Almost there

COON modified

The largest credit union in Ontario has lowered the bar a little more. You might remember last Spring when Meridian made headlines with a 1.49% mortgage, but only for an 18-month term. Since then, a lot’s happened. The Bank of Canada cut its key rate again in July. The economy slumped into a technical recession. Our exports tanked. The real estate market – at least in two cities – bloated further. And consumer debt levels popped right alongside.

So now Meridian is offering a five-year mortgage at the unheard-of variable rate of 1.85%. That undercuts the big banks, which are flogging similar loans for between 2.2% and 2.7%, and means you can carry $500,000 for two grand a month.

MERIDIAN

Why are rates falling, and how can a big quasi-bank like this afford to offer money at a price equal to inflation? Because the economy’s in trouble, of course. As I’ve said before, Canadians love irony.

The latest jobs numbers, published on Friday, underscore this. They sucked. Sure, we added 12,000 positionss – but only after 61,000 full-time positions were lost, to be replaced with McJobs. Meanwhile more people were looking, so the unemployment rate actually increased – the first time that’s happened in a couple of years. Compare that to the US, where an average of 212,000 jobs have been created monthly all year and the unemployment rate traveled from 10.2% six years ago to 5.1% today. (Ours is 7.1%.)

This reflects not only a weaker economy in general, but the mess in Alberta. Housing starts were also announced Friday, and that province lags badly. Construction of new detached houses in Calgary has fallen 36%. Says the report: “The pronounced decline in total new construction is also due to a weakened economic environment. Demand for new homes has moderated as employment growth has slowed along with migration. There has also been less confidence in the market, which has kept many buyers on the sidelines.”

Even though we’re creating precious few good jobs, the borrowing orgy continues. Mortgages have been expanding at the annualized rate of 5.5% and new borrowing has crested once again, with a fresh historic high in the ratio of debt to income. Housing markets in YVR and the GTA have become completely detached from the economic fundamentals beneath them, with prices in some regions of the 905 escalating 14% a year. As we now know, the Bank of Canada’s cut last winter came just in time for the spring housing frenzy, while the one in July greased the annual autumn real estate market. And that brought us to the point of a 1.85% loan.

Meanwhile almost 70% of homeowners say they’d be troubled or sunk by a $500 mortgage payment increase and half of us couldn’t survive one missed paycheque. It now seems lost on everyone (outside of Calgary) that low rates are a 9-1-1 warning tougher times lie around the next corner.

For example, last month there were 18,600 fewer employees in Canada – because the number of self-employed rose by 30,800. It’s fair to assume most of these people were scrambling to make a living after having lost regular gigs, with no benefits, pensions or (likely) savings left. And speaking of pensions, US Steel Canada says it can no longer afford to pay benefits to twenty thousand retirees. A court has just relieved the company of that burden ($100 million in 2016). Imagine if you were one of them.

As for the wider economy, remember we’re a trading nation. Thirty-five million people rattling around in this giant country alone cannot generate the high standard of living most expect. But our trade deficit is a disgrace, with oil exports down 20% and the worst numbers in years announced this week. Look at this track record. See any improvement?

TRADE

Things will eventually get better as commodity prices improve and the US economy powers ahead. But we have no idea when that may be. We also know increased economic growth will bring more inflation and higher interest rates. Between now and then stress over your job security, and shake your head in quiet amazement so many people could be so blind.

Here we are just over a week away from voting after the longest election campaign in history – fighting over a niqab that two women wore.

Beam me up.

322 comments ↓

#1 TurnerNation on 10.09.15 at 5:57 pm

Haha Gartho must be a jays fan.

#2 YYZ_Guardian on 10.09.15 at 5:59 pm

The niqab is the tip of the iceberg. Im astounded by a man like you who presents himself as a holier than thou smarter than everyone can be so fucking stupid. Mind blowing.

And what iceberg might that be? — Garth

#3 PeterfromCalgary on 10.09.15 at 6:02 pm

Today I voted for my TFSA in the advanced polls. If you ever want to be able to retire you should do the same.

#4 A Yank in BC on 10.09.15 at 6:04 pm

Rangers win.

#5 Don Derc on 10.09.15 at 6:04 pm

“In short, the positives (integration of monetary policy, coordinated stimulus programs, cheap money, trade liberalization, technological advance and cheapo commodity prices) all point to the next five years being like the last five. Or better.”

…your post from yesterday to counter today – remember that all 3 federal candidates are also in love with real estate, and that we’ll continue to run the economy on a credit card.

I think you’ll continue to steer people into a balanced portfolio – can’t argue with 7% etc etc. But the young generation will continue to drink the cheap money koolaid, so to speak.

….and I believe that as long as Cdns are comatose in the voting booth, like they have been for at least the last decade (sonce Sept 2001), the real estate orgy that continues to give you a headache Garth, will rage on….

a good time to sell high priced Cdn real estate….Nicarauga winter home anyone??

#6 YYZ_Guardian on 10.09.15 at 6:11 pm

Islam Garth, quit being so dense.

Yep, thought so. Mr. Harper must be so proud. — Garth

#7 Smartalox on 10.09.15 at 6:21 pm

$500 000 for $2 000 a month? Wow! I could just about buy the home I rent now for $1390 a month!

Not including $ 400 per month for condo fees that I’d be on the hook for as an owner,
or the $1200 a year in taxes,
Or the cost of the appliance the land lord has replaced.

But sure, it’s a great time to buy. You do that!

#8 Grooby on 10.09.15 at 6:22 pm

Spot on with the Niqab comment. Though you can thank the Harper team for that obfuscation of real issues, and a compliant media more into quick sound bites than true investigation of proposed platforms, policies, and track records for our political parties.

Personally, I cannot WAIT until we are visited by aliens, with different clothes, customs, religions, etc. We’ll stop fretting about peoples face-garb on planet earth then, and probably only then. Cons will push a different kind of xenophobia.

See “District 9” for a good satire of this scenario.

#9 Arfmooocat on 10.09.15 at 6:22 pm

Are you sure it’s a woman?

https://ca.news.yahoo.com/woman-heart-niqab-debate-granted-citizenship-private-ceremony-200421650.html

Ignorant. — Garth

#10 nonplused on 10.09.15 at 6:22 pm

Based on my own personal survey (i.e. counting the number of unemployed parent’s on my son’s teams), I’d say the unemployment rate in Calgary is approaching 15% and this will show down the road in the statistics. These are mostly middle class people of course who can afford to pay for expensive stuff like youth sports, or at least they could until recently. If things don’t improve I could see minor sports enrollment starting to drop by next year. Many people would consider that to be a frivolous concern, but I think it is a window into the financial health of the middle class. When you can’t pay the mortgage are you still going to buck up $2000 for hockey? (Counting fees, equipment, gas, maybe hotels for a tournament, etc.)

I guess many members of the middle class were paying for hockey out of their HELOC, but with no job those lines may not last.

#11 Drill Baby Drill on 10.09.15 at 6:24 pm

I plugged my nose and voted today as well for the TFSA. Control freak Harper has played this election beautifully. He has everyone worrying about face scarves and not about the economy.

#12 S.Bby on 10.09.15 at 6:24 pm

1.85%
Gotta squeeze that last bit of juice out of the lemon.

#13 Butch on 10.09.15 at 6:34 pm

Wasn’t a few months ago “the lowest rates we will see” and “they can only go up from here”?

I’m calling it – 1.5% 10yr mortgages next year.

#14 mitzerboy aka queencity kid on 10.09.15 at 6:35 pm

that must be old ratter and his racoon girlfriend

https://youtu.be/aAVFCH9x7Og

#15 MoneyDriven on 10.09.15 at 6:36 pm

Love the blog but you sure cherry pick your facts:

“US, where an average of 212,000 jobs have been created monthly all year” – yet you never mentioned 142K for last month and how previous month adjusted downwards.
http://www.cnbc.com/2015/10/02/us-nonfarm-payrolls-sept-2015.html

” Construction of new detached houses in Calgary has fallen 36%.” Yet no mention of stupidly high and unsustainable number of new homes.
http://www.theglobeandmail.com/report-on-business/economy/housing/canadian-housing-starts-hit-three-year-high-in-september/article26713987/

” increased economic growth will bring more inflation and higher interest rates” – sure the rate will go up but when. inflation is far below 2% and fed minutes from September was not all that encouraging.

Don’t want to even touch foreign money issues that we couldn’t disagree more.

Now for the suck up part.
I really don’t know how you get the energy to write everyday and inform and educate pi$$ ants like me! Thank you for your hard work and please keep up the good work. I learned lots from you and actually invested in diverse portfolio instead of housing Russian roulette.

#16 Bill Gable on 10.09.15 at 6:38 pm

“Waiter”…..”Cheque, please!”

S T A R K, comes to mind, Mr. Turner.

#17 earthboundmisfit on 10.09.15 at 6:40 pm

@#3 PeterfromCalgary.
I just cancelled your vote mate. Refused to sell my soul, or my country, for 5K.

#18 TRT on 10.09.15 at 6:40 pm

Liquidity going down, down, down.

Expect QE 4 now.

That’s why Loonie going up,up,up.

Sorry G, no FED rate hike this year. They missed the boat on that one.

#19 TRT on 10.09.15 at 6:42 pm

Why did they miss the boat?

To keep asset prices artificially high (stocks, bonds, RE). They couldn’t do anything about the demand for commodities. Hence the divergence.

#20 ed on 10.09.15 at 6:43 pm

RE #2 YYZ
Garth, why allow such trash on your site. I realize the average level of intelligence of posters here can be quite low, but #2 blows everyone else out of the water. Okay, maybe this is just another reminder to not read the comments section AKA “The Crazies column.”

I let that stand as a monument to what irresponsible politicians cater to. — Garth

#21 A Nobody on 10.09.15 at 6:45 pm

DELETED (anti-immigrant)

#22 TRT on 10.09.15 at 6:45 pm

And the trade numbers make perfect sense. A quarter of our citizens are foreign born. They have other investments overseas and they bring their money to Canada to spend. Thus imports will be higher than exports in this situation.

Unbelievable. — Garth

#23 ANON on 10.09.15 at 6:47 pm

Beam me up.

Sorry, capt’n, the bank guys game over and trid to forclose on Enterprise. She’s been built with promises we can’t repay, they said. Had to use all the dilithium crystals to run away from those bastrds. Bastrds at the pump start asking for money for the dilithum then, say we don’t trust you guys anymore. I’ll just bypass the secondary cut-off valve and boost the flow. It might work for an arm and the torso if you pack yourself in a tight suitcase, but that’s all she’s got until we fill’er up. Still OK for that beam?

#24 Victor V on 10.09.15 at 6:47 pm

Alberta Premier Notley hints at larger budget deficit: ‘Pressure has continued on oil prices’

http://business.financialpost.com/news/energy/alberta-premier-notley-hints-at-larger-budget-deficit-pressure-has-continued-on-oil-prices

#25 mitzerboy aka queencity kid on 10.09.15 at 6:49 pm

please disregard my last post garth….
I have been thanksgiving a little too much
old rattler … good old dog

https://youtu.be/PTr4Kb-TtGI

#26 KarenE on 10.09.15 at 6:52 pm

I found GF’s sister blog… just replace “Australia” with “Canada” and it all seems very familiar…

http://www.idiottax.net/2015/03/mortgage-regulation-australian-style.html

#27 Victor V on 10.09.15 at 6:52 pm

http://www.cbc.ca/news/canada/hamilton/news/judge-approves-u-s-steel-transition-plan-suspends-retiree-benefits-1.3264966

A bankruptcy court judge has approved a transition plan that will sever U.S. Steel Canada from its U.S. parent and has allowed the company to suspend health-care benefits for tens of thousands of retirees.

In a brief decision on Friday, Justice Herman Wilton-Siegal endorsed a plan for U.S. Steel Canada to form its own company to manage its Canadian assets. He also endorsed its request to suspend health-care benefits to 20,000 pensioners, and to allow a reprieve on paying property taxes.

The details will be known on Tuesday. But Gary Howe, president of United Steelworkers (USW) Local 1005, said his union is disappointed. It will meet with drug benefit providers and look at other options to cover the gap for pensioners, particularly those under 65 not covered the province’s Trillium drug plan.

In the meantime, he said, “the real story is that 20,600 people will be without benefits that they’ve earned.”

#28 Freeman on 10.09.15 at 6:55 pm

I don’t know if anyone is interested in this news about America’s financial system blowing up, but according to this article the big melt-down in America’s bank system started last year and just last month resulted in the Fed needing to pump in a massive amount of liquidity into the market just to keep the banking system from melting down completely. This is something that no one has heard about so far. Here’s the article, read it for yourself:

http://investmentresearchdynamics.com/a-liquidity-crisis-hit-the-banking-in-september/

——
Quote: ((( “What’s eerie about the pattern in the graph above is that since 2014, the “spike” occurrences have occurred more frequently and are much larger in size than the one in 2008. This would suggest that whatever is imploding behind the scenes is far worse than what occurred in 2008.

What’s even more interesting is that the spike-up in reverse repos occurred at the same time – September 16 – that the stock market embarked on an 8-day cliff dive, with the S&P 500 falling 6% in that time period. You’ll note that this is around the same time that a crash in Glencore stock and bonds began. It has been suggested by analysts that a default on Glencore credit derivatives either by Glencore or by financial entities using derivatives to bet against that event would be analogous to the “Lehman moment” that triggered the 2008 collapse.

The blame on the general stock market plunge was cast on the Fed’s inability to raise interest rates. However that seems to be nothing more than a clever cover story for something much more catastrophic which began to develop out sight in the general liquidity functions of the global banking system.

Without a doubt, the graphs above are telling us that something “broke” in the banking system which necessitated the biggest injection of Treasury collateral in history into the global banking system by the Fed.” )))
—-

Now if this is true, then America’s who house of cards is currently teetering on the edge of a total collapse, and we just don’t know about it yet. If you think the job market of Canada and the U.S. is bad now, just wait, it might get a LOT WORSE. Imagine the recession of 2008 but 2 to 4 times worse. America’s economy will take a huge hit and so will our exports to them. That means massive job losses here in Canada.

How can Canadian housing prices hold the weight of all that massive debt when so many people lose their jobs and lose their ability to keep paying their mortgages? Probably not for very much longer.

Oh, and if that is not enough ‘weird’ news for you, catch this one; St Louis might soon be getting radioactive fall out from a nuclear waste dump that is now on fire:

“Beneath the surface of a St. Louis-area landfill lurk two things that should never meet: a slow-burning fire and a cache of Cold War-era nuclear waste, separated by just 300 meters.”

http://tinyurl.com/os7tgbm

#29 Brian Ripley on 10.09.15 at 6:55 pm

The TPP is in the news so I mashed up a couple of charts:

http://www.chpc.biz/history-readings/who-will-benefit-from-tpp

In Canada according to the long term GDP growth rate chart since 1962, our trade relationships have not worked out so well. In 62 our GDP was clocking in at nearly 9%…. now it’s 1%. The post war re-arrangement of labour and capital is still ongoing.

We aren’t going to be a nation building cars and computers (Mexicans will) and that’s why more private Canadian capital is invested offshore than on.

#30 Linda on 10.09.15 at 6:57 pm

Advance polling is open all Thanksgiving weekend – no reason to wait to October 19 if you have made your mind up. Get out early, do your civic duty & stop with the excuses as to why you could not or would not vote.

‘My vote doesn’t matter’ – well, by not voting you’ve ensured it won’t. Just like not buying a lottery ticket makes sure you can’t win a lottery, not voting ensures your vote does not matter.

‘I’m too busy’ – really? You must be working multiple jobs & 80 plus hour weeks, plus taking care of half a dozen children, elderly relatives, multiple pets & regularly walk uphill to & from work in the blinding snow both ways every day too. Today when I voted I saw people in walkers & wheelchairs making their way to the polling station. If they can do it, you should be able to manage despite working that 80 hour week etc.

‘I didn’t like any of the candidates, so I voted but deliberately spoiled my ballot by writing “none of the above”‘. Clever. See ‘my vote doesn’t matter’ for why you might want to re-think that strategy. Now you’ve ensured your vote does not matter AND you’ve also wasted your time plus the time of all those who worked to get you your ballot.

For those who did vote & who will vote, Happy Thanksgiving. For those who don’t vote, the turkey at the table isn’t only on the platter.

#31 A Nobody on 10.09.15 at 6:58 pm

#19 A Nobody on 10.09.15 at 6:45 pm
DELETED (anti-immigrant)
—-

Quickly labeled as anti immigrant when you should have said pro canada and pro women.

Just try to remember what the true nature of the niqab stands for.

I would think that everyone with a view to equality for the sexes and a revulsion to religious dis ingenuity would be Insensed by the ruling.

Actually the deleted comment did not reference the niqab. It was simply hateful. Either we have a country that recognizes religious freedom, or we do not. In any case, get a life. I wear a hanky on my honker every time I ride fast. — Garth

#32 Trudeaumania 2 on 10.09.15 at 7:01 pm

No way I can vote for the neocon.

Trudeau, you got my vote.

#33 Nora Lenderby on 10.09.15 at 7:02 pm

#91 entropic entity on 10.08.15 at 10:49 pm
“an historic” This bugs me. The “h” is pronounced, so it should be written “a historic.” One wouldn’t write “an history book.”

Doesn’t it depend on the dialect one speaks? Presumably Mr. T speaks proper Canadian where the ‘h’ is silent, as in “an hotel” etc.

https://en.wikipedia.org/wiki/English_articles#Indefinite_article

So it’s a bit anachronistic, but wtf, you might be a bit overwrought. I recommend a nice cup o’ cocoa, an arrowroot cookie (biscuit), and an early night.

#34 Panhead on 10.09.15 at 7:08 pm

Just returned from my “early voting station out here in 604 and the line-up was right out the door. Never seen that before. I left but will return to do my duty. Maybe people really do want change … somethings up …

#35 JSS on 10.09.15 at 7:16 pm

#10 nonplused

I don’t believe this for a second. Calgary is doing quite fine, thank you. Not everyone is sitting at home, contrary to popular belief and wet dreams of some.

#36 Blue Jays Crushed, Just Like YYZ Real Estate Will Be! on 10.09.15 at 7:17 pm

But, the dummies say, we’re special, this time it’s different…… :(

Boo hoo hoo…. :(

Sorry, the team ain’t world class, and neither is our market for slanty semis.

Prediction:

The ego-destroying ass-kicking the Jays will get from Texas will curiously coincide with the beginning of the first significant deflation in house prices, as the big ego of YYZ slowly exhales….

(And in Texas, jobs are abundant and you can get a great family home for under $200K)

Not looking so good, on or off the field…………

For the Jays, there’s always next year.

For YYZ real estate, there’s always…..the 2030s.

(Maybe)

#37 Victoria Reql Estate Update on 10.09.15 at 7:18 pm

Price corrections are underway in some Canadian cities despite 6 years of emergency level rates and the lowest 5-year mortgage rates in history.

Housing markets in Victoria, Vancouver, Calgary and Edmonton crashed in the 80s and Toronto in the 90s proving that it isn’t different here.

Canada hadn’t had a housing bubble until the one we have right now inflated over the last decade plus.

Canada’s upcoming price correction will be no different, in general, than the major price corrections that took place in many other countries, including the US, Ireland, Greece, Spain, Iceland, Japan, etc.

Canada’s housing bubble is, perhaps, the biggest the world has seen and rates will be rising as the correction takes place.

Those who work in the housing industry want you to think that it’s different here and that a deep, multi-year price correction won’t happen in Canada and that prices will remain flat until incomes increase enough to support prices.

Of course there has never been an example of a country with a major housing bubble where the bubble deflated in a slow, safe, soft landing manner, despite the efforts of policy makers.

As housing bubbles deflate, incomes take a hit as the economy is negatively impacted by falling consumer spending, etc. This clearly happened in the US and other countries as prices corrected.

It isn’t different in Canada. A deep price correction will be part of Canada’s future, regardless of what action is taken to try and prevent it from happening.

#38 Nora Lenderby on 10.09.15 at 7:20 pm

#8 Grooby on 10.09.15 at 6:22 pm
Spot on with the Niqab comment…
See “District 9” for a good satire of this scenario.

Right. I find it amazing that people who lived through the ’60’s with the kinds of bigotry faced by people with the wrong hairstyles, clothing, music, lifestyle etc. can go along with this veiled racism (no pun intended).

I might dislike tattoos, visible piercings, and underwear hanging out, but people have a right to do these things – they know it drives their fathers nuts, which is one of the desired effects.

There was an interview on radio yesterday with the woman at the centre of this squabble. She is from a well-educated family in Pakistan. None of her family wore the veil, and they were opposed to her wearing it. Her husband doesn’t particularly want her to wear it.

Perhaps a teen rebel, now grown up, testing the limits of tolerance and being used as a political pawn. I predict more people will wear face coverings in the future as a means to annoy grumpy old men.

CBC: Zunera Ishaq

#39 T.O. Bubble Boy on 10.09.15 at 7:28 pm

#3 PeterfromCalgary on 10.09.15 at 6:02 pm
Today I voted for my TFSA in the advanced polls. If you ever want to be able to retire you should do the same.

You will be retiring in shame.

#40 ROCK BEATS PAPER on 10.09.15 at 7:32 pm

Garth,

I am worried you are starting to sound like all the other doomers.

