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If the pointy heads at CIBC are right, you’ll soon have more graphic proof why every portfolio needs US bucks in it. Trump or no Trump.

As regular inmates will know, the advice here (long-standing) has been to hold about a quarter of your investments in Yankee-denominated assets. Simple reason. The loonie is a flighty currency, wobbling in value as the American dollar rises and falls, commodity prices fluctuate and the Bank of Canada diddles with monetary policy. There was a time when the loonie was at par with the greenback and this pathetic blog told readers to go forth and plunder US real estate, which was then in the crapper. But, alas, those days have passed.

Now we’re on the flushing end of things, and our 75-cent buck (says the bank) is heading for 71 cents or less – the lowest in a decade and a half. Since Canadians have blown their brains out on mortgages, loans, credit cards and HELOCs, the logic goes, economic growth will have to come primarily from exports and business spending. But given higher wages and taxes in Canada (than the US) this will be a challenge. That, says CIBC, will keep rates lower in Canada, leading to the weak dollar needed to make our corps more competitive.

So, down she goes. Maybe back to levels not seen since the 1998-2003 period – a decline over two or three years. “Don’t be surprised to see dollar-Canada sport a 1.40 handle again in the next five years as the Bank of Canada is pressed to set interest differentials at a level that will give us the currency we might need to bring exports back to life.”

And, yes, that would be a good time to sell the house in Phoenix I told you to buy.

            

Despite my recent efforts to breath some life into the twitching corpse of RRSPs, no pulse. Sure, this is a great way to chop taxes, coddle the affluent and shift the burden from one part of your life to another, but the mudda of all shelters has been usurped by the TFSA. A BMO poll finds over half of people would rather have a tax-free savings account, even though there’s no tax deferral associated with it, no refund for selling yourself assets you already own and no easy income-splitting or mat leave financing.

Worse, a third of us don’t know the difference between an RRSP and a TFSA. That could explain why almost 60% of moisters lack retirement savings – even though older Millennials are now just two years away from turning 40. Yes, another consequence of house lust, and a society in which real estate is the goal of life.

Why’s the TFSA trending? That’s easy. It’s liquid. Cashable. No tax to pay so no hesitation to take the money and buy a new sink.

Proof? Here are the latest government stats for TFSA contributors aged 25 to 29:

Total contributions for the year: $3.72 billion
Total withdrawals for the year: $2.55 billion
Total number of withdrawals: 3,431,710

That should be all the proof you need that these things are being used as de facto bank accounts – savings vehicles to finance consumer spending – not investment vehicles held for the long-term. And that’s why the RRSP is dying – just as a retirement crisis is coming.

               

Finally, chew on this as we head into February’s final weekend.

It’s less than a year before our banks will be forced, by law, to set aside a significant chunk of your savings account, as opposed to (like now) lending it out to finance some loser’s new Ram truck (nuts optional). Starting next January the bank cop, OSFI, will enact Liquidity Adequacy Requirements, forcing banks to set aside money to cover withdrawals depositors might make within the next 30 days. The reserves required will be higher by up to 200% and act as a buffer against, well, a run on the bank.

As you may know, a run of even modest size could wipe out a bank’s stash of cash quickly. I mean, have you gone to the local branch lately and asked for five grand in folding money from your savings account? Once they stop laughing, you have to leave. No funds.

The good news is that such an event’s unlikely, since most Millennials have never been inside a bank. Also we now have ‘bail-in’ provisions that will convert certain securities into bank equity should the curtain fall. No, deposits are not included.

So there’s nothing to worry about. Until there is.

140 comments ↓

#1 For those about to flop... on 02.22.19 at 5:09 pm

Recent sale report.

Someone used to ask me what’s happening in New Westminster.

This sale of this detached at the bottom of the market there might be of interest to her.

The details…

1109 Seventh Ave, New Westminster.

Sold 850k January 2019

Originally asking 950k

Assessment 926k ,down from 940k

This one is a golden oldie, but a 30 year old house just sold for 920k nearby after chasing a million.

A quick trip to Zolo shows half of the cheapest options on the front page in New Westminster have reduced stickers slapped on them indicating no support at the bottom of this market as is the case in other jurisdictions…

M44BC

https://www.zolo.ca/new-westminster-real-estate/1109-seventh-avenue

https://www.zolo.ca/new-westminster-real-estate

Other house referenced in post.Sold for 920k

https://www.zolo.ca/new-westminster-real-estate/232-ninth-street

#2 For those about to flop... on 02.22.19 at 5:10 pm

Recent sale report.

Let’s have a look at what happened with this dated, but respectable, detached house in Port Coquitlam down towards the bottom of the market.

The details…

3515 Handley Cres. Port Coquitlam.

Sold 745k

Originally asking 799k

Assessment 898k

So the same money in East Van doesn’t get you much, a block of land if all the stars align.

