Lines

Do you have a line of credit?

Makes total sense. You should. Keeping enough cash in a savings account for six months of living expenses is so 1990s. So-called ‘emergency’ funds can be a big drag on family finances since this money is actually losing money after taxes and the rising cost of living. The banks pay you next to nothing, even in a HISA, and the odds are you’ll never have an emergency, anyway. Nope, this pile of dough should be invested safely inside your TFSA where it will be growing instead of being diddled by inflation and savaged by Bill.

This is what LOCs were made for. You set one up. It costs nothing to have in place. If the cat gets caught in the garburator resulting in a $5,000 vet bill, just write a cheque. The funds come out of the LOC. You move money around later to cover it, or take payments out of the feline’s allowance. Meanwhile your money is making money.

HELOCs, on the other hand, are a different beast. Unlike a personal LOC for $10,000 or $50,000 which you keep for unhappy cat-days and is unsecured (the bank makes the loan based on your creditworthiness), this one is linked to your house. So a home equity line is secured, and (like a mortgage) registered against your deed. This usually results in a lower interest rate, and a far greater amount of money. You can borrow up to 65% of the equity in a home, or 80% if you combine it with a mortgage.

HELOCs have been all the rage for a number of years – for obvious reasons. As real estate values blossomed, so did equity. This was an easy way to suck off that windfall gain and use it for something else. Like buying a boat (bad) or investing in a financial portfolio (not so bad). If the loan proceeds are used for a purpose which generates taxable income (owning ETFs or an apartment building, for example) the interest is deductible. Not so with the boat.

One of the biggest uses of HELOCs has been for renovation – using real estate equity to invest in the same real estate, which is kind of like a snake eating its tail. The property may be improved and might even be worth more, but it comes with a legacy of debt. If house values retreat again, the debt remains. It’s a gamble.

Having said that, home equity LOCs are growing faster than mortgages. Twice as fast, actually. CMHC’s latest report shows Canadians are eating through their home equity in the most voracious manner ever seen. As mentioned here before, a huge number of people are making no principle payments on their outstanding loans (about 40%) and one in four make no payments whatsoever, not even interest. Their LOC balance just grows each month until the ceiling is reached.

This is worrisome, and a potential bomb for the economy. But you hear nothing about it, since Canada seems more focused on women’s issues in Saudi Arabia and transgender rights in Toronto. Meanwhile the cost of carrying a HELOC has jumped a full 1% in the past year (that upped payments by more than 7% in the last quarter alone), and we’re on track for four more interest rate increases in the next 12 months.

There are 14 million households in Canada. Of those, about 9 million own real estate of some kind. And of those 2 million have lines of credit. So, almost one in four homeowners have HELOCs – some of them in conjunction with a mortgage, some without. With four in ten of those folks making no effort to reduce their debt (maybe they can’t?), and interest rates marching higher, this is a potential threat to the economy. Even worse than Nickelback.

Meanwhile CMHC has another interesting observation: fewer people are getting mortgages (house sales are down) but the amount borrowed is on the way up. That doesn’t sound good.

In fact, Canadians tell pollsters paying off debt is more important than investing – but they’re actually doing neither.

Draw your own conclusions.

165 comments ↓

#1 Deane Carsonne on 08.07.18 at 5:01 pm

First!

#2 Axehead on 08.07.18 at 5:01 pm

Paid off my first house in 5 years. Price was exactly 3.5 times my income (pre-tax). Being debt free is freedom.

#3 NoName on 08.07.18 at 5:03 pm

It was some time ago since i was on top.

#4 Concerned Reader on 08.07.18 at 5:10 pm

If the government has to police borrowing it just points to a failure in the populace. People should be intelligent enough to educate themselves to know when it is a good idea to borrow a ton of money. I wish people would stop expecting the government to take care of everything. Especially when they turn around and complain that the government is doing it wrong.

#5 Canadian in LA on 08.07.18 at 5:11 pm

Mostly agree.. although be wary when the credit markets reverse, the lines of credit may not be there when you most need it…. Hard lessons of the US financial meltdowns.

#6 conan on 08.07.18 at 5:22 pm

What is up with Saudi Arabia? They are all grumpy and not feeling well. Someone send for a wahambulance.

USA and now SA treating Canada like dirt.

This is all Trump….

#7 Setting the record straight on 08.07.18 at 5:28 pm

Saudi Arabia is cutting trade and diplomatic ties with Canada. They were supplying 15 percent of our imports of crude. I assume Quebec and Ontario are happy to accelerate the progress to a zero carbon economy.

Our government should have thrown SA out years ago over the disgusting destruction of Yemen.

#8 FOUR FINGERS WATSON on 08.07.18 at 5:30 pm

Saudi Arabia’s main state wheat buying agency has told grains exporters it will no longer buy Canadian wheat and barley in its international tenders, European traders said on Tuesday, as a diplomatic dispute between the two countries escalates.

https://www.reuters.com/article/us-saudi-grains-canada/saudi-arabian-agency-stops-buying-canadian-wheat-barley-idUSKBN1KS20N

Canada plans to seek help from the United Arab Emirates and Britain to defuse an escalating dispute with Saudi Arabia, sources said on Tuesday, but close ally the United States made clear it would not get involved.
https://www.reuters.com/subjects/middle-east

#9 Sleepyintoronto on 08.07.18 at 5:39 pm

I used to have the same attitude towards emergency runs. I actually convinced an American friend to stop listening to Suze Orman. Then 2008 happened and his bank closed his LOC and then he lost his job. The stock market took a dive so there was little to sell (yes he was balanced, but in times of crisis diversification breaks down even preferred and bonds went down) I had to lend him 50k to see him through. So no Garth that was bad advice.

#10 Charles on 08.07.18 at 5:39 pm

Rather disheartening and confounding how financially ignorant the average Canadian has become. Oh for the days of fiscal conservatism that people in the depression and WW II had and we have summarily lost. Nothing like repeating history.

#11 Shawn Allen on 08.07.18 at 5:48 pm

The No payments Required HELOC

“As mentioned here before, a huge number of people are making no principle payments on their outstanding loans (about 40%) and one in four make no payments whatsoever, not even interest. Their LOC balance just grows each month until the ceiling is reached.”

**********************************
Does anyone here have one of those no-payments- required HELOCs?

Which big banks are offering these?

Don’t start this again. – Garth

#12 Dolce Vita on 08.07.18 at 5:51 pm

“…six months of living expenses is so 1990s.”

Funny guy.

Same guy that thinks Canadians are debt snorflers, but recently born again Garth, now advocates for more debt snorfling…as long as it used for a TFSA (i.e., partly tax deductible debt snorfling, good).

The investment version of the Sin of Onan (self pleasuring bad, incest good).

Ya, we’re headed for a recession when our fearless, usually great advice Leader advocates for more Canadian debt.

No thanks Garth.

– – – – – – – – – – – – – –

I liked the part about the cat and the garburator. That was good.

No, I did not advocate borrowing to invest, and certainly not into a TFSA (non-deductible). – Garth

#13 HoweStreet.com on 08.07.18 at 5:51 pm

Ross Kay on HoweStreet.com Radio:
What do March and April 1991 Home Sales have to do with 2018?
If your paying more than 3/4% commission it’s too much in 2018.

https://www.howestreet.com/2018/08/07/what-do-march-and-april-1991-home-sales-have-to-do-with-2018/

#14 Darts on 08.07.18 at 5:55 pm

As H Minsky pointed out. Stability breeds instability. Canadians dodged the great recession, us and our banks were praised around the world for our prudence………… We drank the kool aid.

#15 Marcel on 08.07.18 at 5:59 pm

What’s the process when/if the bank calls a HELOC?

#16 bdwy sktrn on 08.07.18 at 6:02 pm

Does anyone here have one of those no-payments- required HELOCs?

Which big banks are offering these?

————–
had a rbc heloc for years, no payments ever required.
no principal, no interest. pay it off when you want.

maybe bad credit folks have payments. we sure don’t.

have you never had a heloc?

#17 Linda on 08.07.18 at 6:03 pm

Garth, regarding the CMHC stats on HELOC’s, do you happen to know how they come up with their figures, especially on non-payment on outstanding balances? As I understand it, if I have a HELOC for say $50,000 but have not actually used any of the funds so my current balance owing is zero the $50,000 that I can access would still be counted as a liability if I were to apply for any other loan/mortgage. Is it at all possible that the 40% being cited as having not made any payments, not even interest, against their ‘outstanding balance’ are not making payments because their outstanding balance is actually zero?

#18 TheDood on 08.07.18 at 6:18 pm

…..Canada plans to seek help from the United Arab Emirates and Britain to defuse an escalating dispute with Saudi Arabia, …..
____________________

The lesson here is that our politicians should not be Tweeting, except though a controlled environment that vets/filters/sanitizes before the message hits the airwaves. What a colossal blunder! A diplomatic row over a Tweet?!

Besides oil, what does Saudi offer the world? Why so important to restore the relationship?

#19 Thom on 08.07.18 at 6:18 pm

One of the biggest cons of any kind of LOC is that the full amount/limit of the LOC, whether it is used or not, counts as debt when it comes to the calculation of your credit rating.

#20 Can You Dig It? on 08.07.18 at 6:19 pm

Saudi Arabia to stop doing business with the infidels!

Haram Haram!

#21 Dolce Vita on 08.07.18 at 6:20 pm

“…since Canada seems more focused on women’s issues in Saudi Arabia and transgender rights in Toronto.”

Uhhhh…brave, brave soul.

Jordan Peterson’s thinking it seems, has crept into people’s psyche everywhere, even here.

I agree with you wholeheartedly.

Well, our Gay Pride Drum Majorette PM (as one humorous Commenter wrote here awhile ago) has toned it down to West Coast Surfer Dude and YVR Pretty in Pink yet Missing in Action for weeks on end.

What you get when you vote for an arrogant, self-entitled, feminist, virtue signalling, Trust Fund man child…asleep at the wheel of the Nation.

Not even worthy of standing in his Father’s shadow.

Well Liberal Elite, I hope you’re happy with what you sold us.

#22 WUL on 08.07.18 at 6:21 pm

Thanks for the platform Garth.

Egad, did our federal government blunder badly by purchasing Kinder Morgan Trans-Mountain Pipeline Expansion for $4.5 billion.

Costs up by $1.9 billion according to KM SEC filing.

A “pig in a poke” is apt considering the oodles of “pigs” pushed through pipelines everyday in this country.

Won’t be built. Sorry Asia, no bitumen for you. (Actually, there is little evidence of any demand for goop there anyway.)

