Losing it

SHORT modified

Try as they might, voting blog dogs could not stop the Red Tide from washing away the ten-grand TFSA contribution. But will our boy scout PM actually come through with legislation rolling back the annual amount by almost half? If so, when? Besides pouting, what should we do?

We’ll know more soon. But it would be unusual for the House of Commons to resume sitting within the next eight weeks. Trudeau has to find a place to live, pick a cabinet by gender and geography, get briefed on where the secret Centre Block scotch stash is, and let his newbie ministers learn enough to survive the first QP, facing one pissy Mulcair. Since next week is November, the thinking is Parliament will resume in January.

It’s possible the government could bring in standalone legislation to drop the ‘middle-class’ tax bracket, create the new ‘eat the rich’ bracket and roll-back TFSAs at the same time, but that would be strange. More likely he wants to roll out a whole budget, complete with the new kiddie dole, OAS changes and projections for the deficit financing which will (partly) go into infrastructure. That will take months to craft. So the budget may happen in February or March.

So unless you hear otherwise, make the $10,000 contribution on Monday, January 4th. Maybe if we all do that, the government will realize partially disallowing millions of contributions simply ain’t worth the trouble, and the change will be effective with the 2017 taxation year. Here’s hoping.

In any case, we know this:

(a) When the contribution limit does revert, it will be indexed. That means it’ll rise with inflation, and given the fact we just elected a tax-and-spend majority government while having a 75-cent dollar, you can pretty much bet the farm that the cost of living will rise. Indexation of TFSA contributions was nixed by the Harper Cons when the limit was raised, so this means it will creep back up over time.

(b) The Libs has affirmed they will not bring in any cap on how much a TFSA can contain. That was a topic of pre-election debate, especially among those poor, twisted Dippers who wish to have equalized penury. So a 30-year-old starting now and putting in $5,500 a year for three decades earning 7% will have $561,000 at age 60, of which $390,000 is untaxed growth.

(c) And the Liberals have also confirmed TFSA wirthdrawals will not be taxed, nor count as reportable income. So the aforementioned 30-year-old could take out $40,000 a year in tax-free growth from his account, maintain the principal and still collect full OAS and CPP, without clawback. Thus, an income close to $60,000 and zero tax, while having half a million in net worth. All for saving $105 a week.

So, yeah, it’s not all bad. Even though the 30-year-old I mentioned above would have $1.02 million if the contribution limit were left at ten thousand – plus an annual tax-free income of more than $90,000. But, c’est la vie. That’s what you get for electing an empathetic, ambitious leader instead of an old trout.

The key to making the TFSA work for you, even when the Lib meanies gut it, is ensuring you treat the account as an investment vehicle, not a place to save money for the next holiday or stone backsplash. Neither should it be a repository for low-yielding, fixed-income assets. Sure, have some bonds in your balanced portfolio, but the RRSP might be a better place for them. The TFSA, on the other hand, is best suited to ETFs with a high growth potential, even though they tend to be more volatile. Remember time will defeat that, so buy and forget.

Now, two other TFSA things.

First, if you haven’t maxed out all of your allotted contribution room from 2009 to 2015, do it now. Don’t have the cash? No probs. Make a ‘contribution in kind’ which means simply transferring assets you currently own in a non-registered account into a self-directed TFSA. There may be some capital gains tax triggered, but all further growth will be tax-free. And if you’re a wrinkly over the age of 71, no longer allowed to make RRSP contributions (unless you married a younger babe and go spousal) then max the TFSA, the taxless growth on which will help offset the forced, taxable withdrawals from your RRIF.

Finally, some people are not taking this Trudeau-TFSA-murdering thing lying down. One is Catherine Swift, who used to be a burr under the feds’ saddle as head of the Canadian Federation of Independent Business. These days she’s still a PITA with an outfit called Working Canadians, telling the Trudeauites it’s unfair to diminish private citizens’ ability to shelter investments made with after-tax dollars when a chunk of our incomes go to support public sector pensions.

“The 80% of Canadians who do not work in government collectively contribute tens of billions of their tax dollars every year so that government workers can enjoy very generous, defined-benefit pensions, indexed to inflation, with additional post-retirement extended health and dental benefits,” she spouts. “TFSAs have been criticized by some as being a tool for the rich – yet these statistics show that is simply not true. Canadians currently pay about 43% of their income in taxes – more than they spend on food, shelter and clothing combined. And many of those tax dollars go to provide very generous pensions to government workers – pensions that the average Canadian cannot afford for themselves.”

After all, the TFSA just prevents double taxation. You pay income tax once, invest the rest and pay more tax on that, plus consumption taxes as you spend it. No wonder people who earn little – or know they have a healthy defined-benefit pension waiting in the future – don’t care.

Well, there are a few petitions kicking around to prevent the roll-back. Here’s one. And make a note of this: [email protected]. The lad may need some blog doggy guidance.

188 comments ↓

#1 Canadian on 10.26.15 at 6:15 pm

“The 80% of Canadians who do not work in government collectively contribute tens of billions of their tax dollars every year so that government workers can enjoy very generous, defined-benefit pensions, indexed to inflation, with additional post-retirement extended health and dental benefits,” she spouts.

You mean like the ones who flooded this blogs comments during the election, or the one that owns it?

#2 Stuart big on 10.26.15 at 6:16 pm

I will just print out the 2016 limit as shown on the cra website and fight for the 10k.

http://www.cra-arc.gc.ca/tx/rgstrd/papspapar-fefespfer/lmts-eng.html

#3 None on 10.26.15 at 6:20 pm

The Catherine Swift article was massively lame. If you did what she actually advocated we’d dump all TFSA and just massively expand the CPP. That’s NOT what she wants of course but that would be a more even playing field solution to what she was bleating about.

#4 Randy on 10.26.15 at 6:26 pm

The Elite 20% of Government Workers have more money in their Government Pensions than the 80% of Canadians in the private Sector have in their RRSP’s.

Since Power Corporation is now the Shadow Goverment what will their agenda be besides filling their own pockets ?

#5 How Taxes Work on 10.26.15 at 6:27 pm

copied from: http://www.snopes.com/business/taxes/howtaxes.asp

How Taxes Work . . .

This is a VERY simple way to understand the tax laws. Read on — it does make you think!!

Let’s put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:

The first four men — the poorest — would pay nothing; the fifth would pay $1, the sixth would pay $3, the seventh $7, the eighth $12, the ninth $18, and the tenth man — the richest — would pay $59.

That’s what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement — until one day, the owner threw them a curve (in tax language a tax cut).

“Since you are all such good customers,” he said, “I’m going to reduce the cost of your daily meal by $20.” So now dinner for the ten only cost $80.00.

The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six — the paying customers? How could they divvy up the $20 windfall so that everyone would get his “fair share?”

The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would end up being PAID to eat their meal. So the restaurant owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a bill of $52 instead of his earlier $59. Each of the six was better off than before. And the first four continued to eat for free.

But once outside the restaurant, the men began to compare their savings. “I only got a dollar out of the $20,” declared the sixth man who pointed to the tenth. “But he got $7!”

“Yeah, that’s right,” exclaimed the fifth man, “I only saved a dollar, too … It’s unfair that he got seven times more than me!”.

“That’s true!” shouted the seventh man, “why should he get $7 back when I got only $2? The wealthy get all the breaks!”

“Wait a minute,” yelled the first four men in unison, “We didn’t get anything at all. The system exploits the poor!”

The nine men surrounded the tenth and beat him up. The next night he didn’t show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered, a little late what was very important. They were FIFTY-TWO DOLLARS short of paying the bill! Imagine that!

And that, boys and girls, journalists and college instructors, is how the tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore.

Where would that leave the rest? Unfortunately, most taxing authorities anywhere cannot seem to grasp this rather straightforward logic!

#6 Prairie expat on 10.26.15 at 6:34 pm

“The 80% of Canadians who do not work in government collectively contribute tens of billions of their tax dollars every year so that government workers can enjoy very generous, defined-benefit pensions, indexed to inflation, with additional post-retirement extended health and dental benefits,” she spouts.

Thank you, Catherine not-so-Swift, for your usual right wing crap.

Of course, those workers pay into those pensions as well, and have negotiated for them, usually meaning lower base pay (plus no shares etc…, perks of the private sector).

Not to mention the fact that taxpayers paying taxes on income pay billions in higher taxes to replace the unpaid taxes on preferentially treated (why?) capital gains and real estate, a horrible economic imbalance and travesty of democracy.

As usual, it’s safe to say the wealthier come out ahead.

A loonie is a loonie. However it is earned, the tax rate should be the same.

(Oops – did I upset the applecart here by stating the obvious? E_Q_U_A_L_I_T_Y )

#7 For those about to flop... on 10.26.15 at 6:39 pm

Boss,a nice positive post today.I like it and I’m glad you left that “grumpy juice” you were on yesterday in the back of the fridge!
Mind you I did not have to spend my Sunday moderating hundreds of comments.
Your a good man that does great things with a heart of 99% gold.
It’s the one percent Mercury that keeps me on my toes!

#8 TS on 10.26.15 at 6:40 pm

And the Liberals have also confirmed TFSA wirthdrawals will not be taxed, nor count as reportable income. So the aforementioned 30-year-old could take out $40,000 a year in tax-free growth from his account, maintain the principal and still collect full OAS and CPP, without clawback.

That’s easy to say now because your decades away from people having $500,000 to $700,000 in your TFSA\

But trust me, the resentment of these people will grow with time

#9 kommykim on 10.26.15 at 6:40 pm

RE:

So a 30-year-old starting now and putting in $5,500 a year for three decades earning 7% will have $561,000 at age 60, of which $390,000 is untaxed growth.

It would be even higher if you calculated this with indexing applied to the $5,500 limit. At some point in the future, the $5,500 indexed TFSA scenario is going be better than the $10,000 non-indexed scenario.

#10 Randy on 10.26.15 at 6:40 pm

Since Canada’s own Dr Evil, Maurice Strong (Bob Rae’s Godfather and Paul Martin’s Tax Avoidance Advisor) is part of the ChiComm Shadow Government , I expect that Trudeau will announce a new trade deal for Canada that will benefit Power Corporation in 2016. Carbon Credits Anyone ?

#11 MSM-Free Zone on 10.26.15 at 6:45 pm

“….One is Catherine Swift, who used to be a burr under the feds’ saddle as head of the Canadian Federation of Independent Business. These days she’s still a PITA with an outfit called Working Canadians….._
_________________________

Catherine Swift? “Working Canadians”? Seriously?

Sure, you can put lipstick on a bull-dog with a fake moniker; that doesn’t make her more friendly to ‘middle class’ ‘working’ Canadians.

“….With the shortage of labour at an all-time high, foreign workers are a more and more important resource for small businesses trying to deal with the issue,” said Catherine Swift, president and CEO of CFIB….” – CTV News, Feb 23 2007

There is no such thing as a ‘labour shortage’. Only a shortage of labour at the wages an employer is (un-)willing to pay.

Funny how the outgoing Team Harpocrites, ever the phony defenders of free and uninhibited markets, had no trouble rejecting those same supply/demand principles when it comes to squashing Canadian middle class free-market wages with an accelerated Temporary Foreign Worker program.

#12 I'm stupid on 10.26.15 at 6:49 pm

I’m I the only one who doesn’t understand the middle class tax bracket? $100k in income living in Toronto is a lot different than $100k income living in Sudbury. Just saying if we’re going to tax the rich let’s make it fair!

#13 conan on 10.26.15 at 6:51 pm

Any chance for some clues on the location of the secret scotch stash? Something pictorial? Shakespearean quotes?

#14 Shelly MarkDown on 10.26.15 at 6:52 pm

“a) When the contribution limit does revert, it will be indexed. That means it’ll rise with inflation, and given the fact we just elected a tax-and-spend majority government while having a 75-cent dollar, you can pretty much bet the farm that the cost of living will rise. ”

I don’t agree….the gov has been pretty effective at hiding inflation for the past ten years. The cost of consumer items has risen at more than 20% a year while the gov continues to torture the statistics to show what they want. Tell a senior or family shopping for groceries that there’s no inflation. Meat is off the table as are every green thing coming across the border. I’m told by my grocer that Canadian produce prices are set to jump again as winter sets in.

If you have a nice double dipping civil service gig…no problem….if you’re a senior already forced to sell off your life savings because of the ZIRP….it’s another kettle of rotten fish.

The low rates allowing Libs to continue to borrow , spend and raise civil service salaries, pensions and perks, without busting provincial, municipal and city budgets will continue unabated causing preferred shares to continue to wither in capital.

#15 Marquis de Sale on 10.26.15 at 6:54 pm

Catherine Swift (Joannie W.) and Bill Tufts (Joe_M) are all over the message boards of this country with their Tea-Party drivel. Why don’t they run for office or post under their real names if they believe in their nasty causes? Working Canadians???…you mean jealous losers.

#16 For those about to flop... on 10.26.15 at 6:59 pm

#9 kommykim on 10.26.15 at 6:40 pm
RE:
So a 30-year-old starting now and putting in $5,500 a year for three decades earning 7% will have $561,000 at age 60, of which $390,000 is untaxed growth.
It would be even higher if you calculated this with indexing applied to the $5,500 limit. At some point in the future, the $5,500 indexed TFSA scenario is going be better than the $10,000 non-indexed scenario.

