The doc

The Doctor is IN!

Ashley’s an MD living the swell life in BC. Got it all. Nice house, new truck, new kid, good hubs, big income. But Ash is vexed. Is all this peachiness floating on a sea of debt?

First the suck-up: “I have enjoyed reading your blog for years and really value your expertise. My father and father in law both read it, so I’ve had some great family discussions from this. I try to take in as much as I can about finance and am slowly dipping my feet into creating an investment portfolio. BUT first I must pay off all my debt… right ?! I am unsure. As I read your post today I thought why not just ask for some advice?”

Why not? This is an equal opportunity blog. We heal the doctors. We lift the deplorables. We pity the moisters and spank the wrinklies. Together we seek that holy grail. Balance. So, doc, what’s problem? Who are you?

“I am 30, married, have one child. I am in my 2nd year of practice as a family doctor, coming out of school with $400 000 of debt from international school (200k to a LOC and 200k to my parents). In 2015 we bought our first house with the additional help of $20 000 from my parents, $655k for a detached house in Burnaby, BC at the time I was still a resident doctor in training. 2016 I opened my practice, enjoyed holidays, bought a new truck and had a kid. 2017 I was off for my 6 months of unpaid mat. leave. I returned to work in late 2017 and decided to take a deeper plunge into debt….we sold our house for $1.2 and upped our mortgage for our dream house (purchase price $1.8. I am not fearful about the real estate market/mortgage rates at this time because I have no plans to sell in the next 15 years and it is within our affordability.

”My husband’s annual income is 100k and my 2018 gross will be approx. $275k with ~ $70 000 in true office expense. Our investments (RRSP, TFSA and RESP) total $26,000.”

Hmm. Let’s summarize. Personal, variable-rate educational debt of $400,000. A mortgage of at least $1 million (assuming you bought the first house with 20% down). Liquid assets piteous, at barely more than twenty-five grand. Household income of $300,000, pre-tax, or three times the Van average. What’s the plan?

“So, my question is….what now? What do I do with my pay cheques? Do I worry about diversifying and investing now or do I focus on debt reduction?!  So far it’s been putting everything I can into the LOC (my father preaches debt reduction), the folks at MD Management have encouraged RRSP contributions and investing….

“I am very type A and like to have a clear plan of exact amounts into specified accounts….also need to plan ahead for kiddo numero 2. The medical profession doesn’t get near enough business and financial education they need to make big decisions from a young age. This debt makes me really nervous, but everyone reassures me its a “good debt” for education and real estate. So, how do I best plan my 30’s to set up my 40’s and later years??

“Feel free to share this general info on your blog.”

Ashley, forget your dad. He grew up in another age. Forget MD Management, the financial outfit which loves sinking its talons into the flesh of unsuspecting baby-doctors. You and your husband need to determine if the risks you’ve taken are reasonable, given your circumstances.

Of course, they’re not.

Net worth looks like only $300,000, of which over 90% is in one asset – your property. And, yes, you bought at a dangerous moment in history – mid 2017 – when peak house was with us. Worse, it was in one of the most delusional places on the planet – suburban YVR – about to be overrun by Comrade Premier Horgan’s orange rabble. The Dipper tax crusade against real estate and ‘rich’ people like you has only started to take its toll. Expect consistent equity declines in the future.

So you now have the better part of $1.5 million in debt, most of it against an asset with a high potential of declining in value. You want another kid – which will mean more months of unpaid maternity leave. Then, with two toddlers, you’ll face high daycare costs ($3,000 a month?), or be tempted to stay at home for a few years, radically affecting income. But with such a steaming load of debt, that might be impossible – so past decisions will have real consequences on your life going forward.

Without a doubt, you lack balance. You’ll be trapped in your work for years to come. Plus, if you are getting investment and tax advice from you-know-who, your miserable and inadequate portfolio is likely sitting in crappy, expensive MD mutual funds. You might even be making the classic mistake of paying yourself in dividends instead of salary, and accumulating capital inside your professional corp.

So, Ash, maybe you’re an aggressive Type A lady, but you’re also self-indulgent, hedonistic and cruising for trouble. The house will likely decline. The costs of your floating debt will rise.  The debt is elephantine. Your hormones are pesky. And your question – do you invest or pay down some of this obligation – is the wrong one. Hate to tell you, Ashley, but you can’t have it all. They lied.

Step back. Sell the house. Trash dangerous debt. Focus on building up investments (you have no pension). Stuff the TFSAs and RSPs. Dump the mutual funds. Get a real advisor. Do a budget so all that income doesn’t fritter away. Delay the next child. And, sheesh, learn to wait for stuff, like a regular person.

203 comments ↓

#1 Look behind the scenes on 08.09.18 at 4:32 pm

It’s possible (it was for me anyway) to get a legitimate viewing of “The Magnitsly Act: Behind the Scenes”. I did it by sending an email request to [email protected] offering to pay a reasonable price for the privilege. I was sent a private URL requiring a password with the suggestion I could make a donation to http://www.matriark.no if I desired.

My brief review of the video:

The Magnitsky Act was pretty much the beginning of the current round of Russia bashing and sanctions, and it’s based entirely on a story made up by William Browder. (It seems some other made up info used to bash Putin and Russia originates with Browder also.) Magnitsky did die in a Russian prision, but the story about it current in the West was almost entirely made up by Browder who hired a Putin opposition Russian documentary film maker to to make the story into a video. The film maker actually did some investigating instead of taking Browder’s word for it and made a sort of two part documentary. The first part is pretty much the film Browder commissioned him to make, and the second part is much more like what really happened which convincingly shows, with convincing evidence and testimony including Browder’s, that Browder is a fraud. Browder is working very hard, and successfully, to prevent this video being viewed by anyone which is why I went to considerable effort to get a chance to view it.

There is also a book which is a review of Browder’s book “Red Notice” which Browder has been very successful at suppressing. The author’s story on that suppression here

https://thenakedhedgie.com/2017/09/22/amazon-com-burns-my-book-and-you-need-to-know-about-this/

The book also contains some of the same info as the video. I got a copy of the book very soon after it was published under its original title just days prior it being taken down from Amazon. I contacted the author, Alex Krainer, go get these links where his book is currently available under its revised title:

https://www.redpillpress.com/shop/grand-deception-bill-browder-magnitsky-act-russian-sanctions/
https://www.amazon.com/Grand-Deception-Magnitsky-Anti-Russian-Sanctions/dp/0692131957/ref=sr_1_2?ie=UTF8&qid=1533665704&sr=8-2&keywords=alex+krainer
https://thirdalliance.ch/product/grand-deception-the-browder-hoax/

My previous post on this subject:
#38 Look behind the scenes on 09.01.17 at 8:59 pm https://www.greaterfool.ca/2017/09/01/echo-boom/

Other references to Magnitsky, the eponymous act, Browder and his book “Red Notice” on this blog:
#31 jess on 12.20.13 at 9:45 pm https://www.greaterfool.ca/2013/12/20/the-hedge/
#225 jess on 02.27.15 at 6:43 pm https://www.greaterfool.ca/2015/02/26/polozonomics/
#141 jess on 01.09.17 at 1:52 pm https://www.greaterfool.ca/2017/01/08/the-predicament-2/
#20 jess on 05.10.17 at 7:02 pm https://www.greaterfool.ca/2017/05/10/out-of-the-box/
#21 Gravy Train on 09.01.17 at 8:10 pm https://www.greaterfool.ca/2017/09/01/echo-boom/
#160 jess on 09.14.17 at 1:55 pm https://www.greaterfool.ca/2017/09/13/the-do-over-2/
#145 45north on 10.04.17 at 9:44 am https://www.greaterfool.ca/2017/10/03/elevated-risk/
#40 Ian on 10.06.17 at 7:00 pm https://www.greaterfool.ca/2017/10/06/leaders/
#152 crowdedelevatorfartz on 10.07.17 at 11:55 am https://www.greaterfool.ca/2017/10/06/leaders/
#171 estimates on 10.07.17 at 2:08 pm https://www.greaterfool.ca/2017/10/06/leaders/
#126 jess on 10.10.17 at 2:19 pm https://www.greaterfool.ca/2017/10/09/my-fear/
#138 TnT on 10.10.17 at 3:31 pm https://www.greaterfool.ca/2017/10/09/my-fear/
#139 Ian on 10.19.17 at 12:45 am https://www.greaterfool.ca/2017/10/18/bad-dog/
#140 jess on 12.23.17 at 6:01 pm https://www.greaterfool.ca/2017/12/22/pop/
#127 Gravy Train on 03.23.18 at 10:15 pm https://www.greaterfool.ca/2018/03/23/begging-2/
#125 jess on 07.12.18 at 2:44 pm https://www.greaterfool.ca/2018/07/11/d-day/#comment-603918
#88 akashic record on 07.25.18 at 10:58 pm https://www.greaterfool.ca/2018/07/25/the-stressor/
#27 Doghouse Dweller on 07.28.18 at 7:24 pm https://www.greaterfool.ca/2018/07/28/illiterate/
#32 NoName on 07.28.18 at 8:03 pm https://www.greaterfool.ca/2018/07/28/illiterate/
#41 akashic record on 07.28.18 at 9:36 pm https://www.greaterfool.ca/2018/07/28/illiterate/
#45 Doghouse Dweller on 07.28.18 at 10:28 pm https://www.greaterfool.ca/2018/07/28/illiterate/
#62 NoName on 07.29.18 at 12:47 pm https://www.greaterfool.ca/2018/07/28/illiterate/
#76 Where’s The Money Greedo? on 07.29.18 at 3:06 pm https://www.greaterfool.ca/2018/07/28/illiterate/
#16 akashic record on 07.29.18 at 5:15 pm https://www.greaterfool.ca/2018/07/29/the-guardian/

You have way too much time on your hands. Take up gardening. – Garth

#2 non on 08.09.18 at 4:32 pm

first

#3 Record on 08.09.18 at 4:48 pm

#135 Ronaldo
And here is the assessment. $2.993 million. Looking for a greater fool.

That assessment is based on old SFH Residential zoning.

The owner has opted for a special treatment according to Section 19(8) of the Assessment Act. The land value remains being assessed according to the old zoning, which does not permit apartments.

So yeah, there is a provision where assessments are done on CURRENT USE of the propery, instead of POTENTIAL USE (which is the norm.)

https://info.bcassessment.ca/Services-products/property-classes-and-exemptions/section-19-8-of-assessment-act-special-assessments-for-certain-long-term-residents

You’ll see: once there are actually apartments on that lot, it will have that $11M land value, and then some.

#4 tkid on 08.09.18 at 4:50 pm

Doc, your first focus should be on repaying your parents. I’d also recommend selling the house and renting until you’ve cleared the $400,000 in debt.

#5 pay your taxes on 08.09.18 at 4:52 pm

How can people be so comfortable with those levels of debt? It’s like locking yourself into a prison. Must be affluenza. I didn’t realize that doctors made so little money for that amount invested in education, no wonder there are shortages.

#6 Dave on 08.09.18 at 4:58 pm

I have a few Doctor friends that all are in heavy debt but feel exempt from waiting for a glamorous lifestyle. Probably because they waited so long in school and dont want to wait any longer. Not to mention that society expects all docs to have a mansion, benz, and finer things in life.
Sadly real estate is soooo expensive that even Dr’s can not even afford without serious financial burden.
If its this bad for Doctors then what about everyone else???

#7 FLHTK on 08.09.18 at 5:06 pm

I would sell the house, pay off the 400k in debt and rebuild from there.

#8 MSM-Free Zone on 08.09.18 at 5:14 pm

“…..So, Ash, maybe you’re an aggressive Type A lady, but you’re also self-indulgent, hedonistic and cruising for trouble…….”
___________________________________

…..not to mention divorce.

I see a new Plenty-of-Fish princess profile in the very near future.

#9 Suede on 08.09.18 at 5:15 pm

first story has one incorrect fact…

“In 2015 we bought our first house with the additional help of $20 000 from my parents, $655k for a detached house in Burnaby, BC”

No chance there was a detached home at that price. Or even lot in all of Burnaby for that in 2015.

#10 Stan Brooks on 08.09.18 at 5:25 pm

If she (the doctor) gets sick and unable to work for some time, she and her family is toast.

So are 95 % of the (otherwise rich but very stupid) inhabitants of this place.

I can take 5 years off and not worry about income/enough passive income to sustain myself for life.

——————————

#98 Tater on 08.09.18 at 7:48 am

Here’s Stan with his inflation nonsense again. He doesn’t understand how it’s calculated but he’s really sure that every 10 years, the average Canadians standard of living is cut in half.

To be precise, for the stupid like you:

1. Official inflation reported by stats Canada is 20 % in the last decade, the real is 100 %. probably 300 % for housing in the big cities.

Look at the big Mac, Jimmy the Greek index, groceries, gas prizes etc.

2. You standard of living, if your income is indexed by inflation most likely declined by 40 % during that time.

You might not feel it if you have you house paid off and feel rich with your house ‘valuation’ but it is absolutely true for your food, energy, gas, clothing, your purchasing power is rapidly declining and will continue for a decade and a half to two, maybe 3 at that – 40 % per decade and maybe further accelerating speed.

The reality is that we live in an economic depression masked with ‘nominal growth’ of 2-3 % with real inflation 8 % + and that with running huge personal and government deficit (aka credit where (looking at total credit) we are number one in the whole wide world), note that is accompanied with large budget deficit.

IMHO we are declining (excluding credit) with real rate of 5-6 % anually and will continue with that for another 15-30 years.

Go to a Canadian grocery or retail store and see what part of the merchandise/groceries is made in Canada.

30 % for food, 10 % for general merchandise.

Can you brain, all 2 neurons of it comprehend that?
I can build a simple 3 layer neural network on a smart phone that is smarter than you.

#11 S.Bby on 08.09.18 at 5:27 pm

“Just not ready” Justin and his SJW sidekick Ms. Freeland has cost Canada four billion dollars in trade revenues and disrupted thousands of lives with the amateurish handling of the Saudi issue. What country deals with diplomatic issues via Twitter? Oh that’s right, Canada does.

Add this in with all the other meathead moves this Liberal government has made and I can’t wait for the next federal election.