WUL

#23 Nonplused on 08.07.18 at 6:22 pm

My conclusion is that a great many Canadians cannot afford their lifestyles. The cost of everything is just to damn high! Especially housing and taxes! (All taxes eventually get paid by the consumer. What you don’t see on the bill (HST) is baked into the price.)

#7 Setting the record straight

If we could build the Energy East and Trans-Mountain projects, Canada wouldn’t have to import any oil or other petroleum like gasoline or jet fuel. We’ve got lots, it just mostly in Alberta.

Anyway I’ll be glad if there are fuel shortages in Montreal, it might send a message as to the importance of energy infrastructure to Canada’s economy and national security. Why on earth should we be relying on Saudi oil in the first place? Oh ya they don’t want Energy East to go through Montreal.

I wonder what effect this will have on the Canadians who currently work in Saudi Arabia. I know a couple. One of them has been there 25 years. Oh well maybe he can come build the Energy East pipeline. Oh wait! They don’t want it to go through Montreal! Maybe Turdeau can nationalize TCPL too. Nationalization seems to have gotten some of the natives on board with Trans-Mountain, maybe it’ll work on French people too.

Politics seems to have devolved to the point where we can’t reach a consensus on anything important so our politicians sit around talking about who can use which washroom and whether the words “he” and “she” are oppressions used by the patriarchy, whatever that is supposed to be.

#24 Screwed Canadian Millenial on 08.07.18 at 6:34 pm

>since Canada seems more focused on women’s issues in Saudi Arabia and transgender rights in Toronto.

——————-

Cmon Garth, all Canada did was send out a tweet from the Foreign Ministry Twitter and the Saudi snowflakes lost their minds and threatened to attack us and take down the CN Tower with another one of their 9/11 style attacks (like the one they funded 17 years ago when Bush kept us safe). Cmon Garth. Sure the Harper Conservatives based their TFW expansion on Saudi slave labour (source below) but the Saudis are a reprehensible and disgusting regime.

That being said, jack those rates up Poloz. I like to see the boomers sweat a little.

The harmless tweet: https://twitter.com/CanadaFP/status/1025383326960549889

The Saudi threat to Canada in case nobody saw it: https://www.businessinsider.co.za/sdfsdf-2018-8-17

Maybe it was the Qatari slave labor program: https://www.thestar.com/news/atkinsonseries/2015/09/04/how-albertas-oilsands-boom-opened-doors-to-temporary-foreign-workers.html

Don’t ban me I’m harmless Garth!

#25 tccontrarian on 08.07.18 at 6:35 pm

“In fact, Canadians tell pollsters paying off debt is more important than investing – but they’re actually doing neither.

Draw your own conclusions.” GT
————————————————

(Most) Canadians are sort of delusional as they seem to think:

1. that they’re ‘best’ in hockey
2. that they’re not racist
3. that RE always goes up
4. that debt is ‘good’
etc

Conclusion? Many are pooched!

TCC

#26 OttawaMike on 08.07.18 at 6:41 pm

2 things:
Garburators are outlawed by municipal sewer bylaws in most cities.

Saudi (North Korea that won the lottery) is irrelevant. Nobdy can nuke them back to the stone age because they never left the stone age.

#27 Shawn Allen on 08.07.18 at 6:43 pm

Don’t Ask Me

16 bdwy sktrn asked me if I ever had a LOC or HELOC

******************************
I’m not allowed to say, but yes, both. Payments are required in my case but these were set up many many years ago, so that proves nothing at all.

I am also not allowed to say that I called TD and asked about no-payments LOCs or HELOCS and they claimed such a product did not exist at TD or other big banks.

I stand ready to admit I am totally wrong to question that these no-payment products exists. Please provide links to current or past bank pages offering no-payment LOCs.

#28 IHCTD9 on 08.07.18 at 6:44 pm

#8 FOUR FINGERS WATSON on 08.07.18 at 5:30 pm
Saudi Arabia’s main state wheat buying agency has told grains exporters it will no longer buy Canadian wheat and barley in its international tenders, European traders said on Tuesday, as a diplomatic dispute between the two countries escalates.

https://www.reuters.com/article/us-saudi-grains-canada/saudi-arabian-agency-stops-buying-canadian-wheat-barley-idUSKBN1KS20N

Canada plans to seek help from the United Arab Emirates and Britain to defuse an escalating dispute with Saudi Arabia, sources said on Tuesday, but close ally the United States made clear it would not get involved.
https://www.reuters.com/subjects/middle-east
—————

All our government had to do was just keep its pie hole shut while operating TWITter. Just have these same federal twitter operators call up the King of SA instead, and tell him what they think directly (he don’t care).

But no, there’s no glory in that, had to air it out in front of the whole planet instead. Now SA is inlined to respond in kind.

If Trudeau and his dopey cabinet keep going like this, the next PM is going to be a full time boot licker just so we can do international trade.

#29 Dolce Vita on 08.07.18 at 6:46 pm

#10 Charles

Agree.

BUT, Boomer’s with no pension money other than CPP/OAS, little in savings, little invested (supposedly a large number of the Boomer cohort) are between a rock and hard spot cash flow wise with only equity in their home to show for; hence, HELOC to the rescue. Home as ATM.

In this I agree with Garth. If you must take on debt, then at least make it unsecuritized.

I think some of it has to do with “instant gratification” preferable to saving/investing over a long period of time and of course, keeping up with the Jones’s.

Ego a powerful motivator. Debt the result.

When did we go so wrong?

#30 crowdedelevatorfartz on 08.07.18 at 6:48 pm

@#3 NoName
“It was some time ago since i was on top.”
++++

Prison will do that.

#31 crowdedelevatorfartz on 08.07.18 at 6:53 pm

By the by
Great picture today Garth

#32 IHCTD9 on 08.07.18 at 6:56 pm

#18 TheDood on 08.07.18 at 6:18 pm

Besides oil, what does Saudi offer the world? Why so important to restore the relationship?
—————

I agree governments should not be slinging ideological dirt at one another. Look at all the sh!tstorms and uncertainty Trump’s Twitter exploits have caused. Then our bird brained Federal ideology police decide to do the exact same thing.

It’s more about what SA buys from us. SA is loaded with oil money, these are the guys who 4×4 their new Lambos thru the dunes and drive silver plated Audis. So much cash they’ve run out of ways to spend it.

Look at how fast and how far they’re taking it. These guys have egos the size of Texas, who could have guessed…

All over a tweet.

#33 FOUR FINGERS WATSON on 08.07.18 at 6:57 pm

First China snubs us, then the USA snubs us, then Saudi Arabia actually throws us out of their country.Oh well…A La Snackbar!

#34 Danny on 08.07.18 at 7:00 pm

Better…..”Canada seems more focused on women’s issues in Saudi Arabia and transgender rights in Toronto”
than thug Doug Ford and….beer for a buck!

Saudi.. = royalty..= dictatorship = not good for freedom and truth.

Talking about truth.

When is Doug going to do something about……his friends in the Toronto Real Estate Board….keeping us from accessing the market information…….and providing free access to real facts and figures…..like in other Provinces as you Garth have thankfully mentioned before.

Are we to believe that……cheap beer is more important than the homeless, child care costs, senior housing and prescription cost.

This is what happens when we elect morons to lead the Province ….let’s all get drunk to forget what is socially important and why we needed government in the first place.

And while we get drunk……let’s blame poor immigrants for high housing costs…..as Ford and his racist friends spread hate.

Doug where are your people from?

Do the Ford supporters remember the potato famine in Ireland……that was a huge number of refugees to Canada and other countries. Those refugees helped to build this country!

Housing prices are way out of line because of speculators and ill informed buyers…….as Garth has too often mentioned before…… .not poor new immigrants and refugees.

#35 IHCTD9 on 08.07.18 at 7:03 pm

One more thing about SA crude. It is very light, and very sweet. Probably the best crude in the world. It’s a real quick process from SA crude to gasoline and other light high value distillates.

If we had to make gasoline from WCS, it would be murderously expensive. WCS is economical when making pavement and grease because it is already a similar product on a molecular level.

But For fuels? Get ready to cover the extensive refining process and low yields with every litre you buy.

#36 Howard on 08.07.18 at 7:11 pm

28 Danny on 08.07.18 at 7:00 pm

Housing prices are way out of line because of speculators and ill informed buyers…….as Garth has too often mentioned before…… .not poor new immigrants and refugees.

—————————————————-

What poor immigrants? The immigrants Canada takes in are anything but “poor”, and haven’t been for a good 40 years.

This isn’t Ellis Island in 1910.

#37 SmallTownSteve on 08.07.18 at 7:11 pm

Garth Kia is embracing testosterone manly men with a new sports car! The Kia Stinger actually looks like a lotta fun with its 3.3L V6 twin turbo!

#38 Vancouver West detached median down over 1M dollars in price y/y on 08.07.18 at 7:14 pm

July 2017 to July 2018 – down $1,020,000 on the median price point.

Don’t look now, but the Vancouver West detached median selling price for July 18 came in at -26.5% YoY . Importantly, this was the specific region that was the 1st area to really kicked off the whole stratospheric rise in prices.

And remember folks, this is money laundering ground zero.

#39 IHCTD9 on 08.07.18 at 7:16 pm

I am guilty of building and maintaining an emergency fund, even worse; it got up over 40K because (like G said) no serious emergencies ever happened.

I ended up blowing a whack of it on toys, sent some to investments, left the rest in there. Years later I used some of it to help replace 2 vehicles, and pay for 2 rounds of braces.

I just hate debt, I still put into it every week. I guess I’m happy to take the hit on inflation for the peace of mind. Having a big pile of cash that is certain to weather near any storm is like a bowl of hot soup on a cold winters day.

#40 S.Bby on 08.07.18 at 7:17 pm

It would be great if sanctimonious Trudeau and SJW Freeland would keep their mouths shut.

#41 Howard on 08.07.18 at 7:17 pm

#21 Dolce Vita on 08.07.18 at 6:20 pm

Well, our Gay Pride Drum Majorette PM (as one humorous Commenter wrote here awhile ago) has toned it down to West Coast Surfer Dude and YVR Pretty in Pink yet Missing in Action for weeks on end.

———————————————-

One US conservative commentator described our PM as John Lennon’s “Imagine” in human form after eating a Tide pod.

#42 Kelowna Realtor on 08.07.18 at 7:20 pm

The past month has seen a u-turn in the market here.

Just did my 4th price cut on a place I cannot sell. Over 100k price reduction for just your average home.