First, you propogated the notion that oil could go to $20 citing Goldman (the same firm that called for $200 per barrel just before it colapsed from $150)> Goldman’s huge derivative book requires volatility, not correct forecasting.

Then, you pushed that rates are set to rise, buy the forward futures keeps pushing this further out, and now they only forcast one rise all the way out to 2017! Meantime the 3 month debt was sold by the FED at negative rates and the yield curve has been flattening over the last 12 month.

Now, you site unemployment data, which is a LAGGING indicator. The only useful part may be that the unemployment rate spikes up just before a resurgence in employment as discouraged workers return to the hunt.

Finally, your reference to trade data does not tell us what is important, which is the resurgence in manufactured goods (non-commodity) being produced and shipped south. David Rosenberg is more nuanced:

“The factory and export data Our current tracking for third-quarter real GDP growth has Canada growing at 2.7 per cent annually and the U.S. near 2.5 per cent – a rare quarter of outperformance for the red and white.

But what is key is that, finally, the cheaper currency has triggered a manufacturing revival.”

http://www.theglobeandmail.com/globe-investor/inside-the-market/rosenberg-10-reasons-why-ive-turned-bullish-on-the-loonie/article26711014/

Commodities are already improving while the St Louis FED real time GDP is 1% (not powering ahead)!

#41 Jimmy on 10.09.15 at 7:38 pm

#8
A couple of great sci-fi “must reads” are
Ender’s Game and
Hyperion.

#42 Chris on 10.09.15 at 7:48 pm

Niqab, mm…, if I was white and born in Canada, and totally ignorant of other people who have different views of things, maybe I would vote for Harper.

#43 Alberta wing-nuts on 10.09.15 at 7:49 pm

Prime Minister Fear & The Niqab…. We have nothing to fear but Fear himself….. It cannot be argued that while the world turned its back on Canada it’s because Captain Fear acted like he was on top of the world….. All while the home of Canada’s people was taken over by a band of those loyal to solely their party…… Canada,,, Oh Canada,,,, She needs a fresh start..!!!!

#44 Nora Lenderby on 10.09.15 at 7:50 pm

What is that little white guy in the Meridian addoing? And the house is…just a symbol for up…Up…UP.

Graphic designer told to literally illustrate the concept “house horny”?

I’m shocked.

#45 mountain guy on 10.09.15 at 7:54 pm

Thank you #17 Earthboundmisfit, re: #3 Peterfrom Calgary and #11 DrillBabyDrill,
I too refuse to sell my soul, and my country for $5000. Harper has proven he’s incompetent to manage our economy (let alone anything else) – the cost of fixing this fine mess he’s gotten us into will impact each and all of us far, far more than the benefit of $5,000 TFSA.
The good news about opening day for voting is the preponderance of under-30’s at the polls today. I suspect they’re voting for change, not status quo.

#46 Nic on 10.09.15 at 7:54 pm

Forgive me for being ignorant but how can a company be relieved of paying pensions. Aren’t pensions part employees money ?

Unfunded liabilities are… unfunded. — Garth

#47 conan on 10.09.15 at 7:55 pm

#35 T.O. Bubble Boy on 10.09.15 at 7:28 pm

I am confident Harper is finished. There are still a lot of undecided voters but 90% of them will admit that they have zero/nada/ zilch intent of voting Conservative.

RIP TFSA at 10K
Beam it up
The Force is not strong
Done like butter

#48 Wow on 10.09.15 at 7:58 pm

Holy crap the comments on here are lame tonight. It’s Friday night and I have a wicked cold, so I thought I’d tune in. Now I feel kind of nauseated as well.

Garth how do you do it? Isn’t your brain getting kind of numb?

#49 For those about to flop... on 10.09.15 at 7:58 pm

#119 cropgrower on 10.09.15 at 8:35 am
…is it just me, or does everyone throw up in their mouth a little bit, after a “freedom first” post…..

——————————————
Freedom First makes me want to hug my wife a little bit harder.

#50 Mark in Guelph on 10.09.15 at 7:58 pm

#36-Rock beats Paper

Spot on! Unfortunately Garth is married to the US recovery narrative and simply ignores any signs to the contrary.

Imagine after seven years of 0% interest rates and 3 rounds of QE the longest and slowest recovery in history is quickly coming to an end. And just like with Garth’s rate hike call, he will cling to a narrative until it’s absolutely untenable, then he’ll just stop talking about it.

#51 Pamela Velos on 10.09.15 at 7:59 pm

Hi Garth, Thanks for your blog. Always informative and entertaining. I’m really going to need my CPP to pay for things, thanks to Ont Lib gov’t cuts to medical services. Please explain why it’s best to start collecting at age 60. BTW, Looks like 2 Canadians have embraced face covering, when they went to vote. Canada where you don’t actually have to show your face to vote! https://twitter.com/TurnbullJay/status/652565507904794624 and https://twitter.com/TurnbullJay/status/652560126914727937

#52 Kreditanstalt on 10.09.15 at 8:04 pm

“…as commodity prices improve…”??

“Improve”? They ALREADY HAVE…!

Gas is now only $1.139 here now…and I’m sure that the multinational Island Timberlands can export our wood (that government gives them for nearly nothing) for similarly competitive prices too.

#53 paul on 10.09.15 at 8:08 pm

#45 mountain guy on 10.09.15 at 7:54 pm

Thank you #17 Earthboundmisfit, re: #3 Peterfrom Calgary and #11 DrillBabyDrill,
I too refuse to sell my soul, and my country for $5000. Harper has proven he’s incompetent to manage our economy (let alone anything else) – the cost of fixing this fine mess he’s gotten us into will impact each and all of us far, far more than the benefit of $5,000 TFSA.
The good news about opening day for voting is the preponderance of under-30’s at the polls today. I suspect they’re voting for change, not status quo
———————————————————-
That’s comforting a’ preponderance of under-30’s’ will be deciding the the future of Canada. With 50% living off there parents this will work out well. I guess they all had the day off!

#54 Lorne on 10.09.15 at 8:10 pm

#3 PeterfromCalgary
Today I voted for my TFSA in the advanced polls. If you ever want to be able to retire you should do the same.
………….
It would be difficult to convince me that the ability to put an extra $4500 into my TFSA each year, supersedes all other issues in this election. I believe there are many people who feel the same way. Yes, it would be nice….but far from the most important issue.

#55 not 1st on 10.09.15 at 8:17 pm

Garth, maybe you have been preoccupied with the election. Better check your stats again. Ol Uncle Sam about to go through a weak earnings session and enter technical recession just like us. In fact most of the world will be there in 2016.

Outside of energy companies, earnings expected to be +4%. No recession coming. — Garth

#56 John in Mtl on 10.09.15 at 8:18 pm

I, also, refuse to sell my soul and my country for an xtra $4,500.00 to the TFSA.

Still undecided which party I’ll vote for. But I certainly know who I’ll NOT vote for!

#57 Julia on 10.09.15 at 8:26 pm

#46 NicForgive me for being ignorant but how can a company be relieved of paying pensions. Aren’t pensions part employees money ?

Unfunded liabilities are… unfunded. — Garth

They’re in CCAA, trying to restructure in an insolvency proceeding. As Garth said the benefits are underfunded, the company has been funding but they no longer have the financial ability to do so.
Their restructuring plan includes ending their financial support of the hole (benefits end immediately, pension paid to the end of the year, uncertain after) in order to try to survive or if the restructuring plan was not accepted they liquidate and close (bankruptcy) which eliminates all their obligations in any event.

#58 ANON on 10.09.15 at 8:27 pm

@ #48 Wow on 10.09.15 at 7:58 pm
Holy crap the comments on here are lame tonight. It’s Friday night and I have a wicked cold, so I thought I’d tune in. Now I feel kind of nauseated as well.

Just so you know, you can always feed the regular trolls to start the action. Ideas: try bashing gold, insist on deflation, bring in some reasoning against conspiracies, then sit back, relax, enjoy while imagining the future.

#59 Suede on 10.09.15 at 8:29 pm

Let’s look at it this way.

Bc it seems no one else is.

Why the hell is this company only making 1.85% on $500k. What a terrible ROI

Lending in the pawn shop industry is way better! 120% annual returns. You can’t even loan shark your way to that return

#60 learningfromyou on 10.09.15 at 8:31 pm

Thank Garth for this post.

Does Meridian is able to generate mortgages in Quebec?

The last time I lived the fight for lower interest rates I visited the banks and the current one with a few clicks on a desktop fixed my mortgage rate with no penalty.

Good way to save money in interest and pay faster the property

#61 For those about to flop... on 10.09.15 at 8:31 pm

#17 earthboundmisfit on 10.09.15 at 6:40 pm
@#3 PeterfromCalgary.
I just cancelled your vote mate. Refused to sell my soul, or my country, for 5K.

——————————————-
Not to sure still what the big deal is with the TFSA bollocks.
I put 41k in mine in the last year out of my savings account since I’ve given up on real estate .
On that money the bank would have given me approx $500 in interest which I would have had to pay tax on .
My tfsa is down $250 as of 2 days ago ,so I would have been ahead if I had taken no risk but I chose to as the bank interest is getting worse each year.
I suck at investing but I’m not going to apologize to any one for trying to be self sufficient and trying to get the most out of my AFTER tax dollars.

#62 crossbordershopper on 10.09.15 at 8:33 pm

Every thanksgiving that passes seems to be more of a non event. we have a holiday for what? i find it very sad that our youth and the recent immigrants and the regular people all have forgot why were her, it wasnt that long ago that we needed to grow our own food and weather the bitter winters. i know its kind of weird where the grocery stores are open 24 hours a day to talk about the past where people needed to stockpile food like a squirel or there wouldn’t be a spring.
its very sad, we forgot our heritage.
and giving, wow the number of people giving to food banks has really gone down, we worry about some dead kid washing up on shore around the world where up the street the lady doesnt eat so her kids can have something. thanksgiving is about helping our neighbours who by the grace go i.

#63 joblo on 10.09.15 at 8:41 pm

Been to a Conservative candidate website?
What a controlled bunch, a bio and then Harpo’s propaganda.
Garth mentions vote for the best candidate in your riding but Who cares what Country club you are a director of or your past experience, as an individual what are you gonna do?
Obviously parrot the puppet master.
Adios puppets!

#64 bluffalo blues on 10.09.15 at 8:42 pm

#10 nonplused on 10.09.15 at 6:22 pm
Based on my own personal survey (i.e. counting the number of unemployed parent’s on my son’s teams), I’d say the unemployment rate in Calgary is approaching 15% and this will show down the road in the statistics. These are mostly middle class people of course who can afford to pay for expensive stuff like youth sports, or at least they could until recently. If things don’t improve I could see minor sports enrollment starting to drop by next year. Many people would consider that to be a frivolous concern, but I think it is a window into the financial health of the middle class. When you can’t pay the mortgage are you still going to buck up $2000 for hockey? (Counting fees, equipment, gas, maybe hotels for a tournament, etc.)

I guess many members of the middle class were paying for hockey out of their HELOC, but with no job those lines may not last…..”

Hockey?????Gotta love the priorities….taking into account Garth’s prescient comment on McJobs, most likely in the future, the beloved hockey puck will be replaced by a frozen burger(different leagues will take different brands according to sponsorship).
Just imagine the chaos, one night playing with a whopper, the with next quarter pounder with cheese….nightmare for the goaltenders
The winners get to defrost the rondelle and eat it after the game.
Will be a bit like that afghani game where they chase the buffalo head on horseback…Rambo got real good at it though…..

#65 learningfromyou on 10.09.15 at 8:48 pm

#57 Never mind, I just call them and not for Quebec, hope it will spread changes in the other bank rates then I’ll shop around

#66 Dave on 10.09.15 at 8:54 pm

Fact: the real unemployment rate in the USA is far higher then the posted rate of 5.1%

No one really knows what the real unemployment rate is, but most ‘experts’ estimate it’s in the 15-20% range. It’s a structural problem that is not going away. I’m not a doomer, but this continues to be one of the worst economic recoveries ever.

Maybe you should worry about us. — Garth

#67 econoimpait on 10.09.15 at 8:56 pm

#5 Intuitive Missus on 10.08.15 at 6:15 pm
Just had to post this after I read it.

Let’s hope the loopholes in the tax system will be closed to prevent this type of abuse of the system. Everyone needs to pay their fair share. This is the kind of news that really irritates honest, hard-working tax payers. We set ourselves up to be screwed over. Makes my blood boil to read stuff like this.

http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/foreign-investors-avoid-taxes-by-buying-real-estate-in-canada/article26683767/

Worry about something that matters. It’s not this. — Garth”

Have to agree with Garth and disagree with the poster….the guy cited in the article brought thousands into the country including the huge private school fees….this led to the direct creation of jobs…..

#68 crowdedelevatorfartz on 10.09.15 at 8:56 pm

@#1 &6 YYZ Gardian

I see Toronto has brought out the best in your empathy, open mindedness and vulgarian verbal skills.

Hopefully you’re one of the “owners” of a highly leveraged 500k (soon to be leaky condo) that doesnt like hearing the truth.
Enjoy those mortgage payments sucka…..soon to be goin’ up up up like those airplanes at YYZ

#69 ANON on 10.09.15 at 8:58 pm

#41 Jimmy on 10.09.15 at 7:38 pm

A couple of great sci-fi “must reads” are
Ender’s Game and
Hyperion.

Don’t diss “Last Light” and “Afterlight” or “Wolf and Iron”. “A Canticle for Leibowitz” might be interesting too.
Try the more mainstream “Pebble in the Sky”, just to watch your Six-tee. ;)

#70 TurnerNation on 10.09.15 at 9:02 pm

Here’s the new “Agenda 21/NWO” kando price list.

Working serfs get 450-500 sq foot for 400k
Acting bourgeois get 700 ft two bedrooms 700k

(Only Party faithful, sunshine listers, get houses)

http://notable.ca/these-are-the-average-prices-of-condos-at-the-busiest-intersections-in-toronto/

#71 Ronaldo on 10.09.15 at 9:09 pm

All I can say is holy crap. Unfriggin believable. We are indeed in trouble. The gov knows full well that if housing crashes, everything will crash with it. They are going to let this baby bloat for a long time yet. Low interests rates are here to stay. Load up on debt children.

#72 bigtown on 10.09.15 at 9:14 pm

We have a stagnant economy and no wage growth. Daily we read in the Star workers in Toronto working for minimum wage for years. Immigrants staying in low wages for years. In 2014 Harper upped immigration from 250,000 to 275,000…surely it is now apparent that the HIGHEST IMMIGRATION LEVELS in the free world does not provide a strong economy or growing wealth for all Canadians including immigrants.

So the niqab decoy kept our focus away from the high level of immigration which keeps wages low and inflates real estate prices and Harper does not have to answer any economic shortfalls as he has a nice convenient veil to hide behind. Harper is a quiet but effective politico.

Of course, our MSM is always willing to jump on any politically correct bandwagon that comes to town. The only game in town now is IMMIGRATION and OVERPRICED REAL ESTATE.

#73 conan on 10.09.15 at 9:19 pm

Horrible day for Toronto sports fans. Maybe the Leafs are doing alright……… yeah ugg.

If there is one baseball team that can win 3 in a row when they frickin need to its the Blue Jays.

They leafs?……..meh

#74 Ronaldo on 10.09.15 at 9:22 pm

Interesting article regarding TFSAs

http://business.financialpost.com/personal-finance/tfsa/how-the-guaranteed-income-supplement-is-on-a-collision-course-with-tfsas

#75 Freedom First on 10.09.15 at 9:23 pm

#2 YYZ _Guardian

Kudos Garth! Calm cool and collected while dispensing A1 a$$holes with ease and class.

#76 not a racist leg to stand on on 10.09.15 at 9:23 pm

You know, if Harper would have just avoided all the racist dog whistling to all the sad and small Canadians, I think he would have skated to victory. All the islamophobia and old stock bullshit just gives people an indisputable moral reason to kick his haggared ass to the curb.

My mother, Ontario teacher for 23 years, was set to vote conservative candidate in her riding because she still remembers the slight to education the Ontario NDP managed when they held power. The current is her favourite program and was charmed to death by that young woman. Now she’s wanting to go ABC.

Wouldn’t be surprised if more people had experiences like this one. Racism is gross and sad. I hope Steve is punished in the polls accordingly.

#77 Grey Man on 10.09.15 at 9:23 pm

Brian Mulroney told us how Free Trade was going to be so good for Canada . Did not quite work out so well as he promised ,so here we go again the TPP will be good for Canada jobs galore says Stephen .
Fool me once shame on you
Fool me twice shame on me
Went to our one and only Mall tonight The Niagara Square , would have been quite busy on friday night 25 year ago. I was shocked to see at least 70% of of stores closed , lots of $500,000 homes and up these days in a city with no jobs. No disposable income anymore got to make that mortgage payment and the new car with 8 years finance.
Don’t forget to vote! RED BLUE OR ORANGE it will be the same Crap sandwich . What happend to Robo call scandal shhhhhh !

#78 45north on 10.09.15 at 9:25 pm

YYZ_Guardian: your comments are ignorant. mostly ignorant of the fact that Garth pays for this blog out of his own pocket.

omg: ( from yesterday ) I do not think the grotesque Canadian housing bubble will explode in a Super Nova manner – it will just hobble our economy for the next couple of decades as we revert to the mean.

Victoria Real Estate Update: there has never been an example of a country with a major housing bubble where the bubble deflated in a slow, safe, soft landing manner

I’m with Victoria Real Estate Update. At least as far as his view of real estate.

nonplused: When you can’t pay the mortgage are you still going to buck up $2000 for hockey?

$2000 sounds like house league. Competitive is much more.

Victor V: from your link: Alberta Premier Rachel Notley delivered her first speech to this city’s business community Friday,

You would never know you were in a room of 1,600 people

what about building refineries in Alberta? The purpose of the Keystone Pipeline is to bring the unrefined product to Texas. Why not build the refineries in Alberta?

https://en.wikipedia.org/wiki/Keystone_Pipeline#Alternative_projects

#79 lee on 10.09.15 at 9:25 pm

I’ve read life expectancy in Canada is growing by about two months every year so in ten years well all be living alost three more years. So when the teachers pension fund becomes underfunded well all be paying for the gap to top it up since it’s guaranteed and it can’t fight demographics.

#80 Grey Man on 10.09.15 at 9:29 pm

#66 Dave
Donald Trump says real unemployment in U.S. is 42%

#81 Freedom First on 10.09.15 at 9:29 pm

#3 PeterfromCalgary

I did. Today also. Dippers and Libs pi$$ed me off. So did their supporters. And, by chance, best MP choice of the bunch in my zone too.

#82 Almost there | Realties.ca on 10.09.15 at 9:32 pm

[…] Source: http://www.greaterfool.ca/2015/10/09/almost-there-2/ […]

#83 Ronaldo on 10.09.15 at 9:37 pm

#38 Nora Lenderby

”Perhaps a teen rebel, now grown up, testing the limits of tolerance and being used as a political pawn. I predict more people will wear face coverings in the future as a means to annoy grumpy old men.”

Perhaps this young gal was trying to annoy grumpy old men as well Nora.

http://www.cbc.ca/news/canada/british-columbia/being-topless-in-public-is-legal-b-c-woman-reminds-others-after-police-encounter-1.3170353

#84 Washed Up Lawyer on 10.09.15 at 9:46 pm

For the last 7 years we have observed an utter failure in advancing an oil pipeline to tidewater.

With the TPP, to boost the economy and get ahead of the game, a milk pipeline to Wisconsin should be promoted with the utmost diligence, perseverance and a huge advertising and lobbying campaign in Washington and Madison.

Or would that be an udder failure as well?

#85 Grey Man on 10.09.15 at 9:46 pm

Using BLS numbers
1. Official labour force = 157m
2. Not counted in
Labour force = 94.6m
3. Official unemployed = 8. 2m

Unemployment (3/1) = 5.2m these are August BLS numbers

4. Real labour force (1+2)= 251m
5. Real unemployed (2+3)=102.2m
6. Real unemployment (5/4) =40.7%

#86 Yuus bin Haad on 10.09.15 at 9:48 pm

“fighting over a niqab …” – smells like Lynton Crosby to me.

#87 Nagraj on 10.09.15 at 9:50 pm

Canadians!

Avoid Hamilton, Ontario!

Do not go there.

The Unfunded Liabilities Co. has just been given the legal right to starve over 20,000 senior citizens to death in that city.
Because these citizens will have to pay for their dentist visits, they won’t have enough money for groceries. And because they can’t afford new prescription glasses now, Tim Horton won’t hire them. Tim Horton has no use for blind, hard-of-hearing and slow employees. And the FOOD BANKS don’t got that much food.

Which is all quite reminiscent of an old post-WW2 Italian movie about the plight of pensioners in Rome. In that movie the Roman pensioners march in the street to protest their penury – and the marchers are VIOLENTLY dispersed by the police! (Old geezers with canes are no match for cops with truncheons.)

Canadians! Whereas some years ago (the Harris years in Ontario) the root of all evil was UNWED MOTHERS ON WELFARE, it now looks to be the case that UNFUNDED LIABILITIES is takin’ over that role. Like, you know, yer HOUSE may turn into the UNFUNDED LIABILITY that sends YOU to the nearest food bank. (Rather likely I’d say.)

So, on second thought, DO go to Hamilton (if you aint been to Windsor) if you want a peek at your future.

