The legacy

It’s been four and a half years now since F passed. The elfin deity, as he was fondly called in this space, perpetrated some very good and very bad stuff as Harper’s finance guy. Among the awful things (his boss made him do both) was a treasonous attack on income trusts, and bringing in 0/40 mortgages.

The first was a direct betrayal of a mob of crusty old Boomers who had stuffed their retirement plans with sweet-paying trusts, and lost oodles as a result. They will never forget. The second helped import the US housing mania into Canada, goosing personal debt, encouraging speculation and setting us on the path to million-dollar slanty semis. In time zero down payments and 40 year amortizations were repealed. The income trust bust remained.

But he did good, too. He helped us survive the GFC. And he listened to my bleatings to create a universal tax-free account like the one Americans had (Roth IRA) that would let people invest for the future regardless of what they earned (like the RRSP). So we got it. The TFSA.

Nine years later, this thing matters even more. The accumulated contribution limit is now $57,500, which means a couple can have $115,000 invested between them in accounts that grow free of tax and provide cash flow in retirement that’s not counted as income, and won’t reduce your government pogey. Unused contribution room is never lost, and you can take money out, creating more room.

And this is one hot tool, when used correctly.

Two 37-year-olds who have maxed their plans and continue to do so until age 65, with growth assets yielding 6% annually (not a hard stretch) will have just shy of $1 million by R-day. That should throw off more than $60,000 a year forever, preserving the capital and having zero impact on CPP or OAS. For the moisters, it’s even better. Consider a 20-year-old starting out now with a hundred bucks a week. By 65, that’s grows to $1.3 million with expected income of about $80,000. Add in Ottawa’s handouts, and it’s about $100K a year, without touching the nestegg. Yeah, a hundred grand may not be that rich in four decades, but it’s a helluva good start.

Anyway, you know all this. So let’s talk about the dark side.

Apparently we all die (who knew?) and tax-free accounts now form a key part of planning for the inevitable. Tens of billions will be flowing between account-holders and those they choose to receive the money. The rules favour spouses and common-law partners the most, but you can give your TFSA to anybody – at least what it contains. Only your partner can get the account itself.

Huh?

It comes down to a simple choice. When setting up a TFSA you can choose a ‘beneficiary’ or a ‘successor holder.’ If you’re married or have a stable long-term relationship (other than with your border collie), always pick the SH option. By doing so, your partner will actually take over your TFSA, incorporating it into her/his own, retaining all of the assets and the tax-free growth status. So all income or growth earned after you croak remains untaxed.

Not so if you name a TFSA beneficiary.

In that case the money in your TFSA still passes on free of tax, but the income and growth from the date of your death until the distribution is taxable as income (ouch). Also the beneficiary would need sufficient contribution room in their own TFSA to incorporate this money into that account (if not your spouse), to continue enjoying tax-free returns. Successor holders, in contrast, don’t need to have this room available. They can just Hoover the existing assets into their plan.

If your spouse messed up and named you as a B instead of a SH, it may still be possible to roll the TFSA assets of the deceased into your own. This ‘exempt contribution’ must be done before the end of the year in which death came, and be registered with the CRA within 30 days.

Because they like to be complicated and different in Quebec, by the way, where it takes twice as many words to say something, a valid will is required to pass on a TFSA. Unlike everywhere else, TFSA assets cannot bypass the estate process or be transferred directly to a beneficiary. So while everywhere else this can be dealt when a TFSA is opened, in that province only a will can determine who gets it.

Is this a big deal? Nah. It’s just a couple of words. You can find out with a phone call or email if you made the right choice. So, do it. Remember what happened to little F. Nobody gets out of here alive.

114 comments ↓

#1 Derek R on 10.19.18 at 3:56 pm

That is worth knowing. Thanks, Garth!

#2 Tater on 10.19.18 at 4:05 pm

Met Mr. Flaherty at a wedding once. He was having a great time and took a liking to my brother and I. Every time he saw us he would bellow “You two should be the govenor’s of Canada!”

#3 Newguy on 10.19.18 at 4:12 pm

Garth,

Regarding yesterday’s topic. You really only need to get one point across to those wild dogs. It can take many minutes to write a trashy post but only seconds to delete it. Once they understand how much energy it takes to wreck their work, they should back off.

That said, I wonder what you think of this idea for CPP?

What would happen if the government better used the power of compound growth to the advantage of all Canadians? As it is now, you don’t start contributing to CPP until you enter the workforce. But you are an eligible citizen for CPP from the day you are born as long as you get a job.

What would happen if the government put one, five or ten thousand dollars into CPP on your behalf when you are born? That way, those funds could compound for 65 years instead of 45 years. This would add a huge boost to your retirement and/or reduce your CPP contribution expense during your working years which would benefit the economy.

If people were worried about the upfront cost of the benefit, workers could have the initial expense recouped from their earnings in the first few working years after having benefitted from an interest-free loan.

The only other thing I would add is some penalties. If you die, the money accrued goes back into the fund to cover more newborn Canadians. If you leave the country, you forfeit the benefit which will help the brain drain

#4 RC on 10.19.18 at 4:21 pm

JMF was one of the best and brightest. Not many elected officials I look back at thinking we were lucky they had the job.

#5 Marc Roger on 10.19.18 at 4:29 pm

I continue to wait for the next 500$ bump to bring the annual contribution to 6000$.
Go!

#6 Mjr Major on 10.19.18 at 4:36 pm

Small correction, I believe – Beneficiary has until end of the year FOLLOWING the year of death to make an exempt contribution.

#7 slam on 10.19.18 at 4:45 pm

Thank you for sharing this knowledge:
When setting up a TFSA you can choose a ‘beneficiary’ or a ‘successor holder.’

I need to check this out with my bank now.

#8 Djumbe on 10.19.18 at 4:49 pm

Two and a half months until 2019 TFSA contribution room, $5,500, comes available. Saving for it now! Hubcap too.

#9 NotLegalAdvice on 10.19.18 at 4:56 pm

This is great Advice!!

Thanks Garth!

