186 Triplenet on 09.29.17 at 12:19 pm

You would be surprised at what they did not know how to do.

Why I secretly concur with Garth’s many Comments about the Financial Literacy of the Moisters.

The course was about financial modeling using Excel and I obliged them to model various economic scenarios in other courses I taught where cash flow, company valuations, budget forecasts etc. where used to make some sort of business decision (quantitative part of decision making).

Better to learn to create a model once and use it 100 different ways than to “memorize it” 100 times. Less brain clutter that way and by far more accurate if you believe the 48 hour presence of mind people.

#127 DON on 09.29.17 at 11:00 pm

#54 crowdedelevatorfartz on 09.29.17 at 7:33 pm

@#50 Totally Screwed Millenial Whinger
“Just admit you’re an asshole. It’s faster. — Garth”

+++++++

garth sed a funny.

****************************

Screwed reminds me of Josef. At least Devil’s advocate came back (somewhat) reformed.

SCM. Figure it out! No ones gonna do it for yah! Stop the un-needed jabs. Take some responsibility for your own actions and make your own path or be a troll.

As for the impending tax measures – Capitalism overtook Canada and we are now on a path towards socialism and the Millens will be driving the train and probably overshoot. Why do we need to do things in extremes why not a happy balance and land on Realism.

Critical thinking courses should be a core component of K-12 and University education. We have the most educated population and yet so many are not aware.

Are we at the top of the largest housing roller coaster now? Yikes! The thing about slow melts – they sneak up on you – rather be confronted by a crash and move on. Slow melt sounds more painful, more stress. Double Yikes!

#128 45north on 09.29.17 at 11:13 pm

Does this mean real estate will crash and burn?
Nah, unlikely.

Here’s what we know going into the last weekend of September, which was supposed to be like Lazarus who came back from the dead. It didn’t. Prices are stable, but sales have not revived. In the GTA, for example, volumes were down about 40% year/year.

sales have dropped every month for the last six months. How long can sales drop before prices drop too?

Back to Bill. Friday’s event was brutal, even though Finance guys tried to control things tightly, with a curt one-hour format that left many angry people standing in front of dead mics. Still, it was an overall negative for the finance minister whose slip-shod tax reform plans have turned doctors, farmers, vets, contractors, accountants, hairdressers and indy IT guys into political vigilantes. The Oakville meeting was the final, ugly event in a Lilliputian 75-day consult period.

I don’t recall any government deliberately launching a long-term campaign against a particular segment of society. One with depth and persistence.

Bill has seen the future and it’s not prices flatlining and melting. The question is how can the sitting government be re-elected in the face of a catastrophic drop in real estate? Bill’s answer: class warfare.

#129 Smoking Man on 09.29.17 at 11:15 pm

A message from God

https://youtu.be/_Jtpf8N5IDE

#130 Parksville senior on 09.29.17 at 11:19 pm

A lot of phoney complaints about proposed changes. I would prefer to call them codification of existing principles.
(1) You can’t give assets to a NON-ARMS LENGTH INDIVIDUAL to lower your taxable income.
(2) You can’t pay a family member for work not done….all expenses must relate to the earning of income.
(3) Payments to family members must be similar to the amount that would be paid to a non-related person for doing the same job.
(4) Having amounts payable to you instead paid to a family member to lower tax payable is not allowed.
(5) Passive investment income within a private corporation is a no-no.

Nothing that honest taxpayers haven’t already been doing.
My family farm has been incorporated as a means to average out tax payable over time. I can sell crops or livestock when the price and time are right from a production point of view—-not having to worry about the lumping of income within one year might increase tax payable over what is payable with a steady income stream—achieved because corporate tax on small business has no relevant percentage changes as income increases.

If a person attempts to do more with their small private corporation, they are squeezing the lemon and rightly face the possibility of tax consequences.

#131 Dolce Vita on 09.29.17 at 11:20 pm

#29 AGuyInVancouver

A large job loss recession as in the early 80s coupled with +10% mortgage rates ought to do it.

Typically, the threat of job loss makes most reluctant to spend money and if still inclined to borrow, the cost is prohibitively high.

#132 Spock on 09.29.17 at 11:21 pm

#100 Screwed Canadian Millenial on 09.29.17 at 9:27 pm
#75 n1tro on 09.29.17 at 8:30 pm

I think you are confusing Garth with T2. You and the other millenials would like your dad to be like T2. Smoke away.

——————————

#100 Screwed Canadian Millenial on 09.29.17 at 9:27 pm
#75 n1tro on 09.29.17 at 8:30 pm

Deep down Garth likes me. I’m like the son (or grand-son) he never had. Or wanted.

#133 Spock on 09.29.17 at 11:22 pm

@ Garth

Just like that you have insulted and tainted all the assholes around the world forever.

Surely SCM is worse. I am still waiting for him to back up his data with regards to the boomers not giving. Obviously no reply because the joker has nothing to back up since the google results may not be giving back any valid links.

#50 Screwed Canadian Millenial on 09.29.17 at 7:29 pm
Oops nvm I see it now.

I employ 19 people in a retail store, and will spend Saturday morning sweeping. Tell me about being out of touch. — Garth

—-

I was referring to the other 6 days of the week.

No Temporary Foreign Workers at the Belfountain General Store? Maybe Timmy’s, RBC, McDonalds, etc could do the same? Hmmm

Just admit you’re an asshole. It’s faster. — Garth

#134 Spock on 09.29.17 at 11:26 pm

The guy and his boss who says that he will not back down and declare that everything is done are going through the sham of these consultations.

I hope these jokers one fine day are bankrupt and living on the street. Oh well one can always hope.

I would have gone if I was not visiting the US. My idea still stands – charge each business $200 as a theft tax and they will collect the $240M.

1.2 small business x $200 = $240,000

no need of wasting time on such consultations and due process.

#135 Spock on 09.29.17 at 11:35 pm

What a joke the following video is.

T2 is asked the same Qs 18 times and he refuses to answer

Qs: How many times has the Prime Minister met with the Ethics commissioner.