And by the way, wot’s the diff between this niksquby thingy and YOU runnin’ around in the winter with the parka hood over your head and a scarf over yer mouth and nose to keep out the blowing cold? Niqsquabbied Nation you are, Canada. Yes.

All of which gits me religious. Remember when the earth quaked and the temple curtain was torn and the dead rose from their graves and wandered about? Bet the first thing the risen dead did was to head for the nearest Tim Horton’s.

#88 Grey Man on 10.09.15 at 9:50 pm

Official unemployment rate (3/1) = 5.2%

#89 kommykim on 10.09.15 at 9:58 pm

RE: #46 Nic on 10.09.15 at 7:54 pm
Forgive me for being ignorant but how can a company be relieved of paying pensions

Because we vote in governments that allow it.
Harper allowed the companies to underfund their pension plans with predictable results.

#90 TurnerNation on 10.09.15 at 10:00 pm

Forex guys must be saying: Read my pips. No new rate hike.

#91 IHCTD9 on 10.09.15 at 10:06 pm

#53 paul on 10.09.15 at 8
That’s comforting a’ preponderance of under-30’s’ will be deciding the the future of Canada. With 50% living off there parents this will work out well. I guess they all had the day off!

—————————-
LOL, Good one! The angry jobless drones that inhabit their parents basements everywhere, on the net burning up their keyboards during office hours.

There are the ones who understand the situation, but many have given themselves over to a certain self-righteous rage. Can’t fix those, all you can do is try to help.

And on that note, I’ll be off to vote For Harper, and look forward to another majority (you can thank me later <30's)

#92 diolch yn fawr on 10.09.15 at 10:11 pm

Garth is not so unsmart as to not realize he would not join any club that would have him as a member. Canada has not freed women Rather we have turned into a nation of girly men . And Justin Trudeau is their de facto leader .Gone are the days of Churchill . Generations from now will remember us if they remember us at all with scorn and not admiration . Canada will be a mere skid mark of little historical significance . Enjoy it while you are able . That being said I wish everyone a joyful thanksgiving and a minority gov’t so as no one feels too elated or disappointed . It is a blessing to not be important. And truly we are blessed.

#93 IHCTD9 on 10.09.15 at 10:23 pm

#89 kommykim on 10.09.15 at 9:58 pm
RE: #46 Nic on 10.09.15 at 7:54 pm
Forgive me for being ignorant but how can a company be relieved of paying pensions

Because we vote in governments that allow it.
Harper allowed the companies to underfund their pension plans with predictable results.
———————————————-

I hear we are also in for a nasty winter because Harper said so. My wife mentioned there was a protest in Ottawa because we’ve just had two rotten winters in a row, but Harper told them all to pound salt and get ready to shovel. Then he had Zues zap them all with lightning bolts.

#94 Chemistery on 10.09.15 at 10:25 pm

Money that cost virtually nothing to create in any quantity meets virtually unlimited supply of human labor.

Interest rate will go up when one of these two parts change.

#95 Herb on 10.09.15 at 10:30 pm

US Steel Canada/Stelco –

Socialism/relief for the company, capitalism/welfare for the retirees.

Don’t you just love North American “capitalism”?
Let you in on a little secret: this situation would have been impossible in a “socialist” country like Germany, Austria and some others in the world.

You may not believe this, but it is possible to combine “freedom” and wealth creation with protection of the low end of the economic food chain. Except in right wing ideology, of course.

Companies go bankrupt, sadly, with employees past and present as well as shareholders paying a big price. More reason to always invest, have a Plan B and control your own destiny. — Garth

#96 trick or treat on 10.09.15 at 10:30 pm

http://theportableartist.hypermart.net/ck/images/harpermask2.jpg

#97 Yogi Berra on 10.09.15 at 10:35 pm

12,000 61,000 212,00 10.5% 1.85% yada yadi yada

They are just numbers, bottom line is you need a house to live – it is better if it is yours and yummy if it is mortgage free – stocks ETFs are optional (pedded by self serving salespeople) and “good to have” once you have your house.

‘Salespeople’ do not peddle ETFs, which do not carry loads, or commissions. — Garth

#98 Idiots vote CONservative on 10.09.15 at 10:37 pm

Wow after looking those horrible trade numbers one would have to be a complete idiot or an ignorant old stock Canadian? LOL thanks Harper for helping me make fun of your clueless supporters.

#99 Retired WI Curmudgeon on 10.09.15 at 10:41 pm

Friday – the end of another week. At least the market had a good week, replacing a few of those nickels lost since late August. It might disappear next week, that be the investing game, kids. Never fear, the great direction for over a Century has been UP! Even the Great Depression was not forever, just felt like it… sort of like 2008…

Reading tonight’s comments, too may diverse topics, my head is sore. So, I’ll not infuse more “worrying topics” that alas, I can’t do a darn thing to correct.

I’ll try to leave you with the thoughts to be humble and tolerant. Sort of fits what we would all expect & appreciate.

Enjoy the glorious weekend, weather here advertised to be great! Hope the same in your hood!

#100 Idiots vote CONservative on 10.09.15 at 10:49 pm

DELETED (anti-immigrant)

#101 kommykim on 10.09.15 at 10:49 pm

RE: #93 IHCTD9 on 10.09.15 at 10:23 pm

#89 kommykim on 10.09.15 at 9:58 pm
RE: #46 Nic on 10.09.15 at 7:54 pm
Forgive me for being ignorant but how can a company be relieved of paying pensions

Because we vote in governments that allow it.
Harper allowed the companies to underfund their pension plans with predictable results.
———————————————-

I hear we are also in for a nasty winter because Harper said so.

The Harper gov allowed an accounting change that let employers say their pension funds are worth more than they really are. Under the rules, companies with enough money presumed to be in pension funds can skim that money for “other purposes”. Harper rejected the idea of insuring private pension plans.
Enjoy your right wing “flexibility” IHCTD9, and bend over!

#102 Terry on 10.09.15 at 10:51 pm

US Steel Canada decision is a disgrace. On top of losing their healthcare benefits the company has also been relieved of continuing to add money to the Pension Fund. This will have the effect of eventually lowering retirees monthly pension amounts going forward. I hope this Judge who made this decision has sleepless nights for the rest of life on behalf of the over 20,000 retirees he screwed over with this decision. Too much evil in this world.

#103 Linda on 10.09.15 at 10:54 pm

#46 Nic: sadly, there is minimal pension protection legislation in Canada (ditto the USA). Essentially any US company that declares bankruptcy (I believe they call it being in Chapter 11) can & does shuffle off those pesky pension obligations to a federal fund. So the money employees paid in may never be paid out, or if it is paid out it is pennies on the dollar – quite literally. Ditto in Canada, though we do not insofar as I am aware have any federal fund to take over pension obligations of defaulting companies. Hence the Nortel pensioners pleading to have first crack at the remaining assets prior to the preferred creditors getting all the remaining cash. I believe the courts gave the Nortel pensioners equal status with preferred creditors – normally employees/pensioners are back of the line with the rest of the riffraff – but essentially the Nortel pensioners are likely trying to find some way of replacing the funds they used to get from their Nortel employee pension plan. Air Canada employees saw their pension plan funds disappear for much the same reason. Company financial issues meant the plan was underfunded & when Air Canada was going through the restructuring process the pension plan was essentially gutted for most Air Canada employees. The deal ended up that only those employees who had paid into the plan for 25 years or longer would receive any pension whatsoever. Less than 25 years paid in got zip, nada, the big fat goose egg. As for the ‘lucky’ 25+ year employees, they got 60% of 60% – thirty six cents for every dollar they had paid in. Oddly enough, this affected the retirement plans of those employees. The unlucky Air Canada employees who did not meet the 25 year plus criteria – well, if you had paid into the plan for 24 plus years (but not the all important 25) too bad for you.

Most people never think about their pension plans until they get within striking range of actual retirement, so the fact their plans could be yanked out from beneath them at any time – including once they are retired & drawing the pension – is not well known. Apparently the only province that does have any legislation to protect pension plan members is Ontario & that legislation is minimal at best, though it may have been the reason why the Nortel pensioners got to join the preferred creditor list. Frankly, implementation of pension legislation so pensioners & retirees don’t have to worry if the money will be there when they retire is something that should have been a major election issue.

#104 tundra pete on 10.09.15 at 10:59 pm

I do recall the last time I covered my face with a rag. Twas Vancouver, 1979, and vanhalen was playing the Pacific Coloseum. I and several of my buddies, high on acid, thought it would be the thing to do. So we covered our faces.

Turns out that the cops were unimpressed likely because of my mouth rather than the rag but it ccost me 6 months probation and 40 hours of community service! Could only imagine law enforcements reaction to that bunch of us with rags on our faces these days.

#105 IHCTD9 on 10.09.15 at 11:00 pm

Enjoy your right wing “flexibility” IHCTD9, and bend over!

———

Psssst… – I don’t need a company pension plan!

Hot Tip: All those government plans will eventually be in the same boat, that is to say more so than they already are.

#106 BS on 10.09.15 at 11:01 pm

Because we vote in governments that allow it.
Harper allowed the companies to underfund their pension plans with predictable results.

I think the underfunding started long before Harper was in power.

Defined benefit pension plans of any kind are a disaster waiting to happen. That includes CPP and OAS.

RRSP, LIRA, and TFSA accounts in the control of the person who earned the money are the way to go to. Nobody can take it away or tell you later sorry there is nothing there when you retire.

The Liberals and NDP want to take away TFSAs and have all money put into pension plans you have no control over. Personally I have no clue why anyone would want to rely on the government of the day or the company you work for to invest and provide for your retirement. It is asking for more underfunded pensions that leave retirees with nothing.

#107 diolch yn fawr on 10.09.15 at 11:05 pm

Justin Trudeau, should he so unjustly thrown into the dustbin of history, may he rise to fight again on teacher picket lines for smaller class size and more preparation time . May he throw all his passion into this heartbreaking injustice until the still point of the western world is materialized and all can rest again

#108 Sam the Sham on 10.09.15 at 11:06 pm

#3 PeterfromCalgary

So under creepy Harper’s government you get to claim another $5,000 on your TFSA. The average return on this is probably close to 2%, but let’s say for argument sake you can get 5%. That’s $250. the tax on that at the highest rate of 29% is $72.50.
You’re going to vote in creepy Harper again for a pay off of $72.50? ARE YOU SERIOUS?

#109 IHCTD9 on 10.09.15 at 11:09 pm

#102 Terry on 10.09.15 at 10:51 pm
US Steel Canada decision is a disgrace. On top of losing their healthcare benefits the company has also been relieved of continuing to add money to the Pension Fund. This will have the effect of eventually lowering retirees monthly pension amounts going forward. I hope this Judge who made this decision has sleepless nights for the rest of life on behalf of the over 20,000 retirees he screwed over with this decision. Too much evil in this world.
——————-
What the judge did was allow the ONLY potential for ANY pension payout for these retirees to proceed. If the answer was no, the plant would have been mothballed, everyone gets laid off, and no one get’s paid – including retirees and the city. The only way anyone can get anything out of USSC Can. is if they can return to profitable business operations.

How the hell can anyone with half a brain not realize what happens in an insolvency?

THEY’RE BROKE!

NO MONEY!

CAN’T PAY!

#110 Gord In Vancouver on 10.09.15 at 11:12 pm

Thanks, Garth.

#111 diolch yn fawr on 10.09.15 at 11:13 pm

This thanksgiving my hopes rest will Justin Trudeau and the Liberal party and with their quest to re plumb all of Canada From coast to coast to coast So that the manure may flow equitably in this land and bind us together as one nation

#112 Worth a Read on 10.09.15 at 11:13 pm

From the respected Edmonton Journal.

http://edmontonjournal.com/opinion/columnists/gary-lamphier-baghdad-bob-meet-christy-clark

#113 diolch yn fawr on 10.09.15 at 11:19 pm

If your grocery store is unable to provide that thanksgiving turkey Maybe that turkey is running for election And release it maybe your goose that is being cooked. Happy Thanksgiving Please pass the stuffing

#114 diolch yn fawr on 10.09.15 at 11:27 pm

All joking aside I feel truly blessed in the knowledge our great land is in the hands of men and women hardly more qualified and infinitely less motivated than the local gas bar attendants . Apologizes to gas bar attendants

#115 Linda on 10.09.15 at 11:32 pm

#106 – RRSP’s defer taxes, doesn’t mean they won’t be taxed once you start drawing on them & the rules for RRSP’s can be changed at any time – & you can pretty much bet the amount of tax will be higher than it is today. Ditto LIRA. TFSA are ‘tax free’ for now – the government giveth & the government can taketh away. At any time bank accounts could be seized (ever hear of assets being ‘frozen’?). Nice to think money in your RRSP/LIRA/TFSA is ‘safe’ but thinking it does not make it so. Plenty of people in plenty of places have found out the hard way that their money wasn’t safe at all.

#116 kommykim on 10.09.15 at 11:34 pm

RE: #106 BS on 10.09.15 at 11:01 pm
Because we vote in governments that allow it.
Harper allowed the companies to underfund their pension plans with predictable results.
I think the underfunding started long before Harper was in power.

True, but he allowed corps to underfund their pensions even more in 2008. In effect, he made the situation worse when he should have tightened the rules instead.

Nobody can take it away or tell you later sorry there is nothing there when you retire.

Vote in the right government, and anything can be taken away.

#117 NoName on 10.09.15 at 11:37 pm

Then he had Zues zap them all with lightning bolts.

bzzzzzzzzz

#118 JimH on 10.09.15 at 11:54 pm

Geez Louise!
According to my biased research, on a per capita basis, the % of nutbars frequenting the comments section of this site now exceeds that of the Texan commenters on Bill O’Reilly’s blog.
Congratulations!

#119 devore on 10.09.15 at 11:57 pm

#89 kommykim

Because we vote in governments that allow it.
Harper allowed the companies to underfund their pension plans with predictable results.

Pensions are underfunded because a company (or government) cannot force union employees to contribute more to offset lower than projected long term market returns. Or where do you think the money is supposed to come from?

#120 omg the original on 10.10.15 at 12:07 am

Compare that to the US, where an average of 212,000 jobs have been created monthly all year and the unemployment rate traveled from 10.2% six years ago to 5.1% today. (Ours is 7.1%.)
————-

Of course, as we have seen in Alberta, increased unemployment in Canada will have NO IMPACT on the morbidly inflated housing market.

Because:
– people will sell their GRANNY to pirates before they lose money on their house
– it only takes a few people at the margin (get out your old Econ 100 textbook) to drive prices and there are plenty of well paid people in Canada (many of them working for the government) still desperate for a house

#121 AfterTheHouseSold on 10.10.15 at 12:12 am

#46 Nic
“…how can a company be relieved of paying pensions.”
#89 kommykim
“Harper allowed the companies to underfund their pension plans with predictable results.”

In 1980 Ontario set up the Pension Benefit Guarantee Fund (PBGF) “to protect defined-benefit pension plan members should their plans become insolvent through bankruptcy or liquidation. It is funded by a small levy on employers.”

In the early 1990s, the Bob Rae NDP government, gave Stelco, GM, Ford, Chrysler, IBM and Sears a pension contribution holiday due to the recession. They were to make up the contributions when the economy improved, considered a sound plan as they were too big to fail…

In 2009 during the GFC, the fund had 230 million in it. The fund was underfunded. The government bailed out the auto sector.

I have looked no further into the current state of the PBGF, or if it would be of any benefit to the situation in Hamilton.

#122 Oceanside on 10.10.15 at 12:12 am

1.5 hour wait for the advance polling in Parksville. Voted strategically for “change” despite the TSFA boost .

#123 omg the original on 10.10.15 at 12:13 am

Meanwhile almost 70% of homeowners say they’d be troubled or sunk by a $500 mortgage payment increase and half of us couldn’t survive one missed paycheque.
—————

Yes, I see these people all the time.

They have
– two Lexus in the driveway
– a $220/m cable/internet package
– they eat lunch out every day
– two $140/m cell phone plans
– they go on three vacation per year

When push comes to shove people are really resourceful about coming up with money to keep their house.

Again look at the great Calgary experiment – in a market in which prices had doubled in the last decade, and job losses have been profound, prices have barely budged.

#124 omg the original on 10.10.15 at 12:21 am

#35 T.O. Bubble Boy on 10.09.15 at 7:28 pm

I am confident Harper is finished. There are still a lot of undecided voters but 90% of them will admit that they have zero/nada/ zilch intent of voting Conservative.
——————

Ya, and nobody admits to liking Nickelback but somehow they sold 28 million albums.

#125 whitehorn on 10.10.15 at 12:56 am

#102 Terry “US Steel Canada decision is a disgrace. On top of losing their healthcare benefits the company has also been relieved of continuing to add money to the Pension Fund. This will have the effect of eventually lowering retirees monthly pension amounts going forward. I hope this Judge who made this decision has sleepless nights for the rest of life on behalf of the over 20,000 retirees he screwed over with this decision. Too much evil in this world.”

I agree with your comments. Plus, this could be the start of several more companies doing exactly the same. I thought Pensions, were untouchable by companies who run into trouble, where laws were written to protect those workers. It happened to some gold and coal companies in the 90’s and then got revamped – perhaps “revised” loopholes in the company contracts.

#126 Smoking Man on 10.10.15 at 1:07 am

Get this, I book a trip home today, west jet.

I get to boston airport, no west jet. Wtf.

Turns out they use Delta, I get a cab go to another terminal.

I get there, my flight to LaGuardia for my connection is cancelled. They put me on a flight to Minneapolis, to get a connection to Toronto.

Fk. Ok three more hours without smoke.

My flight to Minneapolis is running 1/2 hour behind. I only had half an hour to make my connection.

Not possible, being the dyslexix beast I am. I talked to the flight attendant, said my wife was in labour and I need to make the connection to witness my first born

I look like Im fking 70 … American chics is all im saying.

She talked to the pilot, and he got some kind of clearance to fly at altitude then a rapid decent to make up time.

I made my connection.

Who says lying is bad..

#127 Love my Kia on 10.10.15 at 1:39 am

Voting for TFSA? Seriously?!? Why don’t you sell your soul while you are at it?

The TPP now allows other countries to block Canadian Internet content without any active challenges to it on Canadian soil. The Charter of Rights is now a worthless document thanks to this deal and we are now at the mercy of participating TPP countries.

If you’ve never had an opinion on anything ever, than this won’t concern you at all. Happy voting!

http://www.michaelgeist.ca/2015/10/canada-caves-on-copyright-in-tpp-commits-to-longer-term-urge-isps-to-block-content/?utm_campaign=twitter&utm_medium=twitter&utm_source=twitter

#128 chapter 9 on 10.10.15 at 1:40 am

Anyone recall a supreme court decision that had an impact on approx. 700,000 federal public servants. The courts ruled that the Chretien government had the right to take a $28 billion surplus from employee’s pension plan and use it to pay down the deficit. The unions fought for retirees as well as active public servants, RCMP and military for at least a portion of that money.The fed’s counter argument was as long as they are getting pension benefits as required by law they have no right what so ever to share in any surplus. Government won,employees lost. Sure makes paying off debt easy!!

#129 Boots on 10.10.15 at 1:40 am

Reporting live from Vancouver….car repo are suddenly on the rise…I work with the finance companies and I haven’t seen this many for quite a while

#130 Entrepreneur on 10.10.15 at 1:40 am

Thanks for the reminder, Garth, it all helps!

Time for a little fun, since all parties are bad to evil, they can actually be compared to snakes. Conservatives are similar to cobras (their way or the highway); Liberals are similar to a two-headed snake (say both ways to get votes but once in, their way); NDP are like a garter snake (healthy for the garden, trying to making it right). Have fun with this, he, he.

Hillary Clinton opposed the TPP because she is for the people of the U.S. Same with the NDP here, for the people.

As for not voting for the NDP because of the unions, we are living in 2015 where the world has changed & where we need a strong group to protect the people(not like the seventies where small businesses were alive) . Did you know that the unions stepped in when the mining jobs were not offered to Canadians first (right here in B.C. under the Liberal Government which did nothing to stop it) I, myself, am not a union person because I believe in small businesses, but now, dynamics have changed.

Vote for which snake is the best for our country and the people that live in it!

#131 BetterStock FreeStock Iceberg on 10.10.15 at 1:45 am

#2, #6 YYZ_Guardian

The niqab is the tip of the iceberg…

And what iceberg might that be? –Garth

….Islam Garth, quit being so dense

—————————————–

I am a human being – I choose to follow Islam.
I am a woman – I choose to wear the veil.
I am an immigrant – I chose to make Canada my home.
I am a Canadian – I will choose to vote tomorrow.

#132 Mike on 10.10.15 at 2:32 am

I voted for my TFSA today as well – I voted for the candidate in the party that’s going to improve the economy so I will actually have a job and therefore money to invest in that TFSA!