#10 A J on 10.19.18 at 4:58 pm

Just wanted to respond to yesterday’s post. Just got a chance to read it. I think everyone these days is having to take a good long look at themselves, how they behave on social media and how social media affects their wellbeing. And if they aren’t taking a look at it, they should. I for one, am no angel. But I’m not into name calling. I’ve been called every heinous name you can imagine online. Been told to kill myself. And I always, in my head, defended people’s rights to tell me to these things because “free speech.” But even though we have free speech, we are losing our civility. I’m not always proud of my online self, but some people should feel downright shameful about how they act online. Maybe they don’t have that ability for self reflection, but it’s absolutely shameful what some people post here and elsewhere. Comment sections are a cesspool for name calling and grandstanding and everyone attacks each other from the comfort of their home, and kisses their kids on the forehead goodnight like they didn’t just tell a stranger they wished they would die. I implore everyone reading this to be better. And I’m sure as you’re reading these words, you want to attack me with venom. But why? Personal responsibility is what is under attack in today’s society. No responsibility in your real or online life. Much easier to point your finger at someone else and scream that they don’t deserve to live. We all need to end this pointless madness. It gets us nowhere. It helps no one. There’s no point. Garth, thanks for what you put up with here. Enough is enough. We ALL need to be better.

“The less you respond to rude, critical, argumentative people…the more peaceful your life will become.”

― Mandy Hale

#11 Dwilly on 10.19.18 at 5:13 pm

Great advice, thank you. I’ll check my TFSAs this weekend and change if need be. Thanks for posting this!

#12 BlogDog123 on 10.19.18 at 5:22 pm

SH is the way to go… Did that when I set up both our self directed TFSAs. If I croak, the wife can just keep my account open, doing its thing. Same goes for me with her account.

Tried to convince my aged parents to submit those forms, get it all set up, explained it’s much more flexible than beneficiary. Walked them through all the scenarios… No luck, they just don’t want to change it to SH.

#13 Ex Pat Canuck on 10.19.18 at 5:27 pm

This type of article is why I come to this blog, excellent, thanks Garth.

#14 Sam on 10.19.18 at 5:28 pm

Neat-o. Thanks Garth.

#15 AB Boxster on 10.19.18 at 5:34 pm

Garth,

If one has set up a tfsa as a beneficiary, is it possible to change it to a successor holder?

Thx

Of course. – Garth

#16 Smartalox on 10.19.18 at 5:43 pm

The TFSA is modelled on the US’s Roth IRA, like how the RRSP and 401k programs are similar. But UNLIKE the RRSP / 401k, which are treated equally for tax purposes on both sides of the border, Americans in Canada and usual citizens STILL can’t benefit from TFSAs.

#17 AGuyInVancouver on 10.19.18 at 5:46 pm

#4 RC on 10.19.18 at 4:21 pm
JMF was one of the best and brightest. Not many elected officials I look back at thinking we were lucky they had the job.
_ _ _
Yeah, it takes a true genius to kick off a housing bubble through bad policy. Or to cut a consumption tax against the advice of all reputable economists.

#18 Yeah on 10.19.18 at 5:48 pm

Garth, have a question for TFSA holding. There is lot of confusion around this if I try online.

I am planning to move to the states for 3-5 years on TN visa, can I keep my TFSA as it is here..! If I do not withdraw anything from TFSA during that period, is it still considered as foreign income (growth) in USA.

Don’t Stress. Just keep it, but no new contributions. – Garth

#19 Juve101 on 10.19.18 at 5:50 pm

Thank you sir!

#20 arfmoocat on 10.19.18 at 5:55 pm

IN 1978 I MADE $10 AN HOUR INSTALLING A/C
I HAD A BRAND TRUCK THAT COST $6800
I RENTED A 2 BEDROOM HOUSE FOR S300 A MONTH
I FILLED MY TRUCK WITH GAS FOR $10
FOOD AND INSURANCE WAS CHEAP

NOW THAT SAME JOB PAYS S17 TO S20 AN HOUR
THAT TRUCK IS $40000 OR 58 TIMES MORE
THAT HOUSE IS $1400 A MONTH, 6 TIMES MORE
GAS IS 8 TIMES MORE
FOOD AND INSURANCE ARE ALMOST 7 TIMES MORE

HOW THE HELL CAN YOUNG PEOPLE EVEN STAY AFLOAT LET ADVANCE?

It helps to stop yelling. – Garth

#21 JRH on 10.19.18 at 6:00 pm

Thanks again Garth !

#22 crowdedelevatorfartz on 10.19.18 at 6:07 pm

Could a “successor Holder” be anyone?

Sibling, Niece, Nephew, friend?

Or does it have to be with a spouse/ common law…

Spouse or CLP. – Garth

#23 Barb on 10.19.18 at 6:17 pm

“…sweet-paying trusts, and lost oodles as a result.”

———————————————————

Can I surmise that Trust Fund Child T2 didn’t suffer the same fate?

#24 Lost...but not leased on 10.19.18 at 6:18 pm

There is no law in Canada (yet) that says you are obligated to die, therefore immortality is a valid option and personal choice(simply requiring a CRA ruling).

PS: Offer not valid in Quebec or Maritimes.

#25 Adele on 10.19.18 at 6:20 pm

Judging from the comments so far on Successor Holder, it looks like a lot of your readers don’t read the forms that the [email protected] give them to sign.

I’m guessing that the same issue applies to Successor Annuitants vs Bennies in RRIF’s.

#26 Bezengy on 10.19.18 at 6:21 pm

I liked JF and thought he did a good job, but every time he got on his high horse and declared that we were doing so much better than the USA, I thought to myself that one day we’d pay for it. I think I was right.

#27 Dr Talc on 10.19.18 at 6:39 pm

Jim Flaherty was a friend of Canadians with disabilities:

https://www.google.com/amp/s/www.cbc.ca/amp/1.2612858

#28 Jimmy on 10.19.18 at 6:50 pm

The TFSA, OAS, and CPP will ALL fall victim to the coming “Basic Income”program that the government is eager to impose.

Everybody will get a “basic income”, subject to being clawed back based on all other income. That other income will be RRSP withdrawals, OAS, CPP, and TFSA withdrawals.

Your carefully planned retirement money (whether TFSA or RRSP) is FAR too attractive to the government. OAS/CPP too.

Mark my words!

Groundless. – Garth

#29 Nonplused on 10.19.18 at 6:58 pm

#259 Smoking Man (yesterday)

College tuition in Canada is relatively affordable, unlike the US. Education, like health care, seems to work better here than in the US, although at great public expense.

The path Canada has chosen, which is to socialize health and education, has it’s pros and cons. But the argument to be made that it is in the interest of everybody to have a well educated and healthy workforce who will then go on to pay higher taxes (the Canadian model) seems to work just as well as financially bankrupting everybody with tuition and health expenses (the US model).

I will agree with you that PC culture has infiltrated our education system too and converted many degrees into useless dogmatic programming. But not all of them. The STEM (science, technology, engineering, math) plus computers, finance, medicine, and the trades are all still very valuable degrees to obtain. They can be had in Canada for very reasonable fees, although it does lead to higher tax rates (due to higher income) down the road.