#12 Sam the Sham on 08.09.18 at 5:28 pm

“I am not fearful about the real estate market/mortgage rates at this time because I have no plans to sell in the next 15 years and it is within our affordability.”
————————————————
OK Ashley, work out the best way to balance investments and paying down you debt, but keep your dream home. The mortgage and the other debt are “within your affordability”. Live in it and enjoy it. Life goes by too quickly. Use money to give yourself what you enjoy in life!

#13 JSS on 08.09.18 at 5:29 pm

”… my 2018 gross will be approx. $275k with ~ $70 000 in true office expense…”

I find it hard to believe that a family physician makes around $200K salary before income taxes.

There’s still CPP, and EI costs. What about medical/dental benefits? RRSP? Vacation pay? Stat holiday pay?

If this is the case, these doctors are really no better than a pharmacist, optometrist, or engineer. Even a dentist probably makes more.

#14 dakkie on 08.09.18 at 5:31 pm

UK “Housing Downturn” Pushes Biggest Real-Estate Agency with 10,000 Employees to Brink, Shares Collapse

http://www.investmentwatchblog.com/uk-housing-downturn-pushes-biggest-real-estate-agency-with-10000-employees-to-brink-shares-collapse/

#15 S.Bby on 08.09.18 at 5:35 pm

“Step back. Sell the house. ”

That will be easier said than done. I’m living in South Burnaby – Deer Lake area and single family houses are not selling. This area’s market for SFH is completely seized up at the moment.

#16 NoName on 08.09.18 at 5:40 pm

for type a person, press play.

https://youtu.be/7JB8xizXnT0

#17 Time to Pay the Piper on 08.09.18 at 5:41 pm

I can just hear her reading this.. “But but but I’m a doctor!” Type ‘A’, lol.

#18 pay your taxes on 08.09.18 at 5:41 pm

#6 Dave on 08.09.18 at 4:58 pm

I have a few Doctor friends that all are in heavy debt but feel exempt from waiting for a glamorous lifestyle. Probably because they waited so long in school and dont want to wait any longer. Not to mention that society expects all docs to have a mansion, benz, and finer things in life.
Sadly real estate is soooo expensive that even Dr’s can not even afford without serious financial burden.
If its this bad for Doctors then what about everyone else???
Xxxxxxxxxx

I used to know a very successful dentist who is also financially prudent. He decried the irresponsibility of guys fresh out of dental school who racked up huge debts to live the (yet unearned) lifestyle to which they felt entitled. Just a few more years of deferred gratification could set them so far ahead in life instead of being behind the 8 ball.

#19 Catalyst on 08.09.18 at 5:42 pm

How in the heck did they qualify for the mortgage? Seems like maybe a cosigner (parents seem well off). As much as you face an uphill battle you also have the potential to make it through. You are almost sure to lose money if you sell now so I would say work and slowly chip away at the debt. You dont face risk of layoffs like most and you can certainly do 400k+ if you work a bit more. Be cognizant that next you will want commercial r/e for the practice and you will realize you dont qualify due to personal debt loads. As someone who did small biz loans I would say your situation is very common unfortunately but your earning potential can pull you out of this mess.

#20 bsallergy on 08.09.18 at 5:43 pm

Funny that is the kind of advice I give along with telling people to learn the joy of missing out.

#21 Stan Brooks on 08.09.18 at 5:45 pm


#5 pay your taxes on 08.09.18 at 4:52 pm
How can people be so comfortable with those levels of debt? It’s like locking yourself into a prison. Must be affluenza. I didn’t realize that doctors made so little money for that amount invested in education, no wonder there are shortages.

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

The doctors are the last left models/poster children for the Canadian ‘success’/dream story. Lawyers have dropped from that category 15 years ago.

Only 10 % of the completing pre-med have any chance to continue with med only to find themselves after heavy study and huge debt, allocated to the northern territories unless they accept a job in the emergency for 120 k in GTA, not enough to pay the rent and physically sustain themselves (stuff like food and gas, heating).

In reality a single doctor can not support a family anywhere in the big cities and two doctors in a family can not make it in GTA/Vancouver if graduating now even without ever having kids!

It is the last phase of a terminal ill society where even top professionals can not reproduce due to high and ever increasing (run away) cost of living, this is why we desperately need new immigrants and then realizing that:

1. No quality immigrants in their right mind will come to this place with this cost of living/net income ratio.

2 Temporary work is just that, temporary and will not address the shortage of truly skilled labour.

Expect vital, essential services to further deteriorate to a degree of complete lack of such/key essential services like health care and education.

A doctor in India is 5 times better off than such in the big cities in Canada.

So learn to be patient, these waiting times will further increase.

#22 Cj on 08.09.18 at 5:49 pm

Your parents must really love you and hopefully aren’t suffering financially.

#23 Danny on 08.09.18 at 5:49 pm

“BUT first I must pay off all my debt… right ?!..” or unload some as Garth says.

Too many with low paying jobs have so much debt in over priced homes and expensive car….that all they may leave their children is…..more debt….unless they divorce and then are forced to dump their debt.

With 50% divorce rate…..1 in 2…will sadly be forced down this path which according to statistics…..many divorce because of financial matters.

Live more modestly….focus on your family and marriage….too much debt could drag you down.

And be happy you don’t live in ” Sad”…..Arabia with lots of money….but no freedom to speak one’s mind.

How do we put a value on freedom of speech?

Look at Garth he chose freedom of speech and we who comment are grateful….even though we don’t agree at least we try to see other points of view.

When it comes to debt by real estate…..there are very few “Garths” out there who brings us facts and good analysis despite being blocked to more market truths by those who profit by trying to fudge numbers for us fools to be tricked.

Yes Doctors may need to show wealth by “house” to their extended families……but many famous people like French Architect Le Corbusier……were tenants.

In Europe….being a tenant is not being ” looked down at ”

There they value agricultural land more than here.

#24 renter in Surrey on 08.09.18 at 5:53 pm

Can we go back to fear-mongering RE?
What’s the forecast?
Crash, no crash, goes down or up?

#25 Renter's Revenge! on 08.09.18 at 5:58 pm

Why is the breadwinner of the family taking unpaid mat leave?? That makes no sense.

#26 Eye Roll on 08.09.18 at 5:58 pm

Congratulations Ashley,

You’re officially the poster-child for everything that is wrong with Canadians.
Greed. Debt. Entitlement.
Don’t have any more children. Please.

#27 Christy Clark Gift on 08.09.18 at 6:00 pm

House bought for 655K in 2015 and sold for 1.2M a few year later?

Liberal rule at its finest.

Looks to be a bright future for those in the Lower Brainland. Debt prisoners. One thing is certain with debt prisoners: health problems. Plays right into this doctors game.

Will any doctor be buying a house in Burnaby today? Spoiler answer: no. Sorry, you don’t make enough money.

But don’t tell this doctor that. They seem to be a financial genius.

And what a joke of a province BC has turned into.

But Garth thinks it is all Horgan’s fault for interfering in the market, so that a new doctor in 2020 might be able to afford an apartment rental. Maybe.

Getting out of the city is better for your health.

#28 Matt on 08.09.18 at 6:00 pm

Could you elaborate on the classic trap of accumulatig capital in the corporation? Is it related to the passive income changes the government made this year?

#29 Entire BC Real Estate Market is Frozen on 08.09.18 at 6:02 pm

Frozen. No other word for it. BC is in big trouble.

#30 Mark on 08.09.18 at 6:02 pm

Holy skokes. This woman seriously has no idea how close she is to imploding does she?

#31 Stan Brooks on 08.09.18 at 6:03 pm

#23 Danny on 08.09.18 at 5:49 pm

You can’t apply logic in a mental institution. Look at the leaders of this place, do you think it is a coincidence that they are mentally/intellectually challenged? (I would not say ‘retarded’ but close to that). And them run.

#32 BC Real Estate poised to drop 23% from here. on 08.09.18 at 6:05 pm

23.45% more of a drop in BC real estate within 9 months time.

Time stamp this.

#33 Dave on 08.09.18 at 6:11 pm

The family Doctors I know all make between $425,000 to $500,000 per year once they have a full practise. Minus office, receptionist, taxes.

#34 Leo Trollstoy on 08.09.18 at 6:14 pm

And, yes, you bought at a dangerous moment in history – mid 2017 – when peak house was with us. – Garth

They should have been SELLING during 2017 peak house

#35 The Real Mark on 08.09.18 at 6:14 pm

When was peak basement?

Because I live in my mom’s

#36 paul on 08.09.18 at 6:19 pm

Boy. the Danforth shooting info got real quite. Why ?

https://www.ammoland.com/2018/08/elephant-in-the-room-john-torys-grand-deflection/#axzz5NhYaCa92

#37 Hawk on 08.09.18 at 6:23 pm

But lol a “regular” person in Canada, doesn’t wait, that’s exactly the problem. Instant gratification is the slogan of our times.

In a credit fuelled world, what is now normal has become toxic.

#38 Prairieboy43 on 08.09.18 at 6:23 pm

Make the young Doctor, Count to a Million. Then maybe, they will realize how big number Million is. Tic-Toc………..
PB43

#39 Wearing Thin on Kelowna Businesses on 08.09.18 at 6:25 pm

50-year business owner Illichmann Meats Sausages & Gourmet Foods has had enough and packing up after being threatened with needles, threats of having his house burned down, business vandalized and witnessing of mid day assaults around the shop.

https://globalnews.ca/video/4326717/kelowna-business-fed-up-with-homeless-camping-by-capri-mall/

And your 800k residential home budget in this deteriorating area will balance itself.

#40 saskatoon on 08.09.18 at 6:25 pm

“self-indulgent, hedonistic and cruising for trouble…”

not only that, but who is raising her own child?

disgusting.

#41 Zapstrap on 08.09.18 at 6:30 pm

I wonder if she learnt a lesson from this … don’t ask for Garth’s advice on a Thursday …

#42 Jungle on 08.09.18 at 6:35 pm

Ashley don’t sell your house..lol

Hybrid approach? 50% debt reduction, 50% RSP/TFSA.

in 10 years, with your income I wouldn’t be too worried

#43 Blutterfy on 08.09.18 at 6:36 pm

Re #13 JSS

Yes. Can confirm. Have 2 friends with shiny new MD’s, one friend a dentist and 2 engineers. If you can stand other people’s mouths the dentist is raking it in. The MDs make less than my engineer friends and a lot less than my dentist friend.

#44 dosouth on 08.09.18 at 6:37 pm

But “I” deserve all this having left the country to get my degree and come back to heal the sick and wounded in my own country. Why no at home education? Self indulgent to say the least. Bet all your well targeted advice goes unheeded and Ashley’s parents have said bye-bye to all that cash.

Like yesterday’s post, her parents should have bought an RV and started enjoying their well and hard earned future….who would have thought?

#45 akashic record on 08.09.18 at 6:39 pm

#1 Look behind the scenes on 08.09.18 at 4:32 pm

You have way too much time on your hands. Take up gardening. – Garth

This was actually a pretty good form of gardening, as in spotting bad apples or getting rid of the weed in the flower fields.

Gardening is time consuming, of course, unlike sucking up pre-chewed formula, designed for kidults to consume without paying attention and suspending any thinking.

The Magnitsly Act is a textbook example of this.

You wouldn’t know it, of course, unless you spend a bit of gardening time, since the Magnitsky Act is one of the most groomed mainstream media stories, with ample amount of ink and broadcast time spent on it, in the entire G7, including in Canada – most of it from taxpayers money on publicly funded media outlets.

What makes the Magnitsky Act unique, is that the orchestrated mainstream media campaign was successfully transformed into writing laws in G7 countries – based most likely on fabricated fake news, as it certainly seems like.

It also seems to became a standard template for rich people to use their money and connections to own and remote control eager, corrupt or both type of lawmakers to pursue the hobbies of billionaires.

Wish they were reading this blog and pick up gardening, instead.

The world might be less of a jungle, more of a paradise from their pruning hands.

#46 April B. on 08.09.18 at 6:39 pm

Come live in Toronto! We need you while Doug Ford will kick out all of the welfare moochers away from the TCHC slums.
Jennifer Keesmaat will not become mayor anyways because who wants to build houses in our great city for undesirables like welfare recipients? Toronto is a global city and we don’t have time to waste tax dollars on moochers. GET A JOB!

Doc, you’re going to like it in Toronto Ontario. Doug Ford will lower your taxes by 2019. I can help you with some houses and condos as I’m a Real estate agent.

#47 she'll be fine on 08.09.18 at 6:43 pm

within a few years her income will be over $325,000 , then add hobbies…geez

give me a break. Aggresively save and pay down. easy peasy….bunch of old farts post in this place

#48 tccontrarian on 08.09.18 at 6:44 pm

Perhaps ‘Ash’ is quite an appropriate name for this Doc.
She doesn’t realize that all those ‘dreams’ can quickly turn to…yes, ash, very quickly.
Things could go other than ‘planned’ and given how much debt she has on the books, she’s on a thin line already.

The answer is obvious, and I agree with Garth here, ‘sell’ ASAP as the ship is going down. Rent for 3-5 years and pick up other peoples broken dreams then – debt free!

My guess? Too big an ego to accept having been a greater fool (by buying AT THE PEAK of a mania) – so, very unlikely to heed the advice.

TCC

#49 Tony on 08.09.18 at 6:47 pm

If home prices in and around Vancouver stay where they are presently a mass exodus out of Vancouver will occur. This will push down the price of homes. The odds of her house dropping in price is almost a certainty.

#50 MF on 08.09.18 at 6:50 pm

#6 Dave on 08.09.18 at 4:58 pm

Everyone is spending tons of time in school and incurring huge debt, not just Dr’s.

#5 pay your taxes on 08.09.18 at 4:52 pm

The “shortage” of Dr’s is created by their colleges, who only allow a certain amount of new graduates to enter the profession at a time.

Go to any undergraduate university and ask a few students who wants to go to med school and you will see why the “shortage” is artificially created.

MF

#51 Koots on 08.09.18 at 6:51 pm

“You might even be making the classic mistake of paying yourself in dividends instead of salary, and accumulating capital inside your professional corp.”

Why is this a classic mistake?

#52 Marie Soo on 08.09.18 at 6:56 pm

She’ll never sell the dream house now. So sell the truck, eat at home, take on extra hours – pay down debt.

#53 MF on 08.09.18 at 6:59 pm

#21 Stan Brooks on 08.09.18 at 5:45 pm

“1. No quality immigrants in their right mind will come to this place with this cost of living/net income ratio.”