#133 sam on 10.10.15 at 3:06 am

http://ipolitics.ca/2015/10/09/harper-is-playing-politics-with-a-housing-bubble-ready-to-pop/

#134 It's All Very Puzzelling on 10.10.15 at 3:11 am

Not related to this actual post but I have been wondering. Oil has gone up, for the most part markets have been rising since Russia decided to get stupid in the middle east. One would have thought this would have the opposite effect with worry of some accidental incident between a NATO force and them. Guess I don’t understand much.
I don’t get why they would close an immigration office on a Friday afternoon to have one woman swear a Citizenship oath. Seems like that would draw more attention than the government would want to the situation seeing the courts have told them to smarten up. You’d have thought they would have just let it quietly happen. There again I don’t get why they keep appealing rulings that they can’t possibly win. Maybe that I do get, ideology rules those decisions.
Some of you folks should go look at some historical charts, even in the 1929 crash the market started going back up within a couple of days. Some people would have eventually recovered had they not jumped out of windows.
Surprising the things attributed to Garth that really are just your misinterpretations of his writings. There again so many of you have indicated how much richer and smarter than me you are. Better shut off my laptop and hide it under the bridge here until I can go to Tim Horton’s in the morning and recharge it.

#135 M on 10.10.15 at 3:18 am

Gartho..I don’t know why do you complain.
Things are VERY VERY good ..with a LOTS of dough to be made on the catastrophic way down…and later a HUGE amount on the way up in 5-7 years or so.
Life is good my friend !!!

Imagine shorting those crappy banks (all 5 of them) that have exposure to likes like Meridian, Premier Home, Canada Wide..and other ticking bombs.

I am drooling my friend …

..and when the central bank will lower to 0.25$ , I’ll be drooling even more.

#136 I cover my face all the time on 10.10.15 at 3:27 am

Behold! The niqabs of canada!

http://niqabsofducanada.tumblr.com/

#137 Steve French on 10.10.15 at 3:41 am

Comment section seems particularly disturbed and wacko tonight.

And we haven’t even heard from the Smoking Man…

#138 M on 10.10.15 at 4:01 am

https://www.bad-credit-loans.ca/mortgage-lenders/

..read the comments.

The sense of entitlement is amazing :)
Depressions are good indeed !

#139 Sydneysider on 10.10.15 at 5:13 am

Harper should know that the niqab is normal dress for Albertans who are walking outdoors in the winter.

#140 Jake Dennison on 10.10.15 at 6:03 am

TO BS #106

I don’t understand either why people want to rely for maybe 70%, 80% of their retirement on company pensions.

The whole point of being diversified is not having to depend on one thing for your financial life.

Pensions and real estate seem the only things people today think is their best choices.

Besides RRSP’s, TFSA’s, LIRA’s, a decent amount of non-registered investments and having no debt is key to avoiding to much reliance from one or two income, financial sources for retirement.

#141 Julia on 10.10.15 at 7:27 am

#101 kommykim

Isn’t the main issue the assumptions used in actuarial calculations to determine plan solvency? As I understand, when calculations show a registered plan to be underfunded, the Company has 7(?) years to fund the deficiency but if the markets change in their favour they can just get a new valuation done and stop the funding.

#142 Julia on 10.10.15 at 7:30 am

#102 Terry
“US Steel Canada decision is a disgrace. On top of losing their healthcare benefits the company has also been relieved of continuing to add money to the Pension Fund. This will have the effect of eventually lowering retirees monthly pension amounts going forward. I hope this Judge who made this decision has sleepless nights for the rest of life on behalf of the over 20,000 retirees he screwed over with this decision. Too much evil in this world.”

This is a bankruptcy proceeding. The retirees are not losing the funds they put in themselves. Who do you propose should make payments for a bankrupt company?

#143 Julia on 10.10.15 at 7:40 am

#103 Linda
Chapter 11 in the US is (somewhat) equivalent to the CCAA in Canada. A court supervised insolvency proceeding to allow the debtor an opportunity to restructure. If it fails then they are bankrupt.

Pension solvency and funding rules are an issue that needs to be addressed. Bankruptcy sucks for employees and retirees stuck in the middle but I am not sure what the solution is.
The issue of priority in case of insolvency is a very hot button. 1 side wants priority over all assets for the underfunded portion in a bankruptcy (Unions, retirees, plan members) the other side takes issue with that as it would restrict access to capital from lenders. Why would they lend into a company without having priority over the company’s assets?

#144 From Atrocious to Tepid on 10.10.15 at 8:34 am

“A spokesman from the Department of Foreign Affairs said the RCMP had been notified about a series of leaks to the press. The department notified the police after a memo about the dangers of leaking journalists information was itself leaked to journalists.”

#145 The American on 10.10.15 at 8:34 am

At #66 and #80: Dave and Grey Man: There is no convincing Canadians that the American economy is chugging along extremely well. Y’all love it when the American economy takes a dive, and you hold onto that shit for YEARS, like it’s luggage or Michael Bublé. Get over it already, would you? Pick up a newspaper, talk to several Americans, and stop speculating all the damn time. If you seriously believe unemployment is 15%, 20%, or 42%, then you all have been watching Fox “News” way too much, because that’s utter nonsense, and you’re not using your noggins to believe that garbage for a second. The U.S. economy is fantastic, and apparently neither of you get out very much to really get that fact. Sounds, once again, a Canadian can’t think it’s possible simply because the Canadian economy is so much into the shitter now. Typical, conspiracy-driven, myopic little minds, but I’m not really surprised anymore.

#146 jess on 10.10.15 at 9:09 am

Prices should fall when demand is below capacity.WHY NOT?

New York’s electricity market is a scam
State operators rig prices not to fall, thanks to lax regulators
September 2, 2015 2:00AM ET
by David Cay Johnston @DavidCayJ

…”Electricity should be cheap in New York because the state’s capacity to generate power far outstrips demand. Its surplus is huge, as much as 63 percent in May, and never less than 4.6 percent, New England Power Coordinating Council reliability reports show.

http://america.aljazeera.com/opinions/2015/9/new-yorks-electricity-market-is-a-scam.html

#147 Blue Jays 0-2, Leafs 0-2, Toronto Sucks!!! on 10.10.15 at 9:10 am

Toronto, you’re not world class, just delusional.

Your real estate bubble pops next.

Prices will be down by 60% within 5 years.

Just watch, you pathetic losers.

(Vote Harper, then you can blame it all on the niqab)

#148 Bottoms_Up on 10.10.15 at 9:12 am

If a pension plan is unfunded, a company should be prevented from hiring and growing unless they implement changes to show how it will now be funded. Lest we end up lying to new hires, promising them something that is not really there.

#149 Stoopid Idiot on 10.10.15 at 9:12 am

Oil M&A’s False Positives: Liam Denning
Liam Denning

In a wounded market, M&A can be a healing balm. The sight of battered predators feasting on even more battered rivals warms the coldest of hearts on Wall Street. After all, if insiders have decided it is the right time to buy, then surely the worst is over.
That is one way of reading Suncor Energy’s hostile bid for compatriot Canadian Oil Sands. It just happens to be the optimistic way of reading it.
For one thing, mistiming mergers is something of a specialty in the cyclical commodities sector: Just ask Freeport McMoRan, which on Tuesday re-announced its intention to offload the oil and gas business it largely acquired when crude traded at triple-digit prices.
In Suncor’s case, the timing doesn’t look bad: Canadian Oil Sands’ stock is down by more than 50 percent in the past year, and that includes the bump it got Monday on news of the offer.
Continue:

http://www.bloomberg.com/news/articles/2015-10-06/oil-m-a-s-false-positives-liam-denning?cmpid=yhoo

#150 Harper-loving, confederate niqab-wearer on 10.10.15 at 9:24 am

There is no real estate problem in Canada, and the economy is just fine, you’ll see.

There is only one problem, those damned womens hats. A disgrace to the Calgary Stampede.

Steve, you speak for me – rock on, brother!

#151 broader mind on 10.10.15 at 9:33 am

The new world mantra “Reward Bad Behavior”.The US was suffering from high oil costs and decided to create a war (weapons of mass destruction) and brokered a protection deal for free oil. The Russians are now concerned with low oil and doing the exact opposite.Both are having success at their desired objectives. Real Estate awards are won by the sleaziest agents.They sell a property by telling clients it’s worth a million but you can have it for $800k because the guy selling is a friend of mine.The friend paid 500k . The client isn’t sure he has any money.Don’t worry I will lend you a little down payment then all you have to do is paint one room(reno) and get one of my appraisal buddies to reappraise at 1.4 million.You can re-finance and pay me back.Oh wait,sign my BRA. I’ll bet Us Steel’s CEO and upper management are not suffering in any way (likely a bonus) for the release of pension obligations. MBA’s are taught two things -give less/take more and work less/make more.Recipe for greatness. Lies and cheating have become the new tools for success.

#152 Julia on 10.10.15 at 9:37 am

#115 Linda
“Nice to think money in your RRSP/LIRA/TFSA is ‘safe’ but thinking it does not make it so. Plenty of people in plenty of places have found out the hard way that their money wasn’t safe at all.”

I believe that fund in a LIRA are safe in a Bankruptcy. RRSP funds are safe as well although funds that were invested in a certain timeframe prior to bankruptcy may not be (6 or 12 months?. Funds in a TFSA are not protected.

#153 A nobody on 10.10.15 at 9:54 am

DELETED (anti-Muslim)

#154 TurnerNation on 10.10.15 at 9:57 am

Comments quality declines a bit over weekends.
I think some posters leave and serve their sentences over weekends. No internet in the pen.

#155 Daisy Ma on 10.10.15 at 9:59 am

#3: “Today I voted for my TFSA in the advanced polls.”

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

Voting for Harper on that one issue alone is truly pathetic. And, scary. Without this obvious bribe, you can’t save?

#156 What about CMHC? on 10.10.15 at 10:13 am

Diapers and politicians must be changed frequently – both for the same reason!

I voted on Friday. 45 minute wait time.

#157 NoName on 10.10.15 at 10:14 am

Interesting reads

never let good crisis go to waist, and mysterious new trend in china.

#158 Daisy Ma on 10.10.15 at 10:33 am

#128: “The courts ruled that the Chretien government had the right to take a $28 billion surplus from employee’s pension plan and use it to pay down the deficit…”

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

Didn’t Harper just do the same thing to ‘balance’ our budget — “robbed Peter to pay Paul”?

#159 CHERRY BLOSSOM on 10.10.15 at 10:43 am

Niqab I am going to wear a black balaclava to voting station. I will do this to show that Canadians do not like or agree with any head or face gear that hides ones face. Then I may walk into a bank to make a withdrawal with the balaclava. I have invited a journalist from the National Post to come and take a photo as he wrote an article yesterday on this girl who want to wear her niqab in her Citizenship ceremony. She wonders if Harper and the government don’t have anything better to focus on and I say no this is the most important. Canadians do not like head and face gear. Period.

(a) The woman in question showed her face for identification, then took the oath with her veil on. (b) Many Canadians, myself included, have no problem with turbans, veils, kipas, head scarves, burkas or the funny pointed thing the Pope dons. Grow up. — Garth

#160 Ralph Cramdown on 10.10.15 at 10:50 am

#145 The American — “There is no convincing Canadians that the American economy is chugging along extremely well. Y’all love it when the American economy takes a dive, and you hold onto that shit for YEARS, like it’s luggage or Michael Bublé. Get over it already, would you?”

That is not a uniquely Canadian perspective. I scan the comments of several US based economics blogs, and Americans can be found making the same types of comments. One would think that wealthy people would be more optimistic than the general population, but comments are skewed toward sentiment such as Obama is the worst president ever, markets are all rigged and government statistics are all lies.

Wouldn’t you rather be trading against these people than a rational, well informed populace? Too bad the smarter ones probably have more money, or buy the market and index.

#161 Retired Boomer - WI on 10.10.15 at 10:55 am

Sort of sad to hear about US Steel’s Canadian troubles. Steel you know has had problems for years. US Steel went tits up years ago in the states, shedding union pensions and promises.

What makes you think “you’re special”?? When a company goes belly-up they are broke. Assets go to pay off creditors. Employee’s “promises” are not special.

Sorry, if you wanted to ensure your own pension, you needed to SAVE money on your own. Whether in RRSP, TFSA or your mattress I don’t care.

While your union extracted higher wages and benefits that’s all well and good. Now the company is dead, get over it. IF you get a pension good. If you don’t get healthcare do what we Americans have done for years, buy it on the open market. No, it is not cheap, sorry.

Some still think money grows on some magical trees somewhere. If you find one, let me know I’ve never found them.

#162 Rate on 10.10.15 at 10:55 am

Mr. Turner is doing a great service to Canadians, majority of people agree with him, some don’t and that is democracy, but don’t forget you are invited here in his public website and you dont pay a penny for maintaining.
So after all this brownnosing i will disagree with Garth: IF the rates are going up and that is a big IF you will not have to wait 5 years for the fixed mortgage renewal, majority of the buyers of over 500k house are going variable and that can raise overnight and there you have your collapse in less than a year coupled with the weight and insanity of the market.
Ok anecdotal time: friend is selling 700k house in Surrey BC got 7 offers, 2 cash only. One, CRA should question all these cash offers and Two… You know the 5 other loosers will place their bid on a different house.

#163 White Crock BC on 10.10.15 at 11:09 am

for The American.

You have 53 million people on food stamps. That’s one in every six Americans or if you prefer, 17% of your population.

I think the unemployment level might be a tad higher than the 5.1% they’re telling you.

#164 Paul on 10.10.15 at 11:09 am

#160 Rate on 10.10.15 at 10:55 am

Mr. Turner is doing a great service to Canadians, majority of people agree with him, some don’t and that is democracy, but don’t forget you are invited here in his public website and you dont pay a penny for maintaining.
So after all this brownnosing i will disagree with Garth: IF the rates are going up and that is a big IF you will not have to wait 5 years for the fixed mortgage renewal, majority of the buyers of over 500k house are going variable and that can raise overnight and there you have your collapse in less than a year coupled with the weight and insanity of the market.
Ok anecdotal time: friend is selling 700k house in Surrey BC got 7 offers, 2 cash only. One, CRA should question all these cash offers and Two… You know the 5 other loosers will place their bid on a different house
———————————————————-
Most if not all ‘cash’ offers are not the financing is arranged after the offer has been accepted, it just means there are no conditions regarding mortgages.

#165 Admirer on 10.10.15 at 11:15 am

So what is the best Canadian preferred share ETF? Some have a better yield than others, but I’m sure that it’s because of the mix of preferred shares held?

#166 Toronto Lover on 10.10.15 at 11:23 am

#147 Blue Jays 0-2, Leafs 0-2, Toronto Sucks!!!

“Toronto, you’re not world class, just delusional.

Your real estate bubble pops next.

Prices will be down by 60% within 5 years.

Just watch, you pathetic losers.

(Vote Harper, then you can blame it all on the niqab).”
………………..
You must be a Dipper from Saskatchewan. No sports teams of any consequences, real estate is over priced and the bubble has already burst. Pretty much it’s ugly, cold and boring – maybe you could charge fees so the rest of Canada could ship its garbage and nuclear waste.

#167 rainclouds on 10.10.15 at 11:26 am

#122 Oceanside

1.5 hrs to vote

Same on the east coast, 85 yr old mother cast her ballot. The geezers in the 1 hr line up were waxing eloquently about ” the idiot who changed the rules” Beelzebub not trending well here in the land of a “culture of defeat”.

Back to Van to hand my ballot back…….sigh

#168 waiting on the westcoast on 10.10.15 at 11:33 am

When I was younger, a Sikh wished to wear his Daastar (turban) and dagger in his RCMP uniform as was his right.

The backlash was enormous. Yet today, I have seen a number of RCMP officers who have Sikh backgrounds/headdress and it is now a non-issue.

I think the Niqab issue is similarly a non-issue except for people concerned about our “values”.

I think our rights trump our values any day… beware of the slippery slope of us versus them thinking…

#169 George S on 10.10.15 at 11:50 am

#128 Chapter 9:
“Anyone recall a supreme court decision … right to take a $28 billion surplus from employee’s pension plan and use it to pay down the deficit.”

The Federal Government also used the same actuarial evaluation of the pension plan to take a contribution holiday of their part of the pension plan contributions of $18B over a number of years for a total of about $46B. It was a removal of about $100k from each person’s accumulated pension funds.
This was a strategy used by most companies, municipalities and governments to marginalize their defined benefit pension plans over the past 20 to 30 years. Only corporations can easily get away with screwing their employees in this fashion, governments have a harder time.
If you are working and contributing to a defined benefit pension plan you have to make sure that it is funded and not something that is made up of 90% of the companies stock. If it is not funded properly then ignore it and plan for retirement as if it wasn’t there.

When you think about the niquab issue, you have to realize that half the people in the country have below average intelligence so if your campaigning doesn’t appeal to them then you miss out on a lot of votes.

#170 BS on 10.10.15 at 11:50 am

Nobody can take it away or tell you later sorry there is nothing there when you retire.

Vote in the right government, and anything can be taken away.

Yup lots of scenarios when you put on a tin foil hat.

The nice part about RRSPs and TFSAs is you can withdraw them at any time. If a nut bar left wing government was to get elected at least I have the option of withdrawing everything and moving it out of country where they can’t touch it. With a defined benefit pension plan if there is anything in the account you have zero control over it.

#171 miketheengineer on 10.10.15 at 11:53 am

Garth et al:

So lets think about real estate now that US Steel has gotten away with taking the pensions and benefits of 80 and 90 year old widowed retiree’s.

80 year old grandma looses perscription drug and dental. Stops going to dentist, stops buying life saving drugs…cause now she needs cash to pay for food, heating, house taxes. Has to take “stress” drugs, cause she is freaking out, crying on the phone to all her children. She says the Federal government doesn’t care about Steel workers.

City of Hamilton, now at a loss of 6 million in taxes, since the former Stelco, doesn’t have to pay tax anymore. Grandma’s house taxes, along with everyone in the city of Hamilton goes up.

Grandma runs out of “liquid” money, sometime in next 18 to 24 months, since she was living pay to pay. Decides to sell house in Hamilton, cause taxes went up again…and doesn’t have a positive cash flow anymore.

Now multiply that by 20,000 grandma’s and grandpa’s

So, I say Garth old man…if you have to sell, put it up now…and dump it ASAP, while the Sheeple are still buying homes in hamilton. Looks like RE in Hamilton, will “likely” see a lot more elderly sell their home, much more quicker than they want to, as their liquid funds dry up.

See many Stelco retiree’s depend on the pension….having little other sources of income.

To Mr. Justice Herman J. Wilton-Siegel….with all due respect, I am 100% positive, if this outcome was affecting your mother or father, your decision might have been different. It is one thing to be “outside” the situation, quite another, to be the one’s receiving the bad news. But you are in charge here, and know what is best for 20,000 Grandma’s and Grandpa’s.

http://www.thespec.com/news-story/5954231-judge-sides-with-u-s-steel/

“Hamilton Mayor Fred Eisenberger and United Steelworkers union officials say the decision is the latest step in an escalating obfuscation by the company to avoid financial responsibilities to workers, retirees and the city.”

I appologize for the rants, the last couple of days…my dad told me this day would come, when the company would re-neg and do this….and he called it legalized theft. He is dead now, but must be up in heaven looking down, saying, my prediction came true, look they did it……they got away with theft.

This is my very last post on this blog.

Thanks for all the advice Garth. You are the last “man” in Canada, who still has a “set”.

#172 NoName on 10.10.15 at 11:56 am

#160 Rate on 10.10.15 at 10:55 am

Ok anecdotal time: friend is selling 700k house in Surrey BC got 7 offers, 2 cash only.

cash offer just means that mortgage preapproval clause wont be there. its not like buyer will show up with bags of money.

One, CRA should question all these cash offers

so in your version of Canada everyone should have a mortgage, wonderful…

watch this, and don’t use onion browses its a sham ! The Lives of Others

#173 kommykim on 10.10.15 at 12:08 pm

RE: #119 devore on 10.09.15 at 11:57 pm
Pensions are underfunded because a company (or government) cannot force union employees to contribute more to offset lower than projected long term market returns.

My point was that governments make the rules. Businesses simply play as close to the edge of the rules as they legally can. It is up to our government to monitor and enforce the rules. It is up to the voters to elect responsible governments.

#174 kommykim on 10.10.15 at 12:13 pm

RE: #124 omg the original on 10.10.15 at 12:21 am
Ya, and nobody admits to liking Nickelback but somehow they sold 28 million albums.

Here’s a picture just for you:
http://www.pm.gc.ca/sites/pm/files/media/assets/photos/20100411_PM_Nickelback.jpg

#175 Linda on 10.10.15 at 12:21 pm

#119 – ‘pension funds are underfunded because a company (or government) can not force union employees to contribute more’

Not quite. It is the federal government that sets legislation regarding pension plan contributions. Those rules determine maximum pension contributions for all pension plans as well as RRSP/TFSA limits. I am in a DB pension plan that currently has a deficit which the members want to see turn into a fully funded situation. We were more than willing to up our share of contributions to do it but – we had to petition the CCRA (Canada Customs & Revenue Agency, aka Income Tax Canada) in order to increase the amount we were permitted to contribute, as we are now contributing in excess of what is ALLOWED under current rules. So while the government is not ‘forcing’ us to contribute more (& yes, I’m in a union environment) they can DENY our being able to contribute more. Crazy, no? But true.

Don’t believe me? Try to put more than the amount CCRA says you can contribute into your RRSP/TFSA & see what happens next – pension plans too can not over contribute w/o contravening CCRA rules. We are super lucky they were willing to grant us the ability to over contribute, they could have said no & our plan would be in MUCH worse shape than it is now.