As Mike Rowe likes to say, there are no protests at trade schools. I don’t think you’ll find any in the Engineering department either. These kids are there to learn and make a better future for themselves by increasing their productivity.

My daughter on the other hand went to art school. But given her personality and aptitudes I’m not sure what else she could have done. She plans to finish off with a B.Ed. after. Does the world really need art teachers? I think you can argue it both ways but there seems to be a market for it. Even in poor countries the arts are not dead.

So let’s not diss education as a whole. For many people, including myself, that degree or diploma is an important part of who they are.

So Garth has given us many important rules for life in the financial field, but they are all useless if you don’t have any money. So rule #1 should be “get some money”. For most people that means “get an education”. It doesn’t have to be a university degree in engineering, a trade school diploma in plumbing will do the trick, but learn something. Then go out and do something useful. Then make some money. Maybe start your own plumbing business, but make some money. Then Garth can help you, but not before.

My dad has a disdain for education, which is strange because although he never finished high school he did go to SAIT (a trade school) and get his Journeyman. But yet it is only his kids who got an education that he is not still supporting, at least partially. And he is 70. Tell your kids they need an education or you’ll be taking out a reverse mortgage in your retirement to support them, when they are in their 40’s! Ya, one of them might go to art school, nothing you can do about it, but don’t discourage the budding engineers and dentists in the family. Better to have only one kid on life support than all of them.

So to Garth now, maybe add to your rules and do an article about how rule #1 for young people is “get an education”. For Canadians this is a nobrainer because you have to pay for most of it through taxes anyway.

#30 Penny Henny on 10.19.18 at 7:04 pm

Are we talking about the guy who ate his breakfast without using utensils. Your words not mine Garth.

It was an interesting quirk. – Garth

#31 LP on 10.19.18 at 7:10 pm

#3 Newguy on 10.19.18 at 4:12 pm
********************************

It never hurts to have everyone trying to devise new and worthwhile ways of doing or achieving something. However, you’ve forgotten that only those who work, and pay into, CPP are able to collect.

#32 rj on 10.19.18 at 7:19 pm

Thanks for that great piece of information! Spouse and I both have invested TFSA but I think we indicated beneficiary not successor holder. Is this changeable?

Yes. – Garth

#33 NOSTRADAMUS on 10.19.18 at 7:21 pm

POSTAL QUESTION ?
Which of all the postal codes in Ontario will rise to the top for falling behind on their mortgage, plus tax installment payments? Look behind the address and toys in the driveway. And lets not forget the soon to be announced capital for mortgage fraud in Ontario. In a previous post I indicated it started with the letter “B”. Today, for slow learners, I will add one more letter, ‘R”. So recap, BR—–N,
On a more positive note. Look on the bright side, Canadians can expect more job opportunities moving forward , working for the government in the soon to be introduced super duty, helpful financial counselling field. Designed specifically for those who didn’t read Garth’s tea leaves. You can trust me as the teller of truth in the land of gypsies, tramps and thieves.

#34 Bogdan on 10.19.18 at 7:26 pm

Great advice. I’ll have to double check what we have.

#35 Linda on 10.19.18 at 7:46 pm

So if you named your spouse to be your TFSA beneficiary, can you now change their designation to successor holder? Or will that trigger some tax rule that nukes any potential benefit? This is a classic example of the value of reading this blog, since before today I was not aware there was another designation other than ‘beneficiary’ that pertained to a TFSA. Nor was I aware of the tax implications outlined in today’s post.

Also, can we presume that one must still designate one’s spouse (or whoever) as a TFSA successor holder even if our TFSA’s are already in a joint account to permit the smooth (not taxed) transition of financial assets to any surviving spouse?

Yes you can change. TFSAs cannot be jointly owned, by the way. – Garth

#36 Nineteen84 on 10.19.18 at 7:55 pm

Garth, can I name you as my beneficiary? There would be a catch of course – you’d have to become a cat-lover as well!

Regarding JF, I’ll never forget the time when he progressed from:
a. We’ll have a (large) surplus budget
b. We’ll have a surplus budget (but a small one)
c. We’re going to have the largest deficit budget ever

— all within 12 months! I think it was 2008/9 (around the time I started watching BNN regularly and listening for these types of announcements.

Eventually I concluded that just about everyone is throwing darts, hoping one will stick, from time to time.

1984

In hindsight the feds saved our collective ass during that period. – Garth

#37 FOUR FINGERS WATSON on 10.19.18 at 8:04 pm

28 Jimmy on 10.19.18 at 6:50 pm
The TFSA, OAS, and CPP will ALL fall victim to the coming “Basic Income”program that the government is eager to impose.

Everybody will get a “basic income”, subject to being clawed back based on all other income. That other income will be RRSP withdrawals, OAS, CPP, and TFSA withdrawals.

Your carefully planned retirement money (whether TFSA or RRSP) is FAR too attractive to the government. OAS/CPP too.

Mark my words!

Groundless. – Garth
………………………………………

He could be right. Harper killing off income trusts was “ groundless”. Turdo rolling back TFSA contributions was “ groundless “. There is an appetite out there for taking from the “ rich “ and giving to the “poor “. I give it a 50/50 chance.

The chances are zero. – Garth

#38 Samuel Keating on 10.19.18 at 8:06 pm

For some reason, you can’t always designate successor holders for TFSAs.

Some places be like “unfortunately, our custodian doesn’t support this option”

#39 JTEpic on 10.19.18 at 8:07 pm

Garth, I am assuming that when someone becomes a client of yours that, when you max their TFSA’s with in-transferred funds, that the SH option is set up by your staff automatically?

#40 crowdedelevatorfartz on 10.19.18 at 8:07 pm

@#30 Penny Henny
“Are we talking about the guy who ate his breakfast without using utensils.
++++
I worked with a stunning gal about 20 years ago that ate with her hands.
Bacon, eggs, toast…..no prob.
Porridge….. was off limits.

#41 Upenuff on 10.19.18 at 8:08 pm

Garth, as for yesterday’s comments.

Thanks for everything you do and provide, including today’s incite!

U.E.

#42 -human29 on 10.19.18 at 8:11 pm

Yeah maybe they saved over leveraged speculators in 08/09 but maybe they just delayed the inevitable. How are they going to save people with monster mortgages this time? Drop the overnight rate from 1.5 to 0.5? BoC can’t divert from the Fed or risk tanking the dollar.

Tank the dollar or save the people who bet on real estate returning 15% yoy until the end of time. What a situation our ‘leaders’ have gotten themselves into.