The answer will satisfy CSM and his ilk.

https://youtu.be/NLdEYw3ginA

#136 Dolce Vita on 09.29.17 at 11:40 pm

Queue spewed espresso all over my screen here in Italy early this AM…

#50 Screwed Canadian Millenial

Just admit you’re an asshole. It’s faster. — Garth
_________________________

Garth, you must learn to be more forthright with your feelings.

That was good Garth, real good.

#137 Ian on 09.29.17 at 11:48 pm

#124 Dolce

Nice one!

Happy Stress Test Everyone!!

#138 Smoking Man on 09.29.17 at 11:48 pm

You you are a true writer

https://youtu.be/tAGnKpE4NCI

#139 M on 09.29.17 at 11:55 pm

“Does this mean real estate will crash and burn?”

…does sun rises in the east ?…

yes Virginia, they will crash and burn.

:)

#140 Looney Baloney on 09.30.17 at 12:00 am

https://m.youtube.com/watch?v=NLdEYw3ginA&feature=youtu.be

Wow. Just wow. The arrogance. The crass. The bald faced lies. The sheer hypocrisy of it all.

Forget the burger flipping robots at McDonald’s. Replace T2 with a $10 voice recorder that replays the same crap 18 times over for every question in the house and save Canadians $350k every year.

#141 M on 09.30.17 at 12:03 am

“[…]with the same inflammatory language and devices Trump used to brilliantly divide and conquer. ”

– except that Trump was right in everything he claimed while this joker is all a hot air baloon

#142 Dolce Vita on 09.30.17 at 12:04 am

#100 Screwed Canadian Millenial + “n”

Deep down Garth likes me. I’m like the son (or grand-son) he never had. Or wanted.
_____________________

Up until that Comment I was thinking:

That enfant terrible Moister must not have gotten a lot of attention as a kid and probably pissed off his poor Boomer parents to get some…never did.

Why he comes here.

Theory confirmed.

#143 M on 09.30.17 at 12:06 am

“What I’d like to know is how many millions Garth is worth as he sits on his throne casting stones at the new tax laws that aim to make things more fair. Elitist if I ever saw one. This blog is so out of touch with public opinion. How about call this blog: greatermillionaireelitistfool.ca”

-this guy is a total moron. Would’ve made a career as a soviet commissar in Soviet Union cca 1932.

a beautiful and typical product of Canadian education system

#144 conan on 09.30.17 at 12:09 am

#96 Happy Housing Crash Everyone! on 09.29.17 at 9:09 pm

“Only Doctors should be excluded.”

I think they will get something. They negotiated with the Provinces in good faith. Seems like a good idea to let health professionals use these corporate loo……..err tax laws, so that health care costs can be contained.

Was having a slow day last week and caught Skippy the Finance Critic on CPAC, FINA Committee, “the grilling of Mourneau.”

I thought he was brutal.

https://www.youtube.com/watch?v=Fw8ZDwdyHJQ

#145 groovin123 on 09.30.17 at 12:20 am

Well I live out in the burbs of Vancouver in Port Moody, in a townhouse. My neighbours place is for sale, has dropped the price twice because there were no takers. A new realtor hopped on this last weekend, fluent in Mandarin. We chatted a few times, and anyone that laughs at my twisted sense of humour is OK with me. Last weekend’s open house was packed full of people, but I don’t think an English word was spoken. The “winning” bidder actually tried to buy the place with a “Hello Kitty” backpack with $500K in it, direct from the realtor. My wife finally agreed with me, it’s time to leave the Lower Mainland. It took 5 years of convincing, but, it finally happpened. Thank God.

#146 crossbordershopper on 09.30.17 at 12:39 am

just got an invitation tonight to have christmas dinner at my partners home in miami.
yes, i do business at christmas time in miami., new years window.
so morneau saids a small business incorporated firm is a tax cheat, only in canada you have to appologize for following the rules, and most do.
i dont care, i dont, i do business in florida and report nothing to nobody. its that simple. leave canada, and join the only market in the world that means anything.
Canadians are funny, you follow the rules and then the government changes the rules that screw up your plans. income trust tax changes, about 10 years ago, now small biz changes. its the Canadian way, they do what they want, regardless of what effect it has on the electorate.
so, i do what i do, make american dollars, in cash, and declare nothing to nobody. lots of opportunity to do it in the usa. you cant fart without a permit in canada,
i said, listen this is a done deal, omg the federation of small biz guy who was trying to sell me membership said no, we are going to fight this, i laughed and said i will have a drink for your attempt in miami on the boat for new years day. like every year. the meal is nice, we sit with the captain and swing around the marina.
its not because of special treatement i get back in canada, its because i took the initiative and went to do business in america where the weather is better, taxes are lower, opportunities are better and i get paid in us $ which goes a lot further. i paid cash for a 2bed condo the first year, which puts things in perspective with this on and on about gta related real estate.
do yourself a favour and simply pack your bags and go south. Florida was my destination, but yours can be anywhere you find your better life. Canada is a joke, its a not a real country, given anyone with a suitecase walks over looking for a better life for their family why cant you or i pack our bags and go where its better. you will fit in the us very quickly, many of these people coming to canada dont know their way around things. it will take time.
anyway, god bless the usa.

#147 Oft deleted much maligned stock.picker on 09.30.17 at 12:43 am

Liberal trolls and paid propagandists have been out in force defending Moroneauvand deflecting for Trudeau. Ask yourself….what’s in it for these traitors and….who pays them to bark like trained seals. Bottom line, Trudeau is a complete disaster for Canada. He hadn’t accomplished a single thing. Never mind reading the CBC lines like “Harpi” etc…..wtf has Trudeau done…..answer….jack crap. Canada is in serious trouble….we need anyone else besides Gerald Butts and David Alexrod cheerleading Trudeau and his bleating liberals off a cliff. The Trudeau govt is sabotaging Canada’s economy….and for what? It isn’t too reshape Canada’s economy…..they’re actually killing the economy….The question is…why? Who is calling the shots behind the Trudeau facade? It sure as hell isn’t Canadians. As the anti Trmp for the EU globalist Trdeau is doing a huge disservice to Canadians. Time for a torch and Pitchfork rally folks. 100% taxation is upon us….and the unions have aligned with special interest groups on welfare to double down on the coup….pushing your face in the mud for the rest of your life. Enjoy slavery?