This time next year a 50 year old house in East Van for 800k could well happen with the current trajectory…

M44BC

Zolo is awol.

https://kweliterealty.ca/officelistings.html/listing.r2333995-3515-handley-crescent-port-coquitlam-v3b-2y4.82711253

https://www.rew.ca/insights/242704/3515-handley-crescent-port-coquitlam-bc

#3 yorkville renter on 02.22.19 at 5:13 pm

I’ve been to major branches (Yonge/Bloor RBC) and told I need to order $5k USD – cant just withdraw it. It’s really not that much money…

but more annoying is when I withdrew a big wad to buy a car (as a dradt, not cash) and I was questioned why I wanted my own money – and I get it, maybe I was paying a ransom but they started with ‘is everything Ok? you don’t look well”… ahhhh, GFYS buddy.

#4 MF on 02.22.19 at 5:14 pm

No surprise on the dollar prediction. One of the weekenders (can’t remember if it was Dough or Ryan) posted an article a while back about how our dollar fluctuates, but stays within a normal range relative to the USD.

Sure the flashy headline predicts some doom and gloom, but that is always the case.

Yawn.

MF

#5 Kilt on 02.22.19 at 5:15 pm

Run on banks are all great, but my concern would be there trading counterparts.
For instance, if only 10% of my wealth is in the Bank, and 90% is in the Banks Canadian brokerage. Would it be wise to split my investments up to multiple brokerages?
I don’t see any of the banks really having problems. Earnings may drop from 10 Billion a quarter to 4 or 5 for a couple of years and in the meantime you may be able to picks some up with 8 to 10% dividends.

Kilt.

#6 The Greater Cauliflower on 02.22.19 at 5:19 pm

My investment vehicle will be a ferrari.

#7 Everybody Hurts Sometimes on 02.22.19 at 5:23 pm

Watching some of the listings on the North Shore. It’s clear there’s some panic at the disco as selling prices drop hundreds of thousands. One chuckles as new homes come on the market at higher than they should be prices. Soon all the wrinklies will get cold feet and decide to free up equity under pressure for retirement funds and the kids wanting inheritance.

Now here’s the reality. There’s no reason homes should have shot to the moon. All this rubbish in the media about things tanking is just returning to normalcy. It will be down 50 or more percent in the lower mainland before it’s all over. Run any affordability calculator and you will see that less than a million is much more normal … but perhaps even three quarters of a million for an SFD is where it should be for North Shore stock. Even that may be too high.

For those that have been prudent with balanced portfolios, this will be your time. For those blowing their HELOC brains out and betting on 20% yoy gains on homes. Well, it’s game over. Garth and I told you so for 10 years. Lol.

#8 Shawn Allen on 02.22.19 at 5:25 pm

Why the TFSA is not being used as investment vehicles held for the long-term.

“That’s easy. It’s liquid. Cashable. No tax to pay so no hesitation to take the money and buy a new sink.”

People may not always use RRSPs, but when they do (I hope) it’s for the long term usually. Most people (well except first-time house buyers) tend to treat RRSP funds as untouchable until the distant future.

Blowing your RRSP to fund maternity leave or job loss just to save income taxes is a very bad idea indeed.

#9 JSS on 02.22.19 at 5:26 pm

Notable dividend increases:

– RBC (+4%)
– Magna (+11%)
– Canadian General Investments (+5%)

Notable dividend decreases:

– SNC Lavalin (-65%)
– Kraft Heinz (-36%)

#10 Cici on 02.22.19 at 5:28 pm

Where else other than this blog can you get educated and informed while nearly pissing yourself laughing out loud on the bus ride home? Love it!

#11 Jason on 02.22.19 at 5:39 pm

Garth,

Are you sure you understand the difference between a TFSA and RRSP? They provide the exact same tax benefits if marginal tax rates are the same between contribution and withdrawal: a complete avoidance of tax on investment gains. The RRSP works better if the marginal tax rate declines in retirement, as it hopefully does.

I’m happy to prove it to you, if you like.

Jason

Read last week’s fabulously boring entries. – Garth

#12 Joe on 02.22.19 at 5:40 pm

a buddy asked for $2,000 and the bank said no…

#13 Brett in Calgary on 02.22.19 at 5:46 pm

#3 yorkville renter on 02.22.19 at 5:13 pm
but more annoying is when I withdrew a big wad to buy a car (as a dradt, not cash) and I was questioned why I wanted my own money – and I get it, maybe I was paying a ransom but they started with ‘is everything Ok? you don’t look well”… ahhhh, GFYS buddy.
====================================
My father in-law has had this experience, I have yet too, but fully expect it in coming years.

#14 Smartalox on 02.22.19 at 5:49 pm

A thought occurs about SNC-Lavalin, and the Jody Wilson-Reybould affair:

What if it’s not about scheming that SNC-Lavalin is too big to fail?

What if it’s the other way around? What if the position of the government has been ‘the law is the law, nobody’s too big to fail’, all along?

Then, what if Jody Wilson – Reybould’s concern was that she would have to be the bearer of that unhappy news? Facing the public while putting thousands out of work – and maybe decimating the Quebec Caisse de Depot’s holdings at the same time?

She’d become the lightning rod for a lot of animosity: economy. misogyny. racism. East vs. West. French Canada vs. The Rest of Canada? It would almost certainly get very very ugly.

Maybe it was SHE who wanted out of her role, while the government wanted to keep her in it? What would that look like?