Seller didn’t take Garth’s advice and decided to buy another place before selling their own.

Double the fun carrying two properties and doubt either would sell at present time.

#43 The Data in Canadian Real Estate is Hidden on 08.07.18 at 7:22 pm

You wonder why buyers are ill-informed in Canada?

Media talks the opposite of truth.

Sad bunch.

#44 NoName on 08.07.18 at 7:25 pm

#30 crowdedelevatorfartz on 08.07.18 at 6:48 pm

@#3 NoName
“It was some time ago since i was on top.”
++++

Prison will do that.

—-

Never been to preezon befor, so ill take your word it. i gues now we know wher the art of controling spincher and eristaltic was learned.

And on a side note i steel like your comments, but under no circumstance i would ride elevator with you.

#45 AK on 08.07.18 at 7:28 pm

#33 FOUR FINGERS WATSON on 08.07.18 at 6:57 pm
“First China snubs us, then the USA snubs us, then Saudi Arabia actually throws us out of their country.Oh well…A La Snackbar!”
=====================================

It all started when Trudeau’s wife tried to sing…

#46 Sam the Sham on 08.07.18 at 7:30 pm

#6 conan on 08.07.18 at 5:22 pm
What is up with Saudi Arabia? They are all grumpy and not feeling well. Someone send for a wahambulance. USA and now SA treating Canada like dirt. This is all Trump….
******************
Actually what happened was that Mr Dressup, silly little Justin, just stepped in dodo again. This was supposed to be a PR stunt strictly for the home audience to prove what a great fighter he is for gender equality and women’s rights. Saudi Arabia was just supposed to ignore it. Instead we get a major diplomatic incident (we won’t even mention the NAFA fiasco). Silly little Justin and his Liberal band of social justice warriors are letting their ideology cause grave harm to this country!!

#47 Alex Jones on 08.07.18 at 7:31 pm

This is one of the few free speech blogs in Canada sharing real information.

Twitter Suspends Libertarian Accounts, Including Ron Paul Institute Director.

#48 TRUMP on 08.07.18 at 7:37 pm

OTTAWA SCREWS UP AGAIN

I swear this country’s government officials could F-up a ham sandwich!!

Goodbye LONDON, ONTARIO

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=OGTU1455&mobile=false

#49 Dolce Vita on 08.07.18 at 7:39 pm

#28 IHCTD9

That was a good tirade.

I liked the pie hole and boot licking parts and of course, the TWITter inflection.

You are so correct.

But it is in the nature of Lefty Virtue Signalers nowadays, they just cannot help themselves and the term “learn to zip-it” to them means closing a freezer bag for the first time.

Meanwhile our defacto PM, Chrystia, says Canada is comfortable with its position about this unnecessary bruhaha.

No we’re not PM Chrystia.

Tell your MIA man child boss to grow up and stop acting like some University neo-Marxist trying to bring the system down Internationally.

We have plenty to worry about here at home instead of making the time to publicly humiliate others in their home.

Why we have the Diplomatic Corps. Learn to use them instead.

#50 Wait There on 08.07.18 at 7:41 pm

Canada, see what virtue signalling gets you? A rough ride down the road. China, India, USA and now this!

I told you after the G7 in Quebec, the EU club sent Trudeau to the front to “test” the USA. Canary in the coal mine .They found out what happens and then sends Juncker to make a peace deal. Thanks Canada for being the sucker.

https://en.wiktionary.org/wiki/canary_in_a_coal_mine

#51 Leichendiener on 08.07.18 at 7:42 pm

LOC’s are great for paying for cars and funerals. A HELOC will put you over your head.

#52 Felix on 08.07.18 at 7:52 pm

If the cat gets caught in the garburator resulting in a $5,000 vet bill, just write a cheque.

—-

Absolutely. It will be the best money you have ever spent, saving the life of a brilliant companion.

On the other hand, if the vet bill for a canine should ever exceed $500, just euthanize and get another.

Or better yet, get a cat

:) Meow.

#53 TurnerNation on 08.07.18 at 7:57 pm

Always I’ve known Ka-nana is a vital tax salve colony to the British, and an essential opium/opioid market.

Morneau Sheeple stock hitting new highs. Soon to be Sir Blog Dog? (Shine your shoes guv’?)

#54 AGuyInVancouver on 08.07.18 at 8:05 pm

I suppose it’s to be expected from a Comments section full of Angry Old White Guys, but the rush to defend the despotic House of Saud here is disgusting.

#55 Freebird on 08.07.18 at 8:13 pm

On a side note DW Documentary and BBC have really good doc films on The House of Saud/royal family and Saudi Arabia. Various topics.

Another good source BBC series Planet Oil (3 parts but well worth the time for look at role of oil thru history.
https://www.bbc.co.uk/programmes/

Yes, Im a proud nerd/geek.

#56 ANON on 08.07.18 at 8:19 pm

[…] but they’re actually doing neither.
Draw your own conclusions.

Ummm…there is no money?

#57 Dogman01 on 08.07.18 at 8:20 pm

Years ago I saw the pitch for the Manulife One Account…
https://manulifebankmortgages.ca/manulife-one/about-manulife-one/

Hmmm….if you are an Ant (like Me) and hate debt…well if all your accounts go into one big pile, you will see your horrendous dept every day.
If all your – income goes on this debt pile right when it is paid, then it is paid faster. If I can lump sum in and lump sum out fast…that takes care of emergency fund.

I did it virtually with a TD House line of credit, but paid the damm thing off fast. When us Ants see red (debt) it motivates us to git rid of it.
That was 15 years ago and house soon paid off. Then on to investing.

This works if you are an Ant, but would never work if you are a Grasshopper.

Big debt or big equity…..depends on perspective and who you are.

#58 Evangeline on 08.07.18 at 8:23 pm

Question:

When people get mortgages that they can afford at low interest rates, but can’t afford after the interest rates rise, (as their property values melt), will those mortgages then be classified as risky “sub prime” mortgages?

I blame the banks for enabling more than I blame naieve buyers for succumbing to the high pressure sales pitch.

#59 crowdedelevatorfartz on 08.07.18 at 8:28 pm

@#34 Danny
O…M….G !
You segway from the Saudi trade “spat” (spitoon?) to the Irish Famine from 150 years ago?
W…..T….!
One can only assume you’re of Irish descent from your name Dannyboy.
I’d have thought you’d be happy with “a buck a beer” in Fordlandia.
Alas! You’re more concerned with Saudi Arabia being “taught a lesson” by our politically correct milksops in power.
Please.
When are we Canadians going to realize we’re irrelevant in the grand scheme of things.
Tiny population, tiny economy, tiny military, tiny banks, on and on and on with a pipsqueak of a leader who falls back on his drama coaching when all else fails.
Well.
Get ready for the painful financial lesson that’s coming.
Trade embargoes left and right.
Trudeau is walking into next years election with a slowing economy, rising interest rates, falling real estate market, pi$$ed off Trump, a pi$$ed off Saudi Arabia( who can flood the world with oil to break our puny oil sands dabble), a pi$$ed off China…… on and on and on….
Trudeau will be lucky to lead a minority govt in 2020.
And Canadians will be lucky to avoid a serious economic pullback.

Have I left anything out Danny or am I too politically incorrect for your sensitivities?

#60 Wrk.dover on 08.07.18 at 8:29 pm

Four to eight weeks net income in the chequeing account as a float is a luxury well worth the cost of the lost chump earning it could produce in perpetuity.

So what am a losing? The price of a cigarette a day? compounding to two cigarettes someday? Kaff Kaff.

Maybe I don’t smoke so I can absorb this cost.

#61 Honey Dripper on 08.07.18 at 8:33 pm

Proud member of the 25% club right here. I have no idea why people save for emergencies when you can apply for a HELOC and use when you need it. Like oh I dunno, an emergency.

#62 crowdedelevatorfartz on 08.07.18 at 8:34 pm

@#44 NoName
ahahahahahahaha
good one!

#63 IHCTD9 on 08.07.18 at 8:51 pm

#48 TRUMP on 08.07.18 at 7:37 pm
OTTAWA SCREWS UP AGAIN

I swear this country’s government officials could F-up a ham sandwich!!

Goodbye LONDON, ONTARIO

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=OGTU1455&mobile=false
—————

From the article:

“Hopefully, this thing blows over,” said Reid, who noted his union fully supports Ottawa’s decision to call out human rights abuses and abuses against women in Saudi Arabia.”

I’ll bet Mr. Reid is sweating bullets over that comment right about now.

I’ll give it a 50/50 chance that the existing contract gets canned, and 100% chance all future business we might have got from SA will go elsewhere.

I’ll also go a 100% chance that businesses like General Dynamics will now figure in our governments’ inability to control its gaping yap on the world stage into future business investments here.

Between Trump and the Liberal Party Of Canada, North American businesses might as well just build themselves an Island out in the Atlantic and move there.

#64 TurnerNation on 08.07.18 at 8:54 pm

Pithy on Millennials. The finest account I have read.
Product of a techno-corporate-global-nanny state.
Twitter mind control. Do you doubt it’s been weaponized for us?

https://hackernoon.com/on-the-infestation-of-small-souled-bugmen-6561ae922e07?

A consequence of a perilously overpopulated, brutally capitalistic, shamelessly hedonistic, morally decaying society, the humble bugman has come to define an age of technological dystopia in which everyone has everything — their gadgets, their fast foods, their fashion accessories — but somehow everyone also has nothing — no community, no natural spirit, no substance of mind. He is a zombified consumer, an emasculated wage slave, a vessel emptied of meaning and refilled with plastic, pixels and silicone

#65 The Real Mark on 08.07.18 at 8:54 pm

Can I put a line of credit on my mom’s basement?

#66 The Real Mark on 08.07.18 at 9:00 pm

“will those mortgages then be classified as risky “sub prime” mortgages? “

The definition of subprime, although controversial, refers to mortgages without the minimum required downpayment (ie: 20% per the Bank Act), or to someone with a really bad personal unsecured credit rating. Subprime literally means loans of such poor quality that they do not qualify for prime status.

Subprime lending actually tends to be far more profitable than prime lending. One need not look any further than to the metrics of the Canadian Tyre Credit Cards, published on the Glacier Credit Trust website, to see the stats involved with subprime lending.

Yes, it is inevitable that a certain cohort of loans that were prime when they were written will, as prices go down and incomes dry up, degrade into being subprime. Forcing their renewals to be at increasingly high rates. We are already seeing this significantly — highly discounted mortgage offers are still available, but increasingly few customers actually qualify for them. Bank profits are accordingly surging as a result of the expanding spread, even in the presence of factors such as higher interest rates that ordinarily would suppress bank profitability.