#176 A Nobody on 10.10.15 at 12:24 pm

am
DELETED (anti-Muslim)
—–

Once again quickly labeled anti something when all I am is pro something.

How about a label myself as anti religious ignorance and bigotry and pro secular logic and reason.

Will this get posted ?

As is their right, billions of people believe in a value system organized as a religion. That does not make them inferior to you. Go away. — Garth

#177 Gregor Samsa on 10.10.15 at 12:29 pm

#3 PeterfromCalgary: For single issue “TFSA voters” such as Peter, let’s look at what $5,000 in TFSA room actually means:

Let’s say the limit is decreased and I’m forced to invest $5,000 outside of a TFSA. Let’s say I get a 7% return for a capital gain of $350. Capital gains are only 50% taxed, so that’s $175 of taxable income. Most people will pay $45 in tax on this.

So there you have it, you can ignore democracy, the environment, foreign policy, Canada’s reputation and whole host of other negatives about Harper all for a whopping $45.

Ever heard the expression “30 pieces of silver?”

PS: I’m also in Calgary and have also cancelled out Peter’s vote. I’m voting for my country, not my TFSA.

#178 Ralph Cramdown on 10.10.15 at 12:30 pm

I have to chime in about steel company pensions.

It is not true that US Steel is a global money fountain that could pay the wrinklies if it wanted to. Look at its website, and discover that it makes steel in only two countries. Steelmaking isn’t rocket science, and, like other heavy industries that aren’t rocket science, the US has been eclipsed first by the Japanese, then the Koreans and finally by the Chinese.

The problem isn’t whether US Steel, today, can afford to pay or not.

The problem is that many companies are allowed by governments to promise retirement benefits without paying for them as they are accrued. The risk is transferred from the owners to the workers. Who signs up for a hard manual job with a good wage and a large pension deduction in exchange for a promise that he’ll be taken care of in retirement… if the Good Lord’s willin’ and the creek don’t rise?

It isn’t just me that thinks the current state of affairs is stupid. Warren Buffett has written about the idiocy of various company pension funds assuming quite different pension growth rates in different areas of the developed world.

As far as I’m concerned, all company pension plans should be fully funded, all the time. If this means some companies go broke earlier rather than later, I’m OK with that. I think it beats the alternatives.

#179 kommykim on 10.10.15 at 12:34 pm

RE: #141 Julia on 10.10.15 at 7:27 am
#101 kommykim
Isn’t the main issue the assumptions used in actuarial calculations to determine plan solvency?

Exactly. These are one of the rules that should be tightened. The timeline for funding a deficiency in the actuarial value of a plan is too long.

#180 Mark in Guelph on 10.10.15 at 12:49 pm

#145-The American-“The U.S. economy is fantastic”

Then why are interest rates still at 0%? Where’s the hike? How can anyone believe everything is fine when the most important variable in an economy, the price of money, is at historic lows for 7 years?

Hey American, tell me, what would your economy look like if Janet hiked rates to the historical norm, 4-5% tomorrow?

No rate hike and QE4 next year, bet on it, because this “robust” economy is toast without it.

#181 Sacha Brüno on 10.10.15 at 12:53 pm

Many Canadians, myself included, have no problem with turbans, veils, kipas, head scarves, burkas or the funny pointed thing the Pope dons. Grow up. — Garth

Sure – if you want to look at Islam as a fashion statement.

Islam is a peaceful religion. — Garth

#182 kommykim on 10.10.15 at 12:53 pm

RE: #168 BS on 10.10.15 at 11:50 am
If a nut bar left wing government was to get elected at least I have the option of withdrawing everything and moving it out of country where they can’t touch it

Restrictions on moving money out of a country are usually announced AFTER the restriction is put in place. Also, unless you leave the country, they can simply tax you on money held overseas. Or, as in the case of the USA, they can go after you while you are living in a foreign country unless you revoke your native citizenship.
Sweet dreams.

#183 IHCTD9 on 10.10.15 at 1:02 pm

#143 Julia on 10.10.15 at 7:40 am
#103 Linda
Chapter 11 in the US is (somewhat) equivalent to the CCAA in Canada. A court supervised insolvency proceeding to allow the debtor an opportunity to restructure. If it fails then they are bankrupt.

Pension solvency and funding rules are an issue that needs to be addressed. Bankruptcy sucks for employees and retirees stuck in the middle but I am not sure what the solution is.
The issue of priority in case of insolvency is a very hot button. 1 side wants priority over all assets for the underfunded portion in a bankruptcy (Unions, retirees, plan members) the other side takes issue with that as it would restrict access to capital from lenders. Why would they lend into a company without having priority over the company’s assets?
____________________________________________

The only way to do it is via an RRSP held in the employees name, into which the company pays into. I had a plan like this, company matched the employees’ contribution up to 5% max of the employees salary. If you put in the 5% the company matched it and both contributions were held in the employees name right at the bank.

This employer of mine went bankrupt in 2010 after a major oil contract was cancelled, all the cash is still there in the bank.

If you could have a look at the Notice and Statement of the Receiver, you’d note my ex-employer had no trouble with borrowing money from the bank (millions).

Having an entity other than yourself having control over your retirement funds means not being able to count on it later. Things change, it is greatly misplaced trust IMHO.

#184 Westernman on 10.10.15 at 1:03 pm

Nagraj @ # 87- Tim Hortons has no use for blind, hard of hearing, slow employees”
You’ve never run a business and had employees have you? I’ll lay bets you have never actually worked in your life and have spent it living off the Canadian taxpayer – me in other words… tell you what, go start a business and hire a bunch of blind, hard of hearing, slow employees and tell us how that works out – bankruptcy – that’s how.

#185 NoMoreTaxes on 10.10.15 at 1:23 pm

#175 Gregor Samsa and rest of the tax lovers:
Aren’t we paying enough taxes already ?
Socialism failed everywhere but in nazi Germany ( wait, it failed even there … )

#186 George S on 10.10.15 at 1:26 pm

#176 Ralph: “As far as I’m concerned, all company pension plans should be fully funded, all the time.”

You would think that would be the case and it makes complete sense that it would be the law, based on some long term average level of investment return.

They get around it in various ways though, usually sanctioned by various levels of governments that are doing the same thing.

Although if you have 10 million people in Canada with 1 or 2 million $ invested in their pension plans that is a big pile of money hunting around for a decent rate of return, something like 10 to 20 trillion $. Maybe Mark or someone can comment on that situation.

#187 Mark on 10.10.15 at 1:29 pm

“Let’s say the limit is decreased and I’m forced to invest $5,000 outside of a TFSA. Let’s say I get a 7% return for a capital gain of $350. Capital gains are only 50% taxed, so that’s $175 of taxable income. Most people will pay $45 in tax on this. “

But if you’re smart, you can defer paying tax on the capital gains associated with an equity portfolio for a very lengthy period. Such tax deferral has the effect of lowering the effective rate on capital gains.

For instance, assuming a 40% marginal tax rate, 10%/annum returns, and a 40-year holding period — the effective annualized tax rate on a position that only produces capital gains is roughly equal to 6.4% instead of 20%.

Additionally, one can sell their highest cost base shares first, so the tax burden on portfolio withdrawals, at least in those initial years, can be minimal.

#188 Wild roasted nutter on 10.10.15 at 2:10 pm

$8000 to help buy an electric car in Quebec. Yeah baby.

http://montrealgazette.com/news/local-news/quebec-announces-five-year-car-electrification-program

#189 Paul on 10.10.15 at 2:18 pm

agraj @ # 87- Tim Hortons has no use for blind, hard of hearing, slow employees”
————————————————————
Eh.EH Wwwwhhaaattt you say

#190 Inside the PMO on 10.10.15 at 2:21 pm

Please note that Prime Minister Harper will be unavailable for comment and is taking the day off the campaign today.

He will be engaged in major hair, lipstick, mascara and blush replacement and restoration procedures.

(Otherwise, he’d have to go out in public wearing a niqab)

#191 Smoking Man on 10.10.15 at 2:24 pm

Now this is one smart teacher. Thank for the link quiet man.

https://m.youtube.com/watch?v=DDyDtYy2I0M

#192 IHCTD9 on 10.10.15 at 2:28 pm

#174 A Nobody on 10.10.15 at 12:24 pm
am
DELETED (anti-Muslim)
—–

Once again quickly labeled anti something when all I am is pro something.

How about a label myself as anti religious ignorance and bigotry and pro secular logic and reason.

Will this get posted ?
____________________________________________

If you believe in democracy, and are so full of logic and reason, then you should understand the weight of the numbers better than you seem to.

Take just Islam and Christianity – that’s more than half the PLANET right there. Now add in all the rest of them and a quick Googling will tell you 84% of all the 7+ Billion folks living on planet Earth are religious. You could take the religious folk of the world and replace Canada’s entire population 159 times over. There have never been so many religious folks on this Earth than there are now. The number increases by the day.

If you believe in the democratic principle of Majority Rule, you may as well just accept what will be the trend in the future in Canada, and most of the first world as long as immigration persists. And it will persist as long as we are less than 2.1 children per woman, and so far, the numbers indicate we will only continue to produce less and less kids as time goes on.

Take heart in the fact that Canada appears to be attracting well educated, moderate, and family oriented folks. These folks are primarily Christian, Hindu, and Muslim. They are my kind of folks, hard working, socially conservative, God fearing people. I welcome them like a breath of fresh air into Canada.

The only acts of terrorism in this country I can recall offhand were committed by Canadians. IMHO, we are doing better than most countries with regards to those who have come to make a life here.

We just need folks like you to relax, they’re here to work, pay taxes, have kids, and yes: practice and perpetuate their beliefs. Your CPP and OAS payments will be supported to an ever increasing degree by these folks. So will all manner of Government revenues. An immigrant family will pay more in taxes than 99.99% of single or childless Canadian couples 99.99% of the time. IMHO, whatever risk you think they pose is FAR outweighed by the benefits.

You just need to adjust your attitude, think more on the good than the bad. Think about it, you’ll sleep better at night :).

#193 Nora Lenderby on 10.10.15 at 2:33 pm

EFF posts the leaked “final” text of the TPP:

https://www.eff.org/deeplinks/2015/10/final-leaked-tpp-text-all-we-feared

#194 Mark on 10.10.15 at 2:44 pm

“Maybe Mark or someone can comment on that situation.”

I am having trouble finding anything in your comment that is coherent enough for me to comment upon/discuss.

But I will just say that the claim of 10 million Canadians with 1-2 million is quite out to lunch, and StatsCan data found at:

http://www.statcan.gc.ca/daily-quotidien/140225/t140225b001-eng.htm

can easily show such.

#195 waiting on the westcoast on 10.10.15 at 2:49 pm

#84 Washed Up Lawyer on 10.09.15 at 9:46 pm
“For the last 7 years we have observed an utter failure in advancing an oil pipeline to tidewater.
With the TPP, to boost the economy and get ahead of the game, a milk pipeline to Wisconsin should be promoted with the utmost diligence, perseverance and a huge advertising and lobbying campaign in Washington and Madison.
Or would that be an udder failure as well?”

The environmentalists would be protesting over our heavy curd…

#196 Mark in Guelph on 10.10.15 at 2:49 pm

Islam is a peaceful religion. — Garth

I think Garth is trolling. Jainism is peaceful, no jihad and martyrdom, can’t say the same for Islam. Most Muslims are perfectly fine, in spite of their religion, rather than because of it.

And in any case, all the world’s religions have one thing in common, reliance on faith. In no other area of our lives is faith required, why does religion get a pass?

#197 IHCTD9 on 10.10.15 at 2:50 pm

#180 kommykim on 10.10.15 at 12:53 pm
RE: #168 BS on 10.10.15 at 11:50 am
If a nut bar left wing government was to get elected at least I have the option of withdrawing everything and moving it out of country where they can’t touch it

Restrictions on moving money out of a country are usually announced AFTER the restriction is put in place. Also, unless you leave the country, they can simply tax you on money held overseas. Or, as in the case of the USA, they can go after you while you are living in a foreign country unless you revoke your native citizenship.
Sweet dreams.
___________________________________________

Restrictions on moving money out of the country?

You make it out like the CRA is barely required, there’s never an issue collecting tax revenue – no one can think – no one pushes the rules past their limits – and no one get’s away with it. Might as well disband the CRA, everything is under control LOL!

I’ll leave you to your Communist Dictatorship fantasies.

#198 BS on 10.10.15 at 3:06 pm

My point was that governments make the rules. Businesses simply play as close to the edge of the rules as they legally can. It is up to our government to monitor and enforce the rules. It is up to the voters to elect responsible governments.

The pensions were negotiated and agreed to by the unions representing the employees and they should have known the risks. Bottom line the unions negotiated a bad deal. They should have negotiated the pension money be put in employee controlled RRSPs or LIRAs.

Also keep in mind the reason the company is bankrupt is in large part due to the union. They protect unproductive workers and create an unsustainable pay scale and benefits. If this company had been more competitive there would still be jobs and pensions. There is a reason unions are quickly becoming a thing of the past. They end up bankrupting or chasing away all the companies.

#199 Ogopogo on 10.10.15 at 3:18 pm

#75 Freedom First on 10.09.15 at 9:23 pm
#2 YYZ _Guardian

Kudos Garth! Calm cool and collected while dispensing A1 a$$holes with ease and class.

I agree. Among the many things I’ve learned from Garth here since 2011 is how to deal with scurrilous scum like YYZ_Guardian. Garth’s genius in dealing with riffraff–be they malignant realtors or racist trolls–is letting them hoist themselves in their own petards, while rising above the fetid pile of self-loathing and frustration that fuels the more hateful comments.

I used to engage in endless back-and-forths with extremist politicos and cultist brick lickers on the Globe’s and Financial Post’s comment boards. Once I came to realize that these zealots aren’t interested in debate I adopted Garth’s method. It’s clean, effective and leaves the Neanderthals stunned into silence or cowed into abject retreat.

#200 BS on 10.10.15 at 3:22 pm

Restrictions on moving money out of a country are usually announced AFTER the restriction is put in place.

You better keep gold bars under your mattress then. Sounds like the tin foil hat is on a little tight.

#201 TheAwakenedOne on 10.10.15 at 3:37 pm

I believe the racoon and the pup are geting along quite well – just chillin and absorbed in the TV – it seems… be it the news on niqad or Mr. Harper’s speech on the F35.

Garth, is that your new homegrown, or a wild Zoro-mask-wearing furry friend ??

He looks well-fed; forgive my observation here: he’s got an enormously Big pair… and proudly scratching them. Prove me wrong?

#202 kommykim on 10.10.15 at 3:41 pm

RE: #195 IHCTD9 on 10.10.15 at 2:50 pm
Restrictions on moving money out of the country?

Yup. New Zealand did it just before announcing that they were devaluing their currency in the 80’s. I know, because I was there.

#203 Smoking Man on 10.10.15 at 3:49 pm

Ok finally , my kid and his partners finally get their first app published to the apple store.

They are not going to make millions on this one, but lets celebrate the birth of 4 new entrepreneurs taking risk.

Bravo boys. Good luck.

https://itunes.apple.com/ca/app/id1037504656

#204 MF on 10.10.15 at 3:51 pm

Bit of a rant, but laugh out loud to all these self righteous idiots on here talking about “selling your soul for the TFSA” if you vote conservative. Have you not been reading the blog posts for the past 5 years? How old are you? Did you take advantage of the RRSP’s, income splitting, RESP’s in the past? The TFSA is actually a gift to the young (and everyone else too).

Even more pathetic is people who believe the TFSA is only for the rich (like the red and orange leaders are saying). I don’t really like Harper, but this is beyond pathetic. Personally, I make 50k/year and worked my butt off this year to save the 10k that I contributed. Does that make me rich?

Are Canadians really this stupid?

Here’s an idea: if your life is not going the way you want it to, it is YOUR fault. Not the government’s or anyone else’s and it is YOU who needs to change.

Case in point: heard an NDP supporter at work. She talked about how her kids should have more affordable tuition, she should get more subsidies, she should have higher minimum wage etc. etc. Meanwhile she is a single mother with three kids who complains about the taxes on her morning coffee daily. The government’s fault for her situation? Nope.

#45 mountain guy on 10.09.15 at 7:54 pm

Got news for you. I work with a lot of young people (teens, twenties), and cater to a lot of young clients. From what I see, the young voters you mention who are staunch left wingers are only like that because they probably have not worked a day in their life yet. Guaranteed they have zero idea about running a business. Good thing is it really doesn’t matter. 85% of my generation will probably be too busy going clubbing, getting tattoos, or playing video games to vote anyways. Take it from this millennial. The young voter block does not count (good) and the fact you saw some young people in line that day means zip.

/rant

MF

#205 Rexx Rock on 10.10.15 at 3:54 pm

Its all relative.Canadians are liked whipped dogs who have become brainwashed debt slave subservient citizens of the state.What do expect otherwise?

#206 IHCTD9 on 10.10.15 at 3:54 pm

#194 Mark in Guelph on 10.10.15 at 2:49 pm
Islam is a peaceful religion. — Garth

I think Garth is trolling. Jainism is peaceful, no jihad and martyrdom, can’t say the same for Islam. Most Muslims are perfectly fine, in spite of their religion, rather than because of it.

And in any case, all the world’s religions have one thing in common, reliance on faith. In no other area of our lives is faith required, why does religion get a pass?
—————————————————————
Faith is utilized in all areas of life when your think honestly about it. Take investing, you do your due diligence and make a play – did you receive a guarantee from anyone that you are correct and that you will make money? Ultimately, you are putting faith in the quality of information you used to decide on the play, and in yourself for having done solid, and comprehensive investigation.

We all make decisions every day based on expectations which are not guaranteed to be the eventual reality.

Are you going to get killed in a car accident on the way to work in the morning? Maybe, maybe not, who knows, but we proceed with the expectation that it will not happen, even though we read in the paper all the time about those who didn’t make it, and understand that it is a real possibility that we could be in the same boat some day.

#207 MF on 10.10.15 at 3:56 pm

#175 Gregor Samsa on 10.10.15 at 12:29 pm

I actually like Harper’s foreign policy. And Canada’s reputation is still intact with those that matter.

TFSA and foreign policy got my vote.

Regarding the environment, none of the leaders have the balls to reverse the climate situation. That will come when one of we millennials is in power (20 years minimum). This election in a week we are voting for worse (Harper), worser (Trudeau), and worsest (Mulcair).

MF

#208 fisheman on 10.10.15 at 3:59 pm

Christianity is a peaceful religion. Around fifteen hundred years after Christ the catholics & protestants went after each other for a hundred years. Wiping out up to half of the populations.
Islam is a peaceful religion. Around fifteen hundred years after Muhamed the sunnis & shites are starting to get it on. A million refugees entering Europe, consisting of 75% Moslem males of military age. They aren’t fleeing peace.
I think there’s a lot more war left, maybe a hundred years if history rhymes,in the land of Islam before peace breaks out.

#209 IHCTD9 on 10.10.15 at 4:28 pm

#169 miketheengineer on 10.10.15 at 11:53 am
Garth et al:

So lets think about real estate now that US Steel has gotten away with taking the pensions and benefits of 80 and 90 year old widowed retiree’s.

80 year old grandma looses perscription drug and dental. Stops going to dentist, stops buying life saving drugs…cause now she needs cash to pay for food, heating, house taxes. Has to take “stress” drugs, cause she is freaking out, crying on the phone to all her children. She says the Federal government doesn’t care about Steel workers.

City of Hamilton, now at a loss of 6 million in taxes, since the former Stelco, doesn’t have to pay tax anymore. Grandma’s house taxes, along with everyone in the city of Hamilton goes up.

Grandma runs out of “liquid” money, sometime in next 18 to 24 months, since she was living pay to pay. Decides to sell house in Hamilton, cause taxes went up again…and doesn’t have a positive cash flow anymore.

Now multiply that by 20,000 grandma’s and grandpa’s

So, I say Garth old man…if you have to sell, put it up now…and dump it ASAP, while the Sheeple are still buying homes in hamilton. Looks like RE in Hamilton, will “likely” see a lot more elderly sell their home, much more quicker than they want to, as their liquid funds dry up.

See many Stelco retiree’s depend on the pension….having little other sources of income.

To Mr. Justice Herman J. Wilton-Siegel….with all due respect, I am 100% positive, if this outcome was affecting your mother or father, your decision might have been different. It is one thing to be “outside” the situation, quite another, to be the one’s receiving the bad news. But you are in charge here, and know what is best for 20,000 Grandma’s and Grandpa’s.

http://www.thespec.com/news-story/5954231-judge-sides-with-u-s-steel/

“Hamilton Mayor Fred Eisenberger and United Steelworkers union officials say the decision is the latest step in an escalating obfuscation by the company to avoid financial responsibilities to workers, retirees and the city.”

I appologize for the rants, the last couple of days…my dad told me this day would come, when the company would re-neg and do this….and he called it legalized theft. He is dead now, but must be up in heaven looking down, saying, my prediction came true, look they did it……they got away with theft.

This is my very last post on this blog.

Thanks for all the advice Garth. You are the last “man” in Canada, who still has a “set”.
——————————-
Last post or not, you’ll still be back to read. Once you’ve checked into GF, you will be back again, and you know it!

I think we all agree on the bad side of Stelco’s problems. I’ve seen your postings all over the net on this, you must have more reason than most to put this much effort into slamming USSC.