//////////////////////////////////////////
Hey Kim,I get whet you are saying but won’t it take 15/20years just to get back to 10k.
I could be dead by then…

#17 Jacko on 10.26.15 at 6:59 pm

If I understand correct, it is the RRSP limit each year that is based on earnings that is a better deal for the rich? The amount allowed to be sheltered in an RRSP is actually higher as your earnings increase, thus, the more you make, the more you can shelter. So why would the TFSA that is $10K limit for anyone, not biased on your earnings be looked at as “for the rich” to save. I think this is backwards….attack the RRSP limit, not the TFSA limit if this is the correct course.
Personally, just let us alone and leave both programs so we can save for our retirement.

#18 Smoking Man on 10.26.15 at 7:07 pm

#216 conan on 10.26.15 at 5:31 pm
#208 Smoking Man on 10.26.15 at 3:44 pm

There is a cost to climate change but it sounds like you do not want to listen to the scientists.
Property insurance companies have been warning about this for years. They study the claims and compare it to previous experience.
Insurance is the “canary in the coal mine” for the economy and health indexes . Always has been and always will be.
No offense but if I compare data to :
“Your an Idiot..
But so is your new Prime Minister and his back door man..”
I am going to go with the data.

…………………………………………………………………….

Odds are you’re 30ish Urbanite. Freshly schooled but never been on a farm or talked to a framer I bet. They’ll tell you, climate hasn’t changed. But what do those Neanderthals know right? So you’re going with data right, you ever heard of Climategate, hacked emails from the University of East Anglia where and I’m calling him a dr. Mr Michael Mann fudged the decline on his infamous hockey stick chart.

But I can talk till the cows come home, I’ll never convince you, or you like the world is ruled and controlled by evil bastards. Everything you see, hear and smell is a Smoking Man in a back room trying to find a way to separate you from your loot in every aspect of your life. And the more that are in on it, the bigger the payoff, the bigger the lie.

If you think your life sucks now, You ain’t seen nothin yet.

Go Justin !!!!!

#19 not 1st on 10.26.15 at 7:07 pm

This should be a hard lesson for anyone relying on govt made up programs including TFSA – they can change the rules at the drop of a hat and they do.

Garth can’t guarantee there won’t an Elizabeth May Green Party majority in 20 yrs and she will tap all those TFSAs to rescue killer whales off Haida Gwaii.

You want protection from govt, get a corporation. The 1% dont use TFSAs – they laugh at that piss ant program, while they shelter millions.

#20 Russ on 10.26.15 at 7:14 pm

Prairie expat on 10.26.15 at 6:34 pm
she spouts.

Not to mention the fact that taxpayers paying taxes on income pay billions in higher taxes to replace the unpaid taxes on preferentially treated (why?) capital gains and real estate, a horrible economic imbalance and travesty of democracy.
As usual, it’s safe to say the wealthier come out ahead
A loonie is a loonie. However it is earned, the tax rate should be the same.

(Oops – did I upset the applecart here by stating the obvious? E_Q_U_A_L_I_T_Y )
=========================

This has been covered here before but let’s review.

Capital gains are exempted up to a point. A gov’ment premise is that invest dollars are good for the economy (read tax revenues) and is encouraged.
A good and wealthy investor will reach the exemption level soon enough and be ripe for taxation picking.

Real estate proceeds will not be taxed as income since doing so would allow annual deductions to account for loses. Imagine those deductions… who wouldn’t want a system like that? Gov,ment again!

Equality is how you deal with blacks & wimmen, not financials.

#21 Kenchie on 10.26.15 at 7:16 pm

Garth,

On Tuesday, the day after the election, I wrote an email to my MP (Adam Vaughan) warning him of how few people in my office voted Liberal, and that the TFSA reduction will not be rewarded by anyone in terms of votes. Most importantly, I told him the Anti-Harper vote won’t be around next election and I won’t be very forgiving if they mess with the TFSA.

I suggest every one who reads this blog does the same with their MP!

#22 praire person on 10.26.15 at 7:19 pm

http://calgaryherald.com/business/real-estate/house-construction-in-calgary-expected-to-fall-to-lowest-level-since-1988

#23 J man on 10.26.15 at 7:21 pm

Tax free is a bit of a misnomer. The gov’t isn’t spending less so any money lost to TFSA sheltering simply has to be made up somewhere else. Increased fees, income taxes, sales taxes, sin taxes. Now you see it now you don’t. Unless the gov’t is cutting (yeah I know LOL) then we are paying somewhere. But go ahead and lose your mind over loss of some tax shuffling. This is nothing but a big red herring.

Its pretty much a given that TFSA’s are utilized more by people of at least some wealth which means on average this will shift taxes to people of less means. Whether that’s good or not is open to interpretation. If any cutting is to be done it’d be far more fair to cut sales tax a mite. Something that most certainly affects everyone.

#24 Paulie on 10.26.15 at 7:23 pm

#3 Prairie expat on 10.26.15 at 6:34 pm

Of course, those workers pay into those pensions as well, and have negotiated for them, usually meaning lower base pay (plus no shares etc…, perks of the private sector).
*******************************

The whole deal is increased job security for reduced pay. Somehow your analysis forgot that part. And many private sector employees would say that there is quite the premium on that security. Ask the ones in Alberta. Apparently its been a while since you were in the private sector the perks are few and far between. I wonder why people act like they have won the lottery when they land a government job? Is that because they get the opportunity to be a public ‘servant’?
**************************************

Not to mention the fact that taxpayers paying taxes on income pay billions in higher taxes to replace the unpaid taxes on preferentially treated (why?) capital gains and real estate, a horrible economic imbalance and travesty of democracy.
*************************************

When your defined-benefit pension fund runs dry, the government and the taxpayer will be picking up the tab through increased taxes. A younger generation, who will never see a DB pension, will be paying for your ‘E-Q-U-A-L-I-T-Y’. A travesty of democracy indeed.
******************************************

(Oops – did I upset the applecart here by stating the obvious? E_Q_U_A_L_I_T_Y )

Unfortunately you didn’t. You just confirmed my prejudices that many of those in the public sector are completely disconnected from the real world.

#25 Smartalox on 10.26.15 at 7:24 pm

Garth, what’s your source for the Liberal TFSA plan being indexed in the future? I haven’t come across anything with this stipulation.

Also, in terms of how the coming months might play out, this website lays out a scenario, from the perspective of guys who used to do this sort of thing for a living: http://www.3dpolicy.ca/node/361

Finally, thanks for the email address; other interested blog dogs can also write to their MPs, to get as many voices as possible asking to make the TFSA what we want it to be!

#26 boy scout PM on 10.26.15 at 7:25 pm

Calling the newly elected PM “boy scout PM” is hardly a way to insert political influence and deliver convincing argument.

It’s an insult, which is more likely to call for a “F..k your TFSA Garth” than “maybe Mr. Turner is right”.

By any PM – “boy scout or not”.

#27 Patrick on 10.26.15 at 7:26 pm

#3 Prairie expat on 10.26.15 at 6:34 pm

Not to mention the fact that taxpayers paying taxes on income pay billions in higher taxes to replace the unpaid taxes on preferentially treated (why?) capital gains and real estate, a horrible economic imbalance and travesty of democracy.
*************************************

When your defined-benefit pension fund runs dry, the government and the taxpayer will be picking up the tab through increased taxes. A younger generation, who will never see a DB pension, will be paying for your ‘E-Q-U-A-L-I-T-Y’. A travesty of democracy indeed.
******************************************

(Oops – did I upset the applecart here by stating the obvious? E_Q_U_A_L_I_T_Y )

Unfortunately you didn’t. You just confirmed my prejudices that many of those in the public sector are completely disconnected from the real world.

#28 Ret on 10.26.15 at 7:26 pm

#15
Sorry but Bill Tuft’s book on pension reform is a must read for even government workers.

#29 Smoking Man on 10.26.15 at 7:27 pm

For all you tree huggers that say the science is settled .

These Math guys out of France disagree.

You guys ever read a white paper. Her is your change

http://www.scmsa.eu/archives/SCM_RC_2015_08_24_EN.pdf

#30 mishuko on 10.26.15 at 7:28 pm

Did the bleeding hearts mention anything about the re-contribution room?

I’m in a precarious position where I cannot afford to max it out, don’t have any extra assets to transfer in kind. I do have a LOC so… Should I borrow from my LOC, put in as much as I can pull out of it. Pull it back out and pay-back the LOC so that I can re-contribute in the next calendar year with all the accumulated reusable room?

If the government is going to claw back the TFSA I’m going to damn well make it as hard as possible to get back :)

#31 Jane Goodall on 10.26.15 at 7:31 pm

To TS#8

The Liberals will not wait much longer to make OAS being clawbacked.

The current net income per taxpayer used is $72,809 at which every dollar after that net income threshold is clawbacked until $118,405 until they will receive $0 OAS.

I have seen net income as low as $50,000 floating around for starting of clawbacks of OAS so be aware. This means that someone with a current net income of $72,809 will lose 50% of theiir OAS and other tax credits, tax savings.

How do you think they are going to keep their promise of putting back the OAS age eligibility to 65 from 67. This is if they do actually keep their promises to everyone.

As for C.P.P., as I know it today, C.P.P. can’t be clawbacked but is added as your income and increase your tax bracket if you have much higher income.

The only clawback if this is the right word, maybe reduction is a better one is when a spouse passes away and there is a 45% cut to the deceased spouse’s C.P.P.

Also, not mentioned above is currently there is no clawback of OAS, GIS and many other tax credits, medical, age amount etc. from TFSA income, capital gains, dividends, interest etc.

This will be for sure there first adjustment and basically a tax increase in disguise as income tax free means just that. It is not taxed and does not tax other parts of your income.

#32 Jane Goodall on 10.26.15 at 7:37 pm

Another tax policy I have been hearing about that is floating around from Liberals is a possible $250,000 lifetime amount for capital gains.

After $250,000 in capital gains, it will not be taxed at the capital gains preferred 50% tax free income tax rate but all taxable as ordinary income.

#33 Nick on 10.26.15 at 7:38 pm

Eat the rich you say? May I suggest fava beans and a nice chianti? The next four years are gonna be grand. :)

#34 Vundo on 10.26.15 at 7:39 pm

#17 Jacko: you are right about the RSP limits, I think some of the opposition comes from the fact that the additional TFSA room was on top of that. I think it would be fair to have a flat limit on what you can contribute to your TFSA and RSP together, to be allocated however you please: max out the TFSA and your RSP limit is zero, and vice versa.

#35 Nemesis on 10.26.15 at 7:39 pm

#SpeakingOfLosingIt… #Here’sOneFromTheNotSoWayBackMachine,Or… #GT’sAstroTurfingDetectorBroken!?!

[NP] – Catherine Swift resigns from C.D. Howe institute over her involvement in attack ads on Trudeau

…“My new projects make it advisable for me to step down as a Board member,” she said.

The announcement came hours after the Ottawa Citizen noted Swift’s position with C.D. Howe and her involvement in Working Canadians, a ‘non-profit group’ that advocates against the political influence of labour unions.”…

http://news.nationalpost.com/news/canada/canadian-politics/catherine-swift-resigns-from-c-d-howe-institute-over-her-involvement-in-attack-ad-on-trudeau

#36 conan on 10.26.15 at 7:41 pm

18 Smoking Man on 10.26.15 at 7:07 pm

You might be smoking but not Sherlock Smoking……
Good try though. I do not think I could take a stab on people based on their writings and musings on this pathetic blog.

My first real job was on a farm at 15 and I busted my butt for 4 weeks assuming I would get minimum wage then got surprised (burnt) with the farmers pay rule…… 2 dollars an hour.

I have quite a bit of renovation experience but it is not my main gig. I have seen first hand roofs that have burn spots. Know roofers and talked at length about climate change and they all claim it is true. Could be just Ottawa though.

Cheers

#37 EB on 10.26.15 at 7:46 pm

#18 Smoking Man on 10.26.15 at 7:07 pm – “Everything you see, hear and smell is a Smoking Man in a back room trying to find a way to separate you from your loot in every aspect of your life.”

You brag a lot about spending your life BSing people into giving you money – unfortunately you’ve become blind to the fact that not everyone works that way. I’ve spent my life working in science – truth is the closest thing these people have to a religion, and they happily accept substandard pay scales to pursue it.

There is in fact a well-funded conspiracy to muddle the public, but you’ve ended up on the rube side of it this time.

https://en.wikipedia.org/wiki/Scientific_opinion_on_climate_change

#38 BS on 10.26.15 at 7:47 pm

Of course, those workers pay into those pensions as well, and have negotiated for them, usually meaning lower base pay (plus no shares etc…, perks of the private sector).

Government workers who take a lower base pay? LOL!

Government workers get less perks when compared to the private sector? ROTFL!

Only a government worker could make such silly statements.

#39 RayofLight on 10.26.15 at 7:53 pm

Why should the TFSAs be cut back, when government employee retirement plans are being unfairly enriched. They want the double taxation revenues from ordinary Canadians to finance these huge gold plated public employee retirements. I guess all Canadians are equal, only public employees are more equal.
http://business.financialpost.com/personal-finance/managing-wealth/cutting-tfsa-limit-unfair-when-our-tax-dollars-pay-for-gold-plated-public-pensions-citizens-group-charges.