Let these people who bet big on RE go bankrupt and they can spend the 10 years rebuilding their credit and try again. Let this madness end and lets get back to some sanity with home prices. Maybe people could actually focus on productive investment that will grow the economy instead of flipping heaps of drywall and plywood to each other.

#43 Burlington Shyster on 10.19.18 at 8:11 pm

Everyone notice how there was no mention here of the huge deflationary number that came out today? Bye bye rate hikes

The odds of a hike next week are now 100%. Stick to being a realtor. – Garth

#44 Fish on 10.19.18 at 8:22 pm

Read the latest statistics on mortgages in arrears in Canada
Number of residential mortgages in arrears as of June 2018.

Posted on: September 27, 2018

https://www.cba.ca/mortgages-in-arrears

#45 joblo on 10.19.18 at 8:24 pm

Oh, Oh. FOUR MORE YEARS! in jeopardy:

https://torontosun.com/opinion/columnists/bonokoski-death-knell-beginning-to-toll-for-trudeau-liberals

#46 AB on 10.19.18 at 8:26 pm

#17 AGuyinVancouver
Coming to you from the kvetch capital of Canada..geesh!

#47 For those about to flop... on 10.19.18 at 8:27 pm

Don.18.18 at 10:54 pm

Flop…I read all your comments…keep them coming.

///////////////////

Hey Don,when I saw your comment I thought the firing squad was going to come after me, but they decided I wasn’t worth a bullet.

Yesterday’s post made me do a bit of reflecting too and it made me realize there is something that has been niggling away at me.

Ever since the boss of this blog vouched for me to get into the P.B.A or Professional Bloggers Association, I have banged out over 300 posts on my z-grade blog,basically since July 2018.

Only a couple of weeks ago one of my harshest critics on here had another go at me about my posts.

I presented the exact same post on my blog and someone clicked on the link to make a donation to The Terry Fox Foundation.

Did this person donate $5 ,$50 or $500,I don’t know.

The could have just been looking and donated nothing.

The point is I wrote a post and someone possibly donated some money for cancer research because of it.

I’ve always admitted I’m a potato head,but out of all this carnage in Vancouver real estate,hopefully something good comes of all of it.

It’s not easy for a blue collar bum with limited education to make a difference.

How many people on here can claim someone’s life could possibly change for the better because they wrote a piece of pathetic confetti on a pathetic blog…

M44BC
M64WI

$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#48 Wrk.dover on 10.19.18 at 8:34 pm

Thanks for this gift!

Of course I had ticked beneficiary with out knowing what the other was.

#49 jess on 10.19.18 at 8:37 pm

the banks ters down under “unscripted”
——————
karen maley
https://www.afr.com/business/banking-and-finance/financial-services/bank-ceos-need-to-work-on-their-lines-before-hayne-commission-resumes-20181018-h16smn
And on October 10, the day before both Comyn and Hartzer appeared before the parliamentary committee, the Australian Banking Association proudly put out a press release promising that banks would stop charging dead customers and bring an end to the fees-for-no-services rort.

The MPs sitting on the committee appeared underwhelmed by the step. “Did you really need a royal commission to tell you that?”

#50 crowdedelevatorfartz on 10.19.18 at 8:41 pm

hmmmm
Will Elizabeth May’s govt fall BEFORE Brexit?
Only angry Irish Cabinet Ministers know for sure……

Minority British govt hanging on by an Irish Thread….Oh the irony.

https://ca.reuters.com/article/topNews/idCAKCN1MT2JK-OCATP

#51 cecil1 on 10.19.18 at 8:54 pm

The TFSA is one of the rare times a government policy actually gives more finncial freedom to Canadians. And its straightforward.

The should quadruple the amount per year to $20000, or better yet, allow all a person’s after income tax to be placed in the account if they want.

Otherwise you’re being taxed twice on your earnings.

T2’s reduction of the TFSA was an atrocious example of how government treats its citizens and THEIR earnings like chattel property.

#52 Smoking Man on 10.19.18 at 8:58 pm

Going to be interesting how Faith Goldy finishes in the run for mayor.

Zero MSM coverage. They refused to run her adds. Locked out of the debates.

When she was polling 3rd they never put her name in the poll, it just said other Candiate.

If she’s finishes 3rd or 2nd. The internet will be viewed as is huge threat to the establishment, any they will lobby for more censorship before next year.

#53 Lefty on 10.19.18 at 9:01 pm

That’s gold TFSA advice Garth, I had no idea. 19B M makes me miss F.

#54 The Real Mark on 10.19.18 at 9:02 pm

“#43 Burlington Shyster on 10.19.18 at 8:11 pm
Everyone notice how there was no mention here of the huge deflationary number that came out today? Bye bye rate hikes”

Yup. I’ve been writing about the impending deflation driven by the collapse in Canadian housing prices, and with it, the consumer economy, for years now. Perhaps a bit prematurely as there’s been more resilience than I believed possible in the post-2013 peak era. But the recent data was just downright awful for both housing prices as well as the state of the consumer economy including inflation.

Its not exactly a big surprise to me though that the fake financial news, and the bank affiliated ‘retail’ propogandists are still running around claiming rate hikes are imminent. The Canadian interest rate derivative market is small and illiquid enough that the narrative it implies could easily be manipulated as well.

I still stand by my post here:

https://www.greaterfool.ca/2018/10/11/the-blind/#comment-617321

But the BoC narrative may very well change to rate cuts after the coming meeting, especially if the data doesn’t start to get a lot better fairly quickly.

Not a chance. – Garth

#55 JM Keynes on 10.19.18 at 9:10 pm

JM Keynes

“In hindsight the feds saved our collective ass during that period. – Garth”

Yep, and they can thank the great Keynes for that. Had they tried to apply classical economics like they did in the 30s we would have had another Great Depression and you would be writing a blog on how to successfully live off the land…..

#56 FOUR FINGERS WATSON on 10.19.18 at 9:17 pm

#37 FOUR FINGERS WATSON on 10.19.18 at 8:04 pm
28 Jimmy on 10.19.18 at 6:50 pm
The TFSA, OAS, and CPP will ALL fall victim to the coming “Basic Income”program that the government is eager to impose.

Everybody will get a “basic income”, subject to being clawed back based on all other income. That other income will be RRSP withdrawals, OAS, CPP, and TFSA withdrawals.

Your carefully planned retirement money (whether TFSA or RRSP) is FAR too attractive to the government. OAS/CPP too.

Mark my words!

Groundless. – Garth
………………………………………

He could be right. Harper killing off income trusts was “ groundless”. Turdo rolling back TFSA contributions was “ groundless “. There is an appetite out there for taking from the “ rich “ and giving to the “poor “. I give it a 50/50 chance.