The company is broke, they can’t pay their obligations. The Judge is allowing them a chance at getting back into business again by preventing their financial obligations from crushing them. If the Judge said no deal, then say good bye to any chance for anyone to get paid right there.

The Judge made the right decision, maybe they’ll live and be able to eventually fulfill their obligations (I doubt it myself). Perhaps the old mill will be sold again.

This is what happens when a company can’t make money. All bets are off, there is no safe haven for cash in these situations. It’s the Government, Bank, and then unsecured creditors in that order. Usually the money pool is gone before the Bank is finished. It’s all bad news no doubt, hopefully the working folks of Ontario Manufacturing are paying attention.

#210 Washed Up Lawyer on 10.10.15 at 4:35 pm

Huge kudos to Elections Canada. Slick.

Just strolled over to the polling station on Franklin Avenue here in Fort McMurray. Upon entering, the Nice Lady @ The Polls says (to everyone) “Do you work in Fort McMurray and live somewhere else?”

Everybody answers yes. A simple form, some ID, remove the face covering and away you go.

My residence is in Calgary Heritage which is Stephen Harper’s riding. I learned something.

I have known for a long time that I cannot chew gum and walk at the same time.

Turns out, I cannot hold my nose and vote at the same time.

Count your blessings my fellow Canadiens.

#211 Washed Up Lawyer on 10.10.15 at 5:14 pm

And when I said “… remove the face coverings…” I meant the folks on the Harleys with bandanas. Badasses.

#212 kommykim on 10.10.15 at 5:20 pm

RE: #202 MF on 10.10.15 at 3:51 pm
Personally, I make 50k/year and worked my butt off this year to save the 10k that I contributed. Does that make me rich?
Are Canadians really this stupid?

No, they are really just that bad with money. Be happy that they keep spending because that’s what keeps the economy going and the stock market advancing.

#213 TurnerNation on 10.10.15 at 5:22 pm

Smoking man where’s the Android version?

If your spawn want big loot then make a really useful app like this one ;-) :

http://www.instantrapairhorn.com

#214 kommykim on 10.10.15 at 5:49 pm

RE: #198 BS on 10.10.15 at 3:22 pm
You better keep gold bars under your mattress then. Sounds like the tin foil hat is on a little tight.

Amateur! Everyone knows that lead lined hats keep out the heavier particles that pass straight through tin foil.

#215 Hicksville Alberta on 10.10.15 at 5:50 pm

I had decided that i wouldn’t vote in this election because i couldn’t find a reason to vote for any particular party.
After watching things continue to unfold in the election arena over the past week or two i finally found a reason to vote and that was to vote ABC. So done with Harper and his NWO type leadership that i just couldn’t take it any more. Think the TPP “Deal ” was the last nail in the coffin for me.
So i actually voted today in the advance polls and voted for someone i thought i never could or would vote for in my life, ever.
Funny how the worm turns in life. Almost think Harper is trying to lose this election instead of trying to win it. And maybe i can’t blame him as there will be consequences for the sham economy he has promoted and supported over the past several years.

#216 Smoking Man on 10.10.15 at 6:02 pm

#211 TurnerNation on 10.10.15 at 5:22 pm
Smoking man where’s the Android version?

If your spawn want big loot then make a really useful app like this one ;-) :

http://www.instantrapairhorn.com
…….

Its coming…

#217 Paul on 10.10.15 at 6:54 pm

#213 Hicksville Alberta on 10.10.15 at 5:50 pm

I had decided that i wouldn’t vote in this election because i couldn’t find a reason to vote for any particular party.
After watching things continue to unfold in the election arena over the past week or two i finally found a reason to vote and that was to vote ABC. So done with Harper and his NWO type leadership that i just couldn’t take it any more. Think the TPP “Deal ” was the last nail in the coffin for me.
So i actually voted today in the advance polls and voted for someone i thought i never could or would vote for in my life, ever.
Funny how the worm turns in life. Almost think Harper is trying to lose this election instead of trying to win it. And maybe i can’t blame him as there will be consequences for the sham economy he has promoted and supported over the past several years
———————————————————-
So your have been wrong all your life till now.
That’s funny

#218 West Coast on 10.10.15 at 6:57 pm

http://www.cbsnews.com/news/orphan-raccoon-falls-out-of-tree-into-arms-of-loving-family/
……….gotta love that picture of ‘pumpkin’ the raccoon and her dog buddy….here’s more pics of ‘pumpkin’ and her family…

#219 Nagraj on 10.10.15 at 7:03 pm

For #182 WESTERMAN AT 1:03pm, or any other grouch who looks like the farmer in Grant Wood’s “American Gothic”:

The Tim Horton’s around here is entirely staffed by people who are either blind, and/or deaf, and/or lame, and/or mentally challenged. People who are none of the above, but just plain stupid beyond belief, or unbearably homely, get hired too.

It’s always a very very busy place – because the customers around here HAVE A SENSE OF HUMOUR and a lot of fun trying to get what they ordered.

They don’t always get what they ordered but it doesn’t matter because by the time they get anything they’ve forgotten what they ordered in the first place.

For example: the other day at the take-out window I ordered a sandwich, a small black coffee double-cupped, and a bottle of water. Ninety minutes later (in the car line-up people play music, play cards, read books, make out . . . ) I get a paper bag with four timbits in it. (One of which was already half eaten.) C’est la vie, eh.

#220 kommykim on 10.10.15 at 7:09 pm

RE: #204 IHCTD9 on 10.10.15 at 3:54 pm
Faith is utilized in all areas of life when your think honestly about it. Take investing, you do your due diligence and make a play – did you receive a guarantee from anyone that you are correct and that you will make money? Ultimately, you are putting faith in the quality of information you used to decide on the play, and in yourself for having done solid, and comprehensive investigation.

There’s a big difference between that and believing in an invisible man in the sky.

#221 TheLaughingCON on 10.10.15 at 7:12 pm

RE #201 Smoking Man

Ok finally , my kid and his partners finally get their irst app published to the apple store.
They are not going to make millions on this one, but lets celebrate the birth of 4 new entrepreneurs taking risk.
Bravo boys. Good luck.
https://itunes.apple.com/ca/app/id1037504656
=====================

Hey SM,

Why not go one step farther and make the direct comparison with http://www.binnys.com
which is a relatively small private chain in Chicago (31 locations only)

This will show us how good we have it here in Ontario (choice, prices) when the Liberal government and the government employees are thinking about our well-being.
And you can use your amazing FX skills for some real time price comparison.

#222 VICTORIA TEA PARTY on 10.10.15 at 7:14 pm

IS HARPER RESPONSIBLE FOR EVERYTHING “BAD?”

Seems like it as I scroll through many of the weekend’s whinings and complaints from people who seem to have lost what was left of their addled minds.

Would it were that simple. But, naturally, it is NOT.

If a company craps out on its employees and cannot afford to pay out pensions, then so be it.

It’s not Harper’s fault.

How many years has US Steel Canada been operating here? A century or more?

A lot of companies are in very bad straits thanks to the ongoing Global Financial Crisis.

All kinds of companies everywhere, including outside Canada, are ceasing payment of pensions.

And more will be coming because these companies did some stupid things like borrowing too much cheap money, or just losing business to lower cost competitors from China.

This is an international event, not Mr. Harper’s at all.

Our definition of “work” and “job” is undergoing a fundamental transformation; more change coming, but the form remains a mystery to me.

So, how many employees does it take to run a fast food restaurant these days? Thanks to robots, pretty damned few. And soon none at all.

And THAT’S not Mr. Harper’s fault EITHER.

If you think electing one of the Opposition parties to power will halt this unstoppable process, then you would be dead wrong, and you secretly know that.

So cut the hypocrisy, kindly.

To all of you Luddites, please turn out the lights before you leave, and thank you.

#223 Kai2.0 on 10.10.15 at 7:17 pm

Man, there seems to be way more idiotic comments on your blog today, Garth. Maybe it’s the election (endless sniping about mainly silly issues), maybe it’s the Jays. But people, it’s Thanksgiving and one should really be thankful for having the privilege of living in Canada. Chill – drink some beer and wine and have a good meal. Remember, worldwide many millions would love to be in your place.

#224 Godth on 10.10.15 at 7:21 pm

Mummers, potato sacks and clown masks: Why people are voting in silly face coverings
https://ca.news.yahoo.com/mummers-potato-sacks-clown-masks-210756538.html

hahaha

#225 Nora Lenderby on 10.10.15 at 7:21 pm

#83 Ronaldo on 10.09.15 at 9:37 pm
Perhaps this young gal was trying to annoy grumpy old men as well Nora.

Haha! I remember doing that more than 40 years ago…I’d still do it, but I don’t want to put someone’s eye out :-)

p.s. I recently went to the funeral of a 99-year old lady, who loved the outdoors, the widow of a UC minister. Outlived another husband as well. According to her family, she was skinny dipping well into her nineties.

#226 Ret on 10.10.15 at 7:41 pm

#169 “So lets think about real estate now that US Steel has gotten away with taking the pensions and benefits of 80 and 90 year old widowed retiree’s.”

I’m not hearing that pensions were taken away too.

US Steel has been paying out pension cheques to those 20,000+ workers since 2007. Hopefully they keep doing so.

Stelco workers had an agreement that up to $100,000 of benefits for each worker was to be paid for by US Steel once they started retirement and started to submit claims.

US Steel might be wanting to fund pension payments for a greater period of time by cutting that $100,000 benefit package to conserve capital, but that is only speculation on my part.

As a retiree with no benefits, like the majority of Ontarians, I have to go without or buy what few benefits I can afford.

Things will be even tighter once Mayor Fred raises my Hamilton property taxes and water rates to cover the revenue shortfall in Hamilton. One guess who will be picking up the bill for the 1200+ acres of contaminated land at the former Stelco/US Steel site.

Industrial and manufacturing sectors in Ontario are a sad, sad story that unfortunately, isn’t over yet. Bike lanes, LRT’s, and wind turbines aren’t going to fix this mess.

#227 Retired Boomer - WI on 10.10.15 at 7:59 pm

#202 MF

Best Rant of the day.

No Canadians in total are NOT stupid, however there are numerous, glorious, incredible exceptions to this statement. (as there are Amerikans)

#228 The American on 10.10.15 at 8:08 pm

White Crock BC, actually, the term is SNAP (it’s not food stamps. The program has not provided physical stamps for years, hence once again showing how little a canadian *really* understands about the American system) number is now 45.7 million on food stamps. Now, break that down (you can look it up for yourself). Use that little noggin of yours, and you’ll quickly see that the VAST majority of that number include students, persons with disabilities, recovering elderly, veterans, and new nationals taking on citizenship (as they work toward getting a job). Also, I suppose it is easy for you to laugh that away as Canada doesn’t even provide such a program for its citizens. Trust me, I know several that would benefit from such a program, but have no access to it. It isn’t a dirty term as you may like to think it is.

#229 Statement on 10.10.15 at 8:13 pm

#179 Sacha Bruno

Many Canadians, myself included, have no problem with turbans, veils, kipas, head scarves, burkas or the funny pointed thing the Pope dons. Grow up. — Garth

Sure – if you want to look at Islam as a fashion statement.

Islam is a peaceful religion. — Garth

——————————————

As a Muslim woman who wears the veil (hijab), I consider the veil a statement – albeit, not a fashion statement. I wear the veil because I value myself as a person with an intellect, not just a body to be admired by strangers in fashion magazines, on the streets, in advertisements selling goods for consumption.

I don’t ask that you agree with my belief and I don’t ask that you don’t judge me (if judging is what you like to do). But I do ask that you should at least educate yourself on a subject before having an opinion about it.

And before anyone (certain leaders included) indignantly proclaim how “repressive” the veil is, or how husbands or fathers force us Muslim women to wear the veil – I cannot speak for others but I can speak for myself: I wore the veil AGAINST the wishes of my parents and my husband does not have the right to ask me to remove my veil. And I wore the veil despite being bullied because of it (in High School – in Ontario, Canada – in the 90s).

And this thanksgiving, I give thanks for: Canada, my home, where I can freely practice what I believe in like everyone else; I give thanks for the sane and tolerant voices (like Mr. Turner’s) that stand in stark contrast to the misguided, cynical, bigoted, unCanadian ones that sow dissent instead of peace and unity in this great land of ours.

I voted today. I give thanks for that too.

#230 The American on 10.10.15 at 8:23 pm

White Crock BC, one more little thing you may want to know about SNAP… SNAP was not available prior to Katrina for victims of natural disasters or within declared states of emergency. SNAP was opened up after Katrina to include all of these individuals, which significantly increased the program’s usage. You really should understand what you’re talking about before you go there. Clearly, you’re wishing otherwise as if all of those people are out of work, and it simply isn’t the case.

#231 Roxana on 10.10.15 at 8:27 pm

Where can I get niqab? I think all of us should wear one. If not for real estate circus than at least for Halloween.

#232 Ronaldo on 10.10.15 at 8:42 pm

#202 MF

”The TFSA is actually a gift to the young (and everyone else too).”

You are absolutely right. Especially the low income retirees without secure gov’t or company pensions who get clawed back of the GIS to the tune of 50 cents on the dollar for any extra income they may receive from RRSP’s or from their GIC’s or savings account the minute their income exceeds the total of OAS and any CPP they may be receiving and fully clawed back if their income exceeds around $17000. They are kept at poverty level. But wait, they are allowed to make an extra $3500 per year without a clawback provided its income from a job. This is maybe why we see so many elderlies working at Home Depot, Walmart and fast food outlets trying to make enough to survive.

Yet, people on huge gov’t or company pensions who make up to $72,000 get no clawback to their OAS and not fully clawed back until around $105,000. Does this make any sense? And this is what the politicians with the Lib’s and Dipper party agree is ok. If these guys are that stupid, why would anyone vote for them. The same guys who pretend to be for the working class and lower income are out to shaft those very people they claim to be representing. What a sham.

#233 Ronaldo on 10.10.15 at 8:56 pm

#217 Nagraj –

I needed a laugh. Good one. I dropped by Tim’s on my way home from the dump today and cars lined up around the block. I figured I’d be smart, park my truck and walk in and be out before the last truck in the lineup reached the takeout window. Well, of the half dozen people ahead of me I was still waiting while I see the last vehicle in the lineup pickup his order at the takeout window. I waited another 10 minutes to get my coffee. A lesson learned.

#234 Linda on 10.10.15 at 8:56 pm

#181 – thanks for the example. When Julia had pointed out RRSP’s were safe during bankruptcy proceedings, I did wonder what would happen when someone had an employer who had a matching RRSP contribution for employees & what the employer going into bankruptcy might mean for those RRSP’s. Unless I misinterpreted your post the RRSP’s are safe – nice to know.

#235 Smoking Man on 10.10.15 at 8:59 pm

What makes Canada great is our sence on inclusiveness.

Dont matter what color , noticed I spelled that American.

Or religions, or sexual orientation, or mental disorder’s

Canadian’s include for the most part everyone. Thats why its cool here.

Exclusion is the soul of all evil, it causes wars and hate.

Show me a shit part of the world, or city and you will see exclusion at its finest all over the place.

The
Us vs Them syndrome.

I have a problem with Kathleen Wynee so Im not prefect. And shes excluded from my next sentience.

Happy Thanks giving to all my Canadian brothers and sister’s no matter what you look like, beilive it , or the color of your skin, or where you get your rocks off.

I love you all because I now what its like to alone , by yourself on a dessert island.

Dr Smoking Man
Phd Herdonomics

#236 For those about to flop... on 10.10.15 at 9:09 pm

#175 Gregor Samsa on 10.10.15 at 12:29 pm
#3 PeterfromCalgary: For single issue “TFSA voters” such as Peter, let’s look at what $5,000 in TFSA room actually means:

Let’s say the limit is decreased and I’m forced to invest $5,000 outside of a TFSA. Let’s say I get a 7% return for a capital gain of $350. Capital gains are only 50% taxed, so that’s $175 of taxable income. Most people will pay $45 in tax on this.

So there you have it, you can ignore democracy, the environment, foreign policy, Canada’s reputation and whole host of other negatives about Harper all for a whopping $45.

Ever heard the expression “30 pieces of silver?”

PS: I’m also in Calgary and have also cancelled out Peter’s vote. I’m voting for my country, not my TFSA.

—————————————
Cmon man,it’s not all about the difference in money as I showed in an earlier post today I would be better off had I not moved and invested money in my Tfsa
The TFSA is not set in stone ,it has changed many times already and I don’t expect to be able to retire for another 30 years.
How many times in the next 30 years will the Tfsa be tweaked?
I don’t expect much of a pension after the boomers are done so I just want the best chance to retire with some dignity.
The NDP and the Libs are making a mistake of alienating the very people who are going to look after the boomers with our taxes the next 20/30 years.
Take now for the future ,fair enough but after the system gets bankrupted by the silver tsunami if the goverment can’t look after me then give me a chance to look after myself.
I know I can’t change anyone’s mind on this I’m just asking you to see it from the other side.

#237 Dirt Dog on 10.10.15 at 9:26 pm

#126 Smoking Man
Dude awesome BS to get home.
So maybe your an old hack with young trophy
Wifey. Whatever it worked, congrats
Still expecting a rate cut??

#238 Julia on 10.10.15 at 9:34 pm

#232 Linda
I think the main distinction is that the RRSP is help in by the beneficiary and usually the employers contributes directly so if the employees files in bankruptcy proceedings it is not a Company asset.
Essentially self directed in the hands of the employees would be safe from employer bankruptcy.

Your point I thought was about how safe LIRA, RRSP and TFSA are in a personal bankruptcy of the holder.

#239 Edward on 10.10.15 at 9:35 pm

Poloz sells international bankers on best case secenario.

http://www.macleans.ca/economy/business/stephen-poloz-sells-international-bankers-on-best-case-scenarios/

#240 Washed Up Lawyer on 10.10.15 at 9:38 pm

Nagraj:

On the way home from the polling station, I stopped in a tattoo shop in Fort McMurray.

Got a tat on my right bicep. It reads “Nagraj Rocks”.

Painful but worth it. Cost me 2 grams of coke.

Luv ya N.

#241 Julia on 10.10.15 at 9:41 pm

Should read: If the employer files.

#242 For those about to flop... on 10.10.15 at 9:44 pm

#235 Dirt Dog on 10.10.15 at 9:26 pm
#126 Smoking Man
Dude awesome BS to get home.
So maybe your an old hack with young trophy
Wifey. Whatever it worked, congrats
Still expecting a rate cut??

————————————–
Are you that gullible ?
Do you really think a pilot is going to worry about a cheap drunk like Joking Man,I don’t think so.
If you going to believe that crap then Joking Man might as well go all in and so some shit like” Obama didn’t need air forse one so he said smokey you use it to get home,so I took him up on the offer and landed that suker in long brunch.
Don’t believe half of what he writes Joking Man is a “floored “genius

#243 Just Checkin' on 10.10.15 at 9:51 pm

Garth,
Did you miss it or do you now allow the f-word in comments:
#2 YYZ_Guardian on 10.09.15 at 5:59 pm

I thought it added the appropriate redneck sauce. — Garth

#244 Westernman on 10.10.15 at 10:05 pm

Nagraj @ # 217
If you are happy with that level of ” service ” for your money ( or likely someone else’s money ) then have at it boy, but I guarantee you that would be the last time I ever went back there… unlike you, on some sort of taxpayer dole some of us have to work to support parasites like you who have all day to run around and practice phoney morality with the product of other peoples life energy…

#245 Smoking Man on 10.10.15 at 10:08 pm

#235 Dirt Dog on 10.10.15 at 9:26 pm
#126 Smoking Man
Dude awesome BS to get home.
So maybe your an old hack with young trophy
Wifey. Whatever it worked, congrats
Still expecting a rate cut??
….

Hell ya..

What a difference a year makes. We had great thanks giving dinner with the family tonight. I use to dread these brag feasts.

Coming up the anaversary of my nephews free fall from 500 meters in the swiss alps.

This year for the first time ever, no competition, no Petty jealousies. Chirping yes, but all in good taste. And all of us with a new sence of whats important.

We lost the kid that smiled the most, was on track to be the most successful. A kid that whom ever met him, loved him dearly.

What a sacrifice he made for the rest of us.

His death put it all into prospective. Dearly missed …

Having a cigar and a shot of his favorite grapa tonight.

Me miss you Mark..

#246 Panhead on 10.10.15 at 10:22 pm

#221 Kai2.0 on 10.10.15 at 7:17 pm
it’s Thanksgiving and one should really be thankful for having the privilege of living in Canada. Chill – drink some beer and wine and have a good meal. Remember, worldwide many millions would love to be in your place.

————————————————————-

I figure your math is a little shaky … it’s probably billions …

#247 Smoking Man on 10.10.15 at 10:24 pm

#240 For those about to flop… on 10.10.15 at 9:44 pm
#235 Dirt Dog on 10.10.15 at 9:26 pm
#126 Smoking Man
Dude awesome BS to get home.
So maybe your an old hack with young trophy
Wifey. Whatever it worked, congrats
Still expecting a rate cut??

————————————–
Are you that gullible ?
Do you really think a pilot is going to worry about a cheap drunk like Joking Man,I don’t think so.
If you going to believe that crap then Joking Man might as well go all in and so some shit like” Obama didn’t need air forse one so he said smokey you use it to get home,so I took him up on the offer and landed that suker in long brunch.
Don’t believe half of what he writes Joking Man is a “floored “genius
…..