#40 Nick on 10.26.15 at 7:53 pm

With the Liberals back from the dead and in firm control, I now read the National Post purely as parody.

#41 Nagraj on 10.26.15 at 7:54 pm

Did you notice that not a single poll, not one, forecast a Lib majority gov’t?

Congratulations, pollsters!

The rationale for this magnificent failure seems to be: well yeah we did get the pop vote right but it’s really hard to forecast seats.

So?
The fact remains that not a single poll, not one, got the shape of the gov’t right.
A Lib majority wasn’t on the radar screen until the very day of the election when results from Atlantic Canada came in.

Great job, pollsters!

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

For all of the post-election commentary, I’ve seen nothing on what is – again – a notable divide between urban vs rural voters, especially in Ontario. (It seems to me that, on the whole, rural Ont Tories are a very different Red Tory animal from Western Tories.)

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

Michelle Rempel has asked whether her party is ready for her.
I’d say that’s a rhetorical question – but not unimportant in that her party’s visible culture hasn’t even come up to a Charlie Farquharson standard of contemporaneity, eh? (Charlie would not have voted for the Harper party.)

#42 james on 10.26.15 at 7:54 pm

#15

“Catherine Swift (Joannie W.) and Bill Tufts (Joe_M) are all over the message boards of this country with their Tea-Party drivel.”

The Tea Party are constitutional literalists. They are an American phenomenon. I don’t know if you are aware of this, but the US and Canada have entirely different constitutions.

Are you saying that these Canadians are making arguments about the various amendments to the US constitutions?

You should probably know something about a topic before flinging your spittle around. You sound like a 5th grade student who hasn’t taken his ritalin.

#43 Retired WI Boomer on 10.26.15 at 7:54 pm

Well, let us consider the “American Plan” which is what I retired under. You get 1% of your high 3 years salary as a defined benefit multiplied by your years of service. You pay for share go CPP, and get to collect those benefits at age 62, 65, or 67. The government matches your savings 100% for the first 3%, 50% for the next 2%. In other words 4% match into an RRSP for you at retirement.

You will not get rich on the defined benefit, but you could do well putting 10-15% in to the RRSP idea. Of course, most US feds make less than 70 K per year, and have to pay 25% of their elected hearth care plan (average cost $12,000 per num). The systems are NOT identical.

The idea, is however to make the gov employee ‘own’ some of the structure. IT does well, THEY do well.

On the TFSA, ok let us say is gets dialed back to $7700 per anum indexed. A big set back, I don’t think so, a compromise along with lowering the CP raise idea.

CPP like our social in-security, is designed for the lowest of the low not to live in abject poverty. A comfy life it does NOT afford one, nor should it.

IF you desire a decent retirement, then, dam it, put something away toward it, even if you worked your entire life on minimum wages! If this sounds sounds, unreasonable to you, so be it. Label me a hard-ass, I can take it. I believe in helping people, but much less the ‘crossbordershopper’ who prefers to lay on their ass.

For the record, I just returned from an evening with the boys, and am less than 100% sober, Smokey would understand that… enough for today.

#44 Smoking Man on 10.26.15 at 8:10 pm

35 conan on 10.26.15 at 7:41 pm
18 Smoking Man on 10.26.15 at 7:07 pm

You might be smoking but not Sherlock Smoking……
Good try though. I do not think I could take a stab on people based on their writings and musings on this pathetic blog.

My first real job was on a farm at 15 and I busted my butt for 4 weeks assuming I would get minimum wage then got surprised (burnt) with the farmers pay rule…… 2 dollars an hour.

I have quite a bit of renovation experience but it is not my main gig. I have seen first hand roofs that have burn spots. Know roofers and talked at length about climate change and they all claim it is true. Could be just Ottawa though.

Cheers
….

Burned roof spots…

The roofers talked in lenght about climate change.

ROTFLMAO

#45 pinstripe on 10.26.15 at 8:11 pm

The TFSA is a non issue.

The biggest accomplishment was getting harpo thrown out of the PM role. Mission Accomplished.

the next challenge for Canadians will be for the PCs to over throw the CPC’s. harpo and the CPC is a failed experiment.

#46 Omg the original on 10.26.15 at 8:13 pm

TFSA ROLLBACK IS A DONE DEAL

Sadly, the Liberal TFSA roll back will CERTAINLY happen.

It was a keystone to their election platform.

It will cost them nothing in terms of political capital.

Any negatives associated with rolling the TFSA back will not happen for decades, until Millenials try to retire but find they do not have enough savings (all their money being sunk into the negative earning asset of a house).

But as GT says we will likely get onE more year to contribute $10K – they would never make ROLLBACK retroactive and they will have a hard enough time getting things together for 2016 budget legislation let alone special TFSA slaying legislation before Jan 1.

SO DON’T WASTE YOUR TIME TRYING TO CHANGE THE LIBS POLICY ON TFSA

#47 Smoking Man on 10.26.15 at 8:13 pm

#36 EB on 10.26.15 at 7:46 pm
#18 Smoking Man on 10.26.15 at 7:07 pm – “Everything you see, hear and smell is a Smoking Man in a back room trying to find a way to separate you from your loot in every aspect of your life.”

You brag a lot about spending your life BSing people into giving you money – unfortunately you’ve become blind to the fact that not everyone works that way. I’ve spent my life working in science – truth is the closest thing these people have to a religion, and they happily accept substandard pay scales to pursue it.

There is in fact a well-funded conspiracy to muddle the public, but you’ve ended up on the rube side of it this time.

https://en.wikipedia.org/wiki/Scientific_opinion_on_climate_change
……

I’ll take Rube over stupid anyday..

http://Www.Climatedepo.com

#48 GB on 10.26.15 at 8:13 pm

Holy smokes…now Garth you are quoting Catherine Swift?

She has a tendency to misrepresent certain facts and is known to be wildly partisan. Naturally she wishes for corporations to continue to siphon off tax breaks and forgo any responsibility to their workers (AKA pensions).

She seems to support a race to the bottom approach which defers all responsibility to individuals. Which would be fine if salaries where growing along the way.

Trickle down economics NEVER works.

#49 Parsonage on 10.26.15 at 8:19 pm

@Washed Up Lawyer
Do you know if there is any truth in this?

https://www.facebook.com/sherry.roy.585/posts/10153010684602084?pnref=story

What trash. The teller and the story. — Garth

#50 Millmech on 10.26.15 at 8:21 pm

#37 BS
That person is speaking the truth,I recently went through the hiring process for a job opportunity and the wage was $13/hr less than what I make now same position and title,way more paperwork and politics than my job now and the pension wasn’t that shit hot either being I only want to work another decade.

#51 common sense on 10.26.15 at 8:21 pm

A little off topic tonight but just enjoyed a 23 minute movie

“Million Dollar Shack” found on youtube…nice docu on the red hot SF – SJ housing market..

#52 Smoking Man on 10.26.15 at 8:26 pm

#46 GB on 10.26.15 at 8:13 pm
Holy smokes…now Garth you are quoting Catherine Swift?

She has a tendency to misrepresent certain facts and is known to be wildly partisan. Naturally she wishes for corporations to continue to siphon off tax breaks and forgo any responsibility to their workers (AKA pensions).

She seems to support a race to the bottom approach which defers all responsibility to individuals. Which would be fine if salaries where growing along the way.

Trickle down economics NEVER works.
…….

Nor should it,

When you grow a set and deside to be your own boss, rather than somes bitch. you take all the risk, put it all on the line. In bad times you dont eat, but your employees do.

If good times you feast. Suck it up.

Communism doesn’t work..never did, never will..

Just watch what happens to the Urbanites in the next four years, when the Communist agenda goes into practice.

#53 Tudor on 10.26.15 at 8:28 pm

I voted Liberal because I liked their platform, including rolling back the TFSA contributions. Looks like I wasn’t the only one.

I hope they stick to their guns on this — ‘the rich’ already have enough ways of sheltering income from taxation, and the extra room won’t benefit ‘the poor’ who are not able to save anything anyway.

How about the middle? The TFSA should never have been politicized. Many will lead poorer lives because of it. But if you think the ‘rich’ were hit, you don’t care, right? — Garth

#54 Bill Blakeman on 10.26.15 at 8:36 pm

http://www.zerohedge.com/news/2015-10-26/meet-million-dollar-shack-documentary-lays-bare-californias-housing-bubble Solid Documentary!

#55 Kurt on 10.26.15 at 8:37 pm

#37 BS – Actually, back when I was a kid, this was actually the case – public sector workers got something like 20% pay than private sector workers, and in return they got security and benefits. It’s been a long time since I’ve seen any crying about how it’s hard to attract good people into public service, so I’m thinking it’s different now. However, the target of your resentment should not be the workers but the weak-kneed pols who sign the contracts.

#56 The Other Chris on 10.26.15 at 8:40 pm

The problem in Canada is that there’s very little level-headed, rational, middle ground discussions on retirement.

On one hand we’ve got tenured professors with gold-plated pensions, like Lindsay Tedds and Kevin Milligan, who just don’t understand at all why private sector workers could need TFSAs to save for retirement. It’s like it’s a complete blindspot for them.

On the other hand, we’ve got people who are sort of loudmouthed like Tufts and Swift. Tufts’ book *Pension Ponzi* is amazingly eye-opening and factually accurate on the gap between public sector and private sector retirees, but it’s also written in an abrasive tone that won’t win any converts, and it would probably have been a more influential book with a more neutral title.

There are precious few voices out there in the media for the interests of the ordinary private sector working person who’s struggling to keep up.

#57 Smoking Man on 10.26.15 at 8:49 pm

As I’ve observed over the years, todays world is ready for a harvest.

30 year olds ripe for the picking as planned. Your generation mind fkd by self loving mindless deciples of a curriculum writen by evil patient bastards.

The time has arrived. Your hard drives are set. You elected in Calgary, Ontario and now at the federal level people you think have your back.

All your programming convincingly makes you feel good while being bent over by the invisible elephant in the room. You’ll see him when its to late.

I’ll never be able to convince you, being in a gang of freedom loving individuals will bring prosperity.

Not this group team mind set shit that you all subscribe to.

#58 rocky on 10.26.15 at 8:59 pm

Watch- and don’t give the BS normalcy bias of ‘it is different here'(Canada)

https://www.youtube.com/watch?v=SBjXUBMkkE8&feature=youtu.be

#59 saskatoon on 10.26.15 at 9:00 pm

#52 Tudor

“I hope they stick to their guns on this — ‘the rich’ already have enough ways of sheltering income from taxation, and the extra room won’t benefit ‘the poor’ who are not able to save anything anyway.”

wow!

glad you’re around to insult every poor person in the country.

according to you:

1. poor people have no free will
2. poor people can’t change their circumstances
3. poor people are consistent victims

nothing but psychologically unhinged, deterministic sadism.

#60 common sense on 10.26.15 at 9:06 pm

Go SM..Your on a roll tonight…

#61 Henry on 10.26.15 at 9:08 pm

As George Washington said, Governments are force, and by their very nature despise voluntary actions in society. The TFSA is a voluntary contribution system which big government lovers like the child Trudeau hate. Trudeau wants your money via the CPP so shut up citizen and take it or off to the Gulag with you! He knows what is best for you don’t you know.

#62 Kreditanstalt on 10.26.15 at 9:10 pm

$5,000? $10,000?

It really only makes a – small – difference for those (fewer and fewer) Canadians who still have real breadwinning jobs and can afford to save part of their income…

#63 Jeff Gauld on 10.26.15 at 9:17 pm

I love KD!

#64 Kam on 10.26.15 at 9:23 pm

#37 BS
If you do not have balls to ask your employer for fair wages then stop whining about government employees wages.

#65 joblo on 10.26.15 at 9:23 pm

#4 Randy

“Since Power Corporation is now the Shadow Goverment what will their agenda be besides filling their own
pockets ?”

Ya think? Does it matter? Just buy some Power Corp shares….POW-T
sit back and enjoy the ride.

#66 Upset taxpayer on 10.26.15 at 9:35 pm

Does any one know if income splitting for 2015 tax year will be allowed? I presume it will if nothing is changed until 2016.
This was what made me most upset. In the U.S. you pay taxes as a family regardless of who earns it and what the difference in earnings between the two people is. This just sounds fair. Nothing to do with being wealthy or not.

#67 young & foolish on 10.26.15 at 9:35 pm

As usual, the 1% are 3 steps ahead.

Witness the fury over government “gold-plated” pensions. Anger directed at the guy next door, who years ago joined the public service with a lower salary, but benefits and a defined pension plan. Since then, the equally well paying jobs in the private sector have been downgraded by tech apps or shipped off shore. So now, resentment is directed at the remaining bastion of the real middle class wage earner … the civil servant. Soon, she too will be taken down and then we can all be happy being poor together.

#68 conan on 10.26.15 at 9:37 pm

#4 Randy on 10.26.15 at 6:26 pm
Well the H Cons opened up the insurance industry to the banks. They claimed that cross selling would not be allowed but meh it happened.

So maybe the banking industry will be opened up to the insurance industry?

What does Smoking man think?

#69 will on 10.26.15 at 9:39 pm

Garth, they’re not going to “gut it” as you say. The TFSA will remain in its original form AS YOU DESIGNED IT. What’s the matter with you? You are the original artificer of the TFSA. You should be delighted that the incumbents love your original design. Go getta shot of that scotch Garth. (with love).

