Squandered

Now that tax-free accounts have room for $52,000 – and a couple can shelter $104,000 – they deserve your respect. TFSAs are not glorified savings accounts. They’re not for dicking around with a few loser stocks your BIL pumped. They have nothing to do with your next vacation. They should form the cornerstone of a decades-long financial plan. So if you can find a hundred bucks a week, do the right thing.

But TFSAs are also flexible, malleable, twisty vehicles that can be bent to serve many purposes. Blog dog John has an example.

“Long time reader!   My question is regarding my parents, recently retired, no savings to speak of… CPP/OAS/GIS… some calculations still being finalized… I am helping them out financially.

Assuming I have a good relationship with them, does it make sense to put $100K from checking into their own TFSA – with the trust and understanding that the money eventually gets back to me? I know you cannot comment on the trust factor, but what about the idea? Tiny risk, assuming they do not go crazy and burn all the money somehow, but otherwise is it a sound strategy? Would CRA complain because how can you be on GIS if you have TFSA?  Thanks, John.”

First, John, learn from thine parents. You can be young and poor and happy. Nobody can be old, broke and content. If your folks own real estate, it should be sold and the money invested for cash flow. If recently retired, these people are likely in their 60s, with twenty or thirty years left to finance. Your hundred grand won’t do much to help them in the long run. It’s always a sad thing when, after six decades on this earth, a couple cannot look after themselves. Learn, John. Prepare.

As for the TFSA strategy, it works. You can gift parents (or a spouse, or adult children) money to stuff into a tax-free account. There it can generate income for your folks which will not impact their OAS pogey since it’s uncounted as taxable income. Win.

And unlike RRSP contributions, which hit a wall at age 71, money can go into TFSAs every year they are alive. In fact, for most wrinklies, it makes great sense to transfer assets owned in a non-registered account annually into the TFSA, where taxless growth can occur and income flow out. And no need to ever convert into a RRIF. (In fact, all retirees should be taking the mandatory RRIF payments and plunking them inside a TFSA to mitigate the tax bite.)

But there is a wrinkle. So long as your folks keep the assets you financed inside the TFSA, things are cool. If they withdraw then any future growth or income will be attributed back to you (assuming the CRA knows where the cash came from).

The big question: do you trust your parents? If not (and recall they’ve saved nothing to date, and apparently lack financial discipline) then set this up as a POA account (power of attorney), and give them an allowance. Tough love. Badly required.

And speaking of TFSAs, there are almost 12 million of the little suckers opened in Canada, still with 80% of the assets idling in interest-bearing assets like HISAs (the jumbo shrimp of the investing world) plus comatose GICs. Most people with these accounts think of them as a place to temporarily store shoe money or save for new hardwood. And when T2 sliced the contribution limit in half, the nation let out a giant collective yawn. Most folks have absolutely no idea what money machines these can become, and a major reason is the banks. Like Pete learned.

“Garth – I’ve taken a ton of your advice over the years. I’ve had an iTrade account since Scotia purchased Etrade so many years ago. For the first time I was cornered by [email protected] when moving some assets back into Scotia and opening another investment account.

“Long story short – I’ve had a TFSA sitting with cash in it with them for a while. So [email protected] got all smiles and cheeks telling me I should look at a laddered GIC with them.  Little did I know the bank would set you up with a laddered system – NEVER promising a return but instead talking about 33% re-investment plans “COMPOUNDING” returns. [email protected] – “very common practice these days among TFSA account holders, Mr. Smith”

“I did the backstroke out of there Olympic style, however felt the need to share the sell tactic with you.  I can see how people end up in these dead end situations with investments.  Cheers and bless you for changing my views on investing.  You are a man among boys and a dog lover so you win. Blog is amazing and….Hazel also thanks you.  (2 year old rescue Dober – Sharpei mix).”

For the record, a laddered GIC is just that – a string of interest-bearing deposits strung together with modestly appreciating rates where the interest earned on one is dumped into the principal for the next. Hence the ‘compounding.’ Money is divided into equal hunks, with each put into GICs with maturity dates ranging from one to five years – that means each year a piece of your dough matures and becomes available as cash, to be dumped into a new 5-year GIC. The idea is to earn more than you would with a one-year deposit, but not to lock all the money up for half a decade.

And what do GICs pay these days at the bank? A one-year deposit yields 1.35%, and the five-year model returns 2.01%. The inflation rate is about 1.6%, which means just about every stage of a laddered GIC is guaranteed to lose you money, even inside a TFSA where you’re shielded from paying tax on that asset. So a GIC held outside a tax-free account may be a sign you may have recently died. Have a trusted friend check.

The point of today’s post?

Simple. This vehicle is flexible, effective yet squandered. If you max it, invest for growth and do so for 25 years, you’ll have about $325,000. If you buy GICs then empty it and buy a floor you’ll have, well, a floor.

101 comments ↓

#1 Owe B.C. on 02.22.17 at 6:08 pm

In the budget released on Feb. 21, 2017 the B.C. government is expecting a budget surplus of $295 million in the 2017/18 fiscal year. In this same 2017/18 fiscal year they are expecting the total provincial debt to increase by $3.1 billion, up to $69.7 billion.

They are expecting a budget surplus of $244 million in the 2018/19 fiscal year. In this same 2018/19 fiscal year they are expecting the total provincial debt to increase by $3.7 billion, up to $73.4 billion.

They are expecting a budget surplus of $223 million in the 2019/20 fiscal year. In this same 2019/20 fiscal year they are expecting the total provincial debt to increase by $4.2 billion, up to $77.6 billion.

(Second table at the following link:)

http://www.fin.gov.bc.ca/PT/dmb/ref/debtSummary.pdf

#2 acdel on 02.22.17 at 6:21 pm

Hey Garth, are you sure that you do not want to take another crack at politics; possibly running for P.M.? We need sound people like you!! :)

Thanks..

Yeah. Sure. — Garth

#3 Millenial on 02.22.17 at 6:37 pm

Garth,
Watch this:
https://www.youtube.com/watch?v=5D41fVbltGk

#4 The Totally Unbiased, Highly Intelligent, Rational Observer on 02.22.17 at 6:38 pm

The great and glorious 45th president of the United States of America, Donald J. Trump, has been maligned and slandered relentlessly by FAKE NEWS sources all across the land. All the bad people who support all the bad causes have ganged up to try to cause trouble for President Trump and the other good, decent, sensible people of America who voted right. The evildoers do not want all their nefarious plots to destroy America to be thwarted. They do not want to concede their defeat and accept their shame. They want to go on whining and rioting like the lifelong criminals that they really are. As long as they can get bused in and paid to demonstrate their bad manners, they will.