Im betting you had a shit thanks giving..

Hostility huge , do you want to talk about your underlying issues with Dr Smoke.

#248 The Truth Please on 10.10.15 at 10:27 pm

Garth, do you read and answer all these posts yourself or do you have some quick witted, like minded staffers doing your ghost writing for you? Otherwise, you’re glued to this blog basically 24 hours a day. How do you get anything else done?

#249 Just Checkin' on 10.10.15 at 10:28 pm

#157 BLOSSOM on 10.10.15 at 10:43 am

Why not just wear make-up to hide your real face like most women in Canada do? And don’t forget to wear super-tight yoga pants–don’t worry, you won’t offend anyone.

#250 the truth on 10.10.15 at 10:42 pm

DELETED

#251 For those about to flop... on 10.10.15 at 10:46 pm

Joking Man#245

Im betting you had a shit thanks giving..

Hostility huge , do you want to talk about your underlying issues with Dr Smoke.

———————————
Australians don’t celebrate Thanksgiving
We celebrate when we want not when we’re told to.
I get on with most people on this blog but Freedom First makes me want to throw up and you give me the shits.
Pepto Bismol and I’ll be fine…

#252 Smoking Man on 10.10.15 at 11:04 pm

#249 For those about to flop… on 10.10.15 at 10:46 pm
Joking Man#245

Im betting you had a shit thanks giving..

Hostility huge , do you want to talk about your underlying issues with Dr Smoke.

———————————
Australians don’t celebrate Thanksgiving
We celebrate when we want not when we’re told to.
I get on with most people on this blog but Freedom First makes me want to throw up and you give me the shits.
Pepto Bismol and I’ll be fine
……

You just gave up your a chic. I have so much to teach.

Drunkin Dr Smoking Man.

#253 Voting NDP = CONservative propaganda on 10.10.15 at 11:12 pm

Every evil CONservative knows NDP has NO CHANCE of winning. Harper has NO CHANCE At winning unless they can brainwash / fool people to throw away their vote. Vote strategic. As an NDP voter my riding is a tight Liberal vs CONservative riding. Voting NDP is throwing my vote away and it might allow the evil TPP signing sell out Harper another shot to finally destroy Canada if it isn’t finished already. If you are a self hating Canadian who Hates Canada then Harper is your man that will kill Canada.

#254 For those about to flop... on 10.10.15 at 11:13 pm

#250 Smoking Man on 10.10.15 at 11:04 pm
#249 For those about to flop… on 10.10.15 at 10:46 pm
Joking Man#245

Im betting you had a shit thanks giving..

Hostility huge , do you want to talk about your underlying issues with Dr Smoke.

———————————
Australians don’t celebrate Thanksgiving
We celebrate when we want not when we’re told to.
I get on with most people on this blog but Freedom First makes me want to throw up and you give me the shits.
Pepto Bismol and I’ll be fine
……

You just gave up your a chic. I have so much to teach.

Drunkin Dr Smoking Man.

/////////////////////////////////////////
Joking Man…
Well you got one thing right.
I’m a 6ft 2 250lb guy and your a cheap drunk!

#255 Smoking Man on 10.10.15 at 11:21 pm

Why dyslexic have no problem making loot.

In class trying to read , its a struggling problem. So we lift our head, thinking how do I get out of this embarrassed situation.

In desperation we spot someone who can help us. We freind him/or her.

Knowing your not going to be a good widget. We look for help from the weakest link who gets it.

In later life, they become your employees..

Life is not fair , I feel for all the poor bastatds that can read.

#256 Millmech on 10.10.15 at 11:27 pm

Regarding Steelco pensions,
Is this reason enough for people to go to defined contribution not defined benefit,can’t lose that money if company goes under.One of my previous employers DB pension is being scaled back 18% per year of service and early retirement before 65 is going to be 8% penalty per year and survivorship benefits cut by 30%.Big company/union pension,a lot more of this going to happen due to demographics,I pulled my money out when I quit so I know what I will have when I retire.

There is a powerful argument for always commuting a pension. — Garth

#257 Bottoms_Up on 10.10.15 at 11:34 pm

The National Post has now said it best:

“Is forbidding the veil during the oath of citizenship a “protection” of the values of Canadian citizenship, or an “outrage” against its very meaning?”

Canada is a collage of minorities, and we accept the niqab as a religious expression. Why would we ban it at the citizenship ceremony?

#258 Spiltbongwater on 10.10.15 at 11:44 pm

DELETED (anti-Semitic)

#259 Sayed Ahmed on 10.11.15 at 12:00 am

“Data provided by the urban and regional planning (URP) department of BUET says that in areas of Dhaka and its outskirts, land prices have increased by more than 300% between 2000 and 2007. Real estate developers’ estimates suggest the increase would be close to 350% since then.” – See more at: http://www.dhakatribune.com/bangladesh/2013/may/03/land-prices-put-dhaka-par-ny-or-london#sthash.TZdG8d67.dpuf Does it indicate, no matter how pricey it looks (or irrespective of Price/Income ratio) .. For houses in Toronto and Vancouver , because of the demand, price will go up for the most part

#260 Golden Years on 10.11.15 at 12:00 am

Canadian consumers are just getting their first taste of the inflation the ZIRP has wrought on the ‘third world’. I’m back in Thailand where food and housing costs have skyrocketed over the past ten years. Now Canadian consumers are getting a look at what hyper inflation looks like at the grocery store and where the rubber hits the road in real estate. Cheap money has also forced prices up her dramatically….and the HAM are an issue people protest over….yet the government denies the presence of…because the same thing is happening…ill gotten gains are flooding in from the PRC and lining the pockets of the elite. But don’t tell Poloz that his harebrained loonie bashing is causing seniors and families to starve….he’s a civil servant and that means he lives on a subsidized cloud with a gold plated pension and a salary five time whats he’d ever receive in the private sector. “Let them eat cake”……

#261 Ponnaps on 10.11.15 at 1:23 am

“Either we have a country that recognizes religious freedom, or we do not. In any case, get a life. I wear a hanky on my honker every time I ride fast. — Garth”

“…with the woman at the centre of this squabble. She is from a well-educated family in Pakistan. None of her family wore the veil, and they were opposed to her wearing it. Her husband doesn’t particularly want her to wear it.”

Is the wearing of niqab about religious freedom or is it about personal choice?

Everyone seems equally ignorant…

#262 Kai2.0 on 10.11.15 at 1:47 am

Re: #227
I’m sure I will be seen as a racist, but if Muslim people want to live without prejudice, maybe they should show a modicum of tolerance towards other religions (to the likes of Christians and Jews). It goes both ways. How tolerant are Muslim nations to others beliefs ? – not so much these days it seems (or am I missing something). I don’t blame Garth if he blocks this, as this is (supposed to be) a financial blog.

#263 Mark on 10.11.15 at 2:24 am

“Canadian consumers are just getting their first taste of the inflation “

Where? I haven’t seen prices move at all upwards. And official CPI is extremely low with inflationary pressures abating as the Canadian dollar has been on a tear recently.

If inflation, if not hyperinflation was the case, why are people, young and old, still lining up in droves to lend their money to the banks for practically nothing? The behaviour of the public is completely inconsistent with the claim of inflation, nevermind hyperinflation, being anything in excess of reported numbers.

#264 The American on 10.11.15 at 2:46 am

At #178: Mark in Guelph, educate yourself. As I’ve been saying, canadians need to educate themselves. Canada is going down the shitter, and fast. The U.S. is not. It may be hard for you to grasp, but you’ll understand soon enough. As for your comment, interest rates aren’t at 0%. Again, educate yourself. The hike is coming, and coming soon. Count on it. Using your logic, the price of money is even lower in canada, meaning the canadian economy, relative to the U.S. economy, must be a complete failure. Hell, look at the exchange rate for god sake. We can “what if” all day and make hypothesis about what the economy would look like if rates were at 4-5%, or if you really want to roll back the clock, we can ask the same question about “what if” with rates at 17-21% (back in the 80s). You have no point. The rate hike is coming this year, and there won’t be QE4. Guaranteed. Watch and wait. One little thing you should be thinking about is the canadian economy and what a Fed rate hike will mean for that CAD. It won’t be pretty, and it is indeed going to happen. Go ahead and have all the wishful thinking you’d like, but you’ll see it’s simply not going to come to fruition the way you anticipate.

http://www.nytimes.com/interactive/2015/business/economy/fed-interest-rates.html?_r=0

#265 Hamcouver on 10.11.15 at 2:56 am

#227
Beautifully said. As a new Canadian citizen, my husband and I will both vote strategically to get rid of the tyrant running this country. Personal finance aside, the conservative governments foreign policy, treatment of scientists and disdain for the environment are appalling. Our family’s income may take a hit with either Tom or Justin but it is a small price to pay to have a leader who commands respect and of which you can be proud on an international stage. Either would be a significant step up from the current fool. And they have better hair.

#266 Great Canadian Bubble Co. on 10.11.15 at 6:36 am

Maybe banks will go the way of auto loans and offer 0% financing next …

#267 Todd on 10.11.15 at 7:02 am

I have read more than a few uneducated comments people not showing their face while voting to protest people wearing a religious face covering to vote.

I just went through training to be a Deputy Returning Officer for October 19th. During training we were told it is mandated that in this election anyone wearing a face covering must show either the DRO or poll clerk their face before receiving a ballot.

Since anyone can come to the poll and show two pieces of non-photo ID and have the right to vote, I ask what is the purpose to getting someone to show their face if they don’t have to give anything with a photo on it to reference.

Ah yes, I see you have a nose and mouth, here is your ballot.

Sad that this has become something to debate.

#268 maxx on 10.11.15 at 7:31 am

#125 whitehorn on 10.10.15 at 12:56 am

“#102 Terry “US Steel Canada decision is a disgrace…”

“I agree with your comments. Plus, this could be the start of several more companies doing exactly the same….. It happened to some gold and coal companies in the 90’s and then got revamped – perhaps “revised” loopholes in the company contracts.”

Yes….just look at the great migration from defined benefit to defined contribution pension plans. Many who moved to DC got whacked by the GFC and then sold, crystallizing a permanent loss.

Now, on top of momentous, highly damaging economic consumer debt, money is harder to obtain and retain than ever before. Good jobs are meted out with an eyedropper.

Becoming rich is now and will continue to be a real slog.

Savers with equity and zero debt are the most fiscally fortunate people imaginable as the global economy continues to become increasingly unstable.

For everyone else, there’s a card for that.

#269 maxx on 10.11.15 at 7:45 am

#127 Love my Kia on 10.10.15 at 1:39 am

“Voting for TFSA? Seriously?!? Why don’t you sell your soul while you are at it?”

Careful, you’ll give yourself a coronary. Political parties remind me of a christmas club: you pay into it all year long (taxes) and then, come delivery time (the election), you get a nice big box (perhaps a new person at the helm), think you’ll get a great surprise (delivery on campaign promises), only to find that it’s filled with the same crap as ever.

Sell my soul? Never. Hang on to my skepticism? You bet.

#270 Jane Goodall on 10.11.15 at 7:53 am

A $5,000 TFSA contribution made every year earning 5% compounded over 35 years is $474,182.

The total contributions are $175,000 over those 35 years.

The total compounded earnings is $299,182 and with current income rates, income taxes can range from $50,000 to $150,000. Most likely, something in the $105,000 for most people.

This does not take future income tax increases like Ontario’s health taxes, Alberta’s NDP future income tax increases or past surtaxes on income that the NDP’s Ontario NDP put in place and are still there 24 years later.

This is $3,000 a year in that person’s pocket from income tax savings not $72.50 or $45 a year or even $250 etc. in an individual’s pocket.

Most people don’t understand TFSA’s and how the income taxes are huge over decades. For more than one family member, let us say in a family of 4 adults, this is $12,000 a year or $420,000 over 35 years in income tax savings.

Most Canadians would rather pay an extra $20,000 a year or more in mortgage payments, interest being probably hundreds of thousands of dollars, property taxes, utility bills, insurance, repairs and maintenance, H.S.T. etc. etc. on buying real estate and more real estate and more real estate.

No wonder most people are clueless when it comes to taxes and personal finance, investments etc.

#271 Jane Goodall on 10.11.15 at 7:58 am

By the way, Alberta’s NDP tax, fee, spend, borrow, more red tape, much more regulation budget is coming after the October 19-2015 election.

The date the last time I saw it would be on October-27-2015. What a surprise! It is not really.

#272 Jane Goodall on 10.11.15 at 8:22 am

By the way, that measly $7,500 a year in fully taxable Onatrio Retirement Pension Plan benefits in 40 years would of been worth $458,029 income tax free if it all that money taken for 40 years was in a TFSA.

This is still using a 5% annual compound rate of return and annual increases of 4.00% to ORPP contributions. It is not going to stay the same, people.

Don’t forget they can and will increase the age of eligibility for ORPP anytime from 65 to 70, 72 etc.

There is no money for the spouse, kids, family etc. when one passes away. This is a big tax grab of proportions.

just remember, for every $1,000 of taxes you lose every year, it will cost at minimum $120,000 in a TFSA or $160,000 in a RRSP by retirement for those in their 20’s, early 30’s.

#273 Blue Jays Choke on Thanksgiving Turkey! Toronto, you suck!! on 10.11.15 at 8:33 am

So many Greater Fools in the GTA – how pathetic!

Your real estate is delusional, just like Jays and Leafs fans.

“Oh, but we’re special”

“Toronto is a world class city”

“It’s different here this time, it’s not 1989. That will never happen again.” (Hey, didn’t the Jays choke in 1989, too?)

“We will always have success, thanks to all the outsider interest coming here, like all the HAM buyers. And star pitchers like David Price. (oops!)”

WRONG! WRONG! WRONG!

Toronto, you haven’t won a Stanley Cup in almost FIFTY YEARS – 50 YEARS!!!!!!

Smoking Man had only fifteen cavities 50 years ago!

A World Series? Almost TWENTY FIVE YEARS – that’s 25 YEARS!!!!!

Stephen Harper had human warmth 25 years ago! (Well, a little bit, barely)

Anyone calling himself “a fan” of those teams has serious self-esteem issues. Get help!

PATHETIC!!!

DELUSIONAL BANDWAGON JUMPERS!!!

Just….like….people….buying….your….crappy….and……..overpriced…..shacks.

The Blue Jays and Maple Leafs?

They are the slanty semis of professional sports!

http://www.greaterfool.ca/2015/07/28/missing-f/

And anyone who supports them is just like the idiot Greater Fool buyers who have pushed the YYZ bubble to its limits, who will be DESTROYED by what happens next!

YYZ Real Estate: DOWN by 60% within 5 years

Blue Jays and Maple Leafs?

Losers for a combined 75+ years, soon to be a century!!

WooHoo!!!!!!!!

Let’s cheer for Toronto as you all circle the toilet bowl!!!

#274 IHCTD9 on 10.11.15 at 8:48 am

#218 kommykim on 10.10.15 at 7:09 pm

There’s a big difference between that and believing in an invisible man in the sky.

—————————

Same concept, different application. Look at yourself, based on your comments and username, you like absolute government control aka a Communist Dictatorship. You must be basing your Communist ideals on something you see as good right? If you read up on it, every major Communist Dictatorship to have ever existed has been a disaster with the Proletariat’s blood running in the streets.

You must have faith like a rock to believe in a possible good outcome via this kind of government as there is not a shred of empirical evidence to suggest getting such an outcome. (Obviously I am giving you the benefit of the doubt that you think a government that paves it’s highways with the flesh and bones of its citizens is not good.)

Faith is Faith, the concept is the same regardless how far fetched the application is, even so far as the existence of a Creator, or a high quality Communist Dictatorship.

#275 IHCTD9 on 10.11.15 at 8:53 am

#270 Jane Goodall on 10.11.15 at 8:22 am
By the way, that measly $7,500 a year in fully taxable Onatrio Retirement Pension Plan benefits in 40 years would of been worth $458,029 income tax free if it all that money taken for 40 years was in a TFSA.

This is still using a 5% annual compound rate of return and annual increases of 4.00% to ORPP contributions. It is not going to stay the same, people.

Don’t forget they can and will increase the age of eligibility for ORPP anytime from 65 to 70, 72 etc.

There is no money for the spouse, kids, family etc. when one passes away. This is a big tax grab of proportions.

just remember, for every $1,000 of taxes you lose every year, it will cost at minimum $120,000 in a TFSA or $160,000 in a RRSP by retirement for those in their 20’s, early 30’s.
—————–
And also similar costs to employers…

Excellent Post!

#276 Mark in Guelph on 10.11.15 at 9:06 am

#262-The American-The rate hike is coming this year, and there won’t be QE4. Guaranteed. Watch and wait.

No, not even close. Every single metric save for the very narrowly defined “unemployment rate” is pointing in the wrong direction. QE4 is next, obviously no rate hike.

What you cheerleaders never seem to answer is why hasn’t the Fed raised yet? What is going to improve by October, or do you no longer believe it’s happening then? You in the December camp now? You’re a joke.

I’ll take your non-answer to my “What if rates were 4-5%” as an admission that it would be an utter disaster. I can see why you don’t want to say it.

As for the cost of money, it’s higher here, so what are you talking about?

Our economy is also a nightmare, on that we agree, on everything else, you are a typical insular American.

#277 Daisy Mae on 10.11.15 at 9:19 am

#176: “The problem is that many companies are allowed by governments to promise retirement benefits without paying for them as they are accrued.”

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

These companies are breaking a negotiated contract, aren’t they? And that’s not illegal?

#278 George S on 10.11.15 at 9:26 am

I have experienced two defined contribution pension plans. Both were undergoing transformations in how they were doing business and were pre-emptively dealing with emerging pension plan issues by converting to DC from DB plans. One had already converted and the other was in the process. The one that was in the process paid out the actuarial value of the DC plan to people in a locked in RPP.
Both had the same contribution rules, the employer matched your contribution up to 5% of your current salary per year and you could contribute as much as you wanted up to your RRSP contribution limit for the total contribution (employer + employee). The employer in both cases had a financial company managing the fund that provided a good deal on the MER, in both cases much lower than the going rate.
You were free to move your money wherever you wanted, even into GIC’s if you were so inclined and you could withdraw your contributions at any time for any reason. The only rule was that the company’s contributions and the accumulated interest (that part of the contributions were in a separate fund in your name) had to be used to purchase a life annuity on your retirement date (age 55 or older). Some provinces allow you to do other things after a bunch of paperwork but this is a hard rule in most provinces to protect people from themselves.
The money is self administered and yours no matter what happens to the company, nobody else can touch it, I think even if you, yourself go bankrupt (I am not 100% sure about that).
The DC pension is a good concept and if you make the proper contributions you can have a really good “gold plated” pension when you retire. The problem is that you have to be careful not to contribute too little. If people would contribute the maximum allowed every year they would have no problem, but they don’t. There is a reason why the actuaries advising the CRA set the limits on RRSP and RPP contributions at the level they do and it is that is what is required to get a reasonable pension after 35 to 40 years of work.

#279 Jack on 10.11.15 at 9:34 am

Reporting from Unionville: I went for advanced voting yesterday and there were long line up… I am an immigrant and I moved to Canada for the freedom and democracy. (No I work for a salary like everybody else and don’t have the money to buy a house in West Vancouver so don’t blame me for RE price) The line up was very long and moved slowly but nobody complained. I was surprised to see so many patient people.

I love democracy. Garth you should run again.

#280 Daisy Mae on 10.11.15 at 9:52 am

#220: “IS HARPER RESPONSIBLE FOR EVERYTHING “BAD?”

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

Pretty much! Answer is ‘yes’.

#281 Nora Lenderby on 10.11.15 at 9:53 am

#260 Kai2.0 on 10.11.15 at 1:47 am
Re: #227 I’m sure I will be seen as a racist, but if Muslim people want to live without prejudice, maybe they should show a modicum of tolerance towards other religions (to the likes of Christians and Jews). It goes both ways. How tolerant are Muslim nations to others beliefs ? – not so much these days it seems (or am I missing something).

Yes you are missing a lot, imo…a few misunderstandings here. It is far more about ethnic groups, usually majorities, being stirred up against minorities. This is something that humans do and never ends well.

The idea that any religion comprises a mass with identical opinions is also wrong. How me and the Pope? Both could be classified as “Christian”. My views are pretty radically different from his (I’m a secular humanist, he wear dresses).

States are often tempted to use religion as a tool of oppression (and vice versa), which is why this “separation of church and state” thing is such a hugely important concept.

#282 Nora Lenderby on 10.11.15 at 10:07 am

#242 Westernman on 10.10.15 at 10:05 pm
Nagraj @ # 217…some of us have to work to support parasites like you who have all day to run around and practice phoney morality with the product of other peoples life energy…

Hmm…time to take a break, perhaps? Sounds like you are overdoing it. Mr. N is a well known shining wit and you made yourself appear both humourless and grumpy. His image of zombie Canadians lining up at Timmy’s will remain with me.

Your point about not putting up with bad service is valid, though. I’d rather make coffee myself.

#283 Nora Lenderby on 10.11.15 at 10:26 am

#259 Ponnaps on 10.11.15 at 1:23 am
Is the wearing of niqab about religious freedom or is it about personal choice? Everyone seems equally ignorant…

Actually it’s not any of my business (or yours).

If someone breaks a law, that’s different.