#70 Julia on 10.26.15 at 9:46 pm

#63 Kam
“#37 BS
If you do not have balls to ask your employer for fair wages then stop whining about government employees wages.”

What is fair though? The Government and their workers live in a different world than private enterprises, a world without regard for what their employer can afford as they can just demand more from taxpayers.

#71 Smoking Man on 10.26.15 at 9:47 pm

#59 common sense on 10.26.15 at 9:06 pm
Go SM..Your on a roll tonight…

Happens every time Im sobar for a few days..Jesus I nearly died on Saturday night. Had 10 wines and 5 or six shots of JD inside 5 hours. I have a v shaped scare on my back, no idea where I got it.

Im thinking, no fking know way Hunter S and Hemingway could not write while in this state.

Or, Im still a light weight and need more practice.

No one has all the answers.

#72 Jack Manning on 10.26.15 at 9:48 pm

To #42 Retired WI Boomer

You mentioned a minimum wage worker here in Ontario that works full-time 40 hours a week makes about $24,300 a year.

This working poor minimum wage worker in Ontario pays a total of about $4,000 a year in Federal $1,995, Ontario income taxes $707, Ontario health taxes $258 and C.P.P. contributions $1,040.

Their employer pays an additional $1,040 C.P.P. contributions to the Federal government.

Now, in 2017, the ORPP, Ontario’s new tax grab which the middle class, average worker and the working poor too. A full-time minimum wage worker, $24,300 annual income will pay $400 more a year and their employer will pay another $400 a year.

It looks like the latest 25 cents per hour minimum wage was increased for the Ontario government not for lower wage workers.

If they really wanted to help the working poor, they should let them keep all their money and the employer C.P.P. contributions having them put it in an RRSP made low income workers that is not taxable for the rest of their working lives and passed on to other family members, spouses, children, brothers, sisters, nephews, nieces etc.

This $5,040 a year for the next 35 years would be worth about $400,000 at 4.0% annual compound rates and would pay at retirement $16,000 a year non-taxable.

The same C.P.P. would payout about $12,500 a year and is possibly taxable. They would also have no $400,000 non-taxable either.

This is not even including the fact that C.P.P. contributions increase over time and minimum wage income increases over time.

This would add another $120,000, $520,000 in total to their working poor non-taxable RRSP and another $4,800 a year in non-taxable income.

If they did not have concern about others that are not their spouse and not drawing down their capital, they could withdraw $29,000 a year for 30 year until ages 95.

This is than double, 132% more income $16,500 non-taxable for each contributor, spouse 1 and spouse 2, partner 1 and partner 2.

#73 Washed Up Lawyer on 10.26.15 at 9:51 pm

#48 Parsonage on 10.26.15 at 8:19 pm

You asked this resident of Ft. McM about the legitimacy of that Facebook post.

Garth’s tenancy is 3801 kilometres from Franklin Avenue and the Peter Pond Mall. About a 38 hour drive (barring whiteout and black ice conditions near Moose Jaw in mid-June).

He read 1/3 of the posting and properly labeled it as trash.

Mildly dangerous too.

I read it all, did a web search and called an old contact in immigration. Looks like trash to me. What say you? — Garth

#74 Smoking Man on 10.26.15 at 9:53 pm

#67 conan on 10.26.15 at 9:37 pm
#4 Randy on 10.26.15 at 6:26 pm
Well the H Cons opened up the insurance industry to the banks. They claimed that cross selling would not be allowed but meh it happened.

So maybe the banking industry will be opened up to the insurance industry?

What does Smoking man think?
….

Give no shit, not in banking anymore.. Im now contacting for a dyslexic billionaire.. Its like we’re twins.

I want my own jet… Thats my goal.

#75 Freedom First on 10.26.15 at 10:00 pm

I signed the petition. Canadians need it. People will wake up and be glad it is there for them at any time. I am glad I could help. That’s what I’m here for. Me first, then everyone else. As it should be. You can’t give away what you don’t have. Of anything.

#76 april on 10.26.15 at 10:04 pm

Anyone heard of Nadeem Walayat, editor of the Market Oracle re “War on Cash” and Digital currency??

#77 Sean on 10.26.15 at 10:11 pm

Wow.. revelation. A few posted this, and are 100% accurate. Resentment! So the way the TFSA will shake out, is the way the rest of life shakes out. Most will have the opportunity… and most will fail. The few that are in a position to pull out 40k a year, TAX FREE, will be utterly and fatally and terminally resented by all others. In reality, it will never even get to this point. The government will introduce distortions, punishing success and rewarding failure, as usual. Caps and taxes, credits and benefits, will eventually be introduced to compensate for the perceived unfairness of it all. Winners will not be allowed! This is Canada, after all…

#78 Spectacle on 10.26.15 at 10:12 pm

Regarding ::
#28 Smoking Man on 10.26.15 at 7:27 pm
For all you tree huggers that say the science is settled .

These Math guys out of France disagree.

You guys ever read a white paper. Her is your change

http://www.scmsa.eu/archives/SCM_RC_2015_08_24_EN.pdf
___________________my reply _____________
Smokey, I support you 100% tonight .

I’ve been around the schooled scientists, many now retired. They become argumentative scabs in their old age. The young ones coming up behind ( unknowing pawns ) defend their stupidity with Aristotelian argument…………and adding to the lies.

SWL could add to this thought.

Ps: roofers, & burn marks etc. B-Shit. Crappy roof tiles! Crappy science , stupid people. Don’t believe the crap your being fed , George Carlin.

#79 brundlemore on 10.26.15 at 10:30 pm

“… get briefed on where the secret Centre Block scotch stash is..”

Garth, I am guessing that you have a pirate treasure map showing where the single malt cache is….

On a serious note, could you write an article on Canadians wishing to permanently leave and become full-time expats, including both working age stiffs, and retirees. A lot of these discussions on various programs like the TFSA would be interesting to look at through a separate set of beer goggles….

#80 conan on 10.26.15 at 10:32 pm

OMG people….. Conan getting the grief on the roof burn marks………

Surely there must be some roofers that come to this pathetic blog who can verify climate change…….come on

Look if enough people care I will explain the burn marks but I don’t think they do.

#81 Freedom First on 10.26.15 at 10:35 pm

Max your TFSA and your RRSP’s to the nutz from the very beginning. The RRSP’s are available at the proper times throughout your life in many feasible ways to do so that Garth has outlined before. Stay liquid, balanced and diversified, and as you get older you will be laughing. It is a beautiful way to live. Debt is for the walking dead.

Do your research to make this happen. Any idiot can do it. I know.

If you must live with someone or marry them, find someone sane with the same thought patterns. Thank me later.

#82 brundlemore on 10.26.15 at 10:36 pm

#25 boy scout PM on 10.26.15 at 7:25 pm
Calling the newly elected PM “boy scout PM” is hardly a way to insert political influence and deliver convincing argument.

It’s an insult, which is more likely to call for a “F..k your TFSA Garth” than “maybe Mr. Turner is right”.

By any PM – “boy scout or not”.

Look at the bright side, at least he didn’t say “cub scout”! Lighten up for crissakes….

#83 Holy Crap Wheres The Tylenol on 10.26.15 at 10:38 pm

Smoking Man in a jet, now there’s a scary thought! But then again I have flown jumpseat with a crew that should not have flown out of Clark AFB back to Saigon. Let’s just say I was the sober one on that trip. Smoking Man lookup Operation Frequent Wind, it was f#%king insane.

#84 fishman on 10.26.15 at 10:38 pm

The coffee guys didn’t have much to say about the election. None of us knows anyone that voted Liberal, or at least admits to it. Though we figure the various gf’s went for handsome.
Big news is the Molson’s property sold. Mainland Chinese bid was 75 million more than the local big shots (Aquilini consortium) could justify. Residential stalling, but commercial dirt in demand. If you easterners got good dirt with positive cash flow don’t panic sell. Trust us west side boys when we say that the offers keep getting better & better, keep coming & coming as the trip across the Pacific gets shorter & shorter. The only thing that will rain on this parade will be political action. You fellows are closer to that source than we here on the landing beach.

#85 Smoking Man on 10.26.15 at 10:38 pm

#77 Spectacle on 10.26.15 at 10:12 pm
Regarding ::
#28 Smoking Man on 10.26.15 at 7:27 pm
For all you tree huggers that say the science is settled .

These Math guys out of France disagree.

You guys ever read a white paper. Her is your change

http://www.scmsa.eu/archives/SCM_RC_2015_08_24_EN.pdf
___________________my reply _____________
Smokey, I support you 100% tonight .

I’ve been around the schooled scientists, many now retired. They become argumentative scabs in their old age. The young ones coming up behind ( unknowing pawns ) defend their stupidity with Aristotelian argument…………and adding to the lies.

SWL could add to this thought.

Ps: roofers, & burn marks etc. B-Shit. Crappy roof tiles! Crappy science , stupid people. Don’t believe the crap your being fed , George Carlin
……

Dude, we need stupid people to profit from.. My post are only for my 50 + loyal fans.

If everyone was smart, we would all have to have real jobs. The Horror..

#86 Holy Crap Wheres The Tylenol on 10.26.15 at 10:40 pm

BTW Carbon tax all smoke and mirrors just to grab our cash. The whole scheme is bullshit!

#87 Washed Up Lawyer on 10.26.15 at 10:43 pm

I read it all, did a web search and called an old contact in immigration. Looks like trash to me. What say you? — Garth
*****************************

Garth:

I think you misread my views. The posting is flat out nonsense. I am in 100% agreement with you.

I will try to be more clear from here on in.

WUL

#88 Patrick on 10.26.15 at 10:46 pm

#47 GB on 10.26.15 at 8:13 pm
Holy smokes…now Garth you are quoting Catherine Swift?

She has a tendency to misrepresent certain facts and is known to be wildly partisan. Naturally she wishes for corporations to continue to siphon off tax breaks and forgo any responsibility to their workers (AKA pensions).

She seems to support a race to the bottom approach which defers all responsibility to individuals. Which would be fine if salaries where growing along the way.

Trickle down economics NEVER works.
*************************************

Guess what. Trickle-down economics was a bad-idea in the 80’s, in a time before the internet, but now we have no other choice.

Everyone points to the 60s and 70s as a time of high corporate taxes that benefitted society. Well guess what, there was no internet in the 70s. The world wasn’t such a small place.

It’s 1975 and you want to set-up your corporation to be close to customers well you have about 10 options: Canada, US, Western Europe, Australia. Russia, China, Eastern Europe all communist. Africa, South America, Asia under developed.

Fast forward to 2015: now all these places have to compete for jobs. And they are becoming more competitive daily. So whether it’s a race to the bottom or not idk. But it is a much more competitive race with a lot more runners. So to think that you’re going to get corporations to pay for benefits and pensions like they did in the past is ridiculous.

I say let them keep their tax breaks. At least if they keep their jobs here: they pay salaries (which are taxed), they pay for basic infrastructure (more tax) and offer on the job training for legitimate skills.

#89 Holy Crap Wheres The Tylenol on 10.26.15 at 10:47 pm

The hipsters play right into the Libs plan for carbon tax as most of these people live downtown, don’t drive and think they are part if the big picture to dave the planet with Captain Tree Hugger. I have news for you, what we add in carbon to the planet is a piitance compared to what the planet can do with a large eruption from a large volcano! Tax that MFKers!

#90 Millmech on 10.26.15 at 10:47 pm

#66
Bingo,just remember to blow your brains out on over priced real estate while we’re at it and fill it full of crap you will barely use,just to keep up with the Jones’s.Just reading some of the posts(Tudor)you can just feel the typical canadian apathy flowing out,why bother trying I’m always broke,at least they can fire one up now and all the problems go away.

#91 fishman on 10.26.15 at 10:49 pm

Don’t worry about govmnt. crackdown cutting supply. Too much graft getting down the ladder. Elites had to make a stand or their wouldn’t be enough left to steal. Just a burp; business as usual.

#92 Rainmaker on 10.26.15 at 10:58 pm

Rob Carrik has a piece in today’s G&M about what the Liberals may do with the TFSA.

http://www.theglobeandmail.com/globe-investor
/personal-finance/household-finances/here-are-some-potential-tfsa-avenues-the-liberals-could-take/article26967077/

#93 Patrick on 10.26.15 at 11:06 pm

#56 Smoking Man on 10.26.15 at 8:49 pm
As I’ve observed over the years, todays world is ready for a harvest.

30 year olds ripe for the picking as planned. Your generation mind fkd by self loving mindless deciples of a curriculum writen by evil patient bastards.
_______________________________________

The harvest has already started: crazy house prices, next interest rates increase, then tax increases to pay for all the goodies.

Once they bought the house and are underwater its not like they can go anywhere. Then they have to work and pay whatever taxes you put in front of them.

In a twisted sense, it makes sense for the wealthiest country to have the poorest math education…how else can you rob them?

#94 dogman01 on 10.26.15 at 11:37 pm

Is there a history with Liberals and Power Corporation I am not aware of, POW-N?

It is listed as one of the A Grade equities in Money Sense, own for life sort of recommendation.

It is below $30 with yummy 4+% Div.

What is the history with the Liberals, am I too young to know the connection?

#95 ARP on 10.26.15 at 11:55 pm

Million Dollar Shack: Trapped in Silicon Valley’s Housing Bubble.