Ordinarily bankers and their customers would have to come to some sort of economic arrangement or else a foreclosure, at substantial loss to the bank and the customer would occur. CMHC subprime mortgage insurance, which is in force against nearly all “at-risk” loans, basically allows the bank to adopt a “take it or leave it” negotiating stance since the bank/lender has no fear of a default at a loss. The practical result is that the liquidation process in Canada will be far more rapid than it was in the United States. And hopefully more orderly as well, although certainly lots of families, particularly some of the most vulnerable, are almost certain to be financially severely damaged.

#67 Stan Brooks on 08.07.18 at 9:03 pm

When our money becomes trash thanks to BoC, CHMC and government policies it seems like a sound advice not to keep cash on hand.

Until your get sick, can’t wait a year to see a specialist thanks to our wonderful health system/Ontario and need to go to US or someplace else where you need money. Imagine your LOC cancelled at that time.

Your friends will attend the funeral, say ‘how unfortunate’ and will move on (‘suck it up and move on’ should be in the anthem)

Combination of sh.t currency and unreliable (but ‘free’ until you see your tax bill) health care system is not good.

In the meantime, in the middle of a diplomatic crisis selfie boy strikes again:

https://ca.yahoo.com/news/trudeau-spends-sunday-morning-picnic-184112726.html

Just a thought: Would it not be more appropriate to work with Saudi Arabia at diplomatic level to resolve the issue of human rights activist instead of tweeting?

And back to HELOC: are those insured by CMHC as well?

#68 SoggyShorts on 08.07.18 at 9:04 pm

#27 Shawn Allen on 08.07.18 at 6:43 pm
I have a LOC with a 30K limit and had to do so a few times starting out- I literally transferred money from the LOC to my checking account, then made the LOC payment using that money = no payment was really made.

With the advances in internet banking since then, it would only take a couple of minutes to automate that process if the bank didn’t set it up for you.
1. Set $500 transfer every 15th of month from HELOC to Checking
2. Set $500 payment every 15th of month from checking to HELOC.

Since it is so incredibly simple to do on your own, I’m not sure why you doubt the possibility that a bank would do it for you.

#69 Classical Liberal Millennial on 08.07.18 at 9:05 pm

Why does SCM think boomers are sweating over rate increases? It’s our idiot generation that has the buckets of debt.

#70 Animal lover on 08.07.18 at 9:09 pm

My conclusion: one of the cutest pics to date among countless contenders!

#71 Long-Time Lurker on 08.07.18 at 9:12 pm

Whatever happened to that Federal Liberal infrastructure initiative? It’s been three years now.

Trump might get another economic boost if he gets his infrastructure program going.

I thought I had to make a joke about T2. Now I just need to watch the news.

#72 Stan Brooks on 08.07.18 at 9:12 pm

Saving is so old fashion:

https://tradingeconomics.com/germany/personal-savings

https://tradingeconomics.com/canada/personal-savings

#73 JPN on 08.07.18 at 9:13 pm

# 2 Axehead .. Seriously? What … was this like 1970?
Get with the program and real life. It doesn’t work like that anymore.

#74 IHCTD9 on 08.07.18 at 9:21 pm

#54 AGuyInVancouver on 08.07.18 at 8:05 pm

I suppose it’s to be expected from a Comments section full of Angry Old White Guys, but the rush to defend the despotic House of Saud here is disgusting
—————

So let me get this straight, you’re saying the old Western white guys are rushing to the defence of the Muslim guys from the Middle East?

Someone better let Trump know about this development ASAP!

#75 baloney Sandwitch on 08.07.18 at 9:30 pm

I maxed out my family’s rrsp and tfsa by shifting funds from a taxable investment a/c. Replenished taxable a/c with heloc. Like garth says heloc interest is deductible. So you get a double whammy – tax free income and deductible interest expense.

#76 akashic record on 08.07.18 at 9:42 pm

#47 Alex Jones

China imports G7 technology.
G7 imports Chinese censorship, dictatorship know-how.

Brand new chapter of globalism.

Remember when globalism was supposed to create democracy in China and other pedestrian outlets of humanity?

#77 Your Momma on 08.07.18 at 9:44 pm

#65 The Real Mark on 08.07.18 at 8:54 pm

Can I put a line of credit on my mom’s basement?

———————————————————-

You can live with me for as long as you want my sweet boy!

#78 Myra Andrews on 08.07.18 at 9:46 pm

Shawn Allen:
At TD Bank the secured lines of credit require “interest only payments”

Here is a link

https://www.td.com/ca/en/personal-banking/how-to/borrowing/compare-loans-and-lines-of-credit/?tdtab=2

#79 AB on 08.07.18 at 9:48 pm

#54 A guy in Vancouver
Your ridiculous comment is indicative of your confused pot induced leftie lack of character. Your poor pathetic city is going down the toilet because of attitudes like yours.

#80 Chico on 08.07.18 at 9:48 pm

#67 Stan Brooks on 08.07.18 at 9:03 pm

When our money becomes trash thanks to BoC, CHMC and government policies it seems like a sound advice not to keep cash on hand.

Until your get sick, can’t wait a year to see a specialist thanks to our wonderful health system/Ontario and need to go to US or someplace else where you need money. Imagine your LOC cancelled at that time.

Your friends will attend the funeral, say ‘how unfortunate’ and will move on (‘suck it up and move on’ should be in the anthem)

Combination of sh.t currency and unreliable (but ‘free’ until you see your tax bill) health care system is not good.

———————————————————

Like always Stan, your insights never fail to inspire! Your sunny disposition is such a breath a fresh air on this otherwise negative blog.

#81 Shawn Allen on 08.07.18 at 10:08 pm

LOC HELOC Form versus Substance

Soggy shoerts at 68 asked:

Since it is so incredibly simple to do on your own, I’m not sure why you doubt the possibility that a bank would do it for you.

***************************************
I doubt that TD offers no-payment LOCs or HELOCs of any king because they told me so, an LOC expert at TD that is. See link from Myra Andrews at 78, the closest TD offers is interest-only payments. And they said none of the other banks offer it either. And no one has provided a link to show such a product.

You may be able to set it up on your own in substance. But banks (at least TD) apparently won’t let you do in form.

Maybe the 40% in the original source document that aren’t making interest payments refers to the fact the balance grows over the year even though they make the interest payment, they simply then borrow it back, and more.

Yeah, and no-doubt a few zero-payment HELOCs exist. (Maybe including Reverse Mortgages) I just don’t see how it can be 40% of HELOCs when the product does not seem to be advertised.

And the bottom line is yes a lot of people snorfle debt and don’t pay anything in substance. But I think they must at least pretend to pay.

#82 Oft deleted much maligned stock picker on 08.07.18 at 10:15 pm

Trudeau has thrown thousands of Canadians jobs under the bus and burned billions in tax revenue over a half wit tweet from a moron against the KSA…..this is treasonable. Freeland ” stands in solidarity with the Badawi family”? Excuse me? Trudeau should have removed her and said sorry right away…..what idiocy! But what do we expect from this ummm. Duhhh. Errrr clown. What other foreign office of a struggling country around the world has inexperinanced twits tweeting disaster? We can’t afford Trudeaus virtue another day.

https://www..ca/saudi-dispute-poses-real-economic-impacts-that-will-bite-mackay-1.1120035

Another disaster from Trudeaus goon squad.

#83 Setting the record straight on 08.07.18 at 10:31 pm

Defending arms shipments to Saudi Arabia? Are you blokes serious? SA has invaded Yemen and is slaughtering civilians in that country.

And what about the lawsuit in US courts over 911?

And their brand of Islam.

Remember Ezra Kevant and ethical oil?

Let the liberal east find a replacement for Saudi supplies.

#84 fishman on 08.07.18 at 11:08 pm

Sunday morning coffee became monday cause of B.C.day.
Pride & 8 cruise ships . Unbelievable amounts of money spent in town this weekend. Tourism is full tilt but word from the hinterland is down. Rich get richer; Van,Whistler,Tofino, Banff,Victoria, Bouchard Gardens & the rest not so much.

Old guard looking to unload their rental buildings. Talking with lawyers & accountants. Rent increase is 3%/yr. Old buildings going backwards. Politics looking grim for landlords out here in nouveau socialism best place on earth, now & in the future.I mean you could hold on & wait for rezoning but we could be dead by then.

Everyone’s been patching these old toilets to keep them going. Patch, don’t fix; keep grinding that net income stream up. Offshore money doesn’t care about ROI. Just want to park their money in commercial R/E in safe old west side Van town.
Taxes are brutal. I mean it looks like 3.3-3.5 on 8 mil. 3.3 mil to get away from whining tenants seems like a lot. Guess you gotta see the glass 1/2 full. Nobody on this blog is going to feel sorry for any schmuck that never finished school walking away with 4.7.

#85 sa on 08.07.18 at 11:09 pm

Cranky (how do you spell er first name? Fredland should be sent to SA; that would solve the problem. I thought it was only south of the border that politicos dictated policy by tweet…

Time to elect some adults. There are ways to promote freedoms in other countries; smug tweets are not one of them.

#86 Axehead on 08.07.18 at 11:10 pm

#73 JPN. It does work like that still, unless you are from delusional Vancouver or Toronto. My current house (30 years later) is exactly 3.5 times my salary. But paid off. Not like you. Depends on where you live. Suggest you stop whining and move.

#87 TurnerNation on 08.07.18 at 11:19 pm

In the 2nd World city of Toronto tonight a few hours of rain has plugged sewers and caused massive flooding outages and damage. I wonder how many million dollar semis have floods in basement .
Public unions in charge. Rest of our money was given away overseas. Sink or swim.

#88 yvrmc on 08.07.18 at 11:20 pm

I haven’t checked RE in the last few months, and I just did. Yikes what a difference . Price reduced labels are everywhere over the local mls listings in N. Vancouver. I sure haven’t seen that for a very long time . Seems the condo market has just realized that people are not going to pay outrageous sums for concrete or wooden boxes.It started with detached homes and is finally filtering its way down to the condos.

#89 Rambo on 08.07.18 at 11:24 pm

#2 axe head

Wow! That’s incredible, how do you pay off a house that fast? I’m trying to make sure my mortgage is less than 3x my before tax income and pay it down fast. I will likely build a shop/carriage house when the first ones done though. But what I get in rent will cover the cost of that and I’ll make money working in the shop.
I’m setting up bi-weekly payments to get the payment lower and will lump sum when I can. Any tips?