The chances are zero. – Garth
…………………..

You have God-like powers. You can direct and predict the future. I am impressed.

#57 Stan Brook's Psychiatrist on 10.19.18 at 9:29 pm

#50 Penny Henny on 10.18.18 at 7:00 pm
#34 Linda on 10.18.18 at 6:42 pm

“Garth, long long ago stopped reading the comments, because .. well you summarized it.”

“How strange????? You stopped reading the comments
long ago but you still comment regularly. Hmmmm…..
Maybe Stan’s psychologist could read more into that?”

Be glad to Penny. Linda likes to comment regularly but claims not to read the comments. Well in psycho babble we call that delusion. Here is the definition. Hope Linda is reading….

In psychology, a delusion is a mistaken belief that is held with strong conviction even in the presence of superior evidence to the contrary.

#58 The Undertaker on 10.19.18 at 9:31 pm

“So, do it. Remember what happened to little F. Nobody gets out of here alive.”

That’s right folks. My business depends on it…

#59 Peter on 10.19.18 at 9:59 pm

Thank you Garth, this was a very helpful read. Much appreciated!

#60 Jamie on 10.19.18 at 10:17 pm

Garth keep up your witty, insightful and enlightened writing. Don’t worry about the trolls in the oily bilge. Just turn on the pumps once and a while! Your free advice is worth it’s weight in gold, er, ETFs.

#61 acdel on 10.19.18 at 10:18 pm

I will never forgive “F” for his out right lie on income trusts but today’s blog is priceless! Free advice kids, listen up!

Thanks Garth!

#62 For those about to flop... on 10.19.18 at 10:31 pm

Recent sale report.

This one could double up as a Race to a million post but she just sold so let’s look at the details.

985 Lillooet st,Vancouver.

Just sold for 1.02

Originally asking 1.23

Assessment 1.23

So it went a smidge over the mill marker and will likely not be standing too much longer.

Zolo is reporting detached is down 27% y.o.y but flexible sellers like this one can still make it work.

With so much recent speculation a lot of people can’t handle this slow stroll.

Get ready for the crawl…

M44BC

https://www.zolo.ca/vancouver-real-estate/985-lillooet-street

#63 NoName on 10.19.18 at 10:36 pm

why this doesn’t surprise me…

Workers were tied up for four hours during an attack by armed men at a legal cannabis grow-op in Ontario, police have confirmed.
According to Durham Region police, five men carrying guns approached a small group of workers tending to a legal outdoor marijuana grow operation early Thursday morning in Beaverton, Ont.
Police say four of the employees were forced into a security trailer and tied up. The suspects then took the staff’s personal belongings and several garbage bags full of dried cannabis from a storage barn.
The suspects also stole one of the worker’s cars to make their escape.

https://www.ctvnews.ca/canada/workers-tied-up-during-armed-attack-on-legal-cannabis-grow-op-1.4141812?fbclid=IwAR1dwd-qkEA3cwid61zCGgkk5ndANYnSXvdUPJQQ4VGyCxQ5noWZOYGXMUE

#64 Irene on 10.19.18 at 10:37 pm

Hi Garth, My dad passed away earlier this year and I’m the executor of his estate. My mom is the beneficiary in his will. His TFSA was with the orange bank (online account) and there was no SH or beneficiary named on the account. The will is currently going through the probate process (in B.C.). Can the TFSA still be transferred to my mom tax-free if it’s done this year?

#65 Someone from TO on 10.19.18 at 10:39 pm

Are there similar rules for RRSP accounts?
Beneficiary vs successor holder?

#66 Moses71 on 10.19.18 at 10:39 pm

After b booms, our denigrated clm/marital stats may indicate an interest by some of us humbly seeking you for advice re: our kids vs warm body next to us at the time as beneficiaries, Garth?
May you grace us with your Garthly advice on this piece?

#67 Grandma Moses on 10.19.18 at 10:43 pm

DELETED

#68 Where's The Money Greedo? on 10.19.18 at 10:50 pm

Could a successor holder be your child?
Also:

“Canadian politicians, keen to stimulate B.C.’s economy, are responsible for creating the conditions that have lead to Metro Vancouver’s housing affordability crisis, according to a new study.”
https://vancouversun.com/news/blame-politicians-for-metros-housing-crisis-researcher

#69 DON on 10.19.18 at 10:51 pm

Anyone one privy to the October house sale numbers in their area to date.

#70 mike from mtl on 10.19.18 at 10:57 pm

#51 cecil1 on 10.19.18 at 8:54 pm
,,,,

T2’s reduction of the TFSA was an atrocious example of how government treats its citizens and THEIR earnings like chattel property.
//////////////////////////////////////////////////////////////////

Dare I way that was a purely political move. A very small margin of voters could actually take advantage of such – so a calculated risk.

Besides to real ‘wealthy’ 5 or 10k is lunch money.

I agree the TFSA is the best thing ever to the middle class but oh well… you get what you vote for.

#71 Fish on 10.19.18 at 11:13 pm

Second Quarter of 2018
(April, May, June)
Ontario Ministry of Finance
Table of Contents
ECONOMIC ACCOUNTS

https://www.fin.gov.on.ca/en/economy/ecaccts/

#72 Jos Jonkers on 10.19.18 at 11:24 pm

Good to know. Meanwhile great respect to the big F. Wish hecould have his after politics life. He deserved it.

#73 Mrs. Fool on 10.19.18 at 11:52 pm

About yesterday’s post I also want to thank you Garth for teaching us about how to have a balanced life. I come to this blog every night to learn something and have a good laugh. Some of the blog dogs have also shared and added valuable information to the site. Keep doing the good work and let’s ignore the trolls, they are just unhappy people. Economic distress is not excuse to be rude and insult the only blog that it’s helping us to get ahead… like tonight’s post.

#74 Bottoms_Up on 10.19.18 at 11:54 pm

The deity also brought in significant changes to credit card payment rules. If you carry 2 balances on the same card at different rates, it use to be any payment made to the card paid down the highest interest rate balance first.

The change made it so that any payment made would be split proportional to both balances, effectively ‘trapping’ people into having to pay interest on the higher balance if they were unable to pay the card off in full.

Why are we letting companies that earn billions of dollars get away with crap like this?