Sound familiar… 416 & 604? The realtor makes my skin crawl.

https://www.youtube.com/watch?v=SBjXUBMkkE8

#96 Chastitty Boner on 10.27.15 at 12:06 am

The Hate Harper propagandists got their protest vote this time….after 9 years of wailing Hate Harper on the front pages and news broadcasts…..so what…will it make Trudy smarter….nope…..it’s a slam dunk that Trudy is a one pump chump.

The one thing the Hate Harper crowd proved was that Joseph Goebbels was right…..tell a lie often and loud and soon enough the crowds will start believing.

#97 GlennJ on 10.27.15 at 12:10 am

#18 Smoking Man on 10.26.15 at 7:07 pm

Odds are you’re 30ish Urbanite. Freshly schooled but never been on a farm or talked to a framer I bet. They’ll tell you, climate hasn’t changed. But what do those Neanderthals know right? So you’re going with data right, you ever heard of Climategate, hacked emails from the University of East Anglia where and I’m calling him a dr. Mr Michael Mann fudged the decline on his infamous hockey stick chart.
==============

I talked to a framer once – knew nothing about climate change, just home building.

#98 Retired WI Boomer on 10.27.15 at 12:24 am

#71 Jack Manning

I agree on letting the working poor keep their CPP, or give them a 100% TAX CREDIT for whatever they can put into an RRSP -at both the Fed and Provincial level.

I am surprised that a minimum wage earner is socked by such a high FED and provincial income tax!!

More enlightened countries tax the lowest earners lightly 10% or even not at all. After all, a minimum wage should be just that – a MINIMUM WAGE. Your post shows about a THIRD of that earned minimum being gobbled by various gov programs.

Here, to get to a THIRD, you need to make about $43,000 a year as a single, $73,000 as a couple -a fair distance from $24,300

While the countries are not identical they are close enough to rhyme. I do not get the new Admin thinking to scale back on the TFSA, or even increasing the CPP percentage contributions.

Does anyone know where the CPP money collected is invested by the government? Perhaps the markets might have the potential for a better return than government bonds?

Wish our country would have done that with even a 1/4 of what had been collected from social security since 1937.
At least our system might be on a better financial footing these days.

If people would put a matching % into their TFSA as they pay in CPP payroll tax, from an early age until retirement think of the outcome AT retirement, and even if they don’t make it, it is inheritable money!

Governments have a tendency to grab as much as they can, at every level they can from us tax payers.

Our job is to practice good tax avoidance to minimize the bite!

#99 Going extinct on 10.27.15 at 12:26 am

I am a rare breed in Vancouver. Most people I talk to or know belive the rRE in Vancouver will never go down. Everybody is talking about buying and flipping. Condos are going up everywhere. This city’s government has sold us out.

#100 Spectacle on 10.27.15 at 12:44 am

Regarding::

#92 Patrick on 10.26.15 at 11:06 pm
—-
#56 Smoking Man on 10.26.15 at 8:49 pm
As I’ve observed over the years, todays world is ready for a harvest.

30 year olds ripe for the picking as planned. Your generation mind fkd by self loving mindless deciples of a curriculum writen by evil patient bastards.
_______________________________________

The harvest has already started: crazy house prices, next interest rates increase, then tax increases to pay for all the goodies.

Once they bought the house and are underwater……..

In a twisted sense, it makes sense for the wealthiest country to have the poorest math education…how else can you rob them?

________ my response __________

Exactly !

And now, get them to believe in chemtrails, scorched roof tiles, that humans can control weather, I mean Global Warming ( still the weather….) ……..they will go peacefully into the cold, dark, hole.

Then others will use Garth Turners advice to prepare for their own successful future, and not rely on scientists that claim we can all find a pot of gold at the end of the rainbow.

#101 BS on 10.27.15 at 12:51 am

#37 BS
If you do not have balls to ask your employer for fair wages then stop whining about government employees wages.

I have enough balls not to be a wage slave at all. I make the decisions on how much I make by how hard I work.

Like government workers have the balls to ask for anything themselves? They hide behind a union in a system not designed for government monopolies. Most government workers wouldn’t last a week in the real world where you have to produce.

#102 Another Albertan on 10.27.15 at 1:02 am

Re: Fort McMurray Facebook post

In this day and age, the most basic of smartphones can take high-resolution photographs and immediately post them to the Internet, yet there is no supporting evidence. Not even a street address.

This reminds me of the heady days of natural gas trading here in Cowtown over a decade ago. “Everyone” had a story about a friend of a friend who just received a massive bonus ($250k, $500k, $1M, you-name-it), yet nobody could even name the “friend” who invariably was in their 20s or 30s, never mind a company or an individual trader. In a downtown of a 100,000+ workers, few could even name a firm trading in commodities, yet these bonuses were apparently commonplace, free-flowing, and rampant.

Truth was that a small handful of traders were making killings (bonuses reached $100M in the case of Brian Hunter) and the identities of the bank proprietary trading desks and hedge funds could be found out quite easily by asking a few simple questions if someone was actually motivated.

But “truthiness” tends to get in the way of telling a good story…

Everyone else’s mileage may vary.

#103 kommykim on 10.27.15 at 1:26 am

RE:

#16 For those about to flop… on 10.26.15 at 6:59 pm
Hey Kim,I get whet you are saying but won’t it take 15/20years just to get back to 10k.
I could be dead by then…

Yup, depending on the official inflation rate, 15-20 yrs sounds about right. Justin’s indexed TFSA limit is a better deal for the young folk (20s) rather than us old fogies.

#104 Freedom First on 10.27.15 at 3:17 am

#56 Smoking Man

Fan #33 here. This is one of your finest Posts ever.

….being bent over….

….group team mind set shit….

pure gold.

And they can’t stand that I live my life differently. Goes against their programming. Controlled and brainwashed. Looks painful.

Smoker, goes with your Post #84. You’re right, the horror of having to get a real job. It’s been many years. I am realizing I am immune from brainwashing. I think it is from being on my own in the world at 17. I had to learn fast. Thank God I survived public school and can still think for myself.

#105 OXI in GREECE !! on 10.27.15 at 4:13 am

#1 Canadian on 10.26.15 at 6:15 pm
“The 80% of Canadians who do not work in government collectively contribute tens of billions of their tax dollars every year so that government workers can enjoy very generous, defined-benefit pensions, indexed to inflation, with additional post-retirement extended health and dental benefits,” she spouts.

You mean like the ones who flooded this blogs comments during the election, or the one that owns it?
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

BEST FIRST POST EVER

If Trudeau wants to come out swinging like a real leader, he can start with firing 100,000 govt workers while encouraging the munies and prov's to do the same…..and maybe someday we will get close to what Germany looks like (same amount of govt workers as Canada with 91 million people). Oh by the way…..Germany does not have trillions of dollars of "free" natural resources to get "free" royalty dough from either….

#106 Ontario's Left Coast on 10.27.15 at 7:17 am

Freedom First 103

If thinking you’re an obnoxious *&*hole means I’ve been programmed, than call me R2D2. Cheers loser…

#107 The Other Chris on 10.27.15 at 7:41 am

@104 OXI in GREECE !! on 10.27.15 at 4:13 am

If you think Trudeau is going to cut the size of the federal civil service, I think you’re going to be very disappointed. If Gerald Butts’ past history in Ontario is any indication, we’re going to see a bonanza of hiring in the civil service over the next year, combined with pay increases, and the end of the initiative to eliminate sick day banking/payouts.

I’m not necessarily proud of it, but I’ve put in several applications for various anticipated staffing positions with the feds. Just trying to feed my family. There is no future in the private sector in Ontario, unless you’re in tech.

#108 Bottoms_Up on 10.27.15 at 7:46 am

This has nothing to do with federal pensions (ps. Everyone pays taxes, and also everyone collects cpp). This is an issue of government taxation on investments. The key question being, should we pay tax on capital gains growth of our investments?

Nice how some people try to pit us against each other.

TFSAs allow only a modest sheltering of capita gains. They also disallow capital losses. Be careful what you wish for. — Garth

#109 ANON on 10.27.15 at 7:59 am

Is the trout-slapping over? :)

My first real job was on a farm at 15 and I busted my butt for 4 weeks assuming I would get minimum wage then got surprised (burnt) with the farmers pay rule…… 2 dollars an hour.

My first real job was “voluntarily” sorting potatoes in a depot, in high school, during and after classes. Actually, scratch that, it was during primary school, racking leaves and planting saplings. The memories…Third job was “patriotically” harvesting beets, corn and potatoes with bare hands, during military service, in a northern forsaken place with snow on the ground and a bone-chilling wind which never stopped blowing. There was no pay, just to be clear about what voluntary and patriotic means. Means the credit had dried up. :)
By the time I got a “real” job, the kind that paid something so I can wait in line for hours to get the rations, and maybe get some real food on the black market (you know, the type that “causes cancer” since yesterday, and was recommended by our narrators also to be very sparsely eaten -not that we has much choice, or maybe because of that-, the whole thing blew up, and rather violently. The only difference, and arguably the trigger? We did not believe in the narrative anymore. Just 10 years earlier, the economy was booming and the cancer-causing foods were plentiful. Baffling, the people were also healthier, obesity and heart disease were not the problem they became when rations (flour, sugar, seed oils) were instituted.
*way off-topic rant* :)

#110 George S on 10.27.15 at 8:05 am

So, now it all starts again. Once the election propaganda is over people have to start with the post election propaganda denigrating public employees for some reason.
Because public employees negotiated a pension plan and saved a substantial portion of their income for retirement (whether they wanted to or not) they are all of a sudden bad guys.
What about everyone else that saved money for retirement? Are they bad guys too? Everyone that saves money, government employee or not is saving someone else’s money that was paid to them as wages, profit, bonuses, fees,…
It is not mathematics education that we have to worry about it is simple arithmetic, grade three level.

#111 TurnerNation on 10.27.15 at 8:15 am

Yes here in the Kanadian Bloc SFH are for party elite only, worker serfs get one of the many many 500 sq foot kandos underway.

http://www.torontosun.com/2015/10/27/wynne-plans-to-expand-tax-grab-despite-promise

“Home buyers beware.

You’re about to pay thousands of dollars more for that dream home.

The province is set to give all municipalities the right to double the amount of land transfer tax you’ll pay on your next real estate deal.

Industry insiders say they’ve been told the government will amend the Municipal Act to allow all municipalities to set their own municipal land transfer tax (MLTT).”

#112 TurnerNation on 10.27.15 at 8:21 am

Thanks dawg for mention of Power Financial today.
PWF.TO looking good at these levels I note.

As for the elite I could list several old but wise books (some on Amazon) which would wind you on a list. Two authors, each met an early demise after their exposes. How it really is here in Kanada.
Oh well that’s not my fight, only to invest in their companies.
Capitalism is legal.

#113 ALBERTASTROPHE on 10.27.15 at 8:27 am

Coffin, meet nail.

http://www.nytimes.com/interactive/2015/10/27/world/greenland-is-melting-away.html?_r=0

More reports like this are on the way prior to the Paris summit.

The old Alberta way is doomed. The NDP is budgeting for deficits until 2020 to try to help diversify the economy. A good idea, but about twenty years late, I fear. Instead, I expect about a 20% population drop by 2020. That sure won’t help house prices.

Albertans thinking of selling a home, do so now, immediately, and take what you can get before November 30.

(Or just be delusional, hang out with retarded climate-change deniers, join the CPC and vote to re-instate Harper. It worked before…sort of)

#114 salonist on 10.27.15 at 8:46 am

“Explainer: Coach houses are coming to Ottawa. Here’s what you should know”

http://ottawacitizen.com/news/local-news/explainer-coach-houses-are-coming-to-ottawa-heres-what-you-should-know

#115 Londoner on 10.27.15 at 8:55 am

#19 not 1st on 10.26.15 at 7:07 pm

The 1% dont use TFSAs – they laugh at that piss ant program, while they shelter millions.
_________________________________________

I disagree. Once you accumulate wealth you look at all options to shelter it from prying hands (taxes). Although I agree the TFSA is not much. Here in the UK we can put in £15,240, which is just over $30k CAD, per year into an equivalent program (ISA). The rest that’s not used stays in the corp.

#116 Ralph Cramdown on 10.27.15 at 9:02 am

I read it all, did a web search and called an old contact in immigration. Looks like trash to me. What say you? — Garth

That’s not trash — it is very well written racist propaganda.

First, it deflects away from its true intent. “Goodness, we haven’t got any problem with brown people, only with the government programs that they get and we don’t,” it says. The purpose of the post is to get white people (even those who would strenuously deny being racist, on a conscious level) to hate brown people.

Second, it contains the classic unverifiable eyewitness account — an unnamed person “saw those contracts with his own two eyes.” You aren’t going to disbelieve an unnamed eyewitness, are you? This works surprisingly often as a persuasion technique on people whose default setting isn’t cynical.

Third, and most powerfully, it subconsciously scares parents. It is no accident that the event supposedly took place at a school, a place where parents don’t directly supervise their children. Your children will be mixing with children of the ‘other,’ Mrs. Smith.

That was a powerful little piece of propaganda, written by someone skilled in the art.

#117 fancy_pants on 10.27.15 at 9:13 am

hearing lots of comments saying gov’t would never roll back/retroactively remove the 10k TFSA contribution room. just be careful.