#90 Oft deleted much maligned stock picker on 08.07.18 at 11:48 pm

I have a YUGE problem. I’m a regular investor , meaning I invest incrementally as the cash from dividends comes in monthly, semi annually, quarterly and annually….but….I can’t invest it fast enough!! The cash just piles up, money earmarked for stocks in savings accts is constantly overwhelmed by cash flow. Our course I’ve done all the diversity crap….but same issue….dividends.

I know the importance of having a emergency savings acct….but mine has grown to cover decades of easy living. Honestly with loons like Trudeau running our economy I’ve cut back on expectations….and am slowing my investments in Canada…..but I’m super happy I sold half my VWO and EM position before China lost two thirds of its value. Europe is a drag and bonds are going no where. I am expecting Trudeau to drag Canada into a recession before year end and I think Canada will get cheaper. To my thinking Trudeau is a big risk and the US looks much more attractive….but CHURP stocks are yet to catch the rotation out of FANG if we top out in the US….as per what Buffet is saying about his ratio being 140 ….way over his comfort zone!!!

What would you do? I like Prefs….and all divs with the proviso that fear of Trudeau could easily knock 15 to 20% off Canada. Sure…..that would be a bargain if we get rid of him in 2019..,..but in the meantime what do people with savings do? The last really bankable strike of genius Garth had was his Pref call…what’s next? I bought/backed up the truck on CPD at $11.37….now $14.30 plus over a year of dividends.

Please no pots stocks…I’m fundamentally opposed to Trudeaus drug people stupid program. Anyone?

#91 Myra Andrews on 08.07.18 at 11:56 pm

Shawn Allen

I have a TD secured line of credit. Each month they charge interest directly to the line of credit account. The interest is never taken out of my chequing account. They just add it to my current balance so effectively I am not making any payments.

It is a revolving line of credit where sometimes I owe money and sometimes the balance owing is zero.

#92 Oft deleted much maligned stock.picker on 08.08.18 at 12:16 am

Canada a big loser in energy export. From first to last in LNG.

https://oilprice.com/Energy/Energy-General/This-Is-Why-Canada-Lost-The-LNG-Race.html

While Obama was sending his green army if lawyers to fund and harrass Canadian energy he was signing into existence the biggest expansion of LNG infrastructure in history. Obama showed us how being snuggle buddies with Trudeau could really pay off.

Billions lost….hundreds of thousands of jobs lost….schools and hospitals unbuilt….and still Trudeau Butts can’t understand the fact they were hornswoggled.

Tides Foundation is who funds Trudeau sycophants to kill oil. Tides is a 100% George Soros org…..gee….any connection there?

The KSA breakdown will cost Quebec hundreds of millions in lost revenue…..will Trudeau step up and fill the gap….for one non Canadian named Badawi? Or…..is EE back on the table?

#93 Lefty Loon on 08.08.18 at 12:19 am

DELETED

#94 Lefty Loon on 08.08.18 at 12:46 am

DELETED

#95 Smelly on 08.08.18 at 1:11 am

Probably the best article I’ve read on here in a while. Am I the only one who thinks Canadians are living in la-la land right, completely out of touch with reality?

My generation, under 35, are more concerned with women’s right’s and teaching kids about cross dressing than things that actually matter, like our health and our wealth.

One day Canadians are going all wake up poor and sick, but then it will be too late to do anything about it.

#96 PC LOAD LETTER on 08.08.18 at 1:35 am

Thanks Garth. Do you think there are any responsible adults voicing their opinions at Liberal cabinet meetings? One would think (hope) that they’d learn a lesson or 2 from the China, India and ongoing NAFTA fiasco.

This government behaves like a university student council running amok.

#97 cultural elitist on 08.08.18 at 2:01 am

@ #83 – Setting the Record Straight
Thanks for mentioning Yemen, 9/11, and Wahhabism. In the rush to judgement against Freeland’s tweet, some posters here are forgetting some of the basic truths about the nature of the Saudi regime. They are not nice people.
Freeland’s tweet may have been inadvisable, and with the benefit of hindsight we can say it caused unnecessary problems. But remember who you are dealing with:
1 – The initial tweet in response showed an airliner hovering around the CN tower. That’s a direct threat to this country. Ok, so they removed it, but if you are going to blame Freeland for ineptitude, you could at least pause to acknowledge the fact that a foreign nation just threatened an act of war against your own country. That’ seems important, no?
2 – Regarding Wahhabism and 9/11: The Saudis have been funding radical Islamic schools all over the Arab world for decades now. These schools are directly responsible for promoting radical Islam (and terrorism) all over the world.
https://www.telegraph.co.uk/news/2016/03/29/what-is-wahhabism-the-reactionary-branch-of-islam-said-to-be-the/
However, as for finding a replacement for Saudi oil: Ethical oil? Ezra Levant?
Levant is a former tobacco lobbyist and a convicted libeler , among other things. Ethics are clearly not his thing.
His basic argument on ethical oil is simplistic sloganeering: Canada is a good petro state and therefore heavy crude is good. Saudi Arabia is a bad petro state and therefore its light oil is bad.
But the truth is there isn’t a moral player in the oil business. The global oil business has been at the center of every major conflict since WW1, usually playing both sides. As for the ecology? Pfffft! Canada is as conflicted as the rest. Oil and ethics are like oil and water. They have never mixed.
This is not to say that I have a solution. I’m just “setting the record straight”, as some clever poster mentioned ;-)
Not sure what Trudeau should do now – we need Saudi crude. But a climbdown from Freeland would be humbling. This seems like a task for some deft diplomacy, rather than a twitter war. I’m not optimistic about that.

#98 jane24 on 08.08.18 at 2:19 am

ALWAYS have a traditional emergency fund in your current account. ALWAYS especially if you have family as in life events happen and they can be happy or unhappy events. Plus you sleep well at night. When I was at school in the 1970s we did get financial smarts taught at school and they told us three months salary always in reserve so I have. Useful for daughters’ weddings.

Most of my Canadian family and friends have HELOCs and/or LOCs but they lack the self-discipline to police them. It is such easy money to obtain but so very difficult to pay back with Canada’s low wages and high costs of living and taxes. Slowly over time the amount builds up and then you can’t remember what you actually spent it on. The debt is just there, so one doesn’t think about it. LOCs are dangerous and stressful for 80% of the population. The other 20% can follow Garth’s advice.

#99 Oft deleted much maligned stock.picker on 08.08.18 at 2:29 am

Yesterday I was likened to a celebrity blogger named Alex Jones. I suppose in doing so the accusation was intended to link me to some notion of all conservation’s being Nazis…..laughable yes….but I think I should be allowed to defend my accusation that Justin Trudeau received money directly from George Soros through his infamous proxy ‘Tides Foundation.’ I find the notion that one evil little fart could use his filthy lucre to buy Canadian Prime Ministers and interfere with our Democracy….and there is ample proof that Tides has funded Trudeau and interfered through a program of harrassment with Canada’s electoral system.

https://www.americanthinker.com/blog/2018/03/how_canada_ended_up_with_justin_trudeau.html

Naturally this is not front page news on CBC…..but that doesn’t make me Alex Jones.

#100 Stan Brooks on 08.08.18 at 3:48 am


#80 Chico on 08.07.18 at 9:48 pm

Like always Stan, your insights never fail to inspire! Your sunny disposition is such a breath a fresh air on this otherwise negative blog.

It is the reality out there. You choose to live in it or in your own dream world until/when it crashes.

Treat it like insurance where you pay your premium/taxes and when times comes for a claim you get nothing or insufficient service which for a serious health condition could be devastating.

I have spent quite a lot on health care in US (paid, after my Canadian taxes) and the number of people with deadly or close to deadly outcome as result of interactions with our health care system grows by the month.

It is your own choice to believe in that system or not, don’t forget it when the time comes (as it will) and you need help. Let’s hope your sense of humor stays intact, I am hearing laugh helps sometimes.

#101 NEVER GIVE UP on 08.08.18 at 4:23 am

#48 TRUMP on 08.07.18 at 7:37 pm
OTTAWA SCREWS UP AGAIN

I swear this country’s government officials could F-up a ham sandwich!!

Goodbye LONDON, ONTARIO

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=OGTU1455&mobile=false
===================================

If the House of Saud cancels the military equipment deal then we should simply stop buying their oil and activate energy east.
Energy East would enrich our country much more than the peanuts we get from selling equipment to them anyway.
The lost workers would find other jobs and plentiful ones with a much more powerful Canadian economy that does not squander our hard earned wealth importing what we have in the ground right here at home!

#102 Stan Brooks on 08.08.18 at 6:10 am

#99 Oft deleted much maligned stock.picker on 08.08.18 at 2:29 am

I thought T2 was supposed to repay his Aga Khan Island vacation (from a family friend whom he saw once in his life and to whose foundation he allocates hundreds of millions in tax money annually while the elderly dig in the GTA garbage bins in order to survive).

I guess he is exempted from that/payment of taxes on gifts. He and Wild Bill with their numbered corporations registered for Bill in Alberta! Of course it is for ‘tax reduction’ purposes in their case and is all just and legal. Trying being a doctor and saving for retirement, you become automatically tax evader.

What is the chance of Wild ‘the minister of tax justice’ Bill coming after him? The same as him going after gas dodgers or bread fixing illegal schemes or the offshore accounts of the rich.
Zero.

#103 Ponzius Pilatus on 08.08.18 at 6:29 am

#2 Axehead on 08.07.18 at 5:01 pm
Paid off my first house in 5 years. Price was exactly 3.5 times my income (pre-tax). Being debt free is freedom.
—————-
Freedom?
Not really.
Now you own an un-productive asset, that will most likely depreciate in the coming years.

#104 Howard on 08.08.18 at 6:35 am

#95 Smelly on 08.08.18 at 1:11 am
Probably the best article I’ve read on here in a while. Am I the only one who thinks Canadians are living in la-la land right, completely out of touch with reality?

My generation, under 35, are more concerned with women’s right’s and teaching kids about cross dressing than things that actually matter, like our health and our wealth.

One day Canadians are going all wake up poor and sick, but then it will be too late to do anything about it.

—————————————–

Correction : it’s no longer about women’s rights. They’ve had political equality since 1917 and economic/job market equality since at least the 1970s.

It’s now about women’s privileges. Basically, whatever extra perks they can get. Canada’s bloated and overpaid public sector can be considered a giant scheme to transfer wealth from men (who make up most of the private sector) to women (who dominate the public sector).