Nevertheless, there is still hope to “Make America Great Again,” and after four years, to “Keep America Great.” Remember that all the millions of illegal aliens voting illegally, and all the electronic ballot boxes programmed to vote for the Hitlery woman, plus all the bad people in America combined and voting wrong, still could not defeat SuperTrump in the November 2016 election. He is really just that great. He is truly a-w-e-s-o-m-e-!

In the interest of supporting free speech, honest reporting, and good news, I’d like to humbly suggest that everyone go immediately to the following link and bookmark it for future reference:

Donald J. Trump’s TWITTER tweets

This way, you can stay current with what is really happening in America and the rest of the world. You can skip all the FAKE NEWS that everyone else is making up and go straight to the most informed and reliable news source on the entire planet today, the current American president himself. Who better to tell you what the news is than the very man who makes the news, and who does both with such style? So, do not delay. Check out the link today and become a follower of The Donald’s greatness.

Oh what a privilege and honour it is to read President Trump’s wise Twitter tweets! And what sweet tweets they are. Notice that he keeps his tweets concise and to the point. In fact, you might notice that they are all very brief. This is very interesting. A careful statistical analysis of all his tweets will reveal that they never go more than about 140 characters long. And do you know why that is? I will tell you why. It is because he is such a great man of action, who talks little while doing much. He does not ramble on and on like other mere talkers.

#5 Jungle on 02.22.17 at 6:39 pm

We have about 152000 combined in TFSA, and we never maxed out every year only until about 2-3 years ago we had enough to fill up. I agree 100% take advantage of equity growth and not fixed income or savings accounts for TFSA.

#6 acdel on 02.22.17 at 6:45 pm

Yeah. Sure. — Garth
———————————–
Ha, cannot blame you! Worth a try though!

Here’s hoping on my part that a few people in Ottawa, provincial, heck even municipal leaders read your blog as well as more folks out there that can use some sound advice and adjust to a good retirement..

#7 CL on 02.22.17 at 6:57 pm

If everyone was investing TFSA’s and making a good return the govt would end it somehow either with a lifetime contribution limit or a tax, maybe both. As they sit now, they know most are financial illiterates so the cash sitting in them capitalize the banks.

From past articles I’ve read ( I know, don’t believe everything you read…and we don’t) but some who have made significant gains have had the CRA chase them down. There is a high probability there is more to these stories. I imagine some of these people were trading illiquid equities and made this work for them…someway…somehow….day trading….legal or not, I don’t know.

My wife and I are topped out and we are well invested in them and doing ok for returns. I’m just worried that govt will once again punish the prudent and responsible especially as our TFSA’s grow over time. We’ve been called wealthy when we were upset they were cutting back the contribution limit but we are far!! From wealthy, just savers.

#8 Ronaldo on 02.22.17 at 6:58 pm

Advice on investing in index funds.

http://thecanadianfinancialadvisor.com/blog/2017/2/15/smart-investment-decisions-are-simpler-than-you-think

#9 Ron from Vernon on 02.22.17 at 6:58 pm

acdel…….Second the Motion !!!

sorry Garth !

#10 I'm stupid on 02.22.17 at 7:10 pm

Hi Garth

Ive read every blog post you’ve ever written and it’s dawned on me that you’ve never once made a case of what the value of a home should be in Toronto or Vancouver. I understand different hoods are overvalued by different amounts but your thoughts would be interesting. I know Ryan is the numbers guy so maybe he could take a crack at it.

#11 Smartalox on 02.22.17 at 7:14 pm

I might be reading Pete’s letter through the lens of my own experience, but I think Pete’s un-asked question is: how do I get the money back, when the parents no longer (ahem) “need” it?

So I’ll ask it. Very costly experience has taught me, from a very early age, that if my parents are given ANY money, they will spend it. Somehow, I managed to break the cycle, and with hard work and saving, am on track to build a respectable nest egg for myself and my immediate family.

But my 80-something parents survive on CPP, OAS, GIS, a (very) small pension, and some meager savings. When I did several years of back taxes for them, their gross income as a couple was about $24k for the both of them, with occasional supplements of cash and items bought for them by us kids.

I feel that we (us kids) can do better for them, but given the circumstances we all grew up in, and the object lesson of our parents’ lifestyles, none of us kids are thrilled at the idea of diverting money from our own savings for the sake of their own cash flow.

Of course they don’t have TFSAs, already, but they do have the contribution room accumulated.

If we were to max out their TFSAs with income-producing assets, they could take the income to offset their living expenses (as you mentioned), but then what happens to the principal in the TFSA upon the death of the account holder?

Does the balance of the account transfer to a named heir tax-free? Or only to spouses? Can it be rolled into the heir’s TFSA, if they have the contribution room?

#12 Vancouver Review on 02.22.17 at 7:21 pm

Daily video review of Vancouver Housing Bubble in the news and on Twitter: https://youtu.be/mK-0Vq4yyfs

#13 Not That Deep on 02.22.17 at 7:27 pm

Another use for TSFA’s: Take a crap load of penny stock garbage that you have lying around, dump it into your TSFA when the thin bid goes to zero and pray. Bing, bang boom, 20 bagger and Bob’s your uncle.

Or buy lotto tix. Your choice.

#14 Linda on 02.22.17 at 7:28 pm

60 decades? Darn that auto correct! If not, wow, talk about longevity.

I agree on the tough love re: parentals. Question is why they are retired if all they have is CPP/OAS/GIS. I’m presuming some kind of impairment preventing them continuing to work. Sure, the mantra is the children support the parents who had supported them. Question is, what was the story here. Couldn’t set funds aside or didn’t set funds aside? If didn’t, they are lucky the child is willing to help out.

#15 Figmund Freud on 02.22.17 at 7:28 pm

#2 : take another crack at politics
__________________________

Since you – #2 – mentioned politics, … one thing is most clear from recent past and current experience, … we sure don’t want a narcissist in politics. Period.

It’s true, … consider that one with narcissistic personality disorder (NPD) exhibits following traits *):

– grandiose sense of self-importance (e.g., exaggerates achievements and talents, expects to be recognized as superior without commensurate achievements)

– is preoccupied with fantasies of unlimited success, power, brilliance, beauty, or ideal love

– believes that he or she is “special” and unique and can only be understood by, or should associate with, other special or high-status people (or institutions)

– requires excessive admiration

– has a sense of entitlement, i.e., unreasonable expectations of especially favorable treatment or automatic compliance with his or her expectations

– is interpersonally exploitative, i.e., takes advantage of others to achieve his or her own ends

– lacks empathy: is unwilling to recognize or identify with the feelings and needs of others

– is often envious of others or believes that others are envious of him or her

– shows arrogant, haughty behaviors or attitudes

– uses denial mechanism to downplay own inadequacies or failings

– uses rationalization mechanism to justify self-centered behavior

… but I digress grossly from the today’s topic. Sorry, …

F.S. – Comox, BC.