The Ontario gov’t retroactively took back a small 15% non-refundable tax credit for private education after they got elected in Ontario. The cons set this up the claendar year prior to it’s removal. People budgeted according to this credit, and it was retroactively removed and no benefit was ever seen. Ironically, it cost taxpayers more money as I know many who then transferred their children into public education.

so be careful. it can happen. it has happened.

No, it will not happen. There is no compelling reason to put the CRA through that logistical nightmare. — Garth

#118 ALFRED E. NEUMANN on 10.27.15 at 9:31 am

#2 Stuart big on 10.26.15 at 6:16 pm
I will just print out the 2016 limit as shown on the cra website and fight for the 10k.

Well done, thanks. I took your suggestion. I’ll worry less, about 24 Sussex becoming a jail for TFSA 10K offenders.

#119 Holy Crap Wheres The Tylenol on 10.27.15 at 9:34 am

Hopefully JT is bi-polar and will reverse his stand on the TFSA?

#120 Jake Stams on 10.27.15 at 9:43 am

Guess what Liberals? The Ontario Liberal Wynee government is going to allow all cities in Ontario to charge their own land transfer tax like Toronto.

We are not talking small potatoes here. The doubling of the land transfer tax, as high as 4% for the most expensive properties.

This is not the end of it. Since most people mortgage 90% to 95% of their real estate with mortgages, lines of credit etc. they just roll the land transfer tax into their mortgage and it interest is paid on that for years but most will pay for decades.

For example, a $15,000 in land transfer taxes will cost over 25 years $20,200 with principal and interest paid off.

This is 2.5% mortgage rates which are low but if we see 4%, 5% mortgage rates, this would jump to $24,000, $25,000, $26,000 etc.

Toronto and GTA, continue to vote Liberal. Wynee did not mention this before the federal election, surprise!

#121 unbalanced on 10.27.15 at 9:46 am

People just have to learn that the government Can and Will change the rules any time they see fit. It might be 1 year from today or 5. You just got to know how to stay ahead of the situation. Put your thinking caps on.

#122 Holy Crap Wheres The Tylenol on 10.27.15 at 9:50 am

#95 Chastitty Boner on 10.27.15 at 12:06 am

The Hate Harper propagandists got their protest vote this time….after 9 years of wailing Hate Harper on the front pages and news broadcasts…..so what…will it make Trudy smarter….nope…..it’s a slam dunk that Trudy is a one pump chump.

The one thing the Hate Harper crowd proved was that Joseph Goebbels was right…..tell a lie often and loud and soon enough the crowds will start believing.
____________________________________________
The new show starts in January 2015. Starring the new guy you will love to hate. Justin Trudeau. Lets see how he handles all the hate propagandists. The only problem is he truly believes his own shit doesn’t stink. So most likely he will be oblivious to the jeering crowds of haters, or he may dance the night away at Studio 54 like his wacky mother did back in 79. Oh I can hear his singing and dancing. Let them eat cake, let them eat cake, let then eat cake…..

#123 fancy_pants on 10.27.15 at 9:54 am

#100 BS on 10.27.15 at 12:51 am

Most government workers wouldn’t last a week in the real world where you have to produce.

Allow me to elaborate on your statement. There are some good gov’t workers. Odds are you, me and the avon lady down the street would become about as productive under the umbrella of bureaucratic red tape as the next guy. Way to much middle mgmt. Way too often left hand has no idea what the right hand is doing. And every time a gov’t changes or some brilliant idea is fostered by out of touch upper mgmt, everything gets tossed about as the massive ship veers another direction.

IMO the public service unions promote inefficiency. In a nutshell, 1/3 do what they have to, another 1/3 are for the most part useless, and the 1/3 pull the weight of the useless third. the union doesn’t protect the productive third. The union protects the useless third. And in that way, they actually help promote an environment of less productivity – why be productive if Johnny in the next cubicle doesn’t have to be? He gets the same salary, same benefits doing less work. Guess what the productive guy slowly becomes?

The gov’t is an employer where efficient people go to die a slow death and slackers thrive under the shield of the union. it is the environment that is toxic, not so much the people coming in. the toxicity just bleeds off into the workforce.

#124 Nora Lenderby on 10.27.15 at 9:55 am

#115 Ralph Cramdown on 10.27.15 at 9:02 am
“I read it all, did a web search and called an old contact in immigration. Looks like trash to me. What say you? — Garth”
That’s not trash — it is very well written racist propaganda.

Fascinating though how these stories persist. Dredging up of old myths.

The secret that very few people or media acknowledge, is that everyone (including yours truly) harbours within them a racist, selfish and paranoid worm.

Any human being must struggle against these urges and overcome them, ultimately to live a worthy life and see things with a clearer perspective.

Let’s call this my jihad, or mein Kampf :-)

#125 Rabbit One on 10.27.15 at 10:00 am

TFSA is for middle class.

Tax savings by TFSA is nothing for the 1%.
For them, it is like if we have $50 TFSA limit / year.

Low Income earners pay close to nothing on their investment income anyways.
So, their investment can be almost tax free compound.

Middle class get charged marginal tax on investment income on top of their regular income, which is about 25~35%.
So, Middle Class would be saved by TFSA the most.

#126 Holy Crap Wheres The Tylenol on 10.27.15 at 10:00 am

#117 ALFRED E. NEUMANN on 10.27.15 at 9:31 am

#2 Stuart big on 10.26.15 at 6:16 pm
I will just print out the 2016 limit as shown on the cra website and fight for the 10k.

Well done, thanks. I took your suggestion. I’ll worry less, about 24 Sussex becoming a jail for TFSA 10K offenders.
__________________________________________
You must be MAD?
Still love ya though!

#127 Jake Stams on 10.27.15 at 10:05 am

If you really want to feel more angry, frustrated, depressed then $15,000 in land transfer taxes will be $62,000 less in an RRSP in 25 years.

It would be $100,000 less in an RRSP by retirement for most in their 30’s.

#128 Nora Lenderby on 10.27.15 at 10:09 am

#85 Holy Crap Wheres The Tylenol on 10.26.15 at 10:40 pm
#99 Spectacle on 10.27.15 at 12:44 am
#92 Patrick on 10.26.15 at 11:06 pm
#56 Smoking Man on 10.26.15 at 8:49 pm
et al.

I mean Global Warming ( still the weather….) …I’ve been around the schooled scientists, many now retired. They become argumentative scabs in their old age. The young ones coming up behind ( unknowing pawns ) defend their stupidity with Aristotelian argument…………and adding to the lies.

Well, aren’t we all having a nice grumble on here tonite?

I am betting that you are wrong on this subject, gentlemen. But you have a right to say it, and I always consider, when I read your stuff (I did read all the way through your “French paper”, Mr. SM), if there is anything to be said for your arguments.

The emotional and whiney stuff does nothing for your side of the debate though :-)

#129 Craig on 10.27.15 at 10:13 am

Prof Shiller don’t think Yellen will not raise by end of year. Might be even a year or more he said.

Long term assets will keep rising. Good for homeowners.

#130 Broke Dick on 10.27.15 at 10:18 am

So unless you hear otherwise, make the $10,000 contribution on Monday, January 4th. Maybe if we all do that, the government will realize partially disallowing millions of contributions simply ain’t worth the trouble, and the change will be effective with the 2017 taxation year. -GT
——————————————————-

I have a prediction for you. 2016 budget comes out and rules that TFSA contribution limit for 2016 and 2017 combined is $11,000. So if you were to put in $10,000 before the budget your limit for 2017 will only be $1000.

#131 Nora Lenderby on 10.27.15 at 10:19 am

#79 conan on 10.26.15 at 10:32 pm
OMG people….. Conan getting the grief on the roof burn marks………

Asphalt shingles are, like everything and everyone, subject to UV damage from sunlight. Heat does makes it worse. I live at 45N. I re-roofed my garage with my own fair hands during the Great North American Summer Power Outage just over 10 years ago. North side, purrfect still. South side, krispy kritters in the centre. I should have put on better shingles, perhaps.

I prefer to consider the evidence of my own records of the day of first/last frosts and soil temperature – very important for gardening.

I have planted fig and apricot trees. Getting a few good yields :-)

#132 Julia on 10.27.15 at 10:23 am

#110 TurnerNation
“The province is set to give all municipalities the right to double the amount of land transfer tax you’ll pay on your next real estate deal.

Industry insiders say they’ve been told the government will amend the Municipal Act to allow all municipalities to set their own municipal land transfer tax (MLTT).””

Toronto already charges double.

#133 Nora Lenderby on 10.27.15 at 10:35 am

#80 Freedom First on 10.26.15 at 10:35 pm
…If you must live with someone or marry them, find someone sane with the same thought patterns.

Key point. An improvement over your recent snapping and name calling.

#134 Ralph Cramdown on 10.27.15 at 10:36 am

About keeping the TFSA limit at $10,000:

Garth can verify, but I think politicians put stock into requests according to the effort involved in making them. If you acquire a sheet of paper ($0.008) and an envelope ($0.05?), put pen (or toner) to paper and express your opinion, address it to your MP or the PM and drop it in the mailbox (free, no stamp required), it will be weighted about 1000x of the person who “signs” an online petition.

The theory that an average Millenial (or other) schmuck can change the world with a few keystrokes that don’t involve money is thoroughly modern, and thoroughly wrong.

#135 LP on 10.27.15 at 10:55 am

#25 boy scout PM on 10.26.15 at 7:25 pm

You’re right, I was offended by that reference too. Recently Mr Trudeau was seriously underestimated by many people, Stephen Harper and his crew chiefly.

Let’s give the man a chance before dismissing him so cavalierly.

Know many boy scouts? Very resourceful. — Garth

#136 pbrasseur on 10.27.15 at 11:15 am

Another tax grab, more to come…

Ontario land transfer tax to apply to all cities:

http://business.financialpost.com/personal-finance/mortgages-real-estate/ontario-about-to-double-homebuyers-burden-by-allowing-municipalities-to-charge-land-transfer-tax

Got to finance those public sector pensions somehow…

#137 Sean on 10.27.15 at 11:16 am

http://business.financialpost.com/personal-finance/mortgages-real-estate/ontario-about-to-double-homebuyers-burden-by-allowing-municipalities-to-charge-land-transfer-tax

So does this play into the reason there are so few houses on the market which has equaled such a high price for Toronto homes? Who wants to sell their home for an upgrade when the taxes alone are as much as what a reno would cost.

#138 Dup on 10.27.15 at 11:23 am

The 1% do not have jobs, if they do it is because they choose to do it. The 99%-s have jobs, because they need them, and most of the time can not do without them. Someone will be the 1% no matter how you cut it.
Let them be.
If we all paid equal % in taxes the poor will scream and kick like the world owes them everything.

#139 Dup on 10.27.15 at 11:26 am

oh and the Government is Robin Hood in disguise…

#140 FullofFear on 10.27.15 at 11:46 am

“Neither should it be a repository for low-yielding, fixed-income assets. Sure, have some bonds in your balanced portfolio, but the RRSP might be a better place for them. The TFSA, on the other hand, is best suited to ETFs with a high growth potential, …”

Can you claim losses in your TFSA like you can in your cash account? Because if you can’t, high flyers shouldn’t be in there. And dividend payers in your TFSA are a waste (in your RRSP too).

No taxable gains in registered accounts, no allowable losses. Long-term investors shouldn’t care about harvesting losses, unless you pick really, really, badly. — Garth

#141 45north on 10.27.15 at 11:47 am

Smoking Man: For all the tree huggers

from your link:

Société de Calcul Mathématique: All public policies, in France, Europe and throughout the world, find their origin and inspiration in the battle against global warming. The initial credo is simple: temperatures at the surface of the planet have been rising constantly for the past thirty years, and human beings are to blame.

the key word being blame

#142 lee on 10.27.15 at 11:53 am

Garth,

Why did you remove the clown from the picture that offered free hugs?

Also, how did agents lose the lobbying battle re: LTT in Ontario? Is the state of Ontario’s finances really that bad? When will it be a good time to buy Ontario debt, or will Ontario bonds just stall in the 2-3% range?

The lovable clown is still there. You need a hug? — Garth

#143 45north on 10.27.15 at 11:58 am

I mean the blame is a transfer of internal, individual blame into the public theatre. The idea is that it has to go somewhere.

#144 SWL1976 on 10.27.15 at 12:07 pm

Just want to add my thoughts here to the climate gate debate

Well it’s working. The old divide and conquer strategy is working. While we squabble over who or what is causing climate change, reality just keeps on keeping on. Reminding us that the only thing constant in life is change itself.

I think the first step we need to take is to distinguish between the two subjects that tend to get mixed together. That is, pollution and climate change.

Both very real.

Pollution. We should stand up and own that one as 100% man made. We are polluting this earth we inhabit to the point where this polluted earth is going to make it more and more difficult for us to inhabit. Good for our polluted home. Bad for its inhabitants. Us.

Now the second; climate change seems to divide us to the point where we turn into a bunch of monkey’s throwing poop at one another. I completely understand the relationship between the axis of the earth its the relationship to the sun, as well as how the sun could also vary in temperature over the years. Pretty simple. Yes the earth has been mostly covered in ice, and yes the earth has been also much much hotter than it is now.

Also…

None of us were alive then, but we all are now. So, unless we can collectively stop throwing poop at one another a get on with real time, real world problems then we will most likely get what we deserve and future generations can look back and collectively face palm over our idiocy during this time.