-One of the most ridiculous statements I’ve ever read.

I work with tons of recent immigrants, and they do well.

What is a “quality immigrant” to you?

To me, it’s someone who is grateful to be here, who is hard working, and who wants to lay down roots.

Almost every new immigrant I know possesses those qualities.

Do you have any friends?

MF

#54 WUL on 08.09.18 at 7:03 pm

41 years ago my sister announced to all of us that she had been accepted to medical school. My brother uttered one sentence. “Please promise you will never invest in a restaurant.”

Will a restaurant in Burnaby perform better than real estate there over the long term?

While Ashley is on the line, one question. My doctor says my prognosis is fine. I could have sworn I injured my prognosis recently in a mountain biking crash. Should I see a specialist?

Thx,

WUL

#55 MF on 08.09.18 at 7:05 pm

#37 Hawk on 08.09.18 at 6:23 pm

It’s an “instant gratification and debt fueled world” now because -with regards to RE- anyone who jumped in and bought is well ahead and did well.

Those of us who rented, saved, sacrificed, and invested are behind due to “delayed gratification”.

It’s backward to a proper life philosophy in general, but with regards to finance, those who take risks often get ahead. Canadian RE has been an example (at least here in the GTA).

MF

#56 Guy in Calgary on 08.09.18 at 7:10 pm

This post gave me the fear. Kind of like when you watch someone bomb a presentation at a meeting and you get the uncomfortable feeling in your gut. This story made me feel that.

Obviously comes from a well off family if they were able to loan her $200k. Wanted that life right away. Not how it works… not with $400k in debt right off the bat, regardless of your income.

Priorities should be pay off debt starting with the higher interest and also start saving. Establish a PLAN towards home ownership and your future, have the kids and execute the plan. Instead we have accumulate ONE MILLION IN NEW DEBT AND HAVE ANOTHER CHILD.

What the actual f***.

#57 Guy in Calgary on 08.09.18 at 7:13 pm

44 dosouth on 08.09.18 at 6:37 pm
But “I” deserve all this having left the country to get my degree and come back to heal the sick and wounded in my own country. Why no at home education? Self indulgent to say the least. Bet all your well targeted advice goes unheeded and Ashley’s parents have said bye-bye to all that cash.

Like yesterday’s post, her parents should have bought an RV and started enjoying their well and hard earned future….who would have thought?
—————————————————————

She likely didn’t get accepted here and had to go abroad since it is so competitive here. I wouldn’t assume self indulgence.

If any professional deserves a good lot in life, it’s a MD. They pay their dues through school, have an incredibly stressful job and save lives. If anyone is going to make bank, let it be them.

#58 MF on 08.09.18 at 7:14 pm

#45 akashic record on 08.09.18 at 6:39 pm

So to sum up you are paranoid and fearful of everything.

Then you allay your fears by creating your own view of order among chaos.

Then you project your own unproven/biased/political conjecture as theory to us all. Patting yourself on the back as if you are some awakened prophet.

Here’s a thought: you don’t know anything either.

MF

#59 Poor Diagnosis on 08.09.18 at 7:18 pm

…“I have enjoyed reading your blog for years and really value your expertise. My father and father in law both read it, so I’ve had some great family discussions from this.
——————————————-
Apparently you read but did not lean. Hmm not sure you will learn from today’s blog.

#60 Drew on 08.09.18 at 7:34 pm

When did debt reduction become old fashioned?

I agree with Marie Soo she’s probably very reluctant to sell her dream home and needs to cut expenses like the truck (F150 I’ll bet), restaurants, Starbucks, vacations, cable, and any anything else you can find.

#61 Hawk on 08.09.18 at 7:36 pm

On the thing that is particularly strange about people is this:

Everyone loves a house, and would like to have one, and so many people purchase one, some for whom the affordability is reasonable and some for whom its a stretch.

But what I can’t understand is the need for so many (including Ashley) to UPGRADE to an EVER LARGER house.

I have never seen a house in Canada, (and I have seen tons), no matter how small that did not have atleast two bedrooms and one full washroom the overwhelming majority have three bedrooms and two washrooms. This is enough for a family of four people.

In addition, almost all houses have minimum two levels. Why are people not content with this much living space? Warren Buffet has lived in the same house for over 40 years.

Why do people always keep on getting bigger places and bigger mortgages?

#62 akashic record on 08.09.18 at 7:44 pm

#53 MF on 08.09.18 at 7:14 pm
#45 akashic record on 08.09.18 at 6:39 pm

So to sum up you are paranoid and fearful of everything.

Then you allay your fears by creating your own view of order among chaos.

Then you project your own unproven/biased/political conjecture as theory to us all. Patting yourself on the back as if you are some awakened prophet.

Here’s a thought: you don’t know anything either.

MF

I know you didn’t watch the documentary, but you have an informed opinion anyway.

“What does that make you?”, to quote our host.

#63 Last of the GenX on 08.09.18 at 7:45 pm

#53 MF

I wouldn’t say it’s such a ridiculous statement. I am an immigrant, and I am doing VERY well, however, unless things change, I am not going to stay here. Nobody can sell me the “dream” of renting forever (and no, it is NOT the norm in Europe).

#64 B20 is the real deal on 08.09.18 at 7:49 pm

A 30ish doctor living in a house worth 1.8 million and debating debt issues and lifestyle choices.

Vancouver people and their economic prospects are messed up.

From what I hear, the health care system in BC is already stretched to the max and barely keeping its head above water. Seems to be the ongoing theme there?

#65 young & foolish on 08.09.18 at 7:53 pm

Us young people seem to get flummoxed by trying to keep up with how economic tends will affect us. For example, we hear that Trump is the inflation president, and that interest rates are going up. OK, and so RE values should drop since credit becomes more expensive. But then we also read that real assets (RE again) also rise in value during inflationary times.

Huh?

#66 crowdedelevatorfartz on 08.09.18 at 7:54 pm

@#47 she’ll be fine
“give me a break. Aggresively save and pay down. easy peasy….bunch of old farts post in this place”
+++++

Hmmm
400k worth of school debt.
1,000k in mortgage debt.( single family dwelling sales and prices ?…..tanking).
Wants to have a 2nd kid which means more Mat leave.
26k in “investments”.
No
She’s not “fine”.
Sickness (from anyone in her circle).
Interest rates rising.
Parents HELOC loan to pay her tuition comes due….
Divorce. Sell the house for a loss.
On and on and on.
They should sell that financial albatross.
Pay off all the other debt and then start saving.
Just the fact that she has emailed Garth says volumes about her fear of the unknown.
But if you believe this latest slide in Real estate is temporary and it will go “uppa uppa uppa” forever.
Ok.
Perhaps she can email Garth this time next year?

#67 Cici on 08.09.18 at 8:01 pm

The things that make you go hmmm…

How did this women get into med school? I didn’t know that smart people could be that careless and reckless…

Hope most of her peers are a little more astute.

#68 AGuyInVancouver on 08.09.18 at 8:03 pm

Who sells a perfectly good house when they are carrying $400k of student debt? This new place isn’t your dream house, it is a nightmare.

#69 lawnboy on 08.09.18 at 8:04 pm

#21 on 18/8 /8 re; VW Van.

1 . My first wheels, 1965 beetle 1200cc, got me from University of Banff Springs Hotel to SanDiego to Canada via Florida. What a car.

2. There is a saying about VW Van…”if your in a crash, your the first one at the scene!”

3. There’s a Subiroo kit to replace the factory smoker, turbo gets you 300 puppy’s, no waiting.

#70 Viorelli on 08.09.18 at 8:07 pm

As I had stated earlier many young, well paid professionals are also suffering here in the GVRD. The main culprits are high student debt load, limited local earning potential, and very high cost of living. One of my dentist friends who is about to retire is grossing near $700.000 annually. But the overhead is above 60%, very high rent, dental supplies, laboratory costs, equipment upkeep, college and association fees, 6 employees. He is lucky to clear 300 annually on a corp account, from there he must still draw a salary and pay taxes. There is not that much money left at the end of the day, especially after the life style expectations, kids rep hockey fees, and a home stay spouse. He is almost 60 and not anywhere near able to retire. Never mind the complaints from the patients are up 270 % over the last several years, it is a very stressful business for the young grads to enter who must compete with dentists in Mexico and corporate chains buying all the locations here in BC, and hiring cheaply paid interns and associates. You might as well become an officer with a VPD, less headache and full pension later.

#71 akashic record on 08.09.18 at 8:08 pm

DELETED

#72 Damifino on 08.09.18 at 8:09 pm

#11 S.Bby

What country deals with diplomatic issues via Twitter?
————————————

Clearly, that would be the USA.

#73 Viorelli on 08.09.18 at 8:17 pm

Pay your parents back first. They did not suffer and slave away so that you could live in s nice home and have a second child on their dime! Sell the home, buy a used civic, pay off your student debt, rent in Surrey, and invest massively in your portfolio, accumulate your capital, then enjoy your lifestyle. Don’t become a socialist leech. My parents only helped me with free rent until the school was done. 19 year birthday, adios, learn to swim on your own, you will be a better swimmer very fast.

#74 Happy prairie guy on 08.09.18 at 8:23 pm

#95 Oft deleted much maligned stock.picker on 08.09.18 at 3:17 am

We have traveled extensively in the US and have never felt in danger even with a big maple leaf on our spare tire cover. Perhaps having a small RV helps.

Not all RV’s depreciate fast. We have a quality Canadian made small molded fibreglass fifth wheel our second having sold our first for $1000 less than we paid for it after four years. Yes most newer RV’s do depreciate quickly because of water leaks destroying them.

#75 Mattl on 08.09.18 at 8:28 pm

#63 if you are doing VERY well, why would you need to leave Canada to own a house. There are hundreds of cities that are affordable. You are going to leave because you can’t buy in Kits or the beaches? Where are you going to move to, a cheap place like NYC, San Fran or maybe London or Tokyo?

Big cities that have global appeal are expensive. Smaller b cities are cheap. In Canada and elsewhere. We can’t all live in the best areas in he best cities, stop whining, be glad Canada took you in and figure it out

#76 Long-Time Lurker on 08.09.18 at 8:30 pm

#54 WUL on 08.09.18 at 7:03 pm

…While Ashley is on the line, one question. My doctor says my prognosis is fine. I could have sworn I injured my prognosis recently in a mountain biking crash. Should I see a specialist?

Thx,

WUL

>The prognosis on your proboscis is fine.

#65 young & foolish on 08.09.18 at 7:53 pm
Us young people seem to get flummoxed by trying to keep up with how economic tends will affect us. For example, we hear that Trump is the inflation president, and that interest rates are going up. OK, and so RE values should drop since credit becomes more expensive. But then we also read that real assets (RE again) also rise in value during inflationary times.

>Mitigating effects. Local circumstances.
YVR & GTA are in housing bubbles that are deflating. Not every place is over-priced.

Here, Smokey. This is right up your alley. An astronaut who believed in alien life. Sunken treasure… And a GIGANTIC unidentified submerged object in the Bermuda Triangle:

http://www.dailymail.co.uk/news/article-6035613/Discovery-Channel-treasure-hunter-claims-hes-evidence-extra-terrestrial-visit.html

#77 Can You Dig It? on 08.09.18 at 8:33 pm

#9 Suede

No chance there was a detached home at that price. Or even lot in all of Burnaby for that in 2015.
——————-/-

Exactly my thinking. Maybe she means townhouse??

#78 akashic record on 08.09.18 at 8:35 pm

#71 akashic record on 08.09.18 at 8:08 pm
#36 paul

DELETED

I guess, you picked the news as the fake.
Time will tell.

#79 akashic record on 08.09.18 at 8:38 pm

#72 Damifino on 08.09.18 at 8:09 pm

#11 S.Bby

What country deals with diplomatic issues via Twitter?
————————————

Clearly, that would be the USA.

Seems to be a popular invention, spreading like wildfire.

#80 TurnerNation on 08.09.18 at 8:43 pm

More to the point the propaganda runs so thick in
Ka-nada. Today a young man with multi-hued hair (natch) was rolled out on Tee-vee to counter the eeevils of FordNation’s new ed program. Geez the kids have internet now ya know.

The left is busy body & gender shaming Toronto council:
http://www.postcity.com/Eat-Shop-Do/Do/August-2018/The-male-pale-and-stale-city-council/

Meanwhile not a peep from the how Toronto’s officially been handed over (by said council) to the global elite techno control system, Google.

https://www.washingtonpost.com/news/theworldpost/wp/2018/08/08/sidewalk-labs/?

“In October 2017, Sidewalk Labs, a Google-affiliated company looking to make urban life more streamlined, economical and green by infusing cities with sensors and data analytics, announced plans to build the world’s first neighborhood “from the Internet up” on 12 acres of the Toronto waterfront, an area known as Quayside. Sidewalk aims to, for example, build an “advanced microgrid” to power electric cars, design “mixed-use” spaces to bring down housing costs, employ “sensor-enabled waste separation” to aid recycling and use data to improve public services.”

#81 Take and Deep Breath, Relax & Focus on 08.09.18 at 8:45 pm

OK Ashley – first of all – ignore most of these comments. I rarely comment here – actually commenting more often that I planned.

It is disturbing how taunting and hateful so many are.
Basically I agree with #42 Jungle and #47 she’ll be fine.
Where to start ….
For starters- I am a female physician, live in Vancouver, married with physician husband retired ( I always said I do not need a husband – I need a “wife” ), no children but have lots of dependent dogs (which led me to this blog that I like to read for relaxation between patients). OK – I am older than you and maybe that gives me a better perspective.
Remember – your biggest asset is yourself – you did not get where you are by twiddling your thumbs …as older physicians told me when I felt down starting out – remember you have an interesting job that is worthwhile (some people are worth helping), you will never be bored and you will never be not needed. And you have more control over your life than many people do.
Money is necessary – but you also know that health and sanity is much more important and that can change in an instant.
One of my favorite lines : Life is what happens while you make other plans.
You also know already that your job will be super stressful, tiring …you need to conserve your energy to give to your patients, your child(ren), your husband/family.
So keep your home life simple….if you love your dream house …keep it. Yes – you probably bought at peak house value for the next few years – but who knows longterm…and it is in Burnaby so not at stratospheric levels in Vancouver. (I bought my house in Vancouver when the first influx of Hongkong Chinese all moved to Vancouver, paid cash and drove house prices WAY UP ….or so we thought at the time. I paid $428,000 for my Vancouver house ….I thought that was so much at the time and no one helped me…it is worth $3M now – OK maybe will go down some)
You do not have the spare time and energy to pick up and move frequently…just make sure it is as convenient as possible to the office/hospital – you do not want to waste your life commuting. Get a Fillipino nanny – they seem the most caring and negotiate some housework and childcare with her.