*) Source: The American Psychiatric Association’s authoritative Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition

#16 Marcus on 02.22.17 at 7:40 pm

On a sinking ship savers will be fleeced. Those concerned about their savings nest egg in govt “retirement accounts” have a valid concern.

#17 Flopper Fan (still) on 02.22.17 at 7:45 pm

I posted this a couple days ago and I don’t think any one has any idea or response yet:

WHY does CRA require all FI to provide them my TFSA year end balance starting 2016 December? What is their business what my TFSA is now worth?

I can understand the contribution part to make sure I don’t go over and pay the 1% penalty but this is ….

#18 crossbordershopper on 02.22.17 at 7:45 pm

everyone must realize that 3 millions seniors live on that little money the government gives them. they have nothing. yes they lived their lives, and they end up with nothing, the whole system is set up this way.
The financial community live in a dreamworld where they think well if you invest for 30 years at x % you will end up with Y. This never happens, because life gets in the way. children need money, you get sick, loose job(like who hires anyone over 55 anyway). etc.
My goal is to be poor, because I know Trudeau will look after me, all i have to do is keep my kind to a minimum(thousands walking over the farmers field in Manitboa doesnt help). Trudeau, i know if pushed will change everything, take your precious TFSA, tax your house, whatever it takes as long as 3 million seniors, not to mention the natives, the single moms, and brian my brother in law. everyone has a brian in the family.
I have like millions of other canadians a total of zero rrsp, 0 tfsa, 0 savings and no real estate. i am waiting for the goverment to look after me, if they dont, well, we will bypass them and take it from our neighbours directly. Dont believe me, just wait, and hope that doesnt come to pass, you have something to loose. we dont.

#19 Andrew on 02.22.17 at 7:47 pm

“after sixty decades on this earth”

Damn, that’s gotta be some sort of record.

#20 AB Boxster on 02.22.17 at 7:48 pm

#1 Owe B.C. on 02.22.17 at 6:08 pm

—————————-
It’s quite simple really.
While running an operating surplus, they increase their capital debt so total debt increases.

Kind of like you running your household finances such that you spend a little less than much as you make. Voila, surplus.

The fact that you owe 50k on new car, 500k on your house, and have 100K LOC for your house renovations, doesn’t matter right?

See. You are richer than you think!

#21 For those about to flop... on 02.22.17 at 7:53 pm

My wife was bugging me about a halo ring ,whatever that is, and so instead I gifted 15k into her TFSA.

If I find out she blew it all on a ring I will be bunking at Freedom First’s house for a while…

M42BC

#22 acdel on 02.22.17 at 7:55 pm

#14 Figmund Freud

Ok, I laughed out loud at your response (love it). I have to say one of the best to one of mine.

Cannot argue with your response regarding today’s politics, you win, actually, you kicked my butt!

But, it would be nice to have someone in government with common sense.

Last post due to not being related (somewhat to today’s post by Garth)

#23 yorkville renter on 02.22.17 at 8:06 pm

I’m not sure if Ive maxed every year… I think I have. Is the CRA the ultimate source on what Ive contributed? Can I check online?

#24 bigtowne on 02.22.17 at 8:14 pm

Folks looking for a rental in London are going to have choice on Oxford Street. It is a major drag nontheless north of Wellington on Oxford there are several detached homes for rent over many blocks. Of course, in Budweiser country the vacancy rate is higher than the big smoke(Toronto).

Canadians are buying trucks or SUV’s seemingly uncaring or unaware what the new carbon tax by both provincial and federal governments will surely make filling up the tank more and more an auspiciously high cost affair.

#25 cd on 02.22.17 at 8:18 pm

Garth… can you change “[email protected]” to “[email protected]”, where the I is for idiot.

Don’t go to a physical bank too often, but when I do there is some frustration sometimes. Sometimes more than enough that I think they only employ idiots.

#26 Dave on 02.22.17 at 8:20 pm

Mortgage broker on the CMP hot list claims that 1 in 5 Canadians are committing mortgage fraud. Randomly, the guy from Home Capital Group is on the same list.

https://betterdwelling.com/1-in-5-canadian-homeowners-commits-mortgage-fraud-says-top-broker/

#27 Vancouverite on 02.22.17 at 8:28 pm

What do you mean by this comment Garth? Are assets not allowed to be gifted back and forth between people?

Is this addressed some where on the CRA website?

“But there is a wrinkle. So long as your folks keep the assets you financed inside the TFSA, things are cool. If they withdraw then any future growth or income will be attributed back to you (assuming the CRA knows where the cash came from).”

#28 Victor V on 02.22.17 at 8:38 pm

#5 Jungle

Nicely done on your TFSAs, congrats. My wife and I are at $137K — we’ve been maxed annually since inception so been steady growth over the years.

#29 Andrew Woburn on 02.22.17 at 8:44 pm

#11 Smartalox on 02.22.17 at 7:14 pm
I might be reading Pete’s letter through the lens of my own experience, but I think Pete’s un-asked question is: how do I get the money back, when the parents no longer (ahem) “need” it? ……
If we were to max out their TFSAs with income-producing assets, they could take the income to offset their living expenses (as you mentioned), but then what happens to the principal in the TFSA upon the death of the account holder?
======================

As far as I know, the contents of a TFSA can be pledged as security for a loan though it may not be easy to get any given institution to go along with it. Combining the loan with Garth’s suggested power of attorney might get you a reasonably bullet proof arrangement on death. I can’t see that CRA would have any problems since you would only be helping your parents accomplish what the TFSA was designed to do for them in the first place. You would definitely need competent legal advice though.

#30 45north on 02.22.17 at 8:45 pm

another comment on yesterday’s post: Cheryl and Dan’s house in the northern end of the GTA sold in days with seven offers and for $120,000 over asking. Suddenly they had $1.6 million – which was $1.35 million more than they had the day before.

basically Cheryl and Dan sold their house in Toronto, bought a house near Halifax and took the extra money to buy investments that give them $6000 a month. If 1000 families did this there would be a big outflow of capital which I believe has never happened before. Up to now capital has gone into Toronto not out of it.

#31 Ret on 02.22.17 at 8:49 pm

Re: #1
I love the municipal fixation on property tax increases and the high drama around, “The next provincial budget.”

It diverts taxpayers from the real issues, debt and uncontrolled spending. (For those who like numbers, that’s not one, but two elephants in the room.)