#148 Ponzius Pilatus on 09.30.17 at 1:27 am

#128 Parksville senior on 09.29.17 at 11:19 pm
A lot of phoney complaints about proposed changes. I would prefer to call them codification of existing principles.
(1) You can’t give assets to a NON-ARMS LENGTH INDIVIDUAL to lower your taxable income.
(2) You can’t pay a family member for work not done….all expenses must relate to the earning of income.
(3) Payments to family members must be similar to the amount that would be paid to a non-related person for doing the same job.
(4) Having amounts payable to you instead paid to a family member to lower tax payable is not allowed.
(5) Passive investment income within a private corporation is a no-no.

Nothing that honest taxpayers haven’t already been doing.
My family farm has been incorporated as a means to average out tax payable over time. I can sell crops or livestock when the price and time are right from a production point of view—-not having to worry about the lumping of income within one year might increase tax payable over what is payable with a steady income stream—achieved because corporate tax on small business has no relevant percentage changes as income increases.

If a person attempts to do more with their small private corporation, they are squeezing the lemon and rightly face the possibility of tax consequences.
—————-
Thank you for making it simple.
Screw the loopholers!

#149 mousey on 09.30.17 at 1:27 am

The person that says Garth is out of touch and that he panders to “millionaires” should get good and stuffed. Go and run a business for a few years…and if you don’t loose your shirt, put up a post on the blog and let us know how easy it was. Oh, and get stuffed.

#150 crowdedelevatorfartz on 09.30.17 at 1:29 am

@#88 n1tro
“Please stop. I’m likely to choke on my dinner from laughing too much!”
++++++
My apologies for ruining a mysoginists mastication session. Wont happen again.
( for all you English Lit degree bachelorettes….that was a joke)

@#94 Lost…at last
“If Screwed Canadian Millenial is a @sshole….what does that make his aunt CrowdedElevatorFartz??
+++++++
Officially? An auntie of obvious, ofaculatory obscenities of overwhealming odour….
(To all English Lit Educators…..yes….that was a Pun.)

#151 Garth Deleted My Comment on 09.30.17 at 1:36 am

I come here for Garth’s insights on investing. And for some entertainment from Smoking Man (when he’s not on a voicing his odious views on gender).

But when it comes to issues of inequality, unfortunately Garth’s a typical Conservative.

Be careful rent-seeking Boomers: if you’re not careful a hoard of dispossessed Millennials is going to start coming down on you like an avalanche, and you will be swept into dustbin of history sooner than you might think.

#152 fishman on 09.30.17 at 1:39 am

Your misinformed again screwed millennium. Uncle Joe’s first exile to Siberia was John Cummins for defying him over Kelowna Accord. Couple more came along then Garth insisted on writing this new fangled thing called a blog. He too received the one way ticket. The conservative MP’s were no worse (or even better) than the Liberals.
But I’m with SM in that I kind of like you. Guys like you are trying to figure out how it is boomers manage to make the big money. You have elements of myself when I was younger. And its not that bad being called an a**hole. Its good practice. You’ll find out that if you do crack the code. Many ,many people will call you that & a lot worse.

#153 Cubicle farm serf on 09.30.17 at 1:48 am

In Vancouver RE speculators (a lot of them Realtors) are dodging capital gain tax by flipping condo assessments. Basically re-a sign the contract at the perchase price and take the appreciation (lift) in cash, a lot easier to do if buyer doesn’t have a agent. Illegal I know, but doesn’t seems like CRA is doing anything about it. Sucks for the guys like us that play by the rules and pay 40% of our hard earned money to taxman.

#154 Tony on 09.30.17 at 2:19 am

Re: #109 Asterix1 on 09.29.17 at 9:52 pm

The OSFI stress test is really to protect the Canadian taxpayers but they tell the public it’s to protect the banks.

#155 Maggie on 09.30.17 at 2:36 am

“He would rather the poor poorer provided the rich were less rich. That is the liberal policy.”

Still true today

https://www.youtube.com/watch?v=okHGCz6xxiw

#156 BillyBob on 09.30.17 at 2:52 am

#40 Linda on 09.29.17 at 7:19 pm
Saw a financial facelift article today where the question was whether a childless couple could retire by age 50. The test case presumed these folks would live 45 years past their putative retirement date so to age 95. End of story, retiring at 50 was not recommended unless they kept working at least part time & didn’t take CPP until age 65. So I wondered why such a high life expectancy was being used for the case study & consulted the handy StatsCan site for information. As per the latest figures from the 2016 census, 809,900 Canadians are age 85 or older. A mighty 2.2% of the Canadian population. More to the point, the number of Canadians aged 90 plus are far fewer than the 85 plus pool – roughly 200,000 fewer. So I’d say that while it might be prudent to plan your finances in case you live long enough to be part of the 2.2% cohort it is far more reasonable to plan your finances as if you will be part of the remaining 97.8 percent with regards to life expectancy.

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

You’re describing present demographics, not life expectancy. Not the same thing as all.

Who said “The greatest risk is not losing money, but running out of it.”

I wonder, I wonder….?

#157 boring middle class millennials on 09.30.17 at 2:54 am

hi garth, we are a boring middle class millennial family, just had a baby. not all millennials are assholes like the recent readers’ comments today. thank you so much for running your blog and for the recent tax tips. we work normal jobs, save, and max out our RRSPs, TFSAs, & now RESP. no help from family, yada yada. the informal trust tip was invaluable and timely! we can bitch a whole lot about a lot of things too but we’re not all whiners.

#158 M-cube on 09.30.17 at 2:58 am

@ smoking man

you trade Forex? and you’ve trained others too?

Anyone can trade, but do they win..and win consistently is the key detail. Would love to see you’re trade record sheet for the past 12 months

#159 DustBuster on 09.30.17 at 3:14 am

SCM, Spock, and a few others seem like the same troll.