I agree that taxing climate change is not a solution to the problem. It’s simply never letting a good crisis go to waste as they say. I also think they picked carbon as the enemy is simply because it’s the building blocks to life and we exhale it with every breath. If the real crazies get their way they will also tax that. Besides, carbon is nothing compared to methane when it comes to greenhouse gases. Yet no mention of this by the ruling class, the real crazies.

A carbon tax is as universal one size fits all tax that can be molded or morphed into pretty much anything in our daily lives. Look closely enough and there is carbon every where. How crazy these taxes will get… Well that is yet to be written.

The climate is changing and changing rapidly. We all bare witness to it everyday. From Inuit ice cellars in the arctic that have been used for centuries now defrosting and unusable; to a simpleton like me trying to catch a flight out of Northern Canada in January and having it cancelled due to rain. From natural phenomenon to Geo-engineering look it up it’s very real and been going on for years right in front of our own eyes while most simply wallow their collective ignorance below.

Like TurnerNation has been saying

Look up

If you can’t see it you’re not looking

Collectively we could continue to throw poop at one another or collectively we could deal with real time, real world problems.

Which do you prefer?

#145 pinstripe on 10.27.15 at 12:24 pm

GT, have you been tapped on the shoulder to work on the transformation to Fed PC from CPC?

The CPC system has forced most Canadians to lose total trust and confidence in politicians.

#146 waiting on the westcoast on 10.27.15 at 12:31 pm

#73 Smoking Man on 10.26.15 at 9:53 pm
“I want my own jet… Thats my goal.”

Me too – but a Lancair Evolution looks just as good at a lower cost. If you are really patient… check out Synergy Aircraft (not likely to ever be finished but a cool concept).

#147 conan on 10.27.15 at 12:37 pm

The diatribe of Conan

There comes a time in this dog eat dog world when a man has to climb the ladder of longness and inspect the gables and gable decorations.
Thus I embarked on perilous journey to inspect the carpentry.
“What the fucketh? It is not just peeling paint. The wood itself is stained with the blood of the burning sun.”

“ Yo, roofers of lore from neighboring property. The upper woodwork on yonder house seems burned from the sun. Why is that?

“Climate change bro, climate change.”

The End.

PS today’s subject title is “losing it” So just playing around.

#148 Ponzius Pilatus on 10.27.15 at 12:38 pm

Smoking Man may not understand the science behind roof burns.
But I hear he is an expert on the subject of carpet burns.

#149 Blinddeafanddumb on 10.27.15 at 12:40 pm

I think we just had a referendum on policies like 10k TFSA. I think you lost.

I’m sure a petition from a few thousand sad, sore losers will superseded the 40% of the electorate that gave the grits a majority government.

Keep on dreaming.

#150 Bottoms_Up on 10.27.15 at 12:42 pm

#140 45north on 10.27.15 at 11:47 am
—————————————————
‘blame’ now meaning that humans are responsible for putting more carbon into the atmosphere than natural sources. Doesn’t mean natural sources don’t contribute.

We can blame volcanoes, forest fires and thawing permafrost, but they don’t pay taxes.

#151 Parsonage on 10.27.15 at 12:54 pm

#72 Washed Up Lawyer on 10.26.15 at 9:51 pm
#115 Ralph Cramdown on 10.27.15 at 9:02 am
#123 Nora Lenderby on 10.27.15 at 9:55 am
& Garth
Thank you for your insights into this incitement.

#152 Rational Optimist on 10.27.15 at 1:15 pm

119 Jake Stams on 10.27.15 at 9:43 am

Municipalities need more methods of collecting revenue. Property tax is insufficient, and MPAC doesn’t allow more accuracy in levying property tax against the properties which consume the most municipal services.

Why not a municipal land transfer tax? Has that been bad for Toronto?

#153 Henry on 10.27.15 at 1:18 pm

An excellent analysis of the Canadian election: https://www.youtube.com/watch?v=o_KkUQidKW8

You actually watched that for 21 minutes? — Garth

#154 Smoking Man on 10.27.15 at 1:29 pm

#140 45north on 10.27.15 at 11:47 am
Smoking Man: For all the tree huggers

from your link:

Société de Calcul Mathématique: All public policies, in France, Europe and throughout the world, find their origin and inspiration in the battle against global warming. The initial credo is simple: temperatures at the surface of the planet have been rising constantly for the past thirty years, and human beings are to blame.

the key word being blame
……………………………

Surface temps have not been raising for the last 30 years. I have a long memory, summers and winters are the same.

What has been happening for the last 30 years is the destruction of your standard of living.

But why let good issue get in the way of religion.

You’ve been tricked, the magician sleight of hand.

But rather than going down to Govt offices with pitch forks, You chose to perpetuate this bull shit thinking you will get revenge on the rich or those that have.

You wont.

So tempted to buy a Hummer now.

#155 IHCTD9 on 10.27.15 at 1:29 pm

#135 pbrasseur on 10.27.15 at 11:15 am
Another tax grab, more to come…

Ontario land transfer tax to apply to all cities:

http://business.financialpost.com/personal-finance/mortgages-real-estate/ontario-about-to-double-homebuyers-burden-by-allowing-municipalities-to-charge-land-transfer-tax

Got to finance those public sector pensions somehow…
____________________________________________

More like the cops and firefighter paycheques. Small towns and municipalities are drowning in the cost of “first responders”. Some small towns out east are outright dissolving themselves as the laws set up by Police Unions allow no option than this other than paying the bill.

I live “out of town”, my property taxes went up almost 6% this year. No side walk, no sewer, no water, no streetlights, the only services I get are the same I’ve always had: Police, Fire (never used), and snowplowing. Same pavement out there since I moved in. City trucks are beat up early 2000’s 1/2 tons, police want a new station – 90%+ P+F on the sunshine list. City Budgets are now seeing 50% going to P+F…

Yes, you heard that right – 50% of entire budget to run the city just on P+F.

Crime is down, fires are down, they barely have enough to keep them awake in a small town. This new MLTT is the answer keep them paid that small towns and municipalities have been begging for years, and we’ve hear this solution before from the Ontario libs – in fact, their answer to every problem is the same: Tax them.

Damn I’m glad I’m not a millennial, and also happy the cost of their political slant will fall largely on their shoulders :)

#156 George on 10.27.15 at 1:30 pm

Garth,

daily reader, but I never post.

What do you think about the idea of using my HELOC (currently at 3.25% interest) to back-fund my TFSA and my wife’s to the tune of $75K? We were playing catch up on RRSPs for a while and never really put much into TFSAs. We have no debt outside the mortgage (currently $220K on a house that would sell at present for $870K) and about $500K in a combination of ETFs, stocks and funds in our company’s DC plans – generally well-diversified. I’m 41, she’s 43, combined HH income is $200K split about evenly.

Mortgage on our primary residence comes due in June 2016, only 8 years left to pay down based on current schedule. If we did this, I would roll the balance of the TFSA-loan HELOC into it but shorten amortization to 7 years. Essentially “forced savings” – and if we borrow $75K today I expect the amount to add to the mortgage in June 2016 would be less than $45K as we have bonuses coming in Jan which we would use to pay down the HELOC, and would also make a point to pay it down to the tune of about $1500 monthly from now until June.

Crazy idea? Too risky? With the shine off the markets this year I’m thinking it might be a good idea to get a lump-sum in now *and* get in before limits are reduced, but what am I missing (I’ve already done some number crunching, I think it makes sense with the usual caveats around investment risk etc.)

would love your thoughts (or anyone else who cares to opine…)

(and thanks for the blog, this is always a must-read!)

Quick summary: You make 200K, have no personal investments, have thrown everything at paying the house off where you have $650,000 in equity and need to borrow to fill your TFSAs. And you’re over 40. If that’s accurate, you need help, not a loan. — Garth

#157 kommykim on 10.27.15 at 1:30 pm

Looks like the BOC is seeking ways to understate inflation even more than it already is:

http://ca.reuters.com/article/businessNews/idCAKCN0SL28V20151027
http://www.bankofcanada.ca/wp-content/uploads/2015/10/dp2015-12.pdf

#158 TRT on 10.27.15 at 1:31 pm

There will be no retirement crisis. Here’s why:

1) seniors will comprise approximately 27% of the voting age population at next federal election. This will rise to 33% at the election after that. Because seniors have a tendency to vote more than young people, expect their impact to be greater than the percentages above indicate.

Result: the party that comes into power will have lots of goodies for seniors. Good healthcare, enhanced GIS benefits, prescription drug coverage, reduced income taxes on OAS and CPP payments, etc.

The working stiff and the young ones will bear the brunt of this greed. Higher taxes and more user fees for the young. The only way out Is to leave the country during working years and return at retirement.

Tomorrow, UBC is having a seminar for Brain Drain 2.0. Speakers will tell how to emigrate to USA for work purposes. Especially States with no income taxes.

Don’t let the door bruise too much. Say, whose taxes built UBC? — Garth

#159 PeterfromCalgary on 10.27.15 at 1:45 pm

3 pm MST or 5 pm EST is when we see how fast the Alberta dippers can back peddle. It should be a interesting show.

#160 saskatoon on 10.27.15 at 1:46 pm

#149 Bottoms_Up

keep it up.

all you’re doing is making the SM richer.

“Not only is carbon dioxide’s total greenhouse effect puny, mankind’s contribution to it is minuscule. The overwhelming majority (97%) of carbon dioxide in the earth’s atmosphere comes from nature, not from man. Volcanoes, swamps, rice paddies, fallen leaves, and even insects and bacteria produce carbon dioxide, as well as methane. According to the journal Science, termites alone emit ten times more carbon dioxide than all the factories and automobiles in the world.”

#161 Dinosaurs are US on 10.27.15 at 1:58 pm

153 Smoking Man on 10.27.15 at 1:29 pm

#140 45north on 10.27.15 at 11:47 am
Smoking Man: For all the tree huggers

from your link:

Société de Calcul Mathématique: All public policies, in France, Europe and throughout the world, find their origin and inspiration in the battle against global warming. The initial credo is simple: temperatures at the surface of the planet have been rising constantly for the past thirty years, and human beings are to blame.

the key word being blame
……………………………

Surface temps have not been raising for the last 30 years. I have a long memory, summers and winters are the same.
_________________________

LOL. You can’t even remember where ya got all the carpet burns from the last drunk.

Go climb a glacier while ya still can. See how much they have retreated in the past 30 years. Full role of us much harder to discern, but things are heating up.. Maybe you were just too pickled for 30 years.

#162 Sheane Wallace on 10.27.15 at 2:21 pm

#154 IHCTD9 on 10.27.15 at 1:29 pm
#135 pbrasseur on 10.27.15 at 11:15 am
Another tax grab, more to come…

Ontario land transfer tax to apply to all cities:

http://business.financialpost.com/personal-finance/mortgages-real-estate/ontario-about-to-double-homebuyers-burden-by-allowing-municipalities-to-charge-land-transfer-tax

Got to finance those public sector pensions somehow…
………………….
Absolutely!

And the teachers should charge their own land transfer tax as well.

Hahaha, what a joke, 31 k in land transfer taxes for 1 m home.!

#163 saskatoon on 10.27.15 at 2:26 pm

#160 Dinosaurs are US

reality is obscured for the psychologically unhinged mind.

warm = cold
right = wrong
theft = compassion

https://www.nasa.gov/content/goddard/antarctic-sea-ice-reaches-new-record-maximum

#164 Bobby on 10.27.15 at 2:27 pm

#52 Tudor, I’m amazed at the lack of financial knowledge of most Canadians and your comments seem to support that. Sure Mr Trudeau created a class war with the rallying cry of tax the rich and it garnered significant votes. But the sad reality is many young people will not enjoy the pensions that many seniors have today. The increased TFSA benefit was an excellent way for them to save for that enjoyable retirement.
There is something about the politics of envy in Canada, it is almost a rallying cry. We seem to take pride in bringing successful people down. Perhaps it’s our subtle way of justifying our own failings. Supporting failure, is that the Liberal way?

#165 Broke Dick on 10.27.15 at 2:33 pm

#153 Smoking Man on 10.27.15 at 1:29 pm

Surface temps have not been raising for the last 30 years. I have a long memory, summers and winters are the same.

_________________________________________
I have to disagree Smokey.
I vividly remember as a kid that the snow banks would be above my head. Now they are not even close.

#166 Rational Optimist on 10.27.15 at 2:35 pm

By the way, for those claiming the sky will fall because the province is going to allow municipalities the OPTION of introducing a second land transfer tax…the realtors claim that, and the government denies it. I’m not sure who is less trustworthy, but the panic might be a little early.

#167 Holy Crap Wheres The Tylenol on 10.27.15 at 2:42 pm

#143 SWL1976 on 10.27.15 at 12:07 pm

Just want to add my thoughts here to the climate gate debate

Well it’s working. The old divide and conquer strategy is working. While we squabble over who or what is causing climate change, reality just keeps on keeping on. Reminding us that the only thing constant in life is change itself………………………
____________________________________________
Really sick of the Carbon Taxing idea. These low life’s will do just about anything to figure out how to twist numbers around to make a buck off of those of us who work. Nobody really can say anything tangible about climate change. All we are doing is watching the reversal of a 5 million year cooling period with ice ages and mini-ice ages in between. 20000 years ago the temperature was about 10° C colder than it is today. However all we have observed is a slow reversal that is swinging back towards a warmer period. At times the reversal is rampant and some times slowed down. Glaciation comes and goes with each ebb and flow. Hell the planet was better off millions of years ago, abundant with life in every land mass. Rich in oxygen and life. All due to warmth. Milankovitch cycles were all cool. 10000 years ago at the beginning of Holocene period huge mammals such as mammoths, mastodons and saber-toothed cats, become extinct. So are the climate-gate wacko’s going to blame us for their demise too?