The debt pile is largely ignored. After all, it is not debt, it’s infrastructure investment! Yeah, right. I’ve seen this movie before. We all know the ending. Over budget, late, falling apart in five years.

Tell your wife it’s an infrastructure investment when you show up from work with a shiny new F150 King Ranch model pick up truck. She’ll have grounds to have you committed to a mental hospital. No worries. She won’t visit you, but maybe the kids will, when they get older.

B.C. is probably blowing about their yearly $250M projected surpluses from 2017-2020. They guaranteed won’t be saying very much about the $8B more in provincial debt that they will be adding to the pile over the same time.

Happy infrastructure spending B.C.!

#32 Mixed Bag on 02.22.17 at 8:53 pm

Garth, can a TFSA hold a mortgage, similar to how an RRSP can?

Yes. — Garth

#33 Mixed Bag on 02.22.17 at 8:56 pm

BTW, excellent advice regarding the POA, it did not occur to me as an option.

#34 acdel on 02.22.17 at 9:06 pm

#26 Dave

If that information is correct in the link that you posted then it looks like “The Big Short” all over again!

I wish I could remember where I read today that American’s housing numbers are cruising upwards at a serious pace.. I am not bright enough to know if that is good or bad!

#35 Victor V on 02.22.17 at 9:09 pm

#11 Smartalox

Here’s the answer to your TFSA question:

http://www.theglobeandmail.com/globe-investor/retirement/retire-planning/naming-a-beneficiary-to-your-investment-accounts-requires-thought/article33987944/

#36 advice on 02.22.17 at 9:21 pm

In you’re at the bank and speaking to an “investment adviser” – look around and if you see his/her framed Canadian Securities Course certificate on the wall – run away like your life depends on it!
Thank me later.

#37 Cheap Houses on 02.22.17 at 9:24 pm

If I ever get that Federal Govt job and become a 1%er, I can then start putting money away into a TFSA.

#38 Bowkley on 02.22.17 at 9:26 pm

I like money things.

#39 Lead Paint on 02.22.17 at 9:29 pm

#23 yorkville renter on 02.22.17 at 8:06 pm
I’m not sure if Ive maxed every year… I think I have. Is the CRA the ultimate source on what Ive contributed? Can I check online?

Yes, you need to create an account with CRA online. To do that you need to put in some specific values from last year’s return and they will mail a password to the address on last year’s tax return, hopefully you have not moved. Overall it’s quite a good system.

#40 Smoking Man on 02.22.17 at 9:32 pm

Got to way into this Muslum shit, as I have been quiet on here.

Every Muslum I know are regular Canadians. Good shits. I will admit the ones I know don’t have beards.

As much as I like to retweet other people’s far right take on it, especially what’s happing in Europe and Sweeden I think we will be fine in Canada.

I’ll I see on TV is families running away from war, both my mom and dad came to Canada during WW2 as refugees.

What we need to avoid is thousands of 20-year-old males without a good woman to keep them in line.

It’s not a Muslum issue in Europe per say but more of thousands of single young men with raging testosterone, who see a set of cheek bones for the first time, they hang in large groups with no good woman to beat them down with a bat when they get out of line as is in most households in any culture.

Don’t get me wrong, I like retweeting the blatant far right racist topic because it so unhinges the lefty loons, I derive eminence satisfaction watching them go nuts. I relly do.

I hate communists. I don’t hide that, I saw the poverty in Cuba first-hand, results from a Gerald Butts mindset. Free education but you can’t leave the territory.

And that’s all I’m going to say on the topic.

That new law is BS, a lefty bait trick to give lefty people a perch for virtue politics. Avoid the topic, don’t get sucked in. We have enough hate laws to deal with it. Don’t let those lefty bastards get the higher road.

Dr. Smoking Man
Ph.D.. Herdonomics.

#41 Victor V on 02.22.17 at 9:33 pm

Toronto housing market heading ‘off a cliff’: Sun Life’s Adatia

http://www.bnn.ca/toronto-housing-market-heading-off-a-cliff-sun-life-s-adatia-1.678530

#42 Dobermanduke on 02.22.17 at 9:37 pm

#18 crossbordershopper

Serious question.

If you don’t have or aspire to have any savings or investments why follow a financial blog?

#43 Gulnar on 02.22.17 at 9:42 pm

Hi Garth.
Time to start your own ETF with the right diversification and start charging.25% maintenance fees.
Your readers are there to grab it.
Go Garth go!
I damand an ETF with the same passion like Milo Y defends his self- extracted right [ he son of a Greek]

#44 Smoking Man on 02.22.17 at 9:48 pm

Speaking of Cuba, there was a statue of Hemingway on the property, late in the evening loaded up huge on water down rum that could bearly form a buzz, I would go and shoot the shit with him.

On the last night, he said to me, “Smokey write a book about the legless old man on a bicycle.”

Going through my notes now.

#45 [email protected] on 02.22.17 at 9:48 pm

@23 yorkville,

Yes, the CRA maintains a record of this information, login to “my account” and you’ll find it. These records take forever to get updated though so transactions from last year may not be posted yet.

#46 Free press/ independent media under attack on 02.22.17 at 10:13 pm

I know this is off target but there is an open attack against independent media who has spoken against the fake news in the MSM and also because they have supported Trump. Google is censoring websites in a globe attack on independent media like inforwars and others. Read more here http://www.naturalnews.com/2017-02-22-google-blacklists-natural-news-removes-140000-pages-from-its-index-memory-holes-natural-news-investigative-articles.html

This attack is very disturbing.

#47 capital A on 02.22.17 at 10:14 pm

hey garth ever heard of Ideological subversion??

Thats what canada is going through right now.. Theres 4 stages. check them out.
we are at stage 2.

#48 For those about to flop... on 02.22.17 at 10:28 pm

The Orange Octopus had better have someone checking his food before he eats it.

I believe the intelligence community has been messing around with my bread for sometime now.

How else do you explain Ciabatta…

M42BC

#49 NoName on 02.22.17 at 10:32 pm

book about the legless old man on a bicycle

—-

why sotp there, why not an armless man and a legless man ride a tandem bicycle

#50 G on 02.22.17 at 10:41 pm

“Hey Garth, are you sure that you do not want to take another crack at politics; possibly running for P.M.? We need sound people like you!! :) ”

Good idea.

I can indeed imagine Garth posting on his own blog to circumvent the “Fake Twitter” and the “Fake news media”.

LOL

#51 Baa on 02.22.17 at 10:43 pm

Thank you Willdaman (115, 21/2/17)

#52 Smoking Man on 02.22.17 at 10:51 pm

#49 NoName on 02.22.17 at 10:32 pm
book about the legless old man on a bicycle

—-

why sotp there, why not an armless man and a legless man ride a tandem bicycle.
…..