Troll – https://en.m.wikipedia.org/wiki/Internet_troll

The truth is some people deserve less than others.
The world is not fair or equal and wasn’t meant to be.

Can SCM even use a broom?

#160 Dharma Bum on 09.30.17 at 6:41 am

“I employ 19 people in a retail store, and will spend Saturday morning sweeping. Tell me about being out of touch. — Garth”
——————————————————————–

Now THAT sounds like an elitist overlord to me.

https://www.youtube.com/watch?v=IvAFBRL1ZAs

I do not claim to be intelligent. However, when I read Dumbass Millennial’s comments, I feel like I’m a genius!

#161 under the radar on 09.30.17 at 7:07 am

Real estate has always been cyclical, driven by interest rates , population growth and employment .
Yes, prices fluctuate. Trying to time any market is a fools errand. if you look at cities with net population outflows , you see a corresponding decline in real estate values. The inverse is also true.
Location is it and for better or worse the two population centres in Canada are Toronto and Vancouver. People who got caught up in the hysteria will be burned on paper or, if they are forced to sell, will incur painful losses. Time will heal their paper losses.
When the condo market collapsed in Toronto in 1990 it took about ten years for prices to get come back to 1990 levels. And then they took off.
If you are going to invest in real estate you do it on an investment that makes money , which is why many seasoned investors stayed away in the last few years. The REITS bought everything and could afford to settle for small or no returns.
If you are going to speculate in real estate then be warned , you need big shoulders ( a lot on non borrowed money) to stay in the game.
Lastly, your home is not really an investment , it drains you for mortgage payments ,taxes, maintenance and insurance etc. and when you do sell you still need shelter. It is not a liquid asset , as many sellers are now finding out. I suggest one not count their home as part of net worth. Not saying you should not own as there are many tangible benefits to home ownership over renting , but thats another chapter.

#162 rainclouds on 09.30.17 at 7:12 am

#100 Deep down Garth likes me. I’m like the son (or grand-son) he never had. Or wanted.

No, initially you have made some very good points, now just a repetitive “dick from the internet” who has broken my scroll wheel

http://dilbert.com/strip/2015-04-03

#163 dr. talc on 09.30.17 at 7:34 am

thanks Maggie for Maggie Thatcher vid, I can almost smell the burning coal,

this girl does a good impersonation, skip to 6:60

https://www.youtube.com/watch?v=zg1AQ5JmU9A

#164 maxx on 09.30.17 at 7:43 am

#33 Fuzzy Camel on 09.29.17 at 7:05 pm

Couldn’t agree more wrt the NAFTA teams sitting across from each other.

This debacle will devolve into years of legal challenges and yet more waste of time, money and msm filler.

I have little faith in team Canada.

#165 Gravy Train on 09.30.17 at 8:01 am

The priapic playboy Hugh Hefner died on hump day. Of course. :)

#166 Centre Wing on 09.30.17 at 8:03 am

As another Canadian Millennial, I’m not screwed because I’ve worked hard, sacrificed, didn’t make stupid decisions, and know that nobody owes me anything.

The exact opposite of that asshole SCM.

#167 HaHaHa on 09.30.17 at 8:04 am

I am a salaried employee. I look in the mirror and see someone who at a young age knew I was destined to work for someone else. So really to those idiots who think the self employed are tax cheats you are lying to yourself. You were not smart enough or had the balls to do it on your own. Look in the mirror. And quit bitching about what the other guy has. Maybe next the Liberals will tax my union dues, dental plan, defined pension. So quit whining and grow up you socialist crybabies. This is just the beginning of the Liberal tax the crap out of everyone scheme.

#168 jess on 09.30.17 at 8:14 am

35,000:1

“…So, what’s the long-term trend in tax-rate cuts? And how has the vast majority fared compared with the richest?

Is there a case to be made that the highest income people in America need a tax-rate cut? What do the numbers tell us about the claim that at current tax rates the rich cannot afford to invest in ways that will create more jobs?

Thanks to a quirk in the official data, we can compare the very highest income Americans in 1961 and 2013 with the vast majority, the 90%. For two decades, the IRS has done an annual report on the 400 highest income taxpayers. The latest data on them is from 2013. Turns out in 1961 there were 398 taxpayers who made more than $1 million, allowing a statistical comparison to 2013.

https://www.dcreport.org/2017/09/26/a-big-thank-you-america-from-the-super-rich/

#169 jess on 09.30.17 at 8:33 am

#159 under the radar on 09.30.17 at 7:07 am

… government policy

REITs are created when President Eisenhower signs into law the REIT Act title contained in the Cigar Excise Tax Extension of 1960. REITs were created by Congress in order to give all investors the opportunity to invest in large-scale, diversified portfolios of income-producing real estate.”

https://www.reit.com/investing/reit-basics/what-reit

#170 james on 09.30.17 at 8:39 am

DELETED

#171 Paulo on 09.30.17 at 8:44 am

So it is estimated that the governments tax “win” from proposed changes is in the 240 million range.
Very little information about the estimated cost of enforcement/collection out there.
Have to wounder if there is really going to be a significant
tax win-fall after implementation and enforcement costs are considered.

#172 Sir Garth the Good on 09.30.17 at 9:02 am

This piling on and criticizing of the Honourable Garth Turner should stop. He is a former Minister of the Crown, a parliamentarian, a dedicated public servant in the truest sense, and a member of a group that many may never have heard of: a red tory. We are all diminished and weakened for not having more of them in power and working for us.

He is an “elite” in point of fact only because he earned it through hard work, smarts, and being willing to take risks. He employed (and he employs) people for God’s sake. What greater Hell is there on earth, having employees? Surely those people are getting the better part of the bargain. I do not for one second begrudge his sense of humour, perhaps off-putting to some, as it must be a way to cope with the insanity that he sees all around him, and ever present on this blog.

What people seem to lose sight of is that we all start, particularly in this country, with an open slate. We can do and become just about anything we want even if we do not have great gifts at birth. While I am not privy to the details of Garth’s early years, or his family’s particulars, surely it is apparent to all that he has largely made himself into the person he wanted to be: warts, rock-hard abs and all.