#75 viorelli on 10.19.18 at 11:55 pm

Even if a youngster today is a professional, very frugal, and a got good saving habits it will not get you too far, especially here in Vancouver. My son has his own business, employs numerous people, and had decent education. But once you calculate the monthly costs such as mortgage, sports (I got two grand kids), tutoring, student loans, cars, gas, groceries, insurance, property taxes, and more and more of everything else, it is clear why so many are depressed and exhausted. We are bombarded by all kinds of advertising, you must have all this crap, travel, new car, made in China shoes that fall apart in six months. Some people are happier with less, yet are still able to save and invest. A friend of mine is sikh, volunteers in his temple, drives a simple car, eats from scratch at home, diversified, invested, healthy, and happy. There is no hate or envy in his eyes, he worked really hard for everything he has and now helps the disadvantaged in way he can. Went to India once in seven years, but helps his kids and grand kids immensely. They are further ahead in education and financially compare to many locals, even my kids whom I did not help much besides reduced rent when they were in school. They did it on their own but with much suffering and stress, and they do still experience it daily. Family structure and support helps, but the pie is shrinking and it is getting obvious. When $ 10 only buys you a coffee and a sandwich made of not so real wheat you know something somewhere is gone off the charts.

#76 For those about to flop... on 10.20.18 at 12:23 am

Less than assessed.

This house just sold on the much speculated Mathers Ave in West Vancouver and this sale must send a shudder down their neighbors spine.

I have 4 or 5 pending cases on this avenue.

The details…

3069 Mathers Ave,West Vancouver.

Originally asking 7.99

Assessment 6.37

Just sold for 4.2

So it sold 34% less than assessed and even though it’s a heavy hitter it’s just as easy to find cases in the 20-30% range at the very bottom of the market too.

A lot of people appear to be finding out that way too much respect was given to this number on the way up and now it’s optional to pay anywhere near this number depending on how generous a soul you are…

M44BC

https://www.vopenhouse.ca/vid/21629_Mathers/

#77 Jack on 10.20.18 at 12:43 am

Regionally, and nationally, Canadian employers, think-tanks, and academia/colleges are spouting a line parotted constantly in the media about there being a “skills mismatch” or the absurd claim that there’s a “skills shortage.” All of these claims have been dis-proven by think-tanks, non-partisan business analysts, and was prominently featured in the Temporary Worker scandal a few years back. Don Pittis, of Toronto, in his frequent writings, proved that in the period between 1950s to 1980s, wages increased when there were labor shortages, and lowered when business was slow. This is largely not what is happening now: workers in many sectors are working without yearly earned increases. In 2013, Economist Drummond, determined there were no wage spikes in many high tech fields, even though if Canada had skill shortages, employers would be paying a premium for workers in those fields.

Don Pittis explained that many sectors that claim skills shortages also do not invest in R&D as well as training programs. When these companies hire workers, they often hire on part-time basis, or at a lower, often unsustainable pay rate. This all boils down to bad monetary policy by our central Bank of Canada, who set interest rates artificially low, creating instability. Many European countries have a national educational policy and have a good grasp at training their youngsters, yet Canada doesn’t. Isn’it it time to reform our monetary system, and implement a Canadian education strategy?

#78 Victor V on 10.20.18 at 12:49 am

Weaker than expected economic data not seen delaying Bank of Canada rate hike

https://business.financialpost.com/news/economy/wrapup-weaker-than-expected-canadian-data-not-seen-delaying-rate-hike

“We always knew we were going to see headline CPI inflation trend back down towards 2 per cent … the hike next week is going to happen,” said Andrew Kelvin, senior rates strategist at TD Securities.

Market expectations of an interest rate hike in October, as reflected in the overnight index swaps market, dipped slightly to 96.95 per cent from 98.53 per cent before the release of the inflation data.

#79 LovethisBlog on 10.20.18 at 12:52 am

Great post Garth, very informative. Thanks for your good work.

#80 Newguy on 10.20.18 at 1:02 am

@ #31 LP on 10.19.18 at 7:10 pm

If you’ll read it again you’ll understand that I made allusions to the fact that you need to work

#81 Bob Dog on 10.20.18 at 1:25 am

Old folk don’t really understand the internet. The solution is simple. No anonymous content. Just like the past 2000 years of media publications.

Unless you are an agent of CSIS.

#82 Smoking Man on 10.20.18 at 2:10 am

DELETED

#83 Smoking Man on 10.20.18 at 2:32 am

My offshore portfolio is just shy of 100 million.

The only reason I work is that, if I did not have a useful purpose day to day, I would drink from dawn to dusk. I’m weak.

That would not be good for my writing, you got to see shit sober, and write about it wasted.

Writing with a free mind is more important to me than a working-class paycheck.

James, when am I going to get fired. Waiting to lecture at HR.

Loser. You have no concept of my Alien power. Read the book, take the ride.

#84 will on 10.20.18 at 2:43 am

#20 arfmoocat

It helps to stop yelling – Garth

A long time ago when I bought my first computer a friend lent me this really interesting book about typeface and fonts and a bunch of other interesting stuff. One of the key takeaways was that if you use all caps it simply makes your text hard to read. Nowadays we call all caps yelling and I suppose it has its place. But if you want people to read your comments and communicate your message don’t use all caps. Speaking for myself, I have no idea what you said wrote because I skipped over it.

Let me put it this way: all caps are HARD TO READ. (this is the proper use of all caps). And I’m not yelling, though I am emphasizing.

#85 will on 10.20.18 at 3:12 am

Yeah I hated harper’s guts when he trashed the income trusts after lying through his teeth. So what happened? One step backward with the income trusts trashing, one step forward with the tfsa, another step back with the 40yr ams.

harper himself may or may not be conservative. We don’t know. What we do know is that he sure didn’t want you and I to be conservative. NO! (notice the all caps. I am yelling). He wanted you and I to spend spend spend and to simultaneously think we were being conservative. Yeah I know Garth that they got us out of the GFC and the Liberals didn’t want the job. But what a shitty experience it was.

#86 jane24 on 10.20.18 at 3:29 am

Good advice Garth but remember that the TFSA is a govt creature. It will live or die or morph into something else based on various govts making various changes in financial policy over the years. The CA govt due to its massive over-spending is and will become more desperate for taxes over the years. Juicy stuffed TFSAs may be impossible to resist. It may be that my Italian in-laws technique of cash under the mattress has some merit after all.

#87 ANON on 10.20.18 at 7:21 am

Anyway, you know all this.

Not all. Sure, some took it as a gospel, until they realized that money does not grow on trees even if they sit in growth assets. Then, they become unsure if that’s the case. They they became convinced it is an illusion, and if that money would really grow exponentially, compounded solely by time, it would mean someone is printing them. Except no one is printing them, for there are no million dollars banknotes yet. Then the logical conclusion is someone promises them, without being able to actually deliver them. After that, the conclusion is simple, does not take rocket science finance.
Money is psychological. It’s trust in the narrative of expansion, i.e. more at some point in the future.