If someone uses the law to pursue political ends, that’s a matter for the ballot box.

#284 Daisy Mae on 10.11.15 at 10:42 am

#270: “Don’t forget they can and will increase the age of eligibility for ORPP anytime from 65 to 70, 72 etc.”

***************
…just as the TFSA can be tweaked over the years. It quite possibly already has. Nothing is for sure.

#285 Paul on 10.11.15 at 10:59 am

#272 Daisy Mae on 10.11.15 at 9:52 am

#220: “IS HARPER RESPONSIBLE FOR EVERYTHING “BAD?”

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

Pretty much! Answer is ‘yes
———————————————————-
Boy such narrow thinking! Or maybe no Thought?

#286 maxx on 10.11.15 at 11:04 am

#143 Julia on 10.10.15 at 7:40 am

“#103 Linda
Chapter 11 in the US is (somewhat) equivalent to the CCAA in Canada. A court supervised insolvency proceeding to allow the debtor an opportunity to restructure. If it fails then they are bankrupt.”

“Pension solvency and funding rules are an issue that needs to be addressed. Bankruptcy sucks for employees and retirees stuck in the middle but I am not sure what the solution is.
The issue of priority in case of insolvency is a very hot button. 1 side wants priority over all assets for the underfunded portion in a bankruptcy (Unions, retirees, plan members) the other side takes issue with that as it would restrict access to capital from lenders. Why would they lend into a company without having priority over the company’s assets?”

Preexisting debt should nearly always be paid first, but especially in the case of an ongoing/imminent requirement such as a pension.
If a company cannot meet its legal obligations, it should not be borrowing again- certainly not for non-pension related activity, until it gets its proverbial act together.

-and-

“This is a bankruptcy proceeding. The retirees are not losing the funds they put in themselves. Who do you propose should make payments for a bankrupt company?”

No, this is a broken promise. A serious one that impacts the health and well being of human beings at the end of their work life. Those who ought to be making payments are the idiots responsible for raiding the pension pot in the first place, including the parties who allowed this stupidity to begin with.

A bankruptcy proceeding…….proceeding my a$$. It’s a legalized, progressive FU to seniors who had been PROMISED a pension and perhaps even made a decision long ago to work for this company on that basis.

#287 Grantmi on 10.11.15 at 11:10 am

#278 Daisy Mae on 10.11.15 at 9:52 am

#220: “IS HARPER RESPONSIBLE FOR EVERYTHING “BAD?”

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

Pretty much! Answer is ‘yes’.

Yup.. Harper is responsible for every bad thing in the world…

http://bit.ly/1L6j8U6

#288 maxx on 10.11.15 at 11:15 am

#144 From Atrocious to Tepid on 10.10.15 at 8:34 am

“A spokesman from the Department of Foreign Affairs said the RCMP had been notified about a series of leaks to the press. The department notified the police after a memo about the dangers of leaking journalists information was itself leaked to journalists.”

Sounds like a lot of leaking outside the cup.

#289 Grantmi on 10.11.15 at 11:23 am

Tom has new Job lined up Oct. 20th.

http://i.imgur.com/gJu5uto.jpg?2

#290 Lorne on 10.11.15 at 11:29 am

#269 Jane Goodall
By the way, Alberta’s NDP tax, fee, spend, borrow, more red tape, much more regulation budget is coming after the October 19-2015 election.

The date the last time I saw it would be on October-27-2015. What a surprise! It is not really.
…………
Yes, it is a shame that a new government has to try to right the ship after 40+ years of PC mismanagement and enrichment of the 1% and Corporations, but that is what it has come down to. Are you really suggesting the previous government’s path was correct one for the province??

#291 Herb on 10.11.15 at 11:29 am

http://www.thestar.com/opinion/commentary/2015/10/11/stephen-harper-a-prime-minister-we-cant-trust-danny-williams.html

Danny Williams says it all. Going by what I have observed of Harper since I voted for him (actually, his promise to change politics) in 2006, Williams is spot on.

But he will let you keep the extra $4,500 annual TFSA contribution if you vote for him. John, 11:35

#292 Terry on 10.11.15 at 11:42 am

#254, Regarding your comment Garth,

“There is a powerful argument for always commuting a pension. — Garth”

It is not always the right thing to do to take the commuted value of your DB-Pension if that opportunity is presented to you. The DB-Pension is the best pension alternative ever created and it works for many current retirees very well. It’s better than the DC-Pension and better than investments into your RRSP’s or TFSA’s for that matter. A DB-Pension requires no up front out of pocket expense from the employee. It is a promise, collectively negotiated, as part of your wages/salary and benefits accruing to you when you retire. The benefit is “set” “defined” for your life. When Financial Advisers try to get people to “Commute their DB pensions” I have this quote/saying for them to contemplate.

“It is difficult to get a man to understand something, when his salary depends upon him not understanding it.” – Upton Sinclair

‘Defined benefit’ refers to the structure of a pension, not the quality of it. Ask Stelco workers how that turned out. A DB pension is not more secure than any other pension if the administrators make bad choices or the underlying entity is unable to meet future financial obligations. So, why would you not want to control your own pension funds and wipe away that portion of risk? Additionally, most DB pension plans provide a surviving spouse with just a fraction of the benefit and often for only a set period of time. With a commuted pension, 100% of the money is the property of your family, to be provided to a spouse or your kids. Finally, every dollar you receive as a benefit from a registered pension plan is taxable. With a commuted plan it is often possible to have a non-registered portion providing return of capital payments which are not counted as taxable income. There is risk everywhere. But if you have the opportunity to control your own destiny, why would you not take it? — Garth

#293 Marco on 10.11.15 at 11:53 am

@251 Voting NDP = CONservative propaganda

Doubt the TPP will go through without the Americans. We are joined at the hip.
The TPP is an American deal to compete with China. Hillary Rodham doesn’t support it, neither I would think, Trump.
Trump wants to renegotiate NAFTA because of American jobs lost to Mexico.
NAFTA was such a good deal for Canada’s manufacturing industry (not).

Cheers.

#294 pinstripe on 10.11.15 at 11:54 am

I did my duty at the advanced poll yesterday. voter card and picture id was sufficient.

long lineup. slow moving.

a lot of young people voting for the first time.

the one person transcribing info at the table was very slow and would make many mistakes. transcribing one letter and one number at a time. a lot of rework. several comments from voters about the flaws in the process.

no one left the long line and many were expressing their view to vote ABC. This was the first time that I witnessed so much anger behavior at a poll.

many snowbirds making sure to vote before their migration to Mexico.

#295 onpar on 10.11.15 at 11:56 am

If your vote is based on an extra $5K in your TFSA each year, you are a terrible citizen. Also of note, the CPC clearly get the “greedy, what’s in it for me” vote. Who gets the vote for building a better society for everybody?

#296 jess on 10.11.15 at 11:56 am

faceless finance

http://www.financeuncovered.org/money-laundering/is-it-over-for-money-laundering-in-londons-property-market/

#297 maxx on 10.11.15 at 12:18 pm

#159 Retired Boomer – WI on 10.10.15 at 10:55 am

“Sort of sad to hear about US Steel’s Canadian troubles. Steel you know has had problems for years. US Steel went tits up years ago in the states, shedding union pensions and promises.

What makes you think “you’re special”?? When a company goes belly-up they are broke. Assets go to pay off creditors. Employee’s “promises” are not special.”

Not so “sort of sad” after all, eh wot? Evidently, “employee’s promises” are not special- at any rate, not as special as those made to ceos and upper management. I’m fairly certain that they made out much better than the average Joe.

What does a “promise” mean today? Even in writing, when it comes to darling corporations, it means squat.

Thank the lord I learned never to trust these vaporous entities with my future. Sleep is such a hot commodity.

If it’s not a promise, corps. should call it what it is- a chrome-plated, good time Charlie, fair weather friend promissey-sounding statement to the effect that: “we’ll MAYBE-PERHAPS-POSSIBLY pay you a pension (duration unknown) IF business always booms, provided we can still pay the CEO, management and shareholders all of their mega-benefits (which weren’t nearly as bloated at the time you started your employment with us) that they needn’t have a union to negotiate for them. MAYBE-PERHAPS-POSSIBLY.”

We ought to delete “promise” from corporate and government dictionaries.

#298 For those about to flop... on 10.11.15 at 12:44 pm

#289 onpar on 10.11.15 at 11:56 am
If your vote is based on an extra $5K in your TFSA each year, you are a terrible citizen. Also of note, the CPC clearly get the “greedy, what’s in it for me” vote. Who gets the vote for building a better society for everybody?

////////////////////////////////////
As I stated in earlier posts I am not voting in this election .
I am fine with letting the rest of Canada decide whats best for them.
The only reason the TFSA is an election issue is because Candians are in record debt and therefore unable to fund such useful retirement tools.
It’s essentially savers and financially responsible people against debt pigs.
Now I ask you who is the”terrible citizen”.

#299 Greg Simpson on 10.11.15 at 12:52 pm

To IHCTD9

Another important point is even if you are 65, 70 or 72 and are eligible for the full ORPP $7,500 annual pension and they give 2% to 3% annual inflation indexing like the C.P.P. and other federal benefits, how long would a person have to live just to get close to the $458,000 or so TFSA.

To Lorne, Alberta can become Venezuela that s oil rch but are one of the poorest, resource based economies.

The NDP will make Alberta more like Ontario’s Bob Rae’s ray days which were a tax, spend, borrow, job destroying economic disaster.

If a person lives until 95, a person would receive $273,444 over 25 years.

The same TFSA would be worth $1,551,000 by age 95, 25 years later.

The difference between the TFSA and ORPP is about $1,354,000. The ORPP is taxable too, so really maybe $200,000 really. What a crappy, ripoff plan.

Imagine all the people that live less like 75, 80, 85 years old. They will get really close to very little, maybe $30,000 or $50,000 after income taxes.

#300 Stupesing in Cabbagetown on 10.11.15 at 12:56 pm

#220 – Victoria Tea Party

Harper isn not responsible for everything bad, but it’s amazing how often he’s periferally involved when evil happens. US Steel took over Stelco in 2007 after secret negotiations with the Harper government. Maybe this was part of an ongoing Union-busting strategy? See https://openparliament.ca/debates/2011/11/24/chris-charlton-2/.

#301 Keith in Calgary on 10.11.15 at 1:18 pm

Did my thing too.

Voted Liberal.

And, I am a 40+ year conservative……..don’t want to get arrested for smoking weed………..don’t want to see money waste don jets we don’t need…….I want the 1.5% tax break as I barely sit below the top limit ($89K)………and I think we’re too much of a police state now.

The rest of their platform I don’t have issues with.

#302 Leo Trollstoy on 10.11.15 at 1:56 pm

Voted PC.

Want my TFSA

Easy decision

#303 Paul on 10.11.15 at 2:15 pm

#298 Keith in Calgary on 10.11.15 at 1:18 pm

Did my thing too.

Voted Liberal.

And, I am a 40+ year conservative……..don’t want to get arrested for smoking weed………..don’t want to see money waste don jets we don’t need…….I want the 1.5% tax break as I barely sit below the top limit ($89K)………and I think we’re too much of a police state now.

The rest of their platform I don’t have issues with
———————————————————-
And, I am a 40+ year conservative……..don’t want to get arrested for smoking weed???

Then Don’t smoke it and we won’t need to spend money on drug heads!!

#304 Sacha Brüno on 10.11.15 at 2:21 pm

#179 Sacha Brüno on 10.10.15 at 12:53 pm

Many Canadians, myself included, have no problem with turbans, veils, kipas, head scarves, burkas or the funny pointed thing the Pope dons. Grow up. — Garth

Sure – if you want to look at Islam as a fashion statement.

Islam is a peaceful religion. — Garth

As my dear friend, Charlie used to say… “it’s a headgear… who would make an explosive argument about it?” At a court, at an election… or any other way.

RIP Charlie Hebdo.

#305 kommykim on 10.11.15 at 2:28 pm

RE: #272 IHCTD9 on 10.11.15 at 8:48 am
Look at yourself, based on your comments and username, you like absolute government control aka a Communist Dictatorship.

Yes, I am a strong federalist in favour of a socialist democracy. I believe that corporations should be regulated and not given free reign to ride roughshod over the rights of the citizens of this country. Capitalism is great for producing goods for the consumer market. It fails badly when it is supplying essential services and/or when a monopoly has been attained. Supply side economics is a farce.
The user name KommyKim is a recycled one from my days of playing “Red Alert”. I always played the Russian side because my buddy didn’t want to due to his right wing leanings. I chose the name to piss him off. I chose the name for on here for similar reasons: May as well cut to the chase as they’re going to call me it anyway.
Why did you name yourself after an old bulldozer?

#306 pinstripe on 10.11.15 at 2:36 pm

I have never seen the advance polls this busy. The polls were busy when the alberta election was held in May/15, but this fed election is beyond busy.

http://www.cbc.ca/news/politics/canada-election-2015-advance-poll-numbers-1.3266556

#307 Bottoms_Up on 10.11.15 at 3:02 pm

#297 Stupesing in Cabbagetown on 10.11.15 at 12:56 pm
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There’s actually a good expose that explains they only bought stelco to prevent it from falling in the hands of a russian steel company, which would have given them a foothold into the NA market. They bought it in 2007 knowing full well they were bankrupt.

#308 IHCTD9 on 10.11.15 at 3:47 pm

#302 kommykim on 10.11.15 at 2:28 pm

…Why did you name yourself after an old bulldozer?
————–

Restoring them is a hobby of mine. I own 3, one of them being a 1959 International Harvester Corp TD9-91 Track Loader. I really like very old gear driven heavy equipment for some reason, I should probably get my head examined…

#309 Lorne on 10.11.15 at 3:49 pm

#296 Greg Simpson
To Lorne, Alberta can become Venezuela that s oil rch but are one of the poorest, resource based economies.
……….
Then again, they just might surprise you and decide to take some of the riches from the oil when and if it regains some value, and put it into the Heritage Fund, so that the next time the economy shrinks, there is a safety net available….wouldn’t that be nice??

#310 Greg Simpson on 10.11.15 at 4:01 pm

To #307 Lorne

Who needs a Heritage Fund when I should have any extra money n my hands for myself and my family.

Bureaucrats can be trusted with our hard, earned money. They take already too much.

#311 crowdedelevatorfartz on 10.11.15 at 4:17 pm

@#306 IHCTD9

no one ever asks ME why I picked my nom de “plume”.

Its also a hobby of mine as well….not that anyone thanks me or anything………ingrates.

#312 Bag Lady on 10.11.15 at 4:24 pm

Canada is only as great as when others enter this wonderful nation and living like true Canadians.
When both my parents came from Switzerland to Canada, they didn’t bring their own cows and tell the government this is how we are going to feed and milk our cows. Nope, like many other Europeans it was a privilege to live in this wonderful great nation. They yearn for new opportunities and enjoy the freedom of becoming a proud Canadian. Europeans didn’t change our values of this great nation, since they adapted to the new ways of life.
We need to come to terms what are relative issues in Canada.
Elections are for the people, deciding what course of action our country ought to be going in becoming a great nation again.
The Niqab; is it going to repair our GDP or unemployment?
Making a mockery of our elections, and the media going along with it, this is what becoming a Canadian is today; forget important issues that will change our GDP or the future for young Canadians.
The foolishness cause of one lady wanting her 15 seconds of fame because she wants a potato bag over her face is this why we come to Canada? How much waste of tax payers money; this could be helping our schooling system, nope far more important to give her rights to the new Canadian in making a farce of our system. Try pulling this stunt in the States during election!
When entering Canada it should be said you are coming here to this great land to not change Canadian values but benefit by enjoying the freedom of opportunities as countless European-Canadians have.

I, for one, am not proud that you came to Canada without your cows, but with your prejudices. The niqab is not a ‘potato bag,’ and the few women who choose to wear it are not injuring you. Say, how about those guys running around this country in skirts? Will we ever forgive Scotland for that? — Garth

#313 Bottoms_Up on 10.11.15 at 5:00 pm

#308 Greg Simpson on 10.11.15 at 4:01 pm
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And by ‘bureucrats’, you are referring to border agents, lawyers, judges, food safety agents, tax collectors, doctors that ensure safety of medicines, consumer and environment safety groups, trade facilitators, sustainable resource advocates, transportation safety groups, public health groups, police, teachers, nurses etc.?

#314 Canadian vision on 10.11.15 at 5:02 pm

Long time Canadian citizen, tax payer.

Wearing glasses for medical purpose, all the time – paid out of pocket, not covered by health plan. It would be illegal for me to operate motor vehicle without it.

Lately I was forced to get my glasses removed for taking the photograph for driver’s license and passport.

I am forced to look into a camera, I can’t even see, the result is an alien to me, I look like as people never see me. Supposedly for security purposes.

Is my eyeglass part of my identity, my self-estime – it is part of my health condition?

Should I sue the Canadian government that on my official documents I am forced to look like not myself?

Have my human rights been violated?

#315 IHCTD9 on 10.11.15 at 5:36 pm

I, for one, am not proud that you came to Canada without your cows, but with your prejudices. The niqab is not a ‘potato bag,’ and the few women who choose to wear it are not injuring you. Say, how about those guys running around this country in skirts? Will we ever forgive Scotland for that? — Garth

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I have a buddy who has German parents.

Even though his grandpa dropped bombs on my grandpa, I have a hard time holding that against him as we drink beers and eat sausages in observance of Oktoberfest :).

Niqab’s are probably not as tasty as beer and sausage, but If we can enjoy German culture here in Canada less than 1 generation away from going over there to kill them – you’d think the headgear would be a non issue.

#316 Nora Lenderby on 10.11.15 at 5:45 pm

#312 Canadian vision on 10.11.15 at 5:02 pm
Lately I was forced to get my glasses removed for taking the photograph for driver’s license and passport.
I am forced to look into a camera, I can’t even see, the result is an alien to me, I look like as people never see me. Supposedly for security purposes.
…Have my human rights been violated?

I dunno. They’ll probably be able to recognise our corpses if needed. Do you feel safer?

#317 Retired Boomer - WI on 10.11.15 at 6:25 pm

#295 MAXX

I think you may have missed the point here.

A promise for retirement security, needs also to be FUNDED. Any Union worth t’s dues needs to ensure those promises ARE funded during negotiations.

1956 Packard motors, 1965 Studebaker two American Auto Companies whose “promises” to their UAW members were not funded. What did the guy was going to retire the week AFTER they filed for bankruptcy get? Buttkiss, zip, nada, nothing, you got it. That “promise” was as good as the union that failed to ensure it was funded.

1974 ERISA (employee retirement income security act) was born to try to ensure long term employees are not screwed out of pensions when their employer goes belly-up. Generally, when a company goes south all employees are shed, white collar, blue etc.

That law provides the longest term employes with the most. Say you worked for company ‘X’ the go belly-up.
You retired on the company defined benefit plan at 55 after 30 years of service. You will not fare as well as the guy who retired at 65 with 30 years of service, you presumably had more time to earn more.

There is no ‘perfect’ solution here, nor in any company failure. Just wait til we start to see national government failure (think Greece) on a wider stage. Are the US, Canada vulnerable here? I would certainly think so. What would make you think either of us are “special”??

Medicare in the US is underfunded, as is social security. Do you think a ‘claw back’ is not possible in 10-20 years? I will say it is highly probable as elected officials thus far have been loath to be honest on actuarial certainties looming down on the people. We fail to get, because we fail to demand, and are also willing to PAY for tomorrow.
Think of South Carolina in the US wailing they have “no money” to repair their roads, and infrastructure. Truth is they have NOT raised their gas taxes since 1987. I say screw em’ let them pay NOW for 33 years of free lunches down there.
That said, we haven’t raised our beer taxes since 1969.
Well… there ARE priorities don’t ya know… besides, Beer has never destroyed a road, a few highway users ok, but NO roads!

#318 First Time Home Buyer Advice Toronto on 10.12.15 at 6:51 am

A couple of great sci-fi “must reads” are
Ender’s Game and
Hyperion.

#319 maxx on 10.12.15 at 10:36 am

#235 Smoking Man on 10.10.15 at 8:59 pm

Right back at you Smoke, and happy Thanksgiving to Garth and dawgs!

#320 maxx on 10.12.15 at 10:37 am

#317 Retired Boomer – WI on 10.11.15 at 6:25 pm

#295 MAXX

“I think you may have missed the point here.”

Duhh…no, I think that was the assumption. Don’t waste your breath, it’s patently wrong and you know it.

#321 maxx on 10.12.15 at 10:46 am

#255 Smoking Man on 10.10.15 at 11:21 pm

“Life is not fair , I feel for all the poor bastatds that can read.”

Not so fast, Smoke- you can read better than most.

#322 maxx on 10.12.15 at 10:51 am

#256 Millmech on 10.10.15 at 11:27 pm

“Regarding Steelco pensions,
Is this reason enough for people to go to defined contribution not defined benefit,can’t lose that money if company goes under.One of my previous employers DB pension is being scaled back 18% per year of service and early retirement before 65 is going to be 8% penalty per year and survivorship benefits cut by 30%.Big company/union pension,a lot more of this going to happen due to demographics,I pulled my money out when I quit so I know what I will have when I retire.

There is a powerful argument for always commuting a pension. — Garth”

No regrets at all on that score, in our case. Twice with the help of an excellent lawyer.

Zero worries going forward.