We have just witnessed a mastermind at work, a master at manipulation who took pages out of Machiavelli’s tome, and who has managed to make greater fools of all of us for losing site of the real problem in this country. Justin Trudeau is spending too much money. We are spending too much money! He how has a significant part of the population convinced that they were being robbed and cheated by the entrepreneurs. Now, at last, all will be better. No, it really won’t.

If people spent more time trying to really understand what is going on, and that includes giving due consideration to what Garth Turner posts here (for free FFS – unbelievable), they would hopefully come to the conclusion that we really need to get our house in order. Personal responsibility has never been at a lower level in this country than now.

#173 Howard on 09.30.17 at 9:07 am

#150 fishman on 09.30.17 at 1:39 am

Guys like you are trying to figure out how it is boomers manage to make the big money….You’ll find out that if you do crack the code.

——————————–

I think it’s called….being born at the right time.

I cracked the code. What’s my prize?

#174 Leo Trollstoy on 09.30.17 at 9:20 am

#121 Ian on 09.29.17 at 10:48 pm
Where is Mark?!

When he’s wrong (about gold, deflation, rate hikes, etc) he goes on hiatus

When he’s asked for evidence (Toronto real estate price declines, etc) he goes on hiatus

Each hiatus represents how much $ he’s lost on his predictions

Lol

#175 Penny Henny on 09.30.17 at 9:35 am

Meanwhile back in Schlongbranch.
11 Shamrock Ave.
1 bdrm bungalow.
50 foot lot.
Land value only.
Sells for $920k

#176 Dave on 09.30.17 at 9:43 am

I support small business but not with what are effectively subsidies of tax loopholes that create inequality even between businesses on how they are structured. I support farmers but they also get subsidies, grants, bailouts, etc. all while building immense capital gains and generating little profit on paper, and they often have brand new trucks and massive luxury houses where I’m from. I support doctors but I have doubts that incorporating was encouraged so they can take advantage of loopholes in order for government to pay them less. They are paid handsomely well, and have seen steady increases over the years, and if the USA is a benchmark perhaps a few will go south and potentially drive down compensation through competition but many will continue to come to Canada. I’m not sure if I support lawyers, they’ll find their way out of this.

#177 Stone on 09.30.17 at 9:53 am

DustBuster on 09.30.17 at 3:14 am
SCM, Spock, and a few others seem like the same troll.

Troll – https://en.m.wikipedia.org/wiki/Internet_troll

The truth is some people deserve less than others.
The world is not fair or equal and wasn’t meant to be.

Can SCM even use a broom?

—–

Can SCM even use a broom? That one is priceless!

#178 Penny Henny on 09.30.17 at 10:04 am

First-timers are still spending. The move-up market’s a disaster.-Garth

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

Garth have you ever considered that the move up market has become the move out market. As in ‘get the hell out of Toronto’.
I did it.

#179 TurnerNation on 09.30.17 at 10:20 am

I guess Smoking man’s denouement will be something out of Deuteronomy. Never read that book myself..

Welp I’ll visit that General Store…once it reaches Gender Parity in Staffing ;-)

PM. T More Butts has me convinced nothing is this important.

M41ON

#180 Leo Trollstoy on 09.30.17 at 10:20 am

The Toronto market is fine. We only want rich ppl living here obviously. The rest can move out.

#181 Dissident on 09.30.17 at 10:37 am

FYI, I’ve been keeping a close eye on the houses in Mimico and Longbranch area within the $550,000 and $800,000 range, and there are several properties that have actually been removed from market and then relisted at a lower, or much lower price.

Including the condo loft suites in my building. There were two lofts on the market, and one took itself off and one has been listed for at least 3 months now with one minor price reduction.

With the exception of one house that was listed at $699K and then relisted at $800K+. Clearly they realized their 40 foot wide lot was something to hold out for. I saw that coming a mile away. They were just testing the waters before. Let’s see if their overpricing strategy works.

In contrast, there was an odd, crappy, older house being sold for $750K and then relisted at $599K.

The takeaway: there are some lemons on the market, in the ‘starter’ home bracket, and owners need to realize they are not worth as much as they want them to be.

#182 Renter's Revenge! on 09.30.17 at 10:57 am

#145 Oft deleted much maligned stock.picker on 09.30.17 at 12:43 am

“Bottom line, Trudeau is a complete disaster for Canada. He hadn’t accomplished a single thing.”

ODMMSP, I generally like your comments, but I have to take issue with the above quoted text (don’t take this personally). People say the same thing about every government. The problem is they think the government can accomplish anything. It can’t. What do they expect the government to do? It can’t run the economy. That’s communism. Other countries have tried that and it failed miserably. Every time. Countries succeed when their citizens take personal responsibility and succeed on their own.

The first politician who says they are going to get out of my way and let me succeed on my own has my vote. I want them to get out of my way, get behind me (by providing support services like healthcare, roads, police and military), and stop trying to “help”.

#183 Victor V on 09.30.17 at 11:07 am

Sears Canada to close 10 more stores, including Fairview and Scarborough locations: In all, 1,200 people will be affected by these closures. That’s in addition to the 2,900 that will be jobless by the end of the day on Sunday as a result of store closures announced in June.

https://www.thestar.com/business/2017/09/30/sears-to-close-10-more-stores-including-fairview-and-scarborough-locations.html

#184 NoName on 09.30.17 at 11:10 am

Hey, Flop, it’s probably late now for the trademark on pink lemonade. Pink Lemonade spotted, Vaughan ON.
https://www.instagram.com/p/BZqh9WZh-jD/

#185 paul on 09.30.17 at 11:13 am

#159 DustBuster on 09.30.17 at 3:14 am

SCM, Spock, and a few others seem like the same troll.

Troll – https://en.m.wikipedia.org/wiki/Internet_troll

The truth is some people deserve less than others.
The world is not fair or equal and wasn’t meant to be.

Can SCM even use a broom?
—————————————————————–
https://www.youtube.com/watch?v=R4pRe8ul7KQ

#186 Victor V on 09.30.17 at 11:15 am

#120 Smoking Man on 09.29.17 at 10:21 pm

There is only one Dr of Herdonomics on this planet right now.