#105 Howard on 08.08.18 at 6:40 am

So what’s the tally now?

Trudeau’s government has screwed up relations with the USA, Japan (re: TPP meeting), India, China, and now Saudi Arabia.

I remember when the media went ballistic 7 or 8 years ago when PM Harper made a few measured comments about China’s human rights abuses which caused some “tension” with Beijing.

#106 Wrk.dover on 08.08.18 at 6:47 am

#101 NEVER GIVE UP on 08.08.18 at 4:23 am
If the House of Saud cancels the military equipment deal then we should simply stop buying their oil and activate energy east.
————————————————-

The gas station pumps will only be dry east of Toronto for several years while this gets built. Do we get to live on guaranteed national income until then on the East Coast? Sweet!

We should have had contingency plans in place before we tweeted foolishness in haste.

#107 Renter in Burlington on 08.08.18 at 8:14 am

#104 Howard
Correction : it’s no longer about women’s rights. They’ve had political equality since 1917 and economic/job market equality since at least the 1970s.

It’s now about women’s privileges. Basically, whatever extra perks they can get. Canada’s bloated and overpaid public sector can be considered a giant scheme to transfer wealth from men (who make up most of the private sector) to women (who dominate the public sector).
—————————————————
Howard, if you believe women have political equity and are paid equally to men, you’re living in a delusional world.
Women do NOT have political equity and they still make at least 20% less than men. Ask any woman and she’ll tell you.
You’re a dinosaur.

#108 TurnerNation on 08.08.18 at 8:26 am

#90 Oft deleted. I wasn’t going to post then saw your plea I’m here seeking alpha with zero hedge myself.
Some beaten down old school stocks with good divvies I’ve added to my watch list: Campbell Soup and General Mills in USA. They make everything.
Up here, HHL.TO health care leaders, monthly payout.

#109 crowdedelevatorfartz on 08.08.18 at 8:29 am

@#54 A guy….
“Comments section full of Angry Old White Guys…”
+++++
I resemble that remark but Screwed Canadian Millenial might take exception.

Speaking of “angry old guys” …. the House of Saud…..16,000 annoyed university students being yanked from their studies and forced to go elsewhere at the beginning of the school year…..not smart.

One wonders when the protests in that country are going to explode. With 50% of the population under the age of 30.

#110 NYCer on 08.08.18 at 8:31 am

Without worrying too much on the actual interest, is there a financial institution that can provide you with a HELOC at no cost?

Also, how does one protect itself from fraud once your house has been paid off? Title, Deed, HELOC or just keep the bank on the title and never pay the fee to remove them?

#111 Oft deleted much maligned stock.picker on 08.08.18 at 8:43 am

#102 Stan Brooks. The ethics commissioner found Justin Trudeau guilty re: breaking ethics guidelines over his exemt-cation to Gilligan’s Island with ‘Uncle K’. However, the loyal opposition hammered at Trudeau over the direct cash benefit in the amount of $200,000 into his foundation in return for a $15 million dollar ‘donation’ and easing of regulations to a Khan led development project. The exchange in QP was shocking. Trudeau refuses to answer the question of why he knowingly broke the law. The loyal opposition is demanding RCMP. The transaction is separate and way beyond the shaved down story we got in the CBC soft peddling.

#112 Bytor the Snow Dog on 08.08.18 at 8:46 am

Does anyone take Freeland seriously anymore? Really?

This is what happens when Those Who Must Not Be Offended are put in charge.

#113 dharma bum on 08.08.18 at 8:51 am

#21 Dolce Vita

“What you get when you vote for an arrogant, self-entitled, feminist, virtue signalling, Trust Fund man child…asleep at the wheel of the Nation.”
——————————————————————–

Ughhhhh…..

https://www.google.ca/url?sa=i&source=images&cd=&ved=2ahUKEwiU4PCwv93cAhULlawKHZOoDMcQjRx6BAgBEAU&url=https%3A%2F%2Fatlantic.ctvnews.ca%2Ftrudeau-becomes-first-sitting-prime-minister-to-march-in-halifax-pride-parade-1.3514808&psig=AOvVaw3SA0JitrRjwH7DNwDt4zSV&ust=1533819008439351

#114 Wrk.dover on 08.08.18 at 8:54 am

Freeland would have better served in Harper’s cabinet.

Muzzled, as per policy!

I ‘get’ Harper now….

#115 NoName on 08.08.18 at 8:55 am

#87 TurnerNation on 08.07.18 at 11:19 pm
In the 2nd World city of Toronto tonight a few hours of rain has plugged sewers and caused massive flooding outages and damage. I wonder how many million dollar semis have floods in basement .
Public unions in charge. Rest of our money was given away overseas. Sink or swim.

—-

Ahahaha

Place i was born in have same problem, any rain will overwhelm drains and and fill buildings basements with water, some parts.of city will will be floded up to 2ft of water every rain every auntum. Funy part is they cant expand water collection in geographically low part of the city because of to many buildings. Thanks to bare minimum construction standards…

#116 akashic record on 08.08.18 at 9:08 am

#99 Oft deleted much maligned stock.picker on 08.08.18 at 2:29 am

I should be allowed to defend my accusation that Justin Trudeau received money directly from George Soros through his infamous proxy ‘Tides Foundation.’ I find the notion that one evil little fart could use his filthy lucre to buy Canadian Prime Ministers and interfere with our Democracy….and there is ample proof that Tides has funded Trudeau and interfered through a program of harrassment with Canada’s electoral system.

https://www.americanthinker.com/blog/2018/03/how_canada_ended_up_with_justin_trudeau.html

—–

If that’s true, what are the election financing rules, the investigation and remedy to procedures to prevent that a non-citizen, with no voting right could not interfere with the election and actual policy making?

https://twitter.com/canadianpm/status/689906363003191297?lang=en

https://www.canada.ca/en/immigration-refugees-citizenship/news/2016/09/canada-unhcr-open-society-foundations-seek-increase-refugee-resettlement-through-private-sponsorship.html
https://www.cbc.ca/news/politics/private-refugee-sponsorship-soros-un-1.3769639

https://www.theglobeandmail.com/news/politics/trudeau-takes-aim-at-the-politics-of-trumpism-in-first-un-speech/article31969553/

#117 IHCTD9 on 08.08.18 at 9:22 am

Chances of federal employee tweets improving the situation for Women in SA: 0%

Chances of actual real world blowback involving reduced GDP, and job losses: 110%

Is there a course our federal leadership can take?

Like:

“When it’s best to keep your big yap shut 101”

“The many benefits of silence 101a”

“Fighting back the urge to speak 101b”

“Cost/Benefit analysis for progressives 101c”

“Knowing when to zip it – for ideologues 101d”

#118 Tollycraft 37 on 08.08.18 at 9:25 am

Uh oh. Going out on the boat for 3 weeks starting tomorrow – and down to the land of Trump. Does that make me a Deplorable??

#119 IHCTD9 on 08.08.18 at 9:52 am

Not sure what Trudeau should do now – we need Saudi crude. But a climbdown from Freeland would be humbling. This seems like a task for some deft diplomacy, rather than a twitter war. I’m not optimistic about that.
___________________

Neither is Trudeau.

We put these dorks into power – now we’re going to reap it.

This particular Lib cabinet seriously doesn’t have a freaking clue what it’s doing. I just can’t get over these goofballs – super dumb, ULTRA dumb.

From sexist climate change “lessons” to scolding different cultures half way around the globe – this cabinet has stupid oozing out of every pore – especially the big one under their nose.

Seriously, I could put a collection of random crustaceans into power and get better results than these current wing-nuts are getting – at least they’d keep their mouths shut.

#120 Penny Henny on 08.08.18 at 9:53 am

Niagara region real estate numbers for July.

https://www.niagararealtor.ca/sites/default/files/July%202018%20Stats%20Press%20Release.pdf

#121 IHCTD9 on 08.08.18 at 10:05 am

#105 Howard on 08.08.18 at 6:40 am

I remember when the media went ballistic 7 or 8 years ago when PM Harper made a few measured comments about China’s human rights abuses which caused some “tension” with Beijing.
________

Yep, I remember. It was mainly the CBC jumping all over it. Now the CBC is minimizing the whole scolding episode and concentrating on the message while ignoring the fallout: of which actually befalls those Canadians who are living and working in the real world where you need to put food on the table.

Since DF was elected – our public broadcaster has really been showing its political partisanship. It is as bad as it has ever been, and I have finally capitulated. Too many one sided articles, too many leading one sided questions. The radio shows are even worse.

Today, I’m firmly in the defund camp for the first time ever. I’ll now vote for just about anyone who promises to remove my tax contribution to these one sided biased “journalists”.

I don’t need to fund an echo chamber – they are available for free all over the net…

Just another of at least 100 million reasons to cut your tax remittances back by all means possible.

#122 Setting the record straight on 08.08.18 at 10:12 am

@97 cultural elitist

:-)).

One point you indicate you think we need Saudi oil, at least for the short term.

I am not clear why this would be so. We need someone who knows the type of oil we import from SA. SA produces both light and a heavier oil. I am not clear why either of these cannot be replaced.

Returning to the minister’s tweet , I agree that what happens internally is not Canada’s business. But there is no reason to sell arms to a country engaged in the type of warfare they are conducting. We should have cut diplomatic relations with SA years ago. Our govts should be condemned for not doing this.

#123 IHCTD9 on 08.08.18 at 10:45 am

#107 Renter in Burlington on 08.08.18 at 8:14 am

Howard, if you believe women have political equity and are paid equally to men, you’re living in a delusional world.
Women do NOT have political equity and they still make at least 20% less than men. Ask any woman and she’ll tell you.
You’re a dinosaur.
_____________

Is that a fact?

Name one job in Canada that pays less to a Woman explicitly because she is a Woman.

BTW, I already asked any Woman (my wife). She gleefully reported that she makes more than me (she works for the government, …ahem) and said she makes the same as a Man would doing the same job.

So I am already ahead right out of the gate: 1 for me, 0 for you.

#124 Jealous you on 08.08.18 at 10:46 am

103: ponzi-us….lol
His mortgage is paid off so his salary is available for whatever he wants to do. No mortgage no rent….duh!

That’s the state of mind to be in.