.

#88 Grandma Moses on 10.20.18 at 7:29 am

Oh Boy, somebody’s terrified that the grave condition of the Chinese markets might get out.

https://www.scmp.com/business/companies/article/2169381/chinese-capitalism-crisis-stock-market-rout-drives-private

Unstructured Red Capitalism is unwinding, better wake up.

You know why you were deleted and always will be, regardless of the screen name you hide behind. Nothing to do with China. Garth

#89 crowdedelevatorfartz on 10.20.18 at 8:56 am

@#86 Jane twofour
“Good advice Garth but remember that the TFSA is a govt creature…..”
+++++

Financial advice for Canadian investors from someone that brags ceaselessly about how great living in the EU is…..
Hows that Brexit mess workin out for ya?
Oh right…. I guess you wont know ’til next April when you want to drive back from Italia to England….dont forget your passport.

#90 crowdedelevatorfartz on 10.20.18 at 9:05 am

@#76 Flop
“3069 Mathers Ave,West Vancouver.

Originally asking 7.99

Assessment 6.37

Just sold for 4.2”

++++

Yeah the early ’80’s meltdown started with the high end homes getting hammered 1st, then the sales evaporated for the single family homes, THEN panic set in and people started dropping their prices…..crickets.
Then REAL panic set in and prices plummeted.
Interest rate hike next week. Christmas is comming. Losta bills.
Maybe another interest rate hike in early 2019.
Should drive a stake right through the heart of the blood sucking Real Estate sales cartels.
Canadian job numbers flagging red.

Beware the Ides of March 2019 Realtors, when it will be trusted co workers stabbing you in the back to make that sale……

#91 dharma bum on 10.20.18 at 9:17 am

#54 The Real Mark

But the BoC narrative may very well change to rate cuts after the coming meeting, especially if the data doesn’t start to get a lot better fairly quickly.
——————————————————————–

We need to keep an eye on the US data.

Ultimately, Bank of Canada just plays “follow the leader” when it comes to interest rate policy.

And we all know who the leader is.

Uppa she goes!

#92 dharma bum on 10.20.18 at 9:27 am

#84 Will

One of the key takeaways was that if you use all caps it simply makes your text hard to read.
——————————————————————–

Sometimes, it’s unintentional because the typist had the caps lock button on without realizing it.

I worked with a guy who was a little slow when it came to any computer or smart phone technology (he was from Manitoba) and all of his texts and emails were always in ALL CAPS.

It was really annoying, and we all tried to explain it to him.

It didn’t help.

This guy was so ridiculously soft spoken that it was hard to hear him in a face to face or phone conversation.

I never thought that yelling was his intention.

He was just kind of dumb.

#93 Matt T on 10.20.18 at 9:56 am

*** The solution is simple. No anonymous content. Just like the past 2000 years of media publications.***

Pseudonymous publication is as old as the hills; the USA for, instance, probably would not exist in its present form without pieces like the Federalist Papers having been written pseudonymously. Only totalitarians object to this.

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

#94 Ben on 10.20.18 at 10:28 am

Vancouver civic election today. Look at all the clowns running. They all think they can “fix” housing. You got your usual right wing candidates espousing developers to build more. Seriously, we’ve tried that for 15 years plus and not working. Why? First it was interest rates and Chinese dudes causing land prices to go up then developers started putting high end furnishings and every new build became a “luxury” build, artificially inflating prices. Then you got the leftists wanting to force developers to build more rentals, Jack up taxes, etc. Sorry but these clowns don’t even know that interest rate hikes from the US fed is what’s gonna kill this housing market. Bond traders are dumping bonds, pushing up yields. Nothing any politico or even the Canadian fed can do.

And then you got idiots borrowing money to build laneway homes. How in the world does this make sense as an “investment”? Land is what might appreciate over time. You build a laneway for 250-350k, the materials/actual house will depreciate over time. The land might appreciate but the land will appreciate regardless of whether you have the laneway or not. Yeah, you can rent it out but with rates rising, you really think you can get enough to cover your costs. Your capital investment is going to decrease for sure. And you get the pleasure of being a landlord. How stupid are homeowners in Vancouver. So pathetic.

#95 Rob on 10.20.18 at 10:36 am

Poor Jagmeet Singh having to reestablish his party when he faces such stiff competition on the ideological compendium. His main competitor PM Justin Trudeau.

But wait – where is Justin?

Off on another sojourn.

He quite obviously was not ready.

#96 Grandma Moses on 10.20.18 at 10:59 am

DELETED

#97 TurnerNation on 10.20.18 at 11:08 am

What a weekend in Kanada! Yes everyone is smoking but no one’s getting high. Strange days indeed.
Because..the government web site and government Canada Post seem unable to fulfill orders.
That’s right, the government is struggling in supplying psychotropic drugs to the huddled masses.

What a great nation. We surely are destined toward greatness. Totally denigrated.

#98 For those about to flop... on 10.20.18 at 11:08 am

Recent sale report.

This condo in Burnaby just sold that had to get a certain number.

The details…

# 1805 4505 HAZEL STREET, Burnaby

Paid 512k October 2017

Just sold for 528k October 2018

Originally asking 549k

Assessment 475k

So they took a small loss after basically splitting the expenses with the new owner…

M44BC

https://www.zolo.ca/burnaby-real-estate/4505-hazel-street/1805

#99 Grandma Moses on 10.20.18 at 11:29 am

DELETED

#100 Brandon Bruce on 10.20.18 at 11:30 am

Great post Garth. I just emailed the bank to sort this out.

THANK-YOU!

#101 crowdedelevatorfartz on 10.20.18 at 11:32 am

@#94 Ben
“Vancouver civic election today. Look at all the clowns running. They all think they can “fix” housing….”
+++++

Yep.
I think that’s why Gregor isn’t running in this election.
He promised to “end homelessness” and after 12 years…..its worse.

But, not to worry.
Rumour is Gregor is moving on to bigger and better. He’s been slotted in to run for the Liberals in next Falls federal bloodbath.
One can only hope Hregor will run in the Burnaby riding Kennedy Stewart ( Vancouver’s new Mayor?) vacated for NDP federal leader Jagmeet Singh.

These people drink each other’s bathwater……..

As a side note.
Polling was busy in Burnaby

#102 Ray Skunk on 10.20.18 at 11:38 am

You don’t know what you got til it’s gone.

Today we have a chateau-forgetting, stock-selling-before-new-rule-announcing, small-business-hating, TFSA-crushing fool.