#168 Rainclouds on 10.27.15 at 2:44 pm

#128 Craig “Prof Shiller don’t think Yellen will not raise by end of year. Might be even a year or more he said.Long term assets will keep rising. Good for homeowners.”

Perhaps BUT: 3. years. ago. Schiller also said:

http://www.businessinsider.com/robert-shiller-canadian-housing-bubble-2012-9

#169 Mixed Bag on 10.27.15 at 2:47 pm

#164 Broke Dick on 10.27.15 at 2:33 pm
I have to disagree Smokey.
I vividly remember as a kid that the snow banks would be above my head. Now they are not even close.
——————————————

Maybe because you’re taller now.

For all the worries of CO2 levels, historically we’re at the low end of the spectrum of CO2 levels (sorry, I don’t have the source for the article, read it weeks ago), the earth used to have much higher atmospheric CO2 levels. If we go too low, plants won’t grow. Remember that plants need CO2 to thrive.

It should be expected that the planet’s temps will fluctuate and go through cycles. Some species will not adapt and die. Go tax the volcano at fault.

#170 Loonie Watcher on 10.27.15 at 3:01 pm

Loonie back down to .7538 – back closer to where it belongs. It should break below .75 soon, and make it’s way to .72 by the end of next week. We’ll see sub-.65 by the end of the year.

#171 John Dimas on 10.27.15 at 3:09 pm

News about the new city, Ontario land transfer tax that just came out this morning and mentioned a few times on this blog just puts the whole point about TFSA’s at $5,000 to $10,000 or whatever amount is only income tax free.

It is not tax free. There is still a whole host of taxes that one will still pay through the nose. More and more are added every year.

Case in point, tens of thousands, $15,000 to $25,000 is probably what most will pay to Ontario and their municipality pretty soon in all of Ontario. Can you say double the pleasure, double the fun!

The H.S.T. at 13% in Ontario will be increased too maybe to 15% to 17% and all the beer, liquor, tobacco taxes are going to go some more too, gasoline taxes, excise taxes both provincially and federally will be increased too by another 10 to 15 cents a liter.

Don’t forget about carbon taxes, carbon pricing and cap and trade on top of this that will increase energy, food costs by thousands over the next decade or so.

Don’t forget municipal water rates, electricity rates being doubled again in 6, 7 years, property taxes probably going up by double over the next few years, 14+ years or so. Garbage fees that were non-existent is $200 to $300 a household, double that in 7 to 10 years.

Don’t forget about Toronto, Ontario putting soon road tolls, new parking levies, infrastructure taxes and who knows what else they have up their sleeve.

What about bracket creep for the last numbers of years where every Canadian is paying thousands more a year from tax credits, to income thresholds, to E.I., OAS, medical expenses etc. not being indexed to inflation to inflation or below inflation.

This happened about 8 years under the Federal Chretien, Martin Liberals. It is happening somewhat with the Ontario Liberals too. The Ontario health tax or some other new tax on income will come too as it has under the Ontario Liberals 2 times for higher income earners.

#172 Nemesis on 10.27.15 at 3:20 pm

#GeoPoliticalMischief,Or… #’Climate’Change?… #What’Climate’Change?…

[SCMP] – Chinese shipping firm COSCO plans to launch services to Europe through Arctic Northeast Passage, saving days in travel time

…”China’s biggest shipping company COSCO intends to launch regular services through the Arctic Ocean to Europe, a spokeswoman said on Tuesday, as global warming makes the route viable and Beijing steps up its northern ambitions.”…

http://www.scmp.com/news/china/economy/article/1872806/chinese-shipping-firm-plans-launch-services-through-arctic

#BladesOfGlory…

“It is not just about selling and buying.” – Rostec spokesperson Vasily Brovko

[SCMP] – China and Russia team up to build world’s heaviest-lifting chopper amid raft of billion-dollar deals on defence, energy

http://www.scmp.com/tech/enterprises/article/1872734/blades-glory-china-and-russia-team-build-worlds-heaviest-lifting

#PalatialKowTowing…

[Independent] – How little we Brits have left to be proud of in our country: Under this government, British values boil down to economic whoredom, monetary privilege and the bottom line

…”We could have done business with China without putting on the embarrassing show we have just witnessed. Cameron’s erstwhile trusted advisor Steve Hilton was appalled by the kowtowing.”…

http://www.independent.co.uk/voices/how-little-we-brits-have-left-to-be-proud-of-in-our-country-a6708491.html

#173 Gulf Breeze on 10.27.15 at 3:26 pm

‘Working people’ don’t benefit from the tfsa because they are unable to save enough money to do so. They benefit much more from the social safety net that taxing ALL investment income provides. I am not at all convinced by Catherine Swift’s self serving, tea party style arguments.

I’m in the upper 2% income bracket. Unfortunately, seeing as my income is generated in the U.S. I pay the lion’s share of my taxes to that govt. Pains me to support war mongering government. I would much rather be taxed till I bled by a government that truly supports and helps it’s citizens and educates them well enough that they can spot self serving drivel when they see it.

Superior Canadian education creates self correcting systems that provide some check and balance against corruption and propaganda. So, like uhhh… Sorry Catherine Swift, seeing as I was educated in this country your blather is transparent to me.

I am happy to pay a high percentage of my income to support schools, universal health care, and a safety net for the elderly. We have a long way to go but we are in the first stages of becoming a humane society.

Let’s keep it up and ignore libertarian claptrap. If they want to forgo higher taxes, let them move to the States. Oh, and good luck trying to have an intelligent conversation with a huge sector of the population; like Trump supporters.

#174 Gulf Breeze on 10.27.15 at 3:32 pm

Loonie Watcher,

I note too that gold is providing a solid hedge against the weakening Canadian currency. Why do you think the dollar is going to weaken this much, though? It’s great for me, personally and wonderful for tourism but what kind of impact do you think it will have on the manufacturing sector in Ontario and Quebec?

#175 jess on 10.27.15 at 3:37 pm

energy partnerships “fee machines for wall thieves”

http://www.bloomberg.com/news/articles/2014-03-17/risks-mount-for-retirees-in-tax-free-energy-partnerships
http://www.cnbc.com/2015/10/26/new-way-to-bet-on-oil-wipes-out-billions-in-investor-savings.html

#176 LP on 10.27.15 at 4:42 pm

#135 LP on 10.27.15 at 10:55 am

Know many boy scouts? Very resourceful. — Garth
**************
I’m married to a Queen’s Scout. lol

#177 jess on 10.27.15 at 4:46 pm

http://www.bloomberg.com/news/articles/2015-10-27/inside-the-secretive-circle-that-rules-a-14-trillion-market

determination committee ?

Better Markets in the News | October 27, 2015
Inside the Secretive Circle That Rules a $14 Trillion Market
“Fifteen of the biggest players in the $14 trillion market for credit insurance are also the referees. “Firms such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. wrote the rules, are the dominant buyers… Read More

#178 jess on 10.27.15 at 4:54 pm

http://www.theatlantic.com/business/archive/2015/10/elite-wealth-management/410842/
Inside the Secretive World of Tax-Avoidance Experts

A sociologist realized that if she were ever going to understand global inequality she would have to become one of the people who helps create it. So she trained to become a wealth manager to the ultra-rich.

#179 pwn3d on 10.27.15 at 5:05 pm

#148 Blinddeafanddumb on 10.27.15 at 12:40 pm
I think we just had a referendum on policies like 10k TFSA. I think you lost.

I’m sure a petition from a few thousand sad, sore losers will superseded the 40% of the electorate that gave the grits a majority government.

Keep on dreaming.
—————————
Well, at least we know you’re not blind or deaf.

Polls say even Liberal voters wanted to keep the 10k. So they’re not fully as stupid as we think they are. But close.

#180 Dina Cortez on 10.27.15 at 7:29 pm

Those claiming that the Ontario, cities land transfer taxes doubling is not big deal, let us put it in simple example.

A, 2 workers household making $36 an hour+ 4% vacation pay combined which is the average wage in Canada, gross $78,000 a year would have to work 16 months to make up the $100,000 they would lose from all the land transfer taxes, interest paid over 25 years plus all the 5% a year compound investment returns lost until age 65 at retirement.

It is not just this one new tax but death by a thousand cuts. The younger and average to higher income Canadian worker you are, all the new taxes that have been put in place by the Ontario Liberals with more coming and pretty soon the Federal, Trudeau Liberals will cost a 30, 35, 40 year working life household millions in RRSP’s, TFSA’s.

#181 George on 10.27.15 at 8:59 pm

RE: post 156

thanks for the response. not quite accurate (not your fault, I left out a few things including an investment property worth $400K with a $200K mortgage that positively cash flows $800 a month, $20K in cash, and $10K in unregistered stocks) – we have never paid extra on the mortgage, but the wife and I made some mistakes early in life (student loans, business failure, spending more than we should have, and a bad stock play 10 years ago) that cost us a lot, but we’re now saving about $5K per month and living well below our means. Didn’t think we were doing that bad, thought trading a loan for a lump sum now vs. DCAing over the years might make sense…but appreciate the comment anyways, inspires me to make sure I don’t f*** anything else up going forward. Cheers.

#182 Patrick on 10.27.15 at 10:05 pm

#128 Nora Lenderby on 10.27.15 at 10:09 am

I’d rather not be lumped in with the climate change deniers. I fully believe climate change is real and man-made. I also believe that nobody pragmatic enough will take steps to stop it.

Paris Summit? They’ve been trying to make progress on Kyoto for 20 years. Won’t change anything. All the countries will sign it and a handful will act.

1 in 1.3 Americans have vehicles, compared with 1 in 7 Chinese. When the developing world join the middle class crude demand will soar. You want to build windmills or Electric Vehicles? You need steel. Steel plants do not run on sunshine.

All the environmentalists, who champion the cause, do more harm then good. They are idealists not pragmatists. If environmentalists were serious about climate change they would be more pro-nuclear then Iran.

#183 boy scout PM on 10.27.15 at 10:48 pm

#82 brundlemore on 10.26.15 at 10:36 pm

#25 boy scout PM on 10.26.15 at 7:25 pm
Calling the newly elected PM “boy scout PM” is hardly a way to insert political influence and deliver convincing argument.

It’s an insult, which is more likely to call for a “F..k your TFSA Garth” than “maybe Mr. Turner is right”.

By any PM – “boy scout or not”.

Look at the bright side, at least he didn’t say “cub scout”! Lighten up for crissakes….

You want to keep the $10K TFSA limit or not?

I don’t know how lobbying in Ottawa works – in all the others cities I am familiar with, calling publicly the chief decision maker “boy scout PM” and bragging that “the lad may need some blog doggy guidance” is a guaranteed loser strategy.

#184 OXI in GREECE !! on 10.28.15 at 12:12 am

#107 The Other Chris on 10.27.15 at 7:41 am
@104 OXI in GREECE !! on 10.27.15 at 4:13 am

If you think Trudeau is going to cut the size of the federal civil service, I think you’re going to be very disappointed. If Gerald Butts’ past history in Ontario is any indication, we’re going to see a bonanza of hiring in the civil service over the next year, combined with pay increases, and the end of the initiative to eliminate sick day banking/payouts.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

If you are correct expect Canadians to be paying 80% in taxes with 500K wrinklies retiring per year, commodities dropping like a stone and Canada…….the least most productive country in the G-20. I can sure see why everyone wants to live here…….

#185 OXI in GREECE !! on 10.28.15 at 12:13 am

#182 Patrick on 10.27.15 at 10:05 pm
#128 Nora Lenderby on 10.27.15 at 10:09 am

I’d rather not be lumped in with the climate change deniers. I fully believe climate change is real and man-made. I also believe that nobody pragmatic enough will take steps to stop it.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Any science to back up your "beliefs" that don't come from extorted "govt funded" universities?

#186 bdy sktrn on 10.28.15 at 12:18 pm

ps. anybody else LOAD up on energy stocks a few days ago when i suggested it was time?

well, it was time. 45.75 yeah baby!

#187 bdy sktrn on 10.28.15 at 1:10 pm

I fully believe climate change is real and man-made.
———————–
the only thing we know for 100% certain is that the climate changed greatly and many times long before suv’s or upright monkeys existed.

so THAT climate change was NOT man-made, agreed?

so, saying “it’s man-made” implies that the forces of nature that shaped the universe and have impacted the planet for billions of years have suddenly been placed on pause.

good logic.

#188 Dual Citizen In Canada on 10.29.15 at 8:53 am

I know this is, “Not a climate change blog…” so please spare me the rebuttals. Simple comment; As a kid your mom told you to clean up your mess. The same is true as an adult, except, it’s Mother Nature speaking to you now. Let’s leave our world in the same condition as we found it coming in, or as a stretch goal, leave it in a better condition for those who come after us.