You have the basic framework of your life in place …if you like how it is…. work on consolidating it. Just do not get led astray by luxuries. Think what worries you most and get rid of that first (othewise it will affect your health) ….if you hate debt (like I do) focus on reducing it…..nothing is worth laying awake at night thinking about it.
Remember – no one is perfect. You will make mistakes in practice, in parenting, and money management (which seriously is the least problem you have).

One step at a time – things can not ALWAYS be balanced….it is like eating ….not every meal needs to be balanced – just over time …. Learn from your mistakes – forgive yourself. Most hurdles are not that huge in retrospect. Trust yourself.

This is getting too lengthy – my dogs are waiting impatiently.

Oh …. bill the max for every minute you work …deduct everything allowable ….Work smart not harder…get even with the Dippers. It makes me feel better.
All will be well.

#82 Wrk.dover on 08.09.18 at 8:48 pm

I could never afford medical school because I can’t afford to be a Doctor.

Belinda has more going for her than this Ditz, and she does not even have a man pulling in 100 large, to call hubby.

#83 Terrie Rolph on 08.09.18 at 8:51 pm

Last paragraph is the most brilliant financial and life advice ever.

#84 Concessionman on 08.09.18 at 8:52 pm

“classic mistake of paying yourself in dividends instead of salary, and accumulating capital inside your professional corp.”

Can you elaborate on this in a future blog post?

#85 S.Bby on 08.09.18 at 8:52 pm

A house anywhere in Burnaby for $655k in 2015 was not possible.

#86 PS ...No one has all the answers. on 08.09.18 at 8:57 pm

Just a quick addendum to all my lengthy advice to Ashley.
Remember – pick out what you like from others’ advice and discard the rest.

I like this blog ….it has humor(sometimes) and it is scary to see what lives around us in this country. I always believe it is best to know the worst so you can address it better.

Garth has some good advice and he likes dogs and owns Bandit ….but always remember – he rides a motorcycle ( so I deduced) – which means his most worthwhile contribution may be as a future kidney donor.
Sorry Garth – that sounds mean ….and I sincerely hope it does not happen for Bandit’s sake.
We all have our prejudices.

#87 mathman on 08.09.18 at 8:59 pm

the BS meter is running high on this story.

doubled the price of the first home in burnaby in two years? didn’t rack up all kinds of debt while on mat leave? Someone gave someone with no liquid assets over $1 Million to buy a home? Agree with the earlier post their has to be a cosigned.

she makes good money, no doubt but 200k line of credit and at least a $1 Million mortgage is a huge amount of monthly payments. I guess in the neighbourhood of 8-9k/month.

The reality is with this level of debt had she gone to the bank on Jan 1st of this year there is no way she would have gotten a mortgage. B20 has sobered the irrational exuberance like with this young dr.

I know a lot of doctors, and i understand the want to spend big after getting paid basically nothing as a resident. The difference with the dr. is they have 30 more years of escalating income – every other financial misfit out there making 90k with no chance of more or limited skills will have a rude awakening when their 700k 5 year mortgage matures with materially higher rates.

Math

#88 mathman on 08.09.18 at 9:03 pm

the charade is up in many parts of the GTA, nothing is sell because sentiment has changed and people simply cannot get the financing to pay what people are asking. The cost of carry with a home is very high, forced sellers will start taking stink bids and the march lower begins.

not to mention the 45k real estate agents in the GTA who are no longer making big money – the home stagers, mortgage brokers, contractor who relied on magical equity each year for jobs …. the multiplier effect will put us into a very deep recession which will be fuel on the fire and the RE market in the GTA will be toast.

Carnage in the fall of 2018, spring market 2019 sky will be falling.

Math

#89 akashic record on 08.09.18 at 9:10 pm

#76 Long-Time Lurker on 08.09.18 at 8:30 pm
Here, Smokey. This is right up your alley. An astronaut who believed in alien life. Sunken treasure… And a GIGANTIC unidentified submerged object in the Bermuda Triangle:

http://www.dailymail.co.uk/news/article-6035613/Discovery-Channel-treasure-hunter-claims-hes-evidence-extra-terrestrial-visit.html

So does this former The Economist correspondent (among many others).

https://www.youtube.com/watch?v=rUO9hUb3SB8

#90 Darren on 08.09.18 at 9:15 pm

That is a photo of me at the dentist.

#91 Cdn Mon on 08.09.18 at 9:22 pm

Ash, your adults failed you. You should have taken the profit from the sale of first house, and paid off the 400k debt, invested the rest, and rented whatever for you, hubs, and baby. Paycheques to investing. You’d be in a much better position to have baby two.

I have a family doc in the extended family, and they hang mostly with other docs. I see the unspoken pressure to have the huge house on the water, big toys, splashy vacays posted on Facebook. Makes me laugh because we have a single, blue collar income, raised two kids in a small house, and now also have the 1500 sq ft waterfront house and splashy vacays (no Facebook). But not the debt, and we can afford it. On minimum wage, if necessary.

#92 Nonplused on 08.09.18 at 9:27 pm

How do you come out of school with $400,000 in debt? That’s hard to do even in the US!

My daughters both went away to school and managed their first degrees for about $12,000 in debt each. And there were airfares involved in that! Mind you that is only 4 years so far, and they’ve run out of RESP money but still. Their debt levels are set to rise in the next couple of years as the one wants a Master’s and the other a B.Ed. after but it ain’t gonna total no $400,000. That number is staggering. And it has to be paid back with after tax money.

Checking with the Canadian Income Tax Calculator for BC, $205,000 (if I am treating the office expenses correctly) a year leaves about $133,500 in after tax income, but there is still property tax, HST, carbon taxes, and all the others to pay so the effective after tax income is even lower. But even if we don’t count any of that, it’s going to take 3 years of her life to pay off that debt not counting interest. But there are mortgage payments, truck payments, living expenses, property taxes, etc. so I imagine it’ll be 10 years at least to pay that off.

However I agree with some of the other commentators that the student loan debt is job one, especially the part she owes her dad. You don’t want to borrow money from your parents. Chances are the “LOC” part of the loan has a higher interest rate than the mortgage so that should be paid off next. She didn’t say what the interest rate was on the car loan but it gets fitted in based on the interest rate, pay off higher interest rate debt first. Hopefully there is no credit card debt but if there is obviously that bumps to the top. Morally it should come right after dad but if it’s 18% or higher the numbers speak louder than most people’s conscience.

I don’t know if the house should be sold or not, that’s Garth’s opinion but sometimes lifestyle questions get in the way. However I would say no more new trucks until the student loans are extinguished. That’s probably going to take 10 years. Ashley will be 40. The only investment to be considered until that time is RRSP’s because her marginal tax rate is very high. Any refunds should go straight to dad though.

All in I would say this is a classic case of what happens when people “pursue their dreams” but don’t add up the cost. No sane person comes out of school $400,000 dollars in debt and then buys a new truck and a $1.8 million house even on $205,000 a year. That’s over 16 years of debt! But there are other expenses so it’s probably more like 30, if she lives frugally, putting half her income towards debt repayment. The mortgage won’t be paid off until Ashley is 60! Oh sure hubby is kicking in some from his $100k a year, but as we all know the chances are 50% he won’t be around in a few years and Ashley will be paying child support and alimony, making the problems even worse.

(Yes, if they divorce, which with these kind of money problems is almost inevitable, she will end up paying alimony and child support. The default these days is joint custody and joint care, which results in a complicated calculation of child support but it amounts to the higher earner paying the lower earner adjusted for their incomes. It kind of works like a pool, they both put their table amount in and then split it, so the higher income earner pays the net. And the higher income earner always pays some alimony, although in this case it wouldn’t be for very long.)

All said, it looks like Ashley can’t start saving for retirement until she’s nearly 60, unless her income goes way up. And that is if she does not divorce. She’s screwed, glued, and tattooed.

Folks, you can’t make life decisions by just looking at what other people are doing and then deciding you should do that too. You don’t know how much money they actually have. And it’s entirely possible they are doing it wrong. In most cases probably.

And this is a case of a person that has $133,500 a year in after tax income. Nobody is going to feel sorry for her. Not one little bit.

#93 Dolce Vita on 08.09.18 at 9:29 pm

“And, sheesh, learn to wait for stuff, like a regular person.”

I haven’t met too many in Canada Garth. Most nowadays want: IMMEDIATE GRATIFICATION; hence, the crushing debt loads.

EGO, Selfish, Irresponsible the diagnosis.

Show all that her hard study amounted to something. It’s amounted to a mountain of debt. Read what she values in her prose and how she flaunts with extended leaves (relies on hubby’s income to live in the “dream” world she has crafted for herself).

Parents encourage her (more like “save face”) with loans, you know: “look how good our kid is doing vs. your kid”. Well, she learned her thinking from her parents. She at least admits that.

Again, VALIANT effort at common sense Garth BUT she WILL NOT LISTEN.

A Commenter implied that if she had, she would not be in the financial mess that she is in. She ATE the BOOK COVERS (like the many others that have written to you in the past).

They will not listen because they think they (and their parents) are smarter than you Garth.

Stupid smart.

As in unprecedented sky high Cdn. Mortgage and Consumer Credit stupid smart. In this SHE IS COMMON.

Ego a powerful and destructive thing. Being selfish and irresponsible will dig the hole that much deeper.

#94 Good Dad on 08.09.18 at 9:40 pm

Today I took my son to the Yamie dealership to pick up a new front brake cable for the 1998 TW I bought him. $42. Oh and the bike was cheap too. They had the exact same bike only with different colors and a front disk brake sitting on the floor for $5200 plus HST. But I don’t want to spend that on something he’ll outgrow in a couple of years. I know he’s interested in bikes, and I don’t want him to kill himself when he turns 16, so for now he just needs something he can sit on and learn how to work.

That, folks, is how you can live a good life and not go broke. Live cheap and buy used. Heck they had side-by-sides on the floor for $20,000! Who has that much money to buy something that can’t go all the places a 1998 TW can? Well some people do but if it isn’t you by used. You have to check it out, because it’s surprising how fast a person can wreck a brand new bike, but if you find a good one with low mileage you can save thousands and end up with more or less the same thing.

#95 will on 08.09.18 at 9:46 pm

“You might even be making the classic mistake of paying yourself in dividends instead of salary, and accumulating capital inside your professional corp.”

i don’t understand this Garth. please spell it out in crayon for me. i thought paying yourself in dividends was the way to go in a situation like this.

A common fallacy. I will revisit this issue. – Garth

#96 yvr_lurker on 08.09.18 at 9:59 pm

Same planet, but different worlds. I would never be able to sleep at night with that kind of debt hanging over my head. Other people may be more “optimistic” or chill than me that they readily pay this off given the high salary (with probably big leaps in salary as she gets more established in her practice). In our little household with really good two professional salaries approaching per year, we try to live like we are grad students; backpacking trips to cheap but exotic places (no RV’s in my horizon), and we hate any debt of any sort. For sure, we are bad at “growing assets”, but we sleep well at night.

#97 yvrmc on 08.09.18 at 10:04 pm

#24 Renter in Surrey…. patience, patience…. I just checked Zolo. In N Van there are currently 63 houses listed at less then 1.5mil …. in recent days , 20 of those listings now show price reductions. Its happening. It will be slow , but it will happen. Fifteen times the avg annual salary just will not survive the increasing interest rate environment. No crash ,just a slow inexorable decline. Where it finally stops no is sure , but decline it will.

#98 Doctor on 08.09.18 at 10:07 pm

As a doctor 10 years out in practice with a stay at home mom taking care of our 3 year old and one more coming all I can say is good luck to you. As a doc you have no pension. Very idiotic to be dumping everything into one asset. Real estate is going to be stagnant for the next 15 years. Rates will go up so are you sure you can afford your monthly payment next time you renew?

I am of the FIRE movement. Our net worth is 3.1 million. We have a small townhouse in YVR that suits our needs. Neither my wife nor I need to work anymore. We bike/bus everywhere. We have one 7 year old SUV that we bought new that has low mileage and that we have taken care of that we will drive until we can’t. With all the College rules and this and that I’m just thinking I might quit and walk away with 120k plus a year in dividends with no mortgage. Maybe do something else with my life. Think about it you’re slaving away for your dream house, shelter. The worse thing is the higher the mortgage the harder it is to pay as you are paying with after tax money. That means working harder will give you diminishing returns with which to pay your mortgage. Dumb decision. Dumb dumb dumb. The market is dead now so you can’t even get out.

#99 KLNR on 08.09.18 at 10:20 pm

What i love about this blog (other than GT’s wisdom) is reading about how fabulously well off everyone in the comments section seems to be.

#100 leebow on 08.09.18 at 10:22 pm

#1 Look behind the scenes

What’s your point? The story is very simple. Some corrupt people from the Russian attorney office forged signatures to take ownership of a company and submit fake tax refunds. Magnitsky who was hired by Browder to investigate it. He was imprisoned, tortured, and killed.

Besides a first degree murder, there is really nothing to it. Just gives all of us an insight into the corrupt feudalistic governance structure of Russian Federation. Putin is just a beneficiary, not an actor in this case.

Some people decided that it’s totally effing wrong and introduced sanctions against a handful of Putin’s buddies. Putin’s revenge was to ban adoption of Russian orphans by foreigners. A truly a-hole response. Don’t read too much into any of this and take up gardening, as one of the commenters here suggested.

#101 Look behind the scenes on 08.09.18 at 10:23 pm

#45 akashic record on 08.09.18 at 6:39 pm

Nice!

The reason I don’t like gardening is it seems you can never get ahead of the weeds. But you have to keep at it anyway.

#102 Reality is stark on 08.09.18 at 10:34 pm

If things don’t work out there is still time to phone the old classmate completing the surgery specialty getting ready to make $750,000 USD.
He may not have been good looking enough to go out with her at that time but a back up plan is a back up plan is a back up plan.
Her world is not your world.