Think Hemingway was talking about entrupenurs today.

Your thinking is about after Gerald Butts and T2 are finished there chain saw work.

#53 thank you google on 02.22.17 at 10:55 pm

#46 – awesome to see google take action against crap sites like natural news that fabricate ‘medical research’ and anecdotal nonsense to sell whatever garbage programs and mexican/chinese/russian questionably sourced natural ‘medications’. Far from an attack on free media. More an attack on hucksters taking advantage of the moronic.

#54 WUL on 02.22.17 at 10:59 pm

All these points about TFSAs are fine and dandy but I am worried that Canadians are simply being distracted. I just visited my favourite Twitter feed (@stats_canada) and learned:

The average Toronto resident has spent 2400% more on old signs from Honest Ed’s than they ever spent on merchandise.

“Hamilton” the musical has won 10 times the awards than Hamilton the city.

36% of proceeds from Toronto highway tolls will be used for brunch subsidies.

Ontario, WAKE UP!

#55 Smoking Man on 02.22.17 at 11:03 pm

DELETED

#56 WUL on 02.22.17 at 11:08 pm

It gets worse on @stats_canada.

76% of Newfoundland Labrador residents think Seinfeld is a new show.

I’m renewing my passport and pricing flights to Antigua.

#57 For those about to flop... on 02.22.17 at 11:13 pm

Hey Al ,you were disappointed the last time I put one of these up.

I’ll try to make it up to you…

M42BC

“According to the latest data on global GDP released by the World Bank this February, the U.S. still is the world’s biggest economy – by far. As shown by this Voronoi diagram, the United States (24.3%) generates almost a quarter of global GDP and is almost 10 percentage points ahead of China (14.8%), in second place, and more than 18 percentage points ahead of Japan (4.5%) on three.”

https://howmuch.net

#58 CA-TaxDude on 02.22.17 at 11:21 pm

Garth,

Not sure that gifts of money to your parents result in income attribution back to yourself. Income attribution is between spouses and from dependent children to parents. I don’t think it extends to other parties . .

Agree on the TFSA advice however- – good to give parents money to max the TFSA.

Another one that would be good advice is for “wealthy” parents who know they will ultimately have to pass on assets to their children is to ensure their children are maximizing their TFSA’s – – perhaps even their in-law children if necessary. Why have the parents be unnecessarily taxed when they could already start shielding the income / growth from tax by funding the TFSA’s of their children . . .

#59 Piet on 02.23.17 at 12:35 am

@#40 Smoking Man
“. . . good woman to beat them down with a bat when they get out of line as is in most households in any culture.”

As one with decades of experience in being metaphorically beaten into line, I concur that women play a key role in keeping the world on a reasonably even keel. In this regard, one needs to wonder about China, where the boys outnumber the girls. Perhaps those Chinese people paying far too much for real estate in Canada actually know what they are doing. Taxes aside, Canada is a safer place to park money than a lot of other places are.

#60 Piet on 02.23.17 at 12:55 am

#44 Smoking Man

“Speaking of Cuba”

My wife wants to go on a trip to Cuba this fall to celebrate my transition to the impoverished state known as retirement. As one with virtually no Spanish, would you recommend that I spend some time learning basic Spanish before the trip? Or is it like so many other places in the world, where it’s so easy to get by on English that it’s barely worth the bother of learning a bit of the local language?

#61 Ponzius Pilatus on 02.23.17 at 1:28 am

#1 Owe B.C. on 02.22.17 at 6:08 pm
In the budget released on Feb. 21, 2017 the B.C. government is expecting a budget surplus of $295 million in the 2017/18 fiscal year. In this same 2017/18 fiscal year they are expecting the total provincial debt to increase by $3.1 billion, up to $69.7 billion.

They are expecting a budget surplus of $244 million in the 2018/19 fiscal year. In this same 2018/19 fiscal year they are expecting the total provincial debt to increase by $3.7 billion, up to $73.4 billion.

They are expecting a budget surplus of $223 million in the 2019/20 fiscal year. In this same 2019/20 fiscal year they are expecting the total provincial debt to increase by $4.2 billion, up to $77.6 billion.
—————
Great post.
So Christy is projecting about 700 mill in budget surpluses.
But the overall debt will swell by 8 billion.
Mind boggling stupity.

#62 Ponzius Pilatus on 02.23.17 at 1:33 am

#20 AB Boxster on 02.22.17 at 7:48 pm
#1 Owe B.C. on 02.22.17 at 6:08 pm

—————————-
It’s quite simple really.
While running an operating surplus, they increase their capital debt so total debt increases.

Kind of like you running your household finances such that you spend a little less than much as you make. Voila, surplus.

The fact that you owe 50k on new car, 500k on your house, and have 100K LOC for your house renovations, doesn’t matter right?

See. You are richer than you think!
———————
You beat me to the punch.
Sheep are so stupid.

#63 Google modern day book burning on 02.23.17 at 1:35 am

Thank you google #53

You need to learn history as Google is taking the play book of the nazi. Having left facism for freedom and now seeing the seeds of censorship and facism come to light I have to speck out. Maybe you are spoiled with freedom that you dont understand what censorship means and thus your ignorance is clear for all to see. I find such ignorance frightening. That is all i have to say.

#64 Ponzius Pilatus on 02.23.17 at 1:38 am

#25 cd on 02.22.17 at 8:18 pm
Garth… can you change “[email protected]” to “[email protected]”, where the I is for idiot.
Don’t go to a physical bank too often, but when I do there is some frustration sometimes. Sometimes more than enough that I think they only employ idiots.
——————
This goes for every business out there:
If you pay idiot wages, you get idiot employees.

#65 Ponzius Pilatus on 02.23.17 at 1:54 am

#40 Smoking Man on 02.22.17 at 9:32 pm
Got to way into this Muslum shit, as I have been quiet on here.

Every Muslum I know are regular Canadians. Good shits. I will admit the ones I know don’t have beards.

As much as I like to retweet other people’s far right take on it, especially what’s happing in Europe and Sweeden I think we will be fine in Canada.

I’ll I see on TV is families running away from war, both my mom and dad came to Canada during WW2 as refugees.

What we need to avoid is thousands of 20-year-old males without a good woman to keep them in line.

It’s not a Muslum issue in Europe per say but more of thousands of single young men with raging testosterone, who see a set of cheek bones for the first time, they hang in large groups with no good woman to beat them down with a bat when they get out of line as is in most households in any culture.