I’d give my left nut to have Jim back.

#103 Long-Time Lurker on 10.20.18 at 11:40 am

Here, Smokey. More cases for your X-Files:

A UFO spotted on an Argentinian news broadcast.

https://www.youtube.com/watch?v=IBiUugSxrC0&feature=youtu.be

A US Air Force whistleblower who told of how he saw photographs of a base on the far side of the moon:

Karl Wolf – Structures on the Backside of the Moon (2m22sec)

https://www.youtube.com/watch?v=n9hyqlBVdE0

ET Extraterrestrial Structures on the Moon – Sgt Karl Wolfe (23m30sec)

https://www.youtube.com/watch?v=_4hycqDNnPE&feature=youtu.be

#104 For those about to flop... on 10.20.18 at 11:44 am

Pink Pumpkins being carved in Coquitlam.

Featured these guys last year when they lowered the price.

They took it off the market and done some renovations,ploughing more money into it and put it back on at 1.5

They just lowered it to 1.39 and they probably know by now that their turkey is cooked.

In their own words…

“THIS PROPERTY IS LISTED BELOW THE SELLER’S COST FOR QUICK SALE!!!”

These guys were never trying to rip anyone off and could probably plead that they were victims instead of vampires…

M44BC

819 RONDEAU ST COQUITLAM. Paid 1.28 March 2017

After renovation,originally asking 1.50

Just lowered to 1.39

Before renovation.

May 20:$1,375,000
Dec 7: $1,338,888
Change: – 36112.000. 2.69%

https://www.zolo.ca/coquitlam-real-estate/819-rondeau-street

https://www.bcassessment.ca/Property/Info/QTAwMDAzWE5WTg==

$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#105 Shawn Allen on 10.20.18 at 12:27 pm

Math may be hard but money is even harder

ANON at 87 said:

Money is psychological. It’s trust in the narrative of expansion, i.e. more at some point in the future.

*********************************
That’s true. The nature of money and inflation and money creation are tough topics.

But about this “narrative of expansion”. It’s not just a narrative, it’s true.

Human history especially in the last couple of hundred years or more is a story of rapid expansion not only of money but of real goods and services on an average per person basis.

Look around and look back, in Canada and in the entire world we have a continued expansion of square footage of buildings per person, of communication assets per person, of food per person, of toilets per person, of cars per person, of aircraft per person, of restaurants per person and on and on and also of average life span per person.

Money is intangible but it has greatly facilitated the continued expansion of real goods and services and real living standards per person both in the western world and especially in formerly under developed countries.

Is it really wise to bet that this “narrative of expansion” is about to end?

#106 Smoking Man on 10.20.18 at 12:33 pm

Earthlings.

https://www.youtube.com/watch?v=oUqsU76GRq4

#107 Trumpocalypse2018 on 10.20.18 at 1:03 pm

Even if you survive Trumpocalypse, life will not be worth living for many here.

https://www.wired.com/story/climate-change-might-double-the-cost-of-a-beer/

Beer can be safely stored with canned goods for a long time, especially cool. Cash out your TFSA and buy some now.

PREPARE.

#108 ts on 10.20.18 at 1:41 pm

Great info as always, Garth. Thank you for all the work you do on this blog. You provide a great service to those of us who would like to become more financially literate – and you do it all for free.

#109 Fish on 10.20.18 at 2:13 pm

Home 12-581-X Main page Population
Canada at a Glance 2018
Population

https://www150.statcan.gc.ca/n1/pub/12-581-x/2018000/pop-eng.htm

#110 Remembrancer on 10.20.18 at 7:03 pm

#77 Jack on 10.20.18 at 12:43 am
Don Pittis explained that many sectors that claim skills shortages also do not invest in R&D as well as training programs. When these companies hire workers, they often hire on part-time basis, or at a lower, often unsustainable pay rate. This all boils down to bad monetary policy by our central Bank of Canada, who set interest rates artificially low, creating instability.
—————————————————————–
Don’t blame the BoC for private companies seeking to freeze or drive down STEM salaries by increasing the supply of skilled workers pool. Likewise for systemic age discrimination driven by salary levels under the guise of digital nativism…

#111 Remembrancer on 10.20.18 at 7:12 pm

#81 Bob Dog on 10.20.18 at 1:25 am
Old folk don’t really understand the internet. The solution is simple. No anonymous content. Just like the past 2000 years of media publications.

Unless you are an agent of CSIS.
—————————————————————–
Bob, kooks have been blathering their blather since well before the internet. The one thing that has been changed is the reach and opportunity to connect with like-minded or the easily influenced.

Once upon a time the village idiot was pretty much restricted by geography, letters to the editor gave a wider audiance of newspaper or magazine circulations and now there is a global platform…

#112 Russ on 10.21.18 at 2:51 am

#107. Trumpopoclyspts…

Prepper tip:
If you must store beer for long periods (qualty degrades, unlike some wines) then buy beer in bottles as they corrode less than aluminum cans.

If you must store aluminum can carbonated beverages then keep them upside down. The top rim is much thicker and won’t corrode through in a damp place like the bottom will.

Cheers, R

#113 slick on 10.21.18 at 1:30 pm

from TD waterhouse.
I gotta read this slowly
12. Death of the Holder: Subject to Applicable Tax Legislation, where there is a Survivor and the Holder has validly designated the
Survivor as successor holder, the Survivor shall become the Holder. In the event of the death of the Holder where there is no Survivor or the
Survivor has not been designated as a successor holder, the Trustee shall, upon receipt of satisfactory evidence thereof, realize the interest of
the Holder in the Account. Subject to Applicable Tax Legislation and to the deduction of all proper charges, including taxes, if any, required
to be withheld, the proceeds of such realization shall be paid by the Trustee, as the case may be, to the estate of the Holder or to the Holder’s
designated beneficiary upon furnishing the Trustee with such releases and other documents as may be required or as counsel may advise.
If more than one designation has been lodged, the Trustee shall rely on the instrument in its possession bearing the latest execution date. ”

A nice example of why most DIY investors get into trouble. – Garth

#114 Tater on 10.22.18 at 8:08 am

#83 Smoking Man on 10.20.18 at 2:32 am
My offshore portfolio is just shy of 100 million.

The only reason I work is that, if I did not have a useful purpose day to day, I would drink from dawn to dusk. I’m weak.

That would not be good for my writing, you got to see shit sober, and write about it wasted.

Writing with a free mind is more important to me than a working-class paycheck.

James, when am I going to get fired. Waiting to lecture at HR.

Loser. You have no concept of my Alien power. Read the book, take the ride.
————————————————————–
No, it isn’t.