It’s me.

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

Smokey, there are a several more of us whose minds are molded from Nectonite.

The truth will be revealed even when it is full of lies. Don’t be fooled by Barrington, Ashman and Jeremiah.

#187 2 Cents Canadian on 09.30.17 at 11:24 am

Garth ….. I like the idea of the millionaire elitist site/blog. Maybe working from the top down instead of the bottom up will get better results. Cuz listening to all the whining pity laden sad soles on here ….. this ain’t working. The bottom is so muddy and confused. If there’s one thing I learned from running my business. The more you listen to people’s complaints … the more they will complain. It’s like they’re trying to find your line to where you finally tell them STFU! So say STFU early and be done with it. Yesterday’s or the day befores post of the 10 or so things every Canadian should be doing to maximize his/her financial life was golden. There is such great info and advice on this site and some very smart people with great advice. The rest has just become a bitch and whine-fest for feel sorry for themselves types who will never do anything to help themselves (regardless of all the idea’s and great advice waved in front of their faces). They’d rather shoot down good idea’s and tell you 10 reasons why they’ve chosen failure and mediocrity. Then when I hear some turning on you and anyone who has done well in life to disclose their financial situation … and calling them elitist/Cents/oportunists or what ever I shake my head. What the hell has Canada become!

#188 No crash but a melt? on 09.30.17 at 11:32 am

When you say you do not expect a crash but a long melt, I take it that you DO expect the melt to arrive at a lowpoint that would be qualified as a crash if it would arrive much faster – correct?

#189 Ian on 09.30.17 at 11:35 am

#178 Penny

Haha completely. My friend and I have a running joke that the movie Get Out should have been a documentary about Toronto.

#190 For those about to flop... on 09.30.17 at 11:35 am

#184 NoName on 09.30.17 at 11:10 am
Hey, Flop, it’s probably late now for the trademark on pink lemonade. Pink Lemonade spotted, Vaughan ON.
https://www.instagram.com/p/BZqh9WZh-jD/

Good Morning sunshine!

Those guys should be ashamed of themselves.

Should at the very least be selling Pumpkin Spice Lemonade this time of year…mmmmm….disgusting!

And so I have settled on my four season summary of Vancouver real estate.

It started with Pink Snow,blossomed into Pink Pollen,got desperately thirsty with Pink Lemonade and now some people are being squashed under the weight of Pink Pumpkins.

Below is a link for one of the cheapest houses in Vancouver.Have been trying to sell it since early June.

Yesterday put it back up all shiny and new and then took another 56k off of the ask all in one day by the looks of it.

Originally was trying to squeeze 1.59 out of the lemon,now asking 1.29.

Maybe as I work my way up The Blowhard Billboard on this beast of a blog people will realize that something is amiss with Vancouver real estate…

M43BC

https://www.zolo.ca/vancouver-real-estate/6915-beatrice-street

#191 2 Cents Canadian on 09.30.17 at 11:36 am

(Little correction)
… and calling the elitist/cheats/opportunists or what-ever.
Those tax saving rules the “cheats” have been using are 100% legal and have been around many many years. Just because you didn’t or couldn’t use them don’t hang them. Being self employed should have a few perks.

#192 Keith on 09.30.17 at 11:41 am

Five year failure rate for small businesses: 50%
Are people who start small businesses taking on risk, or is it a gamble? Should the taxpayer subsidize successful gamblers, and bear part of the cost of failure?

Google top reasons for business failure. Changes to the tax code are not on any list.

#193 Rexx Rock on 09.30.17 at 11:52 am

I hope this isn’t true but I’ve been told that a red hammer and sickle will replace the maple leaf on our flag.Sign of the times?

#194 2 Cents Canadian on 09.30.17 at 12:15 pm

“Elitist if I ever saw one … this site is so out of touch with public opinion”
I don’t know why this comment makes me boil but
who gives a flying [email protected] about public opinion? This site is to help the public get OUT of they’re situation and get into a better financial life … not to rub your shoulders and temples and tell you “you’re doing ok, you’re not a failure, everything is going to be alright”. Why don’t you go to the “Poor me, crucify the elite, I’m ok, you’re ok” site if you feel this site is out of touch with your public opinion. A few of the public want to learn, improve and grow …. not look for confirmation and (oddly) relief that their problems and mediocrity is someone else’s fault.

#195 aa3 on 09.30.17 at 12:17 pm

Besides business owners, it is idiotic that high income Canadians who are working a job are paying a top marginal rate of ~54%.

#196 Ian on 09.30.17 at 12:21 pm

Flop who won the Aussie Rules final? Good game?

I meant to watch but I worked 12 days in row and was exhausted. You know, so I could pay Wild Bill all my retained earnings.

#197 conan on 09.30.17 at 12:30 pm

Potential shit show in Spain tomorrow that could affect your European holdings. Instead of ignoring the Catalonia Referendum, the Spanish Government decided on a severe crack down , and that was the wrong choice.

The “rabbit hole” could go deep on this one.

http://www.euronews.com/2017/09/30/police-seal-off-half-of-catalonias-referendum-poll-stations

#198 For those about to flop... on 09.30.17 at 12:47 pm

#196 Ian on 09.30.17 at 12:21 pm
Flop who won the Aussie Rules final? Good game?

I meant to watch but I worked 12 days in row and was exhausted. You know, so I could pay Wild Bill all my retained earnings.

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

Hey Ian, I know you could google the result but probably want my b-grade assessment.

The Killers sounded good playing some of their hits before the big game.

100,000 people in attendance,hundreds of millions of people watching worldwide despite Australia’s population being below 30m.

Mix of sun and showers laying truth to the old joke about Melbourne weather…if you don’t like it just wait 5 minutes.

The result,I picked the right team to win,Richmond by 19 points but it ended up being a bit of a blowout at 48 points.Definitely not a classic but overall it was exciting enough to keep me awake.

They did something different this year after the game,they opened up the gates and staged a free concert for the public during which one of the winning players came up on stage for the second Killers set to sing a song that I suspect was written about the current P.M of Canada.