#103 Ronaldo on 08.09.18 at 10:46 pm

#6 Dave

If its this bad for Doctors then what about everyone else???
—————————————————————-
That’s the whole point exactly, Dave. If affordability is beyond these people and they make up a small percentage of the market, who the heck is going to be buying these overpriced houses? Big adjustment on the horizon.

#104 akashic record on 08.09.18 at 10:48 pm

101 Look behind the scenes on 08.09.18 at 10:23 pm

#45 akashic record on 08.09.18 at 6:39 pm

Nice!

The reason I don’t like gardening is it seems you can never get ahead of the weeds. But you have to keep at it anyway.

Weed exists. The Creator must have a good reason. As long as you love the flowers more, you are a gardener, whether you like gardening or not.

#105 Jon B on 08.09.18 at 10:56 pm

How did having big debts become so trendy? How did it become so socially acceptable? So no-big-deal? Amazing. When the tide turns it’s going to be nasty. Or perhaps I have it all wrong and being 30 with 1.5 mil in the hole is going to work out just fine.

#106 BlorgDorg on 08.09.18 at 11:10 pm

#88 Mathman

Funny you should write that; I was talking to my “idiot BIL” the real estate agent today and he had 2 things to say (quoted verbatim):

1: “there are 700 agents in my brokerage, 600 of them are doing absolutely nothing”

2: “nothing in the 905 is moving at all”

The only way he’s still making money is flying regularly to Hong Kong selling condo units in downtown Toronto, sight unseen. But I’m told that’s a non-story so never mind.

#107 Joe calgary on 08.09.18 at 11:13 pm

Why is keeping capital in your corp an issue?

#108 Chaddywack on 08.09.18 at 11:17 pm

Ashley, I’m married to a doctor, we are about your age, have a kid, and live in the lower mainland. I make just slightly more than your husband.

We are in a very similar situation (but lower debt levels due to med school in Canada). The main difference is that we decided to rent while saving for a downpayment. While renting is not perfect (by far) we have managed to save about half your med school debt in two years.

We both understand the temptation to “have it all” after med school and residency. The caution as a high income earner is that it can be too easy to spend money…..especially because you feel that you’ve already delayed your gratification for so long.

The important part is to budget and make a plan to attack that debt, but also save for retirement. With the amount of debt you have something might have to give……otherwise you will be working into your 70s.

Try not living “like a doctor” for a couple years. My wife and I still live somewhat like students and our dates are once a month at White Spot (so cheap and good!). It’s somewhat liberating. Once you’ve got your financial house in order make a plan to ensure that your house is not your only retirement plan.

I don’t necessarily agree with selling the dream home, but it will likely stagnate (if not drop) for years…just be prepared for that.

#109 Friends of the Library on 08.09.18 at 11:26 pm

Doctor mommy taking another potential full-time family physician out of circulation to feed her biological imperative.

Nobody like to talk about it but women like Ashley are exactly why our country has such a doctor shortage.

#110 akashic record on 08.09.18 at 11:29 pm

#100 leebow on 08.09.18 at 10:22 pm

#1 Look behind the scenes

What’s your point? The story is very simple. Some corrupt people from the Russian attorney office forged signatures to take ownership of a company and submit fake tax refunds. Magnitsky who was hired by Browder to investigate it. He was imprisoned, tortured, and killed.

Besides a first degree murder, there is really nothing to it. Just gives all of us an insight into the corrupt feudalistic governance structure of Russian Federation. Putin is just a beneficiary, not an actor in this case.

Some people decided that it’s totally effing wrong and introduced sanctions.

Reciting the simple story version, written for Western simpletons, raised on the Hollywood bad guys/good guys/happy end template, so that “some people” could convince them “that it’s totally effing wrong” and they would use their public office and “introduced sanctions”, as if it was the interest and wish of the people who elected them.

Instead of some pissed off wealthy, connected individual, gaming governments, because he was investigated for tax evasion.

#111 Millennial CTO on 08.09.18 at 11:31 pm

#102

The guy would have to be a dummy to make the same deal she previously rejected for a depreciated asset. But no doubt many would, not all doctors are very smart.

#112 Spectacle on 08.09.18 at 11:33 pm

Dividends, vs Drawing a wage and its benefits::
Spoiler alert, or teaser?

Also known as , The Rule That She Should Have Hired Garth, rather than just read the Blog Posts between Patients and Checking Her Bummble account!

Paying yourself a wage can be a way for you to earn a steady and predictable personal income. Some key advantages of using this method include:

RRSP Contribution Room – Paying yourself a wage will allow you to build RRSP contribution room, whereas paying yourself via dividends does not.

CPP Contributions – a double edged sword? Wages will allow you to contribute to the Canada Pension Plan (dividends do not). This means you will benefit in the future when you collect CPP, but it also means that the CPP contributions are a cost for you and for the corporation. Less cash now, more cash later.

Also, the MD in question is desiring maternity leave, which can be shared with hubby, at certain times. Bonus.

Fewer Surprise Tax Bills – Income tax is withheld from each payment and remitted to the Receiver General. When you file your personal tax return you will have already paid income tax and will avoid a surprise personal tax bill. When paying dividends, income tax isn’t withheld and remitted which often creates personal taxes owing in April.

When Applying for a Mortgage – When you are attempting to qualify for a mortgage, banks like to see steady, predictable income. Earning employment income like this will help show that steady income.

#113 NoName on 08.09.18 at 11:33 pm

there is something about them charred barrels…

https://www.youtube.com/watch?v=vjqvOil10VU

#114 Ronaldo on 08.09.18 at 11:46 pm

Why do people always keep on getting bigger places and bigger mortgages?
————————————————————–
To satisfy the bigger Ego.

#115 Newcomer on 08.09.18 at 11:54 pm

#77 Can You Dig It? on 08.09.18 at 8:33 pm
#9 Suede

No chance there was a detached home at that price. Or even lot in all of Burnaby for that in 2015.
——————-/-

Exactly my thinking. Maybe she means townhouse??

———-

Me three. And doubling between 2015 and 2017 seems a bit of a stretch. She’s too young to have meant to type 2005. Also, 1.8 will get you an acceptable pad in Burnaby, but not a dream house. The whole thing is a bit strange.

#116 Backlight on 08.09.18 at 11:58 pm

What’s the concern with accumulating capital in a professional corp provided it’s invested properly?

#117 Eric on 08.10.18 at 12:51 am

#98 Doctor

——————-

Don’t waste your important clinical knowledge. Work with your local Division of Family Practice (if FM) or local hospital’s Facility Engagement Initiative for quality improvement initiatives. They could use your expertise and perspective and you can make some money via sessional payments.

#118 NoName on 08.10.18 at 1:50 am

@
#45 akashic record on 08.09.18 at 6:39 pm

Bad apples, you are saying.

You didnt make a that list i aksed you few days back, about what you believe to be true and general population doesn’t believe. When you come with list of 10 items you just might sound tiny bit credible. Ill take precehuwed msm from over any komunist propaganda.

And on a side note, its better to understand a little than missunderstand a lot.

#119 KHawk on 08.10.18 at 2:19 am

Why do you suggest she pay herself a salary vs dividends??

#120 Victoria Guy on 08.10.18 at 4:28 am

Take and Deep Breath, Relax & Focus – are you accepting new patients?

Seriously, in the sea of dross which are Garth’s comments you hit all the nails on their tiny heads.

It may be a buyer’s market for houses but it is a seller’s market for doctors.

Relax. Pay down the debt, throw money into greater balance, make sure you have disability insurance, and remember that you are 30. You have roughly 40 years of well paid work ahead of you. If you are good at what you do you’ll be fine.

You might want to go “professional advisor” shopping and work out a long term plan. But compared to a few hours with your child? That might wait until next week.

#121 Oft deleted much maligned stock.picker on 08.10.18 at 4:58 am

Trudeau continues to beg KSA behind the scenes while speechifying to Canadians that he’s standing up for human rights…..what a two faced liar.

https://www.bangkokpost.com/news/world/1518182/saudis-reject-mediation-in-canada-row

KSA has rejected Trudeau’s sad attempts at face saving. Every country Trudeau has contacted to mediate has rejected this world famous clown. This is what we get when the idea of legal pot drives votes. Can you imagine any of this happening under Harper?

#122 Wrk.dover on 08.10.18 at 6:14 am

#99 KLNR on 08.09.18 at 10:20 pm
What i love about this blog (other than GT’s wisdom) is reading about how fabulously well off everyone in the comments section seems to be.

—————————————

A homeless crack Ho is fabulously better off in the near term than this train wreck with a so called Doctorate Degree.

#123 Stan Brooks on 08.10.18 at 6:22 am


According to the second quarterly national cannabis survey, 14 per cent of cannabis users who have a driver’s licence admitted they got behind the wheel within two hours of consuming cannabis at least once in the past three months.

And five per cent of Canadians over the age of 14 said they’ve been a passenger in a vehicle driven by someone who’d consumed cannabis in the preceding two hours.

The survey results were released Thursday, just two months before cannabis is to become a legal, regulated product in Canada.

https://ca.yahoo.com/news/many-canadians-driving-high-according-130557599.html

Note that is before legalizing weed.

It seems many people will simply never grow up and mature.

But T2 has ‘the tool’ to fix it:


However, Murie noted that the federal government has recently authorized more tools to test drivers for cannabis impairment and he predicted the rate of drug-impaired driving will drop once police get those tools operational.

“I think once people get the idea that police do have the tools, that they can detect drug-impaired drivers, especially cannabis, then I think like alcohol with the breathalyzer it’ll start to lower those rates.”

Too bad you need magnifying glass to see that tool.

#124 Karl on 08.10.18 at 7:15 am

I’m with the relax crowd on this one.

She has a very well paying locked in job and clearly loves the home she is living in. The debt level is high but she can attack it while working and living in her preferred home.

Yes the market could be stagnating or even dropping, but sounds like she wants to live there for the rest of her life. All this “you bought at peak” nonsense serves no purpose if she holds it long term. To chastise those who bought at “peak” levels is to consider them speculators, this woman is not and her home is not Tesla stock.

A lot of people love their homes and want to spend their lives in a place they indeed love. This doctor has the income to make it through, enough with the scare tactics and drama.

#125 ImGonnaBeSick on 08.10.18 at 7:38 am

#95 will on 08.09.18 at 9:46 pm
“You might even be making the classic mistake of paying yourself in dividends instead of salary, and accumulating capital inside your professional corp.”

i don’t understand this Garth. please spell it out in crayon for me. i thought paying yourself in dividends was the way to go in a situation like this.

A common fallacy. I will revisit this issue. – Garth
——

Hi Garth, I’d really appreciate your thoughts on this as well. I always thought it wasn’t great but accountants love to push this on business owners. I never liked it because you lose RSP room, it’s difficult to get loans/mortgage, you pay corporate tax on retained earnings and then pay tax on T5 or T4 when you take out. The only benefit is that you save having to pay CPP… Which as a business owner is double that of an employee. But that’s not worth all that you lose.

#126 Oft deleted much maligned stock.picker on 08.10.18 at 7:40 am

Groper Butts continues the charade of wanting a NAFTA deal…..Obama wants to use the”breakdown” against Trump during the Nov mid terms.

https://www.bnnbloomberg.ca/canada-ready-to-show-flexibility-in-nafta-talks-macnaughton-1.1121514

The Soros led Tides Foundation has committed hundreds of millions to direct Trudeau’s political plan and use Canada as a base for global Marxism

#127 Keith on 08.10.18 at 8:08 am

This doctor should read The Millionaire Next Door. Anyone who can defer gratification can be an accumulator of wealth, those who can’t wait will accumulate debt.

#128 FormerNavyGunner on 08.10.18 at 8:15 am

Please, someone tell this young doctor that the Canadian Armed Forces are offering signing bonuses between $80 k to $225 k upon enlistment.

Great way to pay back her parents!

https://www.canada.ca/en/department-national-defence/services/caf-jobs/career-options/fields-work/health-care/medical-officer.html

If I lived nearby, I would offer to drive her to the Recruiting Centre myself.

#129 akashic record on 08.10.18 at 8:21 am

#118 NoName

A list you are asking for would be pointless.

I didn’t know about the other side of The Magnitsky Act story, either, before seeing the documentary. Now I do, and I draw my own conclusions.

You can do the same and discuss that.

#130 Head down, work hard on 08.10.18 at 8:25 am

No more fancy new cars, stick to B.C. vacations for the next while, and put off child #2 for a while. Live off your husband’s salary, and use yours to aggressively pay off high-rate debt. With a bit of discipline, 5 years should see $650-750k off your shoulders. That would put you in a much better position to contemplate mat. leave, remortgaging, etc…

#131 Tater on 08.10.18 at 8:26 am

#87 mathman on 08.09.18 at 8:59 pm
the BS meter is running high on this story.

doubled the price of the first home in burnaby in two years? didn’t rack up all kinds of debt while on mat leave? Someone gave someone with no liquid assets over $1 Million to buy a home? Agree with the earlier post their has to be a cosigned.

she makes good money, no doubt but 200k line of credit and at least a $1 Million mortgage is a huge amount of monthly payments. I guess in the neighbourhood of 8-9k/month.

The reality is with this level of debt had she gone to the bank on Jan 1st of this year there is no way she would have gotten a mortgage. B20 has sobered the irrational exuberance like with this young dr.

I know a lot of doctors, and i understand the want to spend big after getting paid basically nothing as a resident. The difference with the dr. is they have 30 more years of escalating income – every other financial misfit out there making 90k with no chance of more or limited skills will have a rude awakening when their 700k 5 year mortgage matures with materially higher rates.

Math
————————————————————–

The mortgage would be $4800 or so, and the LOC would be another 700-1100, depending on whether it’s amortized or interest only.

So under 6k per month, with a household gross of 300k. So debt payments at 24% of gross income. That’s quite reasonable, especially when you factor in the rapid wage growth that doctors typically have.

Would they be smarter to be renting and saving? Sure. Will they still be able to afford a better life than 95% of Canadians? Of course.

#132 Really? on 08.10.18 at 8:31 am

I’ve got to say Garth that this post is one of the worst that I’ve read for your advise in a long time.

“…forget your dad. He grew up in another age.” Seriously? Since when is getting rid of a mountain of debt a bad thing? You even suggested that in the latter part of your post (“Trash dangerous debt”).