#125 IHCTD9 on 08.08.18 at 10:56 am

#104 Howard on 08.08.18 at 6:35 am

It’s now about women’s privileges. Basically, whatever extra perks they can get. Canada’s bloated and overpaid public sector can be considered a giant scheme to transfer wealth from men (who make up most of the private sector) to women (who dominate the public sector).
_______

That’s why I’m pushing for polygamy. Once it’s legal I’m going to marry up 3-4 more wives who are public servants. That’ll have me set for life, and circle all the taxes I ever paid out over my life right back to me.

Then I’ll officially change my gender to F to save a boatload on car insurance.

#126 OttawaMike on 08.08.18 at 11:09 am

For all you Saudi fanboys on here. The regime publicly crusified a man today in Jehda.

http://uk.businessinsider.com/saudi-arabia-crucified-man-in-mecca-while-calling-out-canada-human-rights-2018-8

#127 Howard on 08.08.18 at 11:20 am

#107 Renter in Burlington on 08.08.18 at 8:14 am

Howard, if you believe women have political equity and are paid equally to men, you’re living in a delusional world.
Women do NOT have political equity and they still make at least 20% less than men. Ask any woman and she’ll tell you.
You’re a dinosaur.

———————————————

Women’s suffrage occurred in 1917. Though I admit that after women elected an laughably vacuous dilettante in 2015, it made me question the wisdom of that gesture. I believe women were able to stand for office even earlier than 1917 (year it was weird, they could run for office but not yet vote).

Young women (<30) now earn more than young men. And the 30-45 age range is about even. Older than that it largely comes down to life choices. Women are less willing to put in 90-hour work weeks to reach the highest salary brackets. I don't blame them for this – I'm not willing to do it either, and that's fine if it means I don't reach the top 5% of income earners.

Can you point to a single instance of a woman with the same education, same experience, same skills, same industry, same market….who is paid less than a man of a similar profile?

#128 Renter in Burlington on 08.08.18 at 11:38 am

#123
Your wife doesn’t do the same job that you do. The fact that she makes more than you is irrelevant. See this article
https://www.businessinsider.com/gender-wage-pay-gap-charts-2017-3

#129 Oft deleted much maligned stock.picker on 08.08.18 at 11:43 am

#108 Turner Nation …Thx for your input…..I thinking defensive …value…..dividend…with a high percent of income reported in USD…..a Trudeau proof portfolio…..’cause I seriously think that George Soros has Trudeau by the tinkle and is intending to drive Canada into recession as a strategy to attack Trump in November. This KSA thing is collateral damage compared to what Soros and Obama have in mind for Trudeau .

#130 Dolce Vita on 08.08.18 at 11:44 am

Yes, yes, some of us got carried away picking on poor Justin, including me – mea culpa.

But now, I worry.

KSA are not done putting Chrystia Freeland in her place, latest today:

http://www.cbc.ca/news/business/saudi-arabia-canada-economic-impact-1.4777407

The future PM will have to do “boot licking” to keep our trade comment may not be that far from the truth after all.

I believe KSA’s motivation is religious and cultural.

KSA not taking kindly to a Western Woman shaming them in public and telling them what to do in their country about rights.

All this from a single TWITter tweet by Chrystia Freeland. A bit over the top by the KSA I think, then again, it is their country after all.

As for Freeland, I feel bad for her but honest to God, we have a Diplomatic Corps for such matters. TWITter is not a part of the Corps.

And where the hell is Justin throughout all this?

#131 isuckless on 08.08.18 at 11:48 am

On a slightly different subject:
what you guys/gals think of Tesla and the last Musk’s tweet?
Another scam or a genius move?

#132 Oft deleted much maligned stock.picker on 08.08.18 at 11:51 am

News flash…

Canada is out of NAFTA

https://www.bnnbloomberg.ca/nafta-talks-enter-third-week-with-focus-on-cars-sunset-clause-1.1120517

T2′ s handlers are all in on creating havoc. Canadians should be up in arms…..but aren’t…..nah nah nah nah
Hey hey hey….goodbye ….stupid . But good news…..Moochelle Obama is coming to test Canadians drooling obediance….possibly as Trudeau’s guest in our HOC…..hope the Conservatives boycott….otherwise disgrace.

#133 FOUR FINGERS WATSON on 08.08.18 at 12:11 pm

The Financial Times (FT) reported the Saudi central bank and state pension funds had instructed their overseas asset managers to dispose of their Canadian equities, bonds and cash holdings “no matter the cost”, citing unidentified sources.

https://www.reuters.com/article/us-saudi-canada-diplomacy/saudi-arabia-rules-out-mediation-in-canada-row-may-take-more-measures-idUSKBN1KT05G

#134 FOUR FINGERS WATSON on 08.08.18 at 12:14 pm

MOSCOW (Reuters) – Russia voiced support for Saudi Arabia in its worsening row with Canada on Wednesday, telling Ottawa it was unacceptable to lecture the kingdom on human rights.

https://www.reuters.com/article/us-saudi-canada-diplomacy-russia/russia-chides-canada-over-row-with-saudi-arabia-idUSKBN1KT1VO

#135 cultural elitist on 08.08.18 at 12:27 pm

@IHCTD9 // Wage equality in Canada:

https://www150.statcan.gc.ca/n1/en/daily-quotidien/170308/dq170308b-eng.pdf?st=h2qtq_Dt

See page 2 – In 2017, Canadian women earned $0.87 for every dollar earned by men, largely as a result of wage inequality between women and men within occupations

Now can we get back to ranting about the government? ;-)

#136 James on 08.08.18 at 12:27 pm

#74 IHCTD9 on 08.07.18 at 9:21 pm

#54 AGuyInVancouver on 08.07.18 at 8:05 pm

I suppose it’s to be expected from a Comments section full of Angry Old White Guys, but the rush to defend the despotic House of Saud here is disgusting
—————

So let me get this straight, you’re saying the old Western white guys are rushing to the defence of the Muslim guys from the Middle East?

Someone better let Trump know about this development ASAP!
___________________________________________
This is the only time you will even see old white guys run like the wind. When it comes to their wallets. Even Trudeau looked the other way to continue a deal that would bring in millions. Then he lets his mouthpiece at arms length go out and chirp the Saudis. Trump is no better in supporting human rights. He does have any manhood between his legs any more. They slipped right out of his little hands. He is all about money in his own pocket. Trudeau is done and his lack of real world experience has only embarrassed Canada.

https://www.wsws.org/en/articles/2018/05/02/trud-m02.html

#137 Wrk.dover on 08.08.18 at 12:28 pm

#117 IHCTD9 on 08.08.18 at 9:22 am
Chances of federal employee tweets improving the situation for Women in SA: 0%

—————————————-

The thing that really caught his ire was the fact it was a woman sending the message.

How could the potential for backlash on this have been ignored by the messenger?

#138 Smoking Man on 08.08.18 at 12:37 pm

5 out of 5 for Trump.
Red wave in the Mid Terms

AOvVaw3HDHKh8KfwgVjjGT7BZjFU
In 2019 T2s Librals go extinct.

#139 James on 08.08.18 at 12:47 pm

#119 IHCTD9 on 08.08.18 at 9:52 am

Not sure what Trudeau should do now – we need Saudi crude. But a climbdown from Freeland would be humbling. This seems like a task for some deft diplomacy, rather than a twitter war. I’m not optimistic about that.
___________________

Neither is Trudeau.
We put these dorks into power – now we’re going to reap it.
This particular Lib cabinet seriously doesn’t have a freaking clue what it’s doing. I just can’t get over these goofballs – super dumb, ULTRA dumb.
From sexist climate change “lessons” to scolding different cultures half way around the globe – this cabinet has stupid oozing out of every pore – especially the big one under their nose.
Seriously, I could put a collection of random crustaceans into power and get better results than these current wing-nuts are getting – at least they’d keep their mouths shut.
________________________________________
Don’t worry people-kind will triumph over stupidity. Now lets all go and get native tattoos, dress in East Indian clothing, go to a Pride festival and sign kumbaya my lord.
Oh shit no that won’t work people-kind. LOL what a crop of BS. Well people you voted Trudeau in and his raving party of loonies. You reap what you sew.

#140 Stan Brooks on 08.08.18 at 1:30 pm


#139 James on 08.08.18 at 12:47 pm

Don’t worry people-kind will triumph over stupidity. Now lets all go and get native tattoos, dress in East Indian clothing, go to a Pride festival and sign kumbaya my lord.
Oh shit no that won’t work people-kind. LOL what a crop of BS. Well people you voted Trudeau in and his raving party of loonies. You reap what you sew.

He managed to screw up with US, India, the Philippines, now Saudi Arabia, Russia, EU is indifferent and is not signing that free trade agreement.

I personally agree with the critique of human rights of SA but there are diplomatic ways to do that, certainly not in public tweets.

The worse thing is the position of moral superiority, there is no place for that in today’s politics unless you are a super power.

Look at what Japan is doing and learn from them.

#141 IHCTD9 on 08.08.18 at 1:31 pm

#137 Wrk.dover on 08.08.18 at 12:28 pm
#117 IHCTD9 on 08.08.18 at 9:22 am
Chances of federal employee tweets improving the situation for Women in SA: 0%

—————————————-

The thing that really caught his ire was the fact it was a woman sending the message.

How could the potential for backlash on this have been ignored by the messenger?
__________

I don’t think they were expecting the kind of backlash they’re getting – but now they have absolutely no excuse for the next time some social injustice occurs elsewhere in the world – just keep it the hell off of Twitter.

I can see how these female Protesters may be seen more as a Western contaminate by many in SA – and the Arab world at large – instead of champions for Women’s rights.

If that statement is accurate, SA’s actions may influence other Islamic Nations to act similarly in the future. All those governments hate Western lifestyles. There is already plenty of support for the King’s actions within SA itself – and elsewhere too I bet.

Trudeau are you listening? Get your employees off of Twitter and keep them off!

#142 IHCTD9 on 08.08.18 at 1:39 pm

#130 Dolce Vita on 08.08.18 at 11:44 am

And where the hell is Justin throughout all this?
_____

I think he’s weighing in this afternoon.

#143 IHCTD9 on 08.08.18 at 2:00 pm

#135 cultural elitist on 08.08.18 at 12:27 pm
@IHCTD9 // Wage equality in Canada:

https://www150.statcan.gc.ca/n1/en/daily-quotidien/170308/dq170308b-eng.pdf?st=h2qtq_Dt

See page 2 – In 2017, Canadian women earned $0.87 for every dollar earned by men, largely as a result of wage inequality between women and men within occupations
_________

This “gender gap” statistic is useless for identifying Women specific wage inequality because it is “universally universal”

I can use the same type of metric to show wage gap inequalities between folks with brown eyes vs. blue, red hair vs. blonde, English speaking vs. French, meat eaters vs. vegans, Yamaha owners vs. Honda owners, on and on and on and on.