Mr Brigtside…

M43BC

http://www.afl.com.au/video/2017-09-30/jack-riewoldts-cameo-with-the-killers

#199 NoName on 09.30.17 at 12:48 pm

As i sad before humans are doomed, soon raccoons will take over…

During training, seven raccoons interacted with the stones, and four raccoons retrieved the marshmallow reward after accidentally knocking the stones into the water. Two of the four raccoons that got the marshmallow during training then learned on their own to pick up stones off the ground and drop them into the water to get a reward. A third raccoon surprised the scientists by inventing an entirely new method for solving the problem. She found a way to overturn the entire, very heavy, tube and base to get the marshmallow reward.

https://phys.org/news/2017-09-raccoons-ancient-puzzle.html#jCp

#200 Penny Henny on 09.30.17 at 12:58 pm

to flip or not to flip?
that is the question.

https://www.realtor.ca/Residential/Single-Family/18704113/9-BIRCHMOUNT-Avenue-Welland-Ontario-L3C4A9

#201 fishman on 09.30.17 at 1:07 pm

Howard, If Boomers were born at the right time to make big money where do we place Zuckerberg & Muscovite?
Whats the reward for cracking the code? Years ago Charleton Heston was doing a movie here in Hollywood North & there was a scene in the cockpit of a Beaver. We had to have Canadian content for the tax beaks so they had got this actor from Toronto. He had a couple of lines & he got in beside Mr. Heston: all the crew is ready for the shoot he asks “Chuck, what’s my motivation”? Heston shot back “your pay check at the end of the week a**hole”.

#202 Where's The Money Guido Coleman? on 09.30.17 at 1:16 pm

Spoke with a security person at the Paul Rodgers concert at the Hard Rock Casino in Coquitlam last night and was astonished at what he said to me. He has been working there 10 years.
I mentioned that I had seen personally 2 women with huge purses stuff $20 bills into slots and only spinning the reels once every 10 times they stuffed bills in. They also weren’t even watching if they won, just talking among themselves. Also told him that they did this for the length of a full football game I was watching, over 2 hours.
I asked him why that didn’t draw attention to the security and he said essentially why do we care where they got the money, it’s no problem. I said they weren’t playing much though and he said they didn’t care, as long as they played once in a while.
I couldn’t believe it!!
So it’s open season on money laundering at casinos in BC. Come one, come all with your ill gotten purloined graft, we love to launder so much our shorts never get dirty skid marks.
His clothes were super clean……..and pressed.

#203 Where's The Money Guido Coleman? on 09.30.17 at 1:31 pm

Spoke with another person last night who mentioned he goes to a corner store with a Keno machine. For an hour every day a guy comes in, buys a coffee, stuffs the Keno machine the whole time, plays one game, cashes out and leaves. That’s every day! How many corner stores have Keno machines in them in BC?
BC= money laundering capital of North America, a rival to Macau.
No wonder everyone’s coming here.
Better watch out money collectors, I guess they’re finding fentanyl traces on those bills now, you can OD handling so much paper.

#204 Where's The Money Guido Coleman? on 09.30.17 at 2:00 pm

At least they’re doing something about it; China frees top Australian Crown casino executive from jail:

http://theprovince.com/business/china-frees-top-australian-crown-casino-executive-from-jail/wcm/3fccb177-0bf3-41cf-9dbe-d33365fde853

#205 Dissident on 09.30.17 at 2:19 pm

Jane Goodall had to fly to Africa to study apes.
I just had to visit this comment section.

#206 Overheardyou on 09.30.17 at 2:21 pm

Looks like this is what happens when you raise a generation of lazy, non creative, spoon fed individuals. Next topic for equality. A UBI bill in Ottawa, because foreigners and machines are taking our jobs they say.

#207 Lost...but not leased on 09.30.17 at 2:47 pm

OMG..are there still people that think Bill Gates, Mark Zuckerberg … the Google”founders” and others in the hi tech field actually authored their success ?

I will sell you any bridge of your choice and options on Nortel shares.

#208 Smoking Man on 09.30.17 at 2:54 pm

#200 Penny Henny on 09.30.17 at 12:58 pm
to flip or not to flip?
that is the question.

https://www.realtor.ca/Residential/Single-Family/18704113/9-BIRCHMOUNT-Avenue-Welland-Ontario-L3C4A9
…..

What did you pay for it? Stick around were opening a rehab center in Welland Dec 1st. I’m the first client.
Be drinking coffee only.

#209 Lost...but not leased on 09.30.17 at 2:55 pm

Read that Bill Moroneau was at the 2017 Bilderberg conference….hmmmmm

Seems that T2 and Moroneau are attacking tax legislation that originated back in 1972.

If that’s the case, then it is a logical presumption to assume they will attack capital gains to some degree, given much of it is rooted back then.

I am looking into CalPERS ..the California public pension ..and what a disaster it is currently and long term…same conditions are here in Canada .

#210 Howard on 09.30.17 at 2:59 pm

#201 fishman on 09.30.17 at 1:07 pm

Erm, fishman, what I said does not preclude smart Millennials like Zuckerberg from being successful.

The difference is that in Boomer days, contrary to today’s youth, even stupid people were able to “make it” given very lucky global circumstances and the perks handed to them by the Greatest Generation (and since removed for the Millennials). Believe me, judging by the Boomers I’ve had the misfortune of working with, there are quite a few that, were they born 30 years later, would be lucky to get a job as a WalMart cashier rather than the C-Suite of a major corporation.

#211 Spock on 09.30.17 at 3:09 pm

#159 DustBuster on 09.30.17 at 3:14 am

I like the brook part especially from DustBuster.

Have you even bothered reading the difference in opinion between SCM and myself. To be put in the same troll basket as SCM – not sure if I can sleep well tonight :-). First time I have been called a troll so that is off the bucket list.

————————–

#159 DustBuster on 09.30.17 at 3:14 am
SCM, Spock, and a few others seem like the same troll.

Troll – https://en.m.wikipedia.org/wiki/Internet_troll

The truth is some people deserve less than others.
The world is not fair or equal and wasn’t meant to be.