“You might even be making the classic mistake of paying yourself in dividends instead of salary, and accumulating capital inside your professional corp.” That’s hardly a classic mistake considering the repercussions for doing that only changed recently. Perhaps the rules will change again especially considering that the doctor’s associations are a very cohesive, decisive and re-active group of professionals with the means to lobby. I’m reasonably certain that tax avoidance and debt reduction are still two of the best options.

(a) Dad gave them the down payment so they could get into more house debt. Suck. Blow. (b) Yes, taking income in dividends only is a classic mistake and has been so for a long time. This is the DLS (dirty little secret) of the accounting profession. I will revisit this again soon. – Garth

#133 Please listen on 08.10.18 at 8:39 am

#108 Chaddywack – well done. Hopefully, Ash was really seeking advice and will act on Garth’s guidance. However, there is a chance that she was simply looking for sympathy.

PS Ash, pay your parents first. Maybe one day your children will show you the same respect.

#134 KLNR on 08.10.18 at 8:51 am

Some fodder for all the doomers on here

https://www.wired.com/story/spain-ghost-towns-photo-gallery?mbid=nl_080918_daily_list3_p5&CNDID=

#135 doctor here too on 08.10.18 at 9:26 am

I wouldn’t sell the house
but I would be very aggressive with paying down debt.

If you enter everything in a spreadsheet, column headings will be year 1, year 2, year 3…. year 10… year 25, rows will be, e.g.
– husband income before tax
– husband income after tax
– my personal income before tax
– my personal income after tax
– net household income
– expenditures
. kids RESP (max the kids CESG!)
. RRSP, TFSA (could be zero… could not be…)
. investment contributions (should be 0)
– personal expenses
. car loan?
. daycare?
. nanny?
. food, house maintenance, phone bills, etc etc

– then, look at how much money you have left over

– LOC starting amount
– LOC interest payment
– LOC re-payment
– LOC ending amount
– Mortgage starting amount
– Mortgage interest payment
– Mortgage re-payment
– Mortgage ending amount
– Parents loan – likewise

pay off highest interest first

And I would be AGGRESSIVE – move numbers around whereby, you make a goal to pay off the LOC in 2 years, parents in 4 years, etc.

What that means – be frugal, spend only what you need. Pick up extra shifts at work if you need to. etc.

#136 Not a Puppet of Putin on 08.10.18 at 9:34 am

Putin’s troll army in full force on the blog!

If you are interested in Russia and how this mafia state got to be, read Karen Dawisha’s book Putin’s Kleptocracy: Who Owns Russia. It is hard reading and meticulously researched. It is available on Amazon…

Why are these trolls posting on a Canadian personal finance blog? The comments section is sure full of the tin foil hat, need to get a life, crowd lately.

Garth is correct, gardening is a much more productive use of time and quite delicious if you decide to grow vegetables.

#137 Y. Knott on 08.10.18 at 9:51 am

akashic record – re your take on the Magnitsky Act. There are two things you should internalise –

1) the manic, desperate, stop-at-nothing effort Putin and cronies have put-up over the last couple of years to get the Magnitsky Act repealed; and,

2) the meaning of the very common Russian terms “maskirovka” and “useful idiot”.

#138 dharma bum on 08.10.18 at 9:52 am

Hey Sugarlips,

1. Sell the house immediately.
2. Repay your debts.
3. Relocate your practice to another province. (Do locums
for a few years if you have to.)
4. Buy a house for a quarter of the cost of the YVR place.

Besides, in the long run you’ll be much happier with less material stuff, and more peace of mind and freedom.

I guess they don’t teach that in med school. Especially those cash-grab international ones. (Caribbean? Ireland?)

#139 Alan on 08.10.18 at 9:55 am

Garth, why is accumulating capital inside your corporation a bad thing? Because it reduces your RRSP allowance? Seems like a good way to reduce tax bills

#140 dharma bum on 08.10.18 at 10:04 am

#61 Hawk

“Why do people always keep on getting bigger places and bigger mortgages?”
——————————————————————–

Unfettered DESIRE and GREED.

The #1 disease of the human mind.

“There is no greater crime than desire.” ~ Lao Tzu

“Displaying riches and titles with pride brings about one’s downfall.” ~ Lao Tzu

“Those who know when they have enough are rich.”
~ Lao Tzu

“There is no greater misfortune than greed.” ~ Lao Tzu

#141 Duke on 08.10.18 at 10:12 am

#13 JSS on 08.09.18 at 5:29 pm
”… my 2018 gross will be approx. $275k with ~ $70 000 in true office expense…”

I find it hard to believe that a family physician makes around $200K salary before income taxes.

There’s still CPP, and EI costs. What about medical/dental benefits? RRSP? Vacation pay? Stat holiday pay?

If this is the case, these doctors are really no better than a pharmacist, optometrist, or engineer. Even a dentist probably makes more.

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

Don’t worry about Ashley. She probably didn’t work full time in 2018. Most family doctors take home more than $400k a year (after expenses), many surgeons make over a million, so they are in much better shape than all of us.

What I noticed was, Canadian doctors seem very arrogant and are overpaid in general for what they do.

#142 IHCTD9 on 08.10.18 at 10:25 am

I jumped on a couple calculators on the net and have guesstimated Ash+Hubs’ income at 17K net per month, while their mortgage and debt payments are at ~ 9-10K combined per month.

Figure in 3-4K per month for living life, utilities, property taxes, etc, and you’ve got 3-4K residual every month.

That’s not too bad I guess. Ash is 30 so she has 35 to go until retirement if she does not plan on retiring early. If Ash puts in 3K per month she should be able to retire pretty well – but I have no idea on the tax implications and tax shelter limitations (RRSP’s + Corporation), Ash needs pro help here 100%.

IMHO Ash can make the regular payments on her debt, her mortgage, and save for a low 7 figure retirement nest egg all at the same time- but in doing this – she and hubs will not be able to live like ballers until they’re well into their 50’s. Hopefully that’s ok.

If the plan calls for S class Benzes, regular exotic vacations, fancy restaurants, private schools for the kiddies etc right now? – then the house should probably be put on the block.

Another couple things to add into the equation: Physician suicide rates among Women are 3X that of the general population, the Medical field is RIFE with mental health issues and always has been. Divorce rates among MD’s are 60+% – yes, Ash has a better chance at getting divorced than remaining married.

Ash, if you get divorced, you will be financially destroyed for life, while your ex-hubby lives it up on your alimony payments. Another good reason to keep your lifestyle reasonable.

Ash NEEDS to keep stress out of her life. Dropping the house would help on multiple fronts.

#143 Wait There on 08.10.18 at 10:37 am

This sh_tstorm with SA would just go away if Free_and just resign with another subordinate and the people whose jobs depend on trade with these guys will be secured. Mr. Socks we’ve had enough of your BS virtue signalling and crapola. Wait, did SA come after you with tweets on your groping? Thought so. Sometimes people need jobs. Try tweeting against China…oh wait, they’ve paid you to keep the lid on that during those private dinners.

Go JT Go!…….Away.

#144 Renter's Revenge! on 08.10.18 at 10:38 am

Theoretically, you should borrow as much money as you possibly can, at the lowest rate you can get, and invest it at the highest return possible, and never pay off the debt. In fact, you should continue to borrow more as you build equity in your investments. It’s what corporations, governments and family dynasties do. Not everyone has the stomach to do that though. Taking a balanced approach is usually more amenable to people’s psychologies.

#145 Smoking Man on 08.10.18 at 10:52 am

LMAO at this T2 Saudi spat.. It’s fake, designed to make T2 look like a man. A real man would stop buying Saudi oil and build energy east pipe line. Saudis have a long history of backing Demorats and Librals. Betting Butts orcastrated this entire drama.

#146 Art Vandelay on 08.10.18 at 10:59 am

Ashley, how do you not see the signs? Your debt is a viral infection and no amount of antibiotics will help you. You are fueling it’s rapid spreading by purchasing a house you have no business owning.

Congrats on your kid. Don’t have another until your infection is cured. I’m floored by your decisions and we’re the same age.

Instead of waiting, you bought time, lots of it. This is the most valuable commodity in existence. It would take a significant amount of time to purchase your home comfortably, your truck, your kid (it’s a purchase in this explanation) but because you didn’t wait and acquired all this at once you have incurred substantial debt. You’re paying interest on this time you purchased, and that is the premium you pay for not waiting. Also, the interest you are paying is for time you are unable to consume in the future, it’s lost forever.

I’m here because I have a duty of care, and to do no harm. I prescribe for you to unload your home (you’re going to take an L on that one)

Next is your truck. I have no idea if it’s a 2018 Denail or a weathered 2001 Ford Ranger. I hope you drive the rust bucket but your trend tells me you don’t. If it’s a newer vehicle, luxury vehicle..just unload the damn thing (you’re going to take an L on that too) and get something that meets your needs for less.

Next is your kid – get rid of it. I’m kidding, congrats again.

I know the consensus looks grim but you can get out of debt if you’re responsible. Set your goals and attack them. For pete’s sake start living within your means and wake up from the romantic dream of being an MD and having it all. Who in the right mind purchases time they cannot consume? Think about it.

You can have it all, just not today.

#147 Blacksheep on 08.10.18 at 10:59 am

“Yes, taking income in dividends only is a classic mistake and has been so for a long time. This is the DLS (dirty little secret) of the accounting profession. I will revisit this again soon. – Garth”
————————-
I too, would be interested in hearing more about this Garth. Thanks.

#148 Don't Worry About Docs on 08.10.18 at 11:10 am

As a tax accountant with numerous medical professional clients, doctors that work 5 days a week full time do not only make $270k gross – I promise you that. She must be on a three-day work week.

Typical gross for full time doc is $450k+. I’ve seen up to $800k if they’re willing to work and travel around Northern Ontario.

Also, re: dividends vs. salary, there are situations where dividends are actually a better choice than salary. There are also situations where salary is a better choice. It all depends….on many factors.

#149 Headhunter on 08.10.18 at 11:15 am

#53 MF on 08.09.18 at 6:59 pm
#21 Stan Brooks on 08.09.18 at 5:45 pm
“1. No quality immigrants in their right mind will come to this place with this cost of living/net income ratio.”

-One of the most ridiculous statements I’ve ever read.

____________________________________________

Let me set the record straight as this is right in my wheelhouse. Lot’s of very qualified people ARE staying put in their homeland. math doesnt add up to come here. Lots are going back because the grass is NOT greener here, maybe 30 years ago. I am working with a Bridge Engineer right now.. who is heading back to Greece. He’s tired of the 4 hour commute and 3 weeks vaca.. He will get at least 6 weeks back home.

Sorry.

#150 MF on 08.10.18 at 11:16 am

#63 Last of the GenX on 08.09.18 at 7:45 pm

Interesting comment.

So you come here, are doing “very well”, yet would leave all because you cannot buy RE yet?

Then leave. Sounds like you are just using Canada anyways. There is a long line of people who would give everything to take your place who also intend to lay down roots.

MF

#151 Oft deleted much maligned stock.picker on 08.10.18 at 11:51 am

DELETED

#152 IHCTD9 on 08.10.18 at 11:56 am

#94 Good Dad on 08.09.18 at 9:40 pm
Today I took my son to the Yamie dealership to pick up a new front brake cable for the 1998 TW I bought him. …
____________________________________

First things first:

I applaud your choice of toy manufacturer, great minds think alike. Also great logic in your post.

I skipped the “starter bike” altogether. My eldest was 14, and my youngest was 12 when I bought them a used (but like new) 2009 Raptor 700R with only 700km on it for $4500.00. Yes it’s very powerful and super fast – but it can be driven slow – just hit the throttle a little less :).

They learned in the yard (4 acres) and I started taking them out on the trails this year (I have a Griz 700) and they do great on it. I’ll never have to upgrade this machine – with traction, it will power wheelie in 3rd gear, it’s got a bulletproof engine and chassis – can’t say enough about this machine. I even take it out for blasts myself fairly regularly :).

I was really hoping to buy a New Wolverine X2 when I saw the new 850 twin was going in, and how nice and refined everything was on it. Then I saw the MSRP – almost 20K for the R-Spec SE! No thanks. The only reason the SXS market exists at all is that when they first came out, they were only a couple grand more than a quad. That was bang for the buck and folks saw it. 20K is too much, and I think the SXS market is going to get its @ss kicked starting next year.

I agree, buy “like new” but used – and buy quality. If the bike is low mileage and mint – and has obviously been treated like a queen by the PO, then pay the extra 500.00 he’s asking for it.

If you’re buying motorsports stuff – just get a Yamaha – seriously. I’m a refugee from Honda, sold the last machine for half what I paid (which was too much) after the ECU for the ES system shorted out most of the bike. It was a long walk home. Honda Canada wanted 800.00 for the part while Honda USA was selling them for 225.00. Honda dealers in the USA would not sell me one upon learning I was Canadian (tried 3 different ones). That was it, – good-bye Honda.

The Yamahas have not given one single problem over 3 machines thus far – not a single one.

#153 NoName on 08.10.18 at 12:05 pm

129 akashic record on 08.10.18 at 8:21 am

#118 NoName

A list you are asking for would be pointless.

I didn’t know about the other side of The Magnitsky Act story, either, before seeing the documentary. Now I do, and I draw my own conclusions.

You can do the same and discuss that.

—-

Actually list wouldn’t be pointles, I would give me baseline, now i am wondering do is use Grammarly(r) or just type… oh whell i’ll just type then.

When i think of any present or former komi countries i know that corruption and something more sinister is there, so i am biast, but i doubt that american dude went there with one and only intention to frod the man.

Did he found himself in a funny situation by his own naivete ( <—look at that word) about how privatization and profits are done, what happens and what has to be done so formerly gov. owned corporations go private and turn the profit.

Considering the fact that consumer have very limited purchesing power, and its already taxes to oblivion unemployment rate is high, only place to, only place to get it from the man, or to sell armaments, why he didnt know this or why he ignore it if he did is beyond me. Was red notice damage very well it control could be.

BUT when sanctions came in what "they" do first is to stopped adoptions of generally neglected orfan kids many with disability to american families. Keep in mind noone went to jail for frod, one dude died and they hit smallest and weakest and defenseless. Dont you think that could not find more people other than american dude and charge them and book them? But hey lets make those orfan pay frot @$$holes did.