Don’t get me wrong, I like retweeting the blatant far right racist topic because it so unhinges the lefty loons, I derive eminence satisfaction watching them go nuts. I relly do.

I hate communists. I don’t hide that, I saw the poverty in Cuba first-hand, results from a Gerald Butts mindset. Free education but you can’t leave the territory.
————–
Smoking Idiot.
Welcome back from the 3rd world slums.
Now go and visit the 1st world slums in the Best Place on Earth.
East Side of Vancouver, of course.
Oh, shucks, I don’t even know why I respond to a figment of imagination.

#66 Tower on 02.23.17 at 3:15 am

Garth, can a TFSA hold a mortgage, similar to how an RRSP can?

Yes. — Garth

——————————————————————–
I’m not clear on how this would work, would you mind expounding?

#67 neo on 02.23.17 at 4:45 am

At #41 Victor V on 02.22.17 at 9:33 pm

I wouldn’t call a 10-15% drop he sees over the next few years falling off a cliff when the GTA is up 40% the past 2 years. He doesn’t see a 35% drop like the US at all.

#68 jess on 02.23.17 at 7:06 am

“There were forged documents routinely from Wilbur Ross’s American Home Mortgage Servicing. They were done by a third-party company known as DocX, where the CEO of that company actually is in prison right now, went to prison for five years for forging millions of mortgage assignments to be used as evidence in court cases all over the country.
https://www.democracynow.org/2016/12/2/bankers_behind_great_foreclosure_machine_join
David Dayen, author of the award-winning book Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud. His most recent piece for The Nation, “Wilbur Ross and Steve Mnuchin—Profiteers of the Great Foreclosure Machine—Go to Washington.”
=======
“Lack of marketability is a loss,” said Whalen, adding that the condos for which owners paid between $325,000 and $450,000 are now worth $150,000 based on figures in a separate lawsuit Kushner Companies filed against Perth Amboy.

http://www.mycentraljersey.com/story/news/local/middlesex-county/2017/01/26/kushner-landings-attorneys-battle-prevent-testimony/97083112/
========
risky property bets

high-end “wealth management” business, which was aimed at doctors, lawyers and other well heeled pension investors.
Investors face losing millions after collapse at Custom House Capital
Liquidator to take over as extent of problems is revealed
What happened at Custom House Capital? Part 1
http://www.bluewaterfp.ie/general/custom-house-capital-part-1/
http://www.bluewaterfp.ie/general/happened-custom-house-capital-part-2/

1,400 compensation claims still to be paid 5 years after CHC collapse
Updated / Wednesday, 7 Dec 2016 09:38
Custom House Capital failed five years ago due to what the High Court described as “deeply dishonest” actions by its directors who misused client funds and falsified accounts to conceal risky property bets from investors.

#69 Darryl on 02.23.17 at 7:23 am

#23 yorkville renter on 02.22.17 at 8:06 pm
I’m not sure if Ive maxed every year… I think I have. Is the CRA the ultimate source on what Ive contributed? Can I check online?
——————————————————————
Go to CRA website and go to open account . You will need to provide info as usual. CRA will then send you a code in the mail ( about 10 days later ) that you will allow you to activate the account. Once you do that you will have access to all kinds of good stuff about yourself . RRSP contributions to date and remaining allowance . Same for TFSA . Also NOA for years past .

Hope this helps

#70 Mishuko on 02.23.17 at 7:30 am

If you buy a floor with your meager 5-10k you’d probably end up with some synthetic lamanent crap end up breaking and no better off than sitting in a given.

I know people in a 50-70k range of payroll complains they can’t afford to invest in the tfsa. That’s sad. I made adjustments and squirrel away 100 a week and technically not even earning over the 50 mark.

#71 jess on 02.23.17 at 7:44 am

#46 Free press/ independent media under attack on 02.22.17 at 10:13 p

algo’s (bots) that manipulate opinion/price
https://scout.ai/story/the-rise-of-the-weaponized-ai-propaganda-machine?source=techstories.org

what happens when face + voice interfaces… will that really be you?

#72 Wrk.dover on 02.23.17 at 8:06 am

#130 DodgedBullet on 02.22.17 at 10:47 am
Hey Garth,

did you catch this opinion?

*The Real Reason You Cant Afford a Home.*

“The amount of global capital — or “financial assets” — available to invest is rising much more rapidly than actual economic growth. Five years later, there’s so much capital available that investors don’t know what to do with it all. They’re pouring it into investments like real estate. The result is sky-high prices”

https://thetyee.ca/Opinion/2017/02/20/Real-Reason-Cannot-Afford-Home/

———————————————-

This one from yesterday is a real head spinner, for those who try to comprehend the big picture.

The world money supply has now doubled and all of it is chasing earnings, even though the original supply from pre-GFC not getting it’s fair share of interest ( which was the purpose of the new supply…bypass the original wealth).

It boils down to every portfolio holder wanting to live on the income from the portfolio, and never the principal of the portfolio itself.

As in don’t save money for a rainy day, but do save money to get earnings on a rainy day and still have the money to leave behind when you are dead and gone.

There is a catch here, just like a dog with his tail in his mouth, and the outcome can’t be the planned one, if there even is a plan beyond kicking the can down the road until a plan can be cobbled together.

#73 Wrk.dover on 02.23.17 at 8:12 am

Speaking of NS weather, maple sap runs abundantly to harvest for sugar production when the days are warm and the nights freeze over. When the nights stop freezing over, the cycle is broken until next year…party over even if it starts being frozen around the clock again this year.

Well those nights above freezing are the next several in South West Nova. Only more than a month early, again.

Garth always says invest lightly in the maple…

#74 Larry B on 02.23.17 at 8:17 am

“Nobody can be old, broke and content”

Shame on you Garth, linking contentment with wealth. There are many people that are “content” with their life and categorically saying that they cannot be reeks of elitism and ego.

A little humility and respect would help your karma.

Never met a happy financially-stressed senior. Have you? — Garth

#75 Ace Goodheart on 02.23.17 at 9:31 am

RE: #4: Length of Trumpster’s tweets limited to 140 Characters:

This post is likely tongue in cheek. It is quite funny actually. But there is another reason why his tweets are all 140 characters or less:

https://dev.twitter.com/basics/counting-characters

#76 Larry B on 02.23.17 at 9:37 am

Well done

Work with seniors . He is categorically false . In Garth’s defence his world rotates around money : daily thoughts fixated , as evidenced by the job and his job

Hardly. Old people stressed over personal finances are not happy folk. And far too often that’s the result of financial ignorance, lack of discipline or planning – all of which can be changed. — Garth

#77 Ace Goodheart on 02.23.17 at 9:39 am

RE: #74 Larry B:

“Nobody can be old, broke and content”

“Shame on you Garth, linking contentment with wealth. There are many people that are “content” with their life and categorically saying that they cannot be reeks of elitism and ego.”