Can SCM even use a broom?

#212 Gravy Train on 09.30.17 at 3:23 pm

#205 Dissident on 09.30.17 at 2:19 pm

Hands down, the best comment of the year! Expect a stern rebuke any moment from the Flopster! :)

#213 Lost...but not leased on 09.30.17 at 3:43 pm

Millennials can’t have it both weighs…

They’ve had opportunities to indulge in the RE porn and get rich quick that were not available to previous demographic groups…

Strongly advise millennials do some homework re T1…he set the table for T2…doesn’t take much to connect the dots…(albeit Canadians are probably world leaders in Stockholm Syndrome accolytes by choice).

PS I stated above somewhat facetiously, but Boomers etc had to wait decades into their shelf life before the credit casino was open to them. Should maybe consider the credit casino was a trap aimed specifically at them.

#214 Long-Time Lurker on 09.30.17 at 4:12 pm

I was musing last night. I wrote this so I might as well post it in the interests of stimulating thought and discussion:

I actually gave some thoughts to the issues SCM brought up because Paul Craig Roberts wrote a short, cogent piece on the same issues. (The US has similar problems) If SCM wrote as briefly and cogently as PCR I might actually read what he’s posting. I definitely do not have the time to read your former long-winded posts and articles.

http://www.paulcraigroberts.org/2017/09/29/us-economy-failing-paul-craig-roberts/

Now, wealth inequality definitely exists in various societies and is a definite cause of problems because of the lack of access to money causing various individual and social ills. This wealth inequality exists in free Western nations because various individuals are the generators of this wealth such as say the founder of Canadian Tire. Since this individual created this business and expanded it he is entitled to it’s profits or wealth generation. This is entirely fair.

Now given that the above are facts, the question is how to address the wealth inequality because we could say the majority of people haven’t taken the risks or made the innovations to create greater amounts of productivity and wealth.

To legalize theft through socialistic government policy would not be fair because those who did not produce something should not be entitled to it. This pure and simple mob-rule theft.

At the same time the wealth inequality should be addressed because of the problems it creates.

Therefore I propose that SCM and others of your socialistic mindset should focus on co-operatives. Housing co-operatives and food co-operatives exists as do credit unions which are a form of co-operative. If you want entitlement to wealth or production you should be the creator of such.

By creating or joining a co-operative you can have access to lower priced products and services, as well as possibly having higher wages and better working conditions as these are set by the members of the co-operatives.

Through the use of co-operatives, production and wealth will be shifted to the members of co-operatives fairly as they have put up capital, taken on risk, and have made their own innovations.

In this manner, wealth distribution will be more evenly spread throughout a society without engaging in the legalized theft of socialism. If the co-ops are well run they will be successful and if they fail, it is the members of the co-op who take the losses.

Now there are the further issues of the misuse of taxes due to corruption but this can largely be reduced through reducing the size of government and of taxes so that the corrupted misallocation of government revenues is minimzed. (Which is by the way what Pugsley wrote about.)

We do not have to legalize theft to address the unequal distribution of wealth in society.

Additional thoughts:

-Creating and joining a co-op is done volitionally and not coercively. Leaving as well is volitional.

-The above-mentioned social ills can be remedied without intruding on individual rights that have been hard-won over the course of Western civilization.

#215 crowdedelevatorfartz on 09.30.17 at 4:22 pm

@#205 Dissenting diatribe
“Jane Goodall had to fly to Africa to study apes.
I just had to visit this comment section”

+++++++
FYI
Actually Jane Goodall studied chimpanzees.
Dian Fossey studied apes.

Apparently reading comprehension wasnt your minor in English Lit.
Let me guess. Your other degree is in History?

You have a cheering section riding the male bashing Gravy Train.
How cute.

#216 T on 09.30.17 at 5:34 pm

#192 Keith on 09.30.17 at 11:41 am
Five year failure rate for small businesses: 50%
Are people who start small businesses taking on risk, or is it a gamble? Should the taxpayer subsidize successful gamblers, and bear part of the cost of failure?

Google top reasons for business failure. Changes to the tax code are not on any list.

—–

It’s not about failure. It’s about the government creating an environment where it’s not worth the effort to start and run a business.

#217 TEMPLE on 09.30.17 at 5:39 pm

#215 crowdedelevatorfartz on 09.30.17 at 4:22 pm

FYI
Actually Jane Goodall studied chimpanzees.
Dian Fossey studied apes.

Apparently reading comprehension wasnt your minor in English Lit.
Let me guess. Your other degree is in History?

Actually, chimpanzees are a type of ape.

And, will you please tone down the snark a little? It’s really lowering the standards here, and they are already too low. I’ve mostly started scrolling past you because of the nastiness, and I hope you’ll cool it down because sometimes you have interesting things to say.

TEMPLE

#218 crowdedelevatorfartz on 09.30.17 at 6:51 pm

@#217
Sorry Temple but
“Dissent” has referred to us as mysoginists, apes, troglydites, etc.
I merely offer rebuttals to her inane comments .
Perhaps your comment could also include her ?
Or is this just more manbashing 101?

#219 crowdedelevatorfartz on 09.30.17 at 7:02 pm

@#217 Temple

You may also note that comment #181 Dissent was about real estate and contained some interesting facts about the area she lives.
The comments were on topic and consise.
Not insulting or uncalled for.
Hence
No “snarky” comments from me ………

just sayin

#220 Howard on 09.30.17 at 7:53 pm

#215 crowdedelevatorfartz on 09.30.17 at 4:22 pm
@#205 Dissenting diatribe
“Jane Goodall had to fly to Africa to study apes.
I just had to visit this comment section”

+++++++
FYI
Actually Jane Goodall studied chimpanzees.
Dian Fossey studied apes

———————-

Chimpanzees, gorillas, orangutans, bonobos AND humans are all species of ape.

#221 crowdedelevatorfartz on 10.01.17 at 3:35 am

@#220 Howard

I didnt realize we had such a preponderance of Primatologists in our midst.
Dissenter take note. You’re also an Ape.
Thanks Howard!