Obviously- these things have no more bearing on earnings than your sex does, but I can make it look like they do. Metrics like these are “victim generators” for when victims are in short supply.

It’s just a matter of how many in one group have high earnings compared to the other – totally random, changes from year to year – meaningless.

Now, if you are prepared to say that a Canadian Women doing the EXACT same job as a Man is getting paid less EXPLICITLY because she is a Woman – then I ask again – for just one, single, solitary, real, example.

Now back to our bird brains in Ottawa…

#144 Zapstrap on 08.08.18 at 2:10 pm

#125 IHCTD9 on 08.08.18 at 10:56 am
That’s why I’m pushing for polygamy. Once it’s legal I’m going to marry up 3-4 more wives who are public servants. That’ll have me set for life, and circle all the taxes I ever paid out over my life right back to me.

Just hope you haven’t forgot that your strategy comes with 3-4 more mother in laws …

#145 NoName on 08.08.18 at 2:20 pm

wtf is going on in canada ???

I hope that everything i just red is a wrong, very wrong.

https://cssa-cila.org/

scroll down to newsletter and click on “CSSA Special Report: The Elephant in the Room | August 7, 2018”

#146 Another Deckchair on 08.08.18 at 2:29 pm

Wage Parity:

I know better than to jump in on this but:

1) I worked for quite a while for the Fed Govt, and, wage parity was as stated; however:

2) On CBC back a little while ago, on “Ontario Today” or some other program on wage parity, a WOMAN, who was the HR person for a fairly large company said something like:

“in the 25 years I’ve been doing this, men ask for a salary, and we see if it fits in our salary range for the position, NO WOMAN has ever asked for a salary, so they got the bottom of the range” (my recollection of her words)

That really hit home – a woman telling the world that wage parity was there for the asking, but, no female asked for it.

I found it sad, but on a deeper level, I wonder “why did no female ask??”

Sorry Garth – back to your regularly scheduled program.

#147 Duke on 08.08.18 at 2:31 pm

#125 IHCTD9 on 08.08.18 at 10:56 am
#104 Howard on 08.08.18 at 6:35 am

It’s now about women’s privileges. Basically, whatever extra perks they can get. Canada’s bloated and overpaid public sector can be considered a giant scheme to transfer wealth from men (who make up most of the private sector) to women (who dominate the public sector).
_______

That’s why I’m pushing for polygamy. Once it’s legal I’m going to marry up 3-4 more wives who are public servants. That’ll have me set for life, and circle all the taxes I ever paid out over my life right back to me.

Then I’ll officially change my gender to F to save a boatload on car insurance.

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

LOL. Excellent plan. However, polygamy doesn’t work for me as I can barely handle one woman in my life.

#148 IHCTD9 on 08.08.18 at 2:50 pm

#145 NoName on 08.08.18 at 2:20 pm
wtf is going on in canada ???

I hope that everything i just red is a wrong, very wrong.

https://cssa-cila.org/

scroll down to newsletter and click on “CSSA Special Report: The Elephant in the Room | August 7, 2018”
__________

If that’s all true – then what the hell else don’t we know that we should?

Also if it is true, time to get the heck out of the GTA. It means there is more, was more, and will be much more. Willfully keeping the people dumb and blind only reinforces the idea that a huge catastrophe may lie just below the surface…

#149 Almost A Boomer on 08.08.18 at 2:53 pm

Crumbling infrastructure is another good reason for not owning real estate in the GTA. Problems will get worse.
Public servants are not to blame for the flooding in Toronto. They make recommendations to Council and do not decide which projects are done nor do they control funding. Infrastructure projects are not a priority. Politicians and the last twenty five years of mayors have refused to invest in building and maintaining critical infrastructure. They prefer to keep property taxes low so they get elected. And they don’t insist that all unpaid property taxes and other fines are collected.

#150 saskatoon on 08.08.18 at 3:05 pm

“…invested safely inside your TFSA where it will be growing…”

this is simply not necessarily true.

If you invest badly, of course not. – Garth

#151 James on 08.08.18 at 3:09 pm

#138 Smoking Man on 08.08.18 at 12:37 pm

5 out of 5 for Trump.
Red wave in the Mid Terms
AOvVaw3HDHKh8KfwgVjjGT7BZjFU
In 2019 T2s Librals go extinct.
________________________________________
Hey old man I’ll admit a win is a win but may go to the wire at .5% difference therefore invoking an automatic recount.
BTW Shouldn’t you be running hard and fast right now? Old man did you fall asleep with another cigarette in your hand.
http://www.latimes.com/local/lanow/la-me-oc-fire-20180806-story.html

#152 KLNR on 08.08.18 at 3:10 pm

@#2 Axehead on 08.07.18 at 5:01 pm
Paid off my first house in 5 years. Price was exactly 3.5 times my income (pre-tax). Being debt free is freedom.
__________________

freedom indeed.
took me 14yrs though living downtown Toronto and such

#153 jess on 08.08.18 at 3:20 pm

central banks

voting rights – private shareholders
https://www.ft.com/content/0a766658-8cb9-11e7-a352-e46f43c5825d

Minsky : “When an economy reaches the Ponzi-financing stage, it becomes extremely sensitive to asset prices. Any downturn or even an extended flat period can trigger a crisis.”
https://www.forbes.com/sites/johnmauldin/2017/06/22/the-swiss-national-bank-owns-80-billion-in-us-stocks-heres-the-catch/#73cfa5745362

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

interesting
https://en.wikipedia.org/wiki/Hegemonic_stability_theory

#154 cultural elitist on 08.08.18 at 3:27 pm

@135 // 143 – IHCTD9
I can use the same type of metric to show wage gap inequalities between folks with brown eyes vs. blue, red hair vs. blonde, English speaking vs. French, meat eaters vs. vegans, Yamaha owners vs. Honda owners, on and on and on and on.

Actually, you can’t. The differences between these groups you mention would not be statistically significant, as long as your methodology is sound.

If you don’t understand statistics, I can’t help you.

#155 devore on 08.08.18 at 3:32 pm

#107 Renter in Burlington

Women do NOT have political equity and they still make at least 20% less than men. Ask any woman and she’ll tell you.

I wonder why no genius has started a company full of women workers (because it’s ok to discriminate against men), pay them 20% less for the same work, and laugh all the way to the bank.

Oh yeah, that’s because there’s no wage gap. Quit spreading nonsense.

#156 AGuyInVancouver on 08.08.18 at 3:42 pm

LOL, the AOWGs are really working themsleves into a frenzy over this one. As if the negligible trade between Canada and teh corrupt despotic House of Saud is irreplacable. It and their oil is easily replaced. Buh bye wahhabi docs, don’t let the door catch your thawb on the way out.

#157 Howard on 08.08.18 at 3:57 pm

#135 cultural elitist on 08.08.18 at 12:27 pm
@IHCTD9 // Wage equality in Canada:

https://www150.statcan.gc.ca/n1/en/daily-quotidien/170308/dq170308b-eng.pdf?st=h2qtq_Dt

See page 2 – In 2017, Canadian women earned $0.87 for every dollar earned by men, largely as a result of wage inequality between women and men within occupations

Now can we get back to ranting about the government? ;-)

———————————————

I’m blown away by the lack of critical thinking in your comment.

Women on the whole earning less than men on the whole does not prove that there is inequality in IDENTICAL candidates for IDENTICAL positions.

You are proposing equality of outcome (basically, an end to any semblance of meritocracy) instead of equality of opportunity.

Here. Learn the difference : https://m.youtube.com/watch?v=aMcjxSThD54

#158 Newcomer on 08.08.18 at 3:59 pm

#150 saskatoon on 08.08.18 at 3:05 pm
“…invested safely inside your TFSA where it will be growing…”

this is simply not necessarily true.

If you invest badly, of course not. – Garth

———-

I occur to me that the emergency fund becomes less useful as total assets increase. If you’ve got a couple of million in liquid assets, there aren’t many situations in which it is likely that you will get into the kind of trouble where having 50K cash in your savings account, vs a LOC, would make a difference. If you’ve got a 100 K in total assets and some amount of debt, then it’s easy to imagine scenarios in which LOC could go poof. If that happened, then it’s easy to imagine a person making the bad investment decision of selling some of those assets at sucky prices.

#159 Musty Basement Dweller on 08.08.18 at 4:03 pm

Good to see socks is partying like crazy at pride in Vancouver (in between holidays on the beach) Dang it though it seems like his group has royally made a (financial and otherwise) mess everything they have touched so far in government. Except for maybe pot?man?

#160 Where's The Money Greedo? on 08.08.18 at 4:06 pm

Re: #18 TheDood on 08.07.18 at 6:18 pm
…..Canada plans to seek help from the United Arab Emirates and Britain to defuse an escalating dispute with Saudi Arabia, …..
____________________

“Besides oil, what does Saudi offer the world? Why so important to restore the relationship?”

Dood, the US states that SA exports terrorism. Remember 911, lol. All Saudis supposedly……Isn’t that where the Bin Laden family is from?
We don’t want a airliner flying into the CN Tower do we?
LOL

#161 dakkie on 08.08.18 at 4:10 pm

Housing Bubble 2.0: Red Flags Popping Up All At Once. Feels Like This May Finally Be The “Big One”.

http://www.investmentwatchblog.com/housing-bubble-2-0-red-flags-popping-up-all-at-once-feels-like-this-may-finally-be-the-big-one/

#162 Barb on 08.08.18 at 5:18 pm

Plus many seniors are deferring their property tax payments! Wow.

#163 Don Chogni on 08.09.18 at 7:55 am

It’s principal payments, not principle.
This triggers me as much as the country of “Columbia”!

#164 CHERRY BLOSSOM on 08.09.18 at 10:45 am

Canadian Minister C. Freiland should be FIRED. I can’t believe her arrogance tweeting a Prince of Saudi Arabia. the Prince said Canada should “Mind its’ own business” If only Canada would look after its’ own affairs and take care of its citizens. Just stop being a globalist . Take a page out of Trumps book.

#165 Joel Cormode on 08.09.18 at 12:08 pm

Garth, You recommend TFSAs and I see the sense in that. However I have dual citizenship with the US and I’ve been advised many times (by my accountant among others) that the US does not recognize TFSAs and if I have one it’ll just get taxed away. What do you recommend for people in this situation?

Renounce. – Garth