Ill tell you something, its funy thing about how all komi country prides them in a meritocracy, but truth could not be farter from the truth.

#154 Bytor the Snow Dog on 08.10.18 at 12:13 pm

Garth- You have to be randomizing the genders on these stories. No way women are this stupid. Right?

PS- What do they call a med student who graduates at the bottom of the class?

Doctor.

#155 James on 08.10.18 at 12:28 pm

#145 Smoking Man on 08.10.18 at 10:52 am

LMAO at this T2 Saudi spat.. It’s fake, designed to make T2 look like a man. A real man would stop buying Saudi oil and build energy east pipe line. Saudis have a long history of backing Demorats and Librals. Betting Butts orcastrated this entire drama.
_________________________________________
T2 doesn’t look any more like a man today than he did yesterday? Why worry hes as good as gone next election.
Yes sir them Demo-rats are nasty little creatures!
Should give them a Libral amount of rat killer!
OMG Butts castrated a whale?
Have you been drinking? OMG now that was an oxymoron!

BTW Old man, and you should know this the Canada East pipeline idea was killed in the 1950s when economics was the deciding factor. It was cheaper to boat in oil from Saudi Arabia than to build a pipeline 4000 km to the refinery. Simple math and the bottom line inked that deal. Jesus Old Man I thought you would know this shit your old and supposedly knowledgeable.

#156 KLNR on 08.10.18 at 12:36 pm

@#149 Headhunter on 08.10.18 at 11:15 am
#53 MF on 08.09.18 at 6:59 pm
#21 Stan Brooks on 08.09.18 at 5:45 pm
“1. No quality immigrants in their right mind will come to this place with this cost of living/net income ratio.”

-One of the most ridiculous statements I’ve ever read.

____________________________________________

Let me set the record straight as this is right in my wheelhouse. Lot’s of very qualified people ARE staying put in their homeland. math doesnt add up to come here. Lots are going back because the grass is NOT greener here, maybe 30 years ago. I am working with a Bridge Engineer right now.. who is heading back to Greece. He’s tired of the 4 hour commute and 3 weeks vaca.. He will get at least 6 weeks back home.

Sorry.

________________

There will always be an outlier like your bridge engineer but the facts say otherwise.
It’s amusing how folks just make sh1t up on here to fit their narrative.

#157 KLNR on 08.10.18 at 12:37 pm

@#145 Smoking Man on 08.10.18 at 10:52 am
LMAO at this T2 Saudi spat.. It’s fake, designed to make T2 look like a man. A real man would stop buying Saudi oil and build energy east pipe line. Saudis have a long history of backing Demorats and Librals. Betting Butts orcastrated this entire drama.
_______________________

hey smokingman i heard there’s a tinfoil hat sale at walmart this weekend :)

#158 Damifino on 08.10.18 at 12:42 pm

Today, the Huffington Post informs us Canada’s job vacancy rate is at a record high. This is especially true in British Columbia, Québec and Ontario.

The worst shortages are in truck driving and home construction. What? I thought we were on the cusp of a revolution in shipping where driverless trucks would be ubiquitous and the future of the lowly long-haul trucker was dim indeed.

Home construction? Come again? I thought that because most Canadians are now deeply pickled in debt, the bar on new mortgages has been raised to heights not seen in a decade and sales have supposedly dropped off a cliff in Vancouver and Toronto, we would by now see quite a low demand for construction workers.

Help me understand.

#159 Man of the Cloth on 08.10.18 at 12:54 pm

Last year we visited a friend in Halifax as part of our summer getaway. We had never been around the Cabot Trail, so decided to take a few days, and do the route, as well as get in a game of golf at that fabulous course. Had a great time.
This year, we weren’t sure where to go. Usually, somewhere like New York, Boston or Chicago would have been the choice. We decided we wanted to spend our money in Canada, especially since the Donald is acting like we are the enemy at the moment.
Ended up in Vancouver last week. Hadn’t been there for about fifteen years. Had a fantastic stay. Weather was beautiful. Lovely waterfront. People were very pleasant. Would go back in a heartbeat to see more of the incredible scenery.
Yes, we did end up driving along East Hastings one afternoon, and saw the hundreds of homeless people, virtually at every street corner. Very sad situation. One has to wonder why our glamour boy does not take the time to reach out and do whatever can been done to help out our own, before trying to tell everyone else how to run their own country. I always thought charity began at home. I guess a selfie with a disabled person laying on a sidewalk doesn’t quite cut it. I wonder what his children would think if he took them for a stroll and let them see how some Canadians live, or don’t.
The ride back to the airport was entertaining. East Indian cabbie. Very pleasant, and politically informed. His son, of whom he was rightfully proud, was just finishing his medical training to be an orthopaedic surgeon. He said, sadly, it was likely that his son would end up down in the States. The reason being, the government wasn’t investing as much as needed in healthcare. The hospital in Van has seven operating rooms, five of which are shuttered. Go figure. He wondered why the province would pay so much to educate his son, and then not make sure he had a job where people need care. Seems to be a common problem across Canada. He then went federal, and said he voted for the glamour boy last time, but wouldn’t make that mistake again. For those wondering if I got the Van real estate update, I did. He says nothing is selling. It’s dead on arrival. He also noted prices haven’t come down much, and this probably explains the lack of turnover. Always put weight in what the cabbies say. Except of course, if they say they are making good coin, day trading. That’s when you know to call Garthfield, and tell him to go to cash.

#160 TheDood on 08.10.18 at 1:00 pm

#135 doctor here too on 08.10.18 at 9:26 am

…I wouldn’t sell the house
but I would be very aggressive with paying down debt….
_________________

She doesn’t need a house, she needs to lose all of that debt while building a 6 or 7 figure portfolio, THEN buy a house. Honestly, how do people get this backwards all the time?

#161 CHERRY BLOSSOM on 08.10.18 at 1:00 pm

Myself and all my friends believe that Christia Freehand should be FIRED. What other company would hold onto an employee who lost so much for their bottom line. Just get rid of her and set an example for all those other government employees: FIRED and lose her pension. We are pissed at her.. Of all the arrogance!!!!!

#162 BillyBob on 08.10.18 at 1:16 pm

#150 MF on 08.10.18 at 11:16 am
#63 Last of the GenX on 08.09.18 at 7:45 pm

Interesting comment.

So you come here, are doing “very well”, yet would leave all because you cannot buy RE yet?

Then leave. Sounds like you are just using Canada anyways. There is a long line of people who would give everything to take your place who also intend to lay down roots.

MF

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

Yes, we have all seen the long lines at the illegal border crossings.

But I think you may be a bit disappointed in their ability to fund your socialist fantasies, earnest intentions to “lay down roots” notwithstanding.

Sorry.

#163 IHCTD9 on 08.10.18 at 1:18 pm

#149 Headhunter on 08.10.18 at 11:15 am
#53 MF on 08.09.18 at 6:59 pm
#21 Stan Brooks on 08.09.18 at 5:45 pm
“1. No quality immigrants in their right mind will come to this place with this cost of living/net income ratio.”

-One of the most ridiculous statements I’ve ever read.

____________________________________________

Let me set the record straight as this is right in my wheelhouse. Lot’s of very qualified people ARE staying put in their homeland. math doesnt add up to come here. Lots are going back because the grass is NOT greener here, maybe 30 years ago. I am working with a Bridge Engineer right now.. who is heading back to Greece. He’s tired of the 4 hour commute and 3 weeks vaca.. He will get at least 6 weeks back home.

Sorry
————-

Some studies say up 40% of all immigrants bail back to the homeland within 10 years of arriving…

#164 Wrk.dover on 08.10.18 at 1:26 pm

#152 IHCTD9 on 08.10.18 at 11:56 am

————————

I don’t play with these toys, but I will second that.

I know a guy that had unresolved Honda ECU problems while Honda Canada and the stealership purposely ran out the time on his warrantee until the expiry date, and then waved goodbye to him with the middle finger. Corporate Ethics 101.

#165 conan on 08.10.18 at 1:26 pm

Yo, Turkish markets are getting butter balled by Trump tweets.

#166 jess on 08.10.18 at 1:34 pm

worry more about all the unnecessary tests $$$/ or advice to enrich their lifestyles
==========
very sad when a hospital becomes known as a “brothel of fraud.”
( bogus Medicare claims to enrich the hospital’s owners)

===========

#167 NoName on 08.10.18 at 1:37 pm

@akashic record

watch this gets interesting around min. 45.
https://www.youtube.com/watch?v=W48pcN78deg

#168 Marco on 08.10.18 at 1:40 pm

Do not delay another child. This is tribal society.
The power is in the numbers.

#169 SoggyShorts on 08.10.18 at 2:00 pm

#112 Spectacle on 08.09.18 at 11:33 pm
Dividends, vs Drawing a wage and its benefits::
Spoiler alert, or teaser?

Paying yourself a wage can be a way for you to earn a steady and predictable personal income.

If you are good at budgeting this isn’t an issue

RRSP Contribution Room – Paying yourself a wage will allow you to build RRSP contribution room, whereas paying yourself via dividends does not.

This is nice for tax deferral letting you withdraw when your earnings are lower, meaning less tax…but this is also possible if the money is still in the corp(invested)
You can treat corp money like an RRSP this way

CPP Contributions – a double edged sword? Wages will allow you to contribute to the Canada Pension Plan (dividends do not).

there is no way that paying double CPP (employee and employer portions) will pay you back more than simply investing the same amount yourself

Also, the MD in question is desiring maternity leave, which can be shared with hubby, at certain times. Bonus.

There may be something here, I’m not a breeder, so I haven’t really considered it.

Fewer Surprise Tax Bills

If you are going to owe over $3,000 in taxes you are required to make quarterly installments in advance. There should be no surprises.

When you are attempting to qualify for a mortgage, banks like to see steady, predictable income.

Rent ;-)

#170 MF on 08.10.18 at 2:06 pm

#149 Headhunter on 08.10.18 at 11:15

No need to say sorry.

I don’t care about your worthless opinion nor believe your fake story.

Even if it’s not fake, it’s anecdotal.

And lol at your friend. If someone cannot make it in Canada it means they are a failure, and will probably be a failure anywhere. It’s not the country’s fault.

If he doesn’t like the commute than move positions.

As for Greece. I’m sure the economy is just booming there. Aren’t we due for our annual Greek crisis btw?

6 week’s of vacation for everyone has a cost. And as we have seen the country is bankrupt as a result of that line of thinking. I therefore wouldn’t be extolling the virtues of “6 weeks of vacation” any time soon.

MF

#171 Blacksheep on 08.10.18 at 2:17 pm

IHCTD9 # 152,

“If you’re buying motorsports stuff – just get a Yamaha – seriously.”
———————————–
Yamaha product owned since 1980: Multiple house stereo’s, Cassette deck in truck, YZ 250, YZ 490, XJ 750, 2 x YZ 125’s, 140 HP inboard/outboard, WR 250, 2 x DT 200’s, DT 50, Kodiak 450 and finally two inverter generators I still have, for the RV.

I 100 % agree, you can’t go wrong with a Yamaha.

Only product that is better made is a KTM, but you also pay dearly for it, but I dont mind.

#172 jess on 08.10.18 at 2:23 pm

“grey rhinos’

Huarong has provided funding for some of China’s biggest corporate borrowers, including conglomerate HNA Group, energy and financial giant CEFC China Energy, China Huishan Dairy Holdings, Hanergy Thin Film Power Group and Dandong Port Group.

chairman of China Huarong Asset Management,

Set up in 1999 to handle distressed assets, Huarong is one of China’s big four “bad” banks, which between 1999 and 2005 soaked up non-performing loans worth 1.4 trillion yuan from state-owned banks.

It is also one of the most active bond issuers on the Hong Kong market and currently has more than 210 billion yuan worth of bonds set to mature in 2020, with a further 52.7 billion yuan between 2025 and 2027.
https://www.scmp.com/news/china/policies-politics/article/2159221/chinese-corruption-inquiry-finds-us39-million-cash

#173 Nitin G on 08.10.18 at 2:32 pm

A young doctor. With a family income of 300K. That should keep increasing.
100 K in interest (with 5% rate)
75 K in living expenses
100K in taxes

She still has 25K to throw at principal and that could keep rising to 100K in 5-10 yrs. Where is the problem? At the age of 60, she would have a large house (probably priced at 4 millions at 3% yearly appreciation) and savings from ever increasing income. She would be living a better life than 90% of Canadians. And lived a queensized life all along.

#174 Marco on 08.10.18 at 2:35 pm

Well, some bashing of immigrants here. In seventies in Europe there were Canadian immigrations agents at airports and they would approach anybody with a suit and a tie and propose. Now war is everywhere and slaves are buying their own tickets to paradise north.
And low lives know that.

#175 NoName on 08.10.18 at 2:38 pm

#168 Marco on 08.10.18 at 1:40 pm
Do not delay another child. This is tribal society.
The power is in the numbers.

100% correct !!!

#176 jess on 08.10.18 at 2:40 pm

Def Con, one of the world’s largest hacker conventions, will serve as a laboratory for breaking into voting machines this week, extending its efforts to identify potential security flaws in technology that may be used in the November US elections.

The three-day “Voting Village,” which opens in Las Vegas on Friday, also aims to expose vulnerabilities in devices such as digital poll books and memory-card readers.

Def Con held its first voting village last year after US intelligence agencies concluded the Russian government used hacking in its attempt to support Donald Trump’s 2016 candidacy for president.

Participants will have a chance to hack into more than five types of voting machines from manufacturers including Elections Systems & Software and Dominion Voting.

Last year a Danish researcher figured out how to take control of a touch-screen voting system used through 2014 in a remote hack that organisers said could work from up to 1,000 feet away.

Verified Voting, an advocacy group that helped organise the hacking village, said that some of the voting machine models being tested are still used to tally votes across the United States.

One system, the Dominion Premier/Diebold AccuVote TSx system, is used in 20 states and 23,784 precincts, according to Verified Voting.

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

unverifiable touch-screen systems across seven Ohio counties.

In Detroit, where voters cast hand-marked paper ballots, they were able to continue voting even during power outages at more than a dozen polling places on Tuesday, following storms the night before.