Poverty in old age sucks. When you are young, there is still the possibility that you might hit it big and things might get better. When you are old that possibility is pretty much gone.

Yes it is possible to be content with little material wealth. It is actually recommended. Wealth comes from NOT spending money. So the less you can spend, the more you have.

Our consumer oriented society, complete with socialist governments, is a vacuum for money. And you will find that it is set up to tax people who “look” wealthy (ie those who work for a living, spend a lot and don’t save).

Our government spends very little thought and effort on taxing people who “look” poor. So the multimillionaires who saved everything, spent almost nothing, and earn their incomes from their investments, are pretty much ignored by the tax man.

So yes, it is a very good idea to be “content” with very little. The rest, put away in well thought out investment portfolios. Look poor. Live poor. Question every dollar that you lay out. Chances are, someone is ripping you off, and there is a better deal available. Having a bunch of cash stashed away, is not a bad thing. Spending it, is.

For an example, we recently looked at “rowing machines” as a possibility for winter exercise. You can buy these things new for thousands of dollars. We thought “I bet people buy these things on impulse, never use them, and then try to flog them at a steep discount”. So we had a look on kijiji. What do you know, $1500.00 rowing machines, that look like they have been used once, going for $90.00.

There is always a deal, and people are always being ripped off. You just have to be on the right side of the equation.

In other words, nobody can be old, broke and content. — Garth

#78 Sunlife calling a Toronto crash on 02.23.17 at 9:50 am

https://www.bnn.ca/toronto-housing-market-heading-off-a-cliff-sun-life-s-adatia-1.678530

#79 aa3 on 02.23.17 at 9:54 am

In the USA, the long term median sale price of houses is 3 – 3.5 times the median full time employed man’s income.

In Canada the median full time working man makes ~$55,000 a year. And the median full time working woman makes ~$39,000 a year.

3.5 times $55,000 is $192,500.

While $192,500 sounds like next to nothing when talking about real estate today, it is easier said than done to save up that amount of money for the average Canadian.

At 5% interest rates on mortgages, the person would also pay near to $10,000 a year just in interest on the mortgage. Which is not trivial when you make $55,000 before tax.

#80 IHCTD9 on 02.23.17 at 9:58 am

#70 Mishuko on 02.23.17 at 7:30 am

I know people in a 50-70k range of payroll complains they can’t afford to invest in the tfsa. That’s sad. I made adjustments and squirrel away 100 a week and technically not even earning over the 50 mark.
____________________________________________

That’s the way to do it. 30 years of 400.00/month at 5% will be 330K, with 185K of it being interest. If after 15 years you can afford 1000.00/month, and carry on for 15 more (@5%), you’d be at near a half million.

Take the proceeds, and assuming you’ve worked your whole life you should get near max CPP and the std OAS payment. You’d likely have a retirement income between all three of 850.00/week or so.

That’s ~ 90.00/day after tax. That should be plenty for a comfy retirement if you arrive without debt. If you happen to have a partner that does about equally – 88K/yr total = made in the shade.

And the above scenario allows the investment portfolio to remain intact at about a million if it’s a two person deal, only drawing the interest. Nice!

#81 Dogman01 on 02.23.17 at 10:33 am

I am afraid this may be the future for so many Canadians

http://www.ctvnews.ca/canada/ontario-senior-puts-truck-up-for-sale-leaves-rental-home-over-hydro-costs-1.3295765

Hydro, Cauliflower, high cost of shelter.

It is two trends, a general lowering of the Canadian standard of living (via raising prices on essentials – boiling the frog) and a lack of savings for an extend life “retirement” aka old age.

A vice many will be squeezed by.

#82 HAM in Toronto on 02.23.17 at 10:41 am

Juwai.com the leading chinese website for overseas buyers, says Toronto is the target for HAM over Vancouver now…

Hence the 15% increase in prices from December 2016 to now …Lol

https://pbs.twimg.com/media/C5WRmHrWAAAReKu.jpg:large

#83 IHCTD9 on 02.23.17 at 10:47 am

#77 Ace Goodheart on 02.23.17 at 9:39 am

So we had a look on kijiji. What do you know, $1500.00 rowing machines, that look like they have been used once, going for $90.00.

There is always a deal, and people are always being ripped off. You just have to be on the right side of the equation.
_________________________________________

Kijiji is a boon for just about anything you’d ever want. I’ve got a little project on the go where a table saw would be handy. $100.00 on Kijiji in good working order – tax free. I wanted an electric Impact gun of good quality a while back – $30.00 1/2″ drive early 80’s model, Craftsman, fully rebuildable, made in the USA, probably weighs 10 lbs, no tax.

I needed a critical ignition part with a known history of failure for my 18 year old beater car. The stealership wanted $800.00 + 13%HST, Kijiji wanted 50.00 no tax. I bought two, one for a spare, plus I had a great chat about old cars of the make I own with the enthusiast proprietor that sold me both units.

Snow tires with rims? 250.00 like new. Good used lawn tractor? 500.00 good running condition.

A lot of the old stuff is better than new Chinese junk if you recondition everything as well. You’d probably be surprised how many tons of made in Canada, the UK, and the USA iron and steel is out in my shop. And all of it bought used.

#84 n1tro on 02.23.17 at 12:33 pm

@Figmund Freud #15

That definition of a narcissistic personality also describes a good chunk of the millenial population. What’s your point?

#85 n1tro on 02.23.17 at 12:41 pm

@ Smoking Man
Re: #40

I think it is more than just testosterone that is the issue. More of a brainwashing issue. Check out the video and see what a supposedly young liberal minded female muslim has to say about rounding up and killing jews.

https://www.youtube.com/watch?v=w3-7gLDToDM

#86 For those about to flop... on 02.23.17 at 12:45 pm

This one is nowhere near Pink Snow territory yet but I will put it up to showcase the speculation still going on.

This modest house and 2.5 acres was purchased for 2.1m in Surrey in April 2016.

It was just sold again for 2.5m early this February and is already back on the market for 2.98m even though it is only assessed at 1.95m

I’m not sure why it was entered into the public database so soon ,it normally takes 2/3months

Then again there is nothing normal about what is going on in Vancouver…

M42BC
https://www.zolo.ca/surrey-real-estate/19489-76-avenue

https://evaluebc.bcassessment.ca/property.aspx?_oa=QTAwMDA3OFIzUA==

#87 Ponzius Pilatus on 02.23.17 at 12:59 pm

Lots of Scotish geezers on this blog.
Advice:
Spring is coming. Instead of KIJIJING why don’t why go to a yard sale in your neighborhood.
Get some fresh air, meet your neighbors
What can go wrong?