In KANSAS, $10 million wasted on new, unverifiable touch-screen voting systems didn’t help voters as some of the brand new ES&S ExpressVote ballot marking devices failed to work at all on Tuesday morning, and electronic tabulation grounded to a halt all together in Johnson County, the state’s most populous, due to a problem that remains unclear at this hour.
ExpressVote systems which produce unverifiable barcoded “paper trails” instead of hand-marked paper ballots

Georgia Lawsuit Reopened To Stop Unverifiable Voting and Require Paper Ballots

https://coalitionforgoodgovernance.org/current-projects/

#177 MF on 08.10.18 at 2:46 pm

#162 BillyBob on 08.10.18 at 1:16 pm

Do you know how to read?

Who on earth said anything about socialism?

If you cannot make it in Canada you will be a failure anywhere. That’s called “Capitalism” and that was my point.

MF

#178 MF on 08.10.18 at 2:55 pm

#102 Reality is stark on 08.09.18 at 10:34 pm

Lol that was gold. Finally something you said that I liked and agree with.

I can see how it all unfolds: “Ashley” was probably asked out by another classmate named “Michael” during their first internship, but she laughed it off and rejected him because he was 5’9 and not 6′ feet tall.

Now “Michael” is completing his specialty and will be making much more than “Ashley”.

Too late though. Guaranteed if Ashley were to approach Michael now, he would decline. She is too old and probably has baggage. He’s all about women 10 years younger than her, with less baggage, and who are fitter.

MF

#179 Stan Brooks on 08.10.18 at 2:57 pm

#136 Not a Puppet of Putin on 08.10.18 at 9:34 am

Russia is KGB state, agree. But how is that related to postings on this blog? Do you think that everyone criticizing our own kleptocracy is a Russian agent?

#170 MF on 08.10.18 at 2:06 pm

Believe it or not, retirees in Greece have generally much better lifestyle/and weather than retirees here.

And yes, if doctors can not make it it is the country rulers fault, (not the country fault). Nice try to manipulate and substitute country for the country elite.

when was the last time you were abroad?

#180 Stan Brooks on 08.10.18 at 3:24 pm

Putin strikes again.

2 police officers among 4 dead in Fredericton shooting, injured suspect in custody

https://www.cbc.ca/news/canada/new-brunswick/brookside-drive-fredericton-police-1.4780396

T2’s broken heart goes to the victims.
He is monitoring the situation.

#181 Clifford on 08.10.18 at 3:43 pm

How do you even have clients with a response like this?

Oh, so I should lie to people to make money from them? I’ll leave that to the mutual fund and insurance salesguys. – Garth

#182 Wrk.dover on 08.10.18 at 4:04 pm

Oh, so I should lie to people to make money from them? I’ll leave that to the mutual fund and insurance salesguys. – Garth

———- Good Man Garth——–

Canada counts on you, all else has failed.

#183 James on 08.10.18 at 4:10 pm

Ha now that’s a laugh. The Saudis claim Canada is the worlds worst oppressor of women. Ha, ha, ha Ill tell that to my wife while she fires a frying pan at my head. Saudi Arabia is a joke, they are like a bunch of children with too much candy and an unlimited bank account to buy it. Sadly the Saudi’s are an oppressive regime that rules with dictatorship like command.
Oh an one other thing Canada is a supporter of international terrorism according to the Saudi’s.

https://www.msn.com/en-ca/news/world/%E2%80%98canada-is-the-world%E2%80%99s-worst-oppressor-of-women%E2%80%99-saudi-arabia%E2%80%99s-bizarre-propaganda-campaign/ar-BBLKDH1?li=AAggNb9

#184 VanMan on 08.10.18 at 4:36 pm

Garth…here is a great new article released Aug 9 in BC Business..

https://www.bcbusiness.ca/Three-possible-scenarios-for-Vancouvers-housing-market

#185 Stan Brooks on 08.10.18 at 4:39 pm


Oh, so I should lie to people to make money from them? I’ll leave that to the mutual fund and insurance sales guys. – Garth

Not trying to be a suck up but it has been a while since I saw moral and honesty in business. So rare these days.

Cheers to the old wine/aged whiskey

https://www.youtube.com/watch?v=St6jyEFe5WM

#186 Stan Brooks on 08.10.18 at 4:47 pm

#184 VanMan on 08.10.18 at 4:36 pm
Garth…here is a great new article released Aug 9 in BC Business..

https://www.bcbusiness.ca/Three-possible-scenarios-for-Vancouvers-housing-market

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

Utter BS.

Brainwashing at its best.
Up and away more likely than house crash (unlikely? Hello?)
Shave and haircut?

No amount of social engineering will help and prevent a horrible housing crash in BC.

Poor sheeple, now it is being told what to think and feel.

As I said countless times: Run.

#187 Stan Brooks on 08.10.18 at 4:55 pm

#183 James on 08.10.18 at 4:10 pm

None of these statements came from SA officials or government figures.

Read the article, they quote somebody from Kuwait saying something or fictitious ‘SA media accounts’. Typical propaganda, probably trying to rally the sheeple after T2 and his disastrous policies and screw ups.

#188 devore on 08.10.18 at 4:57 pm

Another lady doc that wants a shwack of kids. Better get ready for a hands-on lesson in economic reality and gender equality.

#189 SimplyPut7 on 08.10.18 at 4:59 pm

#21 Stan Brooks on 08.09.18 at 5:45 pm
#163 IHCTD9 on 08.10.18 at 1:18 pm

Agreed. I think as the standard of living improves in countries around the world, many immigrants will realize the grass is not greener in Canada.

Also, many of the international students we encourage to study in Canada (hoping they will stay make a life here), go back to their country because they want to help improve their nation or be part of their country’s economic boom.

#190 Stan Brooks on 08.10.18 at 5:01 pm

#183 James on 08.10.18 at 4:10 pm

Ah, and Jordan Peterson is conveniently involved here as an ally of the ‘enemy’/SA. Did I smell Gerald Butt’s fart in this piece of brainwashing propaganda? Are we getting ministry of truth after the ministry of just taxes by the french villa guy?

#191 jess on 08.10.18 at 5:06 pm

WASHINGTON — A federal appeals court ruled Thursday that the Trump administration endangered public health by keeping a widely used pesticide on the market despite extensive scientific evidence that even tiny levels of exposure can harm babies’ brains.

The 9th U.S. Circuit Court of Appeals in San Francisco ordered the Environmental Protection Agency to remove chlorpyrifos from sale in the United States within 60 days.

A coalition of farmworkers and environmental groups sued last year after then-EPA chief Scott Pruitt reversed an Obama-era effort to ban chlorpyrifos, which is widely sprayed on citrus fruit, apples and other crops. The attorneys general for several states joined the case against EPA, including California, New York and Massachusetts.

In a split decision, the court said Thursday that Pruitt, a Republican forced to resign earlier this summer amid ethics scandals, violated federal law by ignoring the conclusions of agency scientists that chlorpyrifos is harmful.

“The panel held that there was no justification for the EPA’s decision in its 2017 order to maintain a tolerance for chlorpyrifos in the face of scientific evidence that its residue on food causes neurodevelopmental damage to children,” Judge Jed S. Rakoff wrote in the court’s opinion

https://www.reviewjournal.com/news/nation-and-world/court-orders-ban-on-harmful-pesticide-says-epa-violated-law/

#192 akashic record on 08.10.18 at 6:18 pm

#136 Not a Puppet of Putin
#137 Y. Knott

It would be more convincing if you had a shred of evidence that you are familiar with the claims of The Magnitsky Act documentary and you had something to say about that.

Without that you sound like, act like a puppet, whether it is for Moscow, London, Washington DC or Toronto.

#193 Spectacle on 08.10.18 at 6:30 pm

#169 SoggyShorts on 08.10.18 at 2:00 pm
#112 Spectacle on 08.09.18 at 11:33 pm
Dividends, vs Drawing a wage and its benefits::
Spoiler alert, or teaser?

Thanks for clarifying this line of discussion too Soggy!

Liked your comment about Not a breeder….snickers!

Surprised Sir Turner didn’t rip me a new one for jumping the gun. Not my area, but very interested in contracting tax issue now that ” JT Idiot Rainbow Woman Groper, Soros illegal cash taken into his private foundation” is ruining everything for Canadian working class plus some!

#194 akashic record on 08.10.18 at 6:43 pm

#167 NoName on 08.10.18 at 1:37 pm

@akashic record

watch this gets interesting around min. 45.
https://www.youtube.com/watch?v=W48pcN78deg

I did.

What’s more interesting is that after all these years Browder under oath in testimony still could not make up his mind if Magnitsky was “the smartest lawyer he knew and hired in Russia” or an accountant who worked for him previously.

At 10:05
https://www.c-span.org/video/?431852-1/william-browder-overturning-magnitsky-act-putins-top-priority

Mainstream media flagship MSNBC doesn’t seem to be bothered with the fine details, either:

William Browder: My Lawyer Sergei Magnitsky Was Murdered By Vladimir Putin | AM Joy | MSNBC
https://www.youtube.com/watch?v=Idclco09HNM

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

#195 Y. Knott on 08.10.18 at 8:17 pm

Akashic Record #192, consider who you’re defending.

“Nothing so hinders learning something as the belief that you know it already.”

Now you will no doubt insist that the above applies to me, not you – but Aleksandr Litvinenko, Anna Politkovskaya and Boris Nemtsov would suggest otherwise, if they could. And they know.

#196 akashic record on 08.10.18 at 10:34 pm

#195 Y. Knott

Why are you so afraid of watching a documentary from a Russian political dissident, who made a previous movie about Litvinenko, along the lines what you think about that case?

Are you afraid that he might been true finding out that what was true in case of Litvinenko or many others, doesn’t necessarily translate to the Browder story?

It might actually exploit those to find cover for himself, maybe hiding shady financial dealings with masquerading as fight for human rights in an oppressive regime, because he is fully aware that “nothing so hinders learning something as the belief that you know it already”?

What if the Magnitsky Act is based on the exploitation of “the belief of knowing it already” gaming Western governments?

Consider what you are defending if the director of the documentary is right.

I can’t image that Anna Politkovskaya and Boris Nemtsov wouldn’t want to know if they had a chance, like you do.

#197 Y. Knott on 08.11.18 at 10:33 am

Akashic Record –

– MH370. You can find documentaries showing no, MH370 was not shot down and if it was shot down it wasn’t a missile and if it was a missile it wasn’t a SA-11 and if it was a SA-11 it wasn’t a Russian one – I mean, Ukraine has Buk launchers too, right, and so what if they’re all (traceably) broken in depot because Russia doesn’t sell Ukraine Buk parts anymore. Or, you can read the Dutch accident report that yes it was a SA-11, and Bellingcat that yes it was a Russian Buk and there’re photographs of it entering the contested territories from Russia that morning.

Incidentally, I don’t hold MH370 against the Russians – I hold it against ICAO because why were they routing civil air traffic over a war zone in which several aircraft had been shot down by SAM’s in the preceding days? It’s a universal principle of the human(?) experience – “$hit happens in a war zone”. What I hold against the Russians are two lies – 1) no it wasn’t them and 2) no they’re not helping the Donetsk rebels. Well, many “Donetsk rebels” are going home in body-bags – to Russia.

And here’s a fundamental difference between Russia and the West. Remember Iran Air 655, shot down by SAM’s from USS Vincennes? A horrific black eye for Uncle Sam, especially as he was having fun bearding Uncle Joe for shooting down KAL 007 at the time. But he ‘fessed-up there ‘n then. How long did it take Uncle Joe to ‘fess-up over KAL 007?

And how seriously are communist countries into ‘fessing up? Read into the sinking of the Cheonan, and Russia and China flatly refusing to believe the investigation despite North Korean torpedo parts being recovered from the seabed under the wreck.

And Sergei Skripal and his daughter – there’s lots of evidence that it was not novichok and it was not the Russians and the UK is lying about it, just as the US and Israel are lying about sarin gas attacks by Assad – but this is precisely the sort of thing Russia (and Assad) have done many times before, so why would I believe them when they say they didn’t do it now? Who was Skripal an enemy of, and who might want him dead?

Who were Litvinenko and Politkovskaya enemies of? Who’d want Boris Nemtsov dead, and why? Speaking of which, you do know what Boris Nemtsov said about the Magnitsky Act?

There’s likely no convincing you, so I’ll close with a quote from Anna Politkovskaya:

“Society has shown limitless apathy… As the Chekists have become entrenched in power, we have let them see our fear, and thereby have only intensified their urge to treat us like cattle. The KGB respects only the strong. The weak it devours. We of all people ought to know that.”

#198 Gravy Train on 08.11.18 at 11:11 am

#196 akashic record on 08.10.18 at 10:34 pm
“I can’t image that Anna Politkovskaya and Boris Nemtsov wouldn’t want to know if they had a chance, like you do.”

You do know that they’re both dead, right? You do know that they were both outspoken critics of Vladimir Putin, right? Or do you think Bill Browder had them killed? Yikes!

#199 B Wilds on 08.11.18 at 1:41 pm

How much wealth will escape the next large economic crisis is very important because it will set the bar that determines the rate of inflation or deflation in coming years. Pensions, annuities, and even investments in stocks and such all fall into the area of paper promises that are often recorded somewhere far from sight as a digital entry on a computer.

The amount of wealth stored in these intangible areas based on faith have grown at a massive rate during the last several decades and were relatively minor players until recently. Currencies, also known as fiat money, are also just IOUs or paper promises. The article below delves into what might be left standing after the next financial meltdown.

http://brucewilds.blogspot.com/2018/03/how-much-wealth-will-escape-next.html

#200 akashic record on 08.11.18 at 2:12 pm

#197 Y. Knott

You do understand that if what the documentary claims is true, then the Magnitsky Act is a step to turn Western democracies into what you hate about Russia?

Y.knott do you watch the damn thing?

#201 akashic record on 08.11.18 at 2:21 pm

I know you either don’t pay attention or you don’t get what you read. I also know you feel comfortable disputing claims you didn’t bother to learn at the first place. Yikes!

#202 Y. Knott on 08.11.18 at 3:14 pm

Sorry, akashic – I’ll take Boris Nemtsov’s opinion on the Magnitsky Act over yours.

#203 akashic record on 08.11.18 at 8:59 pm

#202 Y. Knott

That’s fine, but at some point you need to start seeing things for yourself and make your own judgement calls.

Isn’t it what Nemtsov is known for?