#88 Larry B on 02.23.17 at 1:29 pm

Garth, your use of the definitive “nobody” suggests there is, has and never will be a happy broke person. Yes, I have met many happy broke people who aren’t at all consumed with “stuff”. In fact, it is chasing all the “stuff” in the world that has caused untold misery. Suffering caused by grasping and clinging can lead to depression, anger and in extreme cases, suicide.

Mother Theresa:

“If you can’t feed 100 people, then just feed one”

I guess Mother Theresa wasn’t content?

Ah, the old MT defence. Figures. — Garth

#89 When Will They Raise Rates? on 02.23.17 at 1:50 pm

#60 Piet on 02.23.17 at 12:55 am

#44 Smoking Man

“Speaking of Cuba”

My wife wants to go on a trip to Cuba this fall to celebrate my transition to the impoverished state known as retirement. As one with virtually no Spanish, would you recommend that I spend some time learning basic Spanish before the trip? Or is it like so many other places in the world, where it’s so easy to get by on English that it’s barely worth the bother of learning a bit of the local language?
———————-

I go down there all the time. If you’re doing an AI resort (which 99% of Canucks do) you don’t need to know a lick of Spanish. The company you book with will have English speaking reps that will get you from the airport to the hotel, and they will have a rep stationed at the hotel during your stay. All the bar tenders, restaurant staff, front desk, etc speak English. Half of the people staying at the resorts are Canadian to boot. Excursions – the guides all speak fluent English. You’re totally covered.

Now, if you’re planning on doing it on your own, ie, renting a car, exploring the country and staying at “casa particular” (private homes), then yes you’ll definitely want to learn at least some basic Spanish.

#90 Dirty Socks on 02.23.17 at 1:52 pm

To the poster who asked about any possible language barrier if visiting Cuba – nope! Hotel staff and all those who deal with tourists speak remarkably well in English though I believe in common curiosity to learn a few phrases in Spanish –

I do have a question regarding TFSA’s – could the beneficiary be such as your church or other type of charitable group ?

#91 When Will They Raise Rates? on 02.23.17 at 1:57 pm

Same thing with Mexico and DR.

#92 ummmmm on 02.23.17 at 2:30 pm

I’m sure all you Trump haters also hate the TRUMP BUMP in your portfolios!

I’m sure you’ll also hate the 20%+ increase in the Dow Jones and S+P 500 this year!!!

We all hate you TRUMP look what you’ve done!!!!

#93 isuckless on 02.23.17 at 2:43 pm

#53 thank you google

Google is not someone/something to define what we should see or not. Thinking that we “should be protected from ” on the internet by the search engine is WRONG and leads to loss of freedom of information and a general freedom.

Please DO NOT support this behaviour anywhere.

#94 Ace Goodheart on 02.23.17 at 3:01 pm

RE: #83 IHCTD9 on 02.23.17 at 10:47 am

“A lot of the old stuff is better than new Chinese junk if you recondition everything as well. You’d probably be surprised how many tons of made in Canada, the UK, and the USA iron and steel is out in my shop. And all of it bought used.”

Totally agree with you. The old made in USA or Canada stuff is tons better than the new stuff coming out of South East Asia. I love finding the old iron and steel stuff from back when we used to make our own products. I have a 30 year old Inglis washer/dryer combo in my rental building, got it free on kijiji, replaced the belts and bushings and it works like new. All the parts are still available. Way stronger and better built than the new stuff…..

#95 Victor V on 02.23.17 at 3:02 pm

#67 neo on 02.23.17 at 4:45 am

At #41 Victor V on 02.22.17 at 9:33 pm

I wouldn’t call a 10-15% drop he sees over the next few years falling off a cliff when the GTA is up 40% the past 2 years. He doesn’t see a 35% drop like the US at all.

========

Those buying now with 20% down or less would experience a 100% equity loss in above correction scenario, upon selling and after all fees.

Leverage works both ways.

#96 Sexagenarians on 02.23.17 at 3:20 pm

With age comes wisdom. Had John’s parents known in their 20s what they know now in their 60s, they’d surely have made better choices, and done things differently.

“Life can only be understood backwards; but it must be lived forwards.” — Kierkegaard

“If I knew I was going to live this long, I’d have taken better care of myself.” — Mickey Mantle

“I used to be young and poor, and now I’m old and rich. I can never get things right.” — Anon.

#97 Entrepreneur on 02.23.17 at 3:50 pm

Heard on the news today that less people are contributing to savings. Times are getting tougher.

#15 Figmund Freud…sounds like you just described the Liberals, or Conservatives their bully pals.

#98 jess on 02.23.17 at 4:20 pm

re:”Global capital superabundance”?
is that an euphemism for leverage
PE Bain /PE firms ….as interest rates + they need to cover the hike with sufficient cash flow.

Read more: How Interest Rates Affect Private Equity | Investopedia http://www.investopedia.com/articles/investing/070715/how-interest-rates-affect-private-equity.asp#ixzz4ZXtDJZNh
=====================
Four richest Indonesians wealthier than poorest 100 million

rent not affordable “sleeper cities”
http://www.bbc.com/capital/story/20170221-the-gruelling-six-hour-commute-of-beijings-workers

#99 Millenial on 02.23.17 at 4:47 pm

#70 Mishuko on 02.23.17 at 7:30 am
I made adjustments and squirrel away 100 a week and technically not even earning over the 50 mark.

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

Good on you!

#100 Alice on 02.23.17 at 5:14 pm

$104,000 is a lot of room for a TSFA. Looks like people aren’t using them as often as they should be.

https://www.benzinga.com/pressreleases/17/02/n9085363/bmo-annual-tfsa-study-canadians-contribute-less-to-their-tfsas-in-2016

#101 DON on 02.23.17 at 9:56 pm

Who would of thought this could happen in a million + neighborhood. The gang wars are rising again. Be safe out there.

IHIT investigating homicide in Burnaby, B.C.
One person is in custody after the attack, which police say was not random

http://www.cbc.ca/news/canada/british-columbia/ihit-homicide-burnaby-1.3996998

and then here is the kicker:
Rate Hikes coming for ICBC due to the unfiscal prudence of the self-declared BC Liberal/Socred government.

http://www.cbc.ca/news/canada/british-columbia/crash-and-burn-icbc-goes-from-money-maker-to-deep-in-the-red-1.3995934
Crash and burn: ICBC goes from money-maker to deep in the red. The provincial auto insurance corporation is projecting an $800 million deficit

and we wonder how Trump got in.

Geezus.