“Uhh, it’s a tough call, but you’re okay to take the hit on this for us, right Jody? Uhhh, um… integrity, rule-of-law, all that good stuff. What’s that? Assassination? Don’t worry; we’ll double your RCMP detail! And if you lose reelection as a result, cheer up, we’ll make you ambassador to somewhere sunny.”

It’s not a position that I’d want to be in – hedging my ethics and integrity against my career or the safety of my family.

Like when John Crosbie had to go home to Newfoundland, and announce the closure of the cod fishery on behalf of Brian Mulroney. He survived that episode, but not by much.

#15 You know on 02.22.19 at 5:54 pm

Hey yorkville…you tell them dude…lol…hahaha

#16 Jimmy on 02.22.19 at 5:55 pm

>So there’s nothing to worry about. Until there is.

Now I’m worried :(

“I get paid to be suspicious when I’ve got nothing to be suspicious about.”

#17 Graphics Girl on 02.22.19 at 5:57 pm

I phone PC financial to ask them to increase my withdrawal to 3K at an ATM.
They wanted to know what I needed the money for. I told them, “None of your business”. And that was that. They make you feel like a criminal for taking your own money.

#18 You know on 02.22.19 at 5:58 pm

So Poloz said today the next move is up on rates…he just doesn’t know when… anyone care to speculate?

#19 will on 02.22.19 at 6:02 pm

“provisions that will convert certain securities into bank equity should the curtain fall.”

Certain securities? And what securities would we be talking about if the shtf?

#20 A dose of reality on 02.22.19 at 6:06 pm

It doesn’t matter where your stock or ETF is traded, but where and what is the underlying business.

Hardwoods for example is TSX traded but mostly dependent on US business. In the ETF world you can get XXM.b the US Value Index, unhedged. US stock, TSX traded, and not hitched to CAD.

#21 kommykim on 02.22.19 at 6:08 pm

RE: ” Also we now have ‘bail-in’ provisions that will convert certain securities into bank equity should the curtain fall.”

Yes, I’ve noticed that the big banks have been issuing new Rate Reset Preferreds as NVCC after calling the old ones on their 5yr anniversary.

#22 Lawnboy on 02.22.19 at 6:14 pm

#3, YR

Yup, bin dare, done dat. You are spot on.
When ever I do the bank thing I come out shaking my head.,
Question

” which one of us is the customer?”
LB

#23 Paul on 02.22.19 at 6:18 pm

#17 Graphics Girl on 02.22.19 at 5:57 pm
I phone PC financial to ask them to increase my withdrawal to 3K at an ATM.
They wanted to know what I needed the money for. I told them, “None of your business”. And that was that. They make you feel like a criminal for taking your own money.
————————————————————————————————PC financial is the worst ‘Bank’ ever I was the executor of my sisters estate. Gave them every thing they asked and after jumping through more hoops the any of the other institutions required they still would not cooperate.
It took a Lawyer,so heads Up!

#24 Long-Time Lurker on 02.22.19 at 6:21 pm

#118 Tom on 02.22.19 at 12:49 am
Govt debt?
Whateves.
What’s your opinion on MMT?
Interesting Ezra Klein podcast just out…

>Here’s an informed viewpoint:

https://www.usatoday.com/story/opinion/voices/2019/02/15/donald-trump-venezuela-socialism-bernie-sanders-ilhan-omar-column/2861461002/

Venezuela was my home, and socialism destroyed it. Slowly, it will destroy America, too.

Daniel Di Martino, Opinion contributor

Published 3:15 a.m. ET Feb. 15, 2019 | Updated 1:29 p.m. ET Feb. 18, 2019

…The first time I couldn’t buy food at the grocery store, I was 15 years old. It was 2014 in Caracas, Venezuela, and I had spent more than an hour in line waiting. When I got to the register, I noticed I had forgotten my ID that day. Without the ID, the government rationing system would not let the supermarket sell my family the full quota of food we needed. It was four days until the government allowed me to buy more.

This was fairly normal for me. All my life, I lived under socialism in Venezuela until I left and came to the United States as a student in 2016. Because the regime in charge imposed price controls and nationalized the most important private industries, production plummeted. No wonder I had to wait hours in lines to buy simple products such as toothpaste or flour…

…The welfare programs, many minimum-wage hikes and nationalizations implemented by their regimes resulted in a colossal government deficit that the central bank covered by simply printing more money — leading to rampant inflation. Now, prices double every few weeks, and the standard of living continues to plummet…

…I didn’t need to look at statistics to see this but rather at my own family. When Chavez took office in 1999, my parents were earning several thousand dollars a month between the two of them. By 2016, due to inflation, they earned less than $2 a day. If my parents hadn’t fled the country for Spain in 2017, they’d now be earning less than $1 a day, the international definition of extreme poverty. Even now, the inflation rate in Venezuela is expected to reach 10 million percent this year.

Though so many of us Venezuelans fled to the USA to escape from the destructive consequences of socialism, liberal politicians like Sen. Bernie Sanders, I-Vt., and Rep. José Serrano, D-N.Y., have praised the same kind of policies that produced famine, mass exodus and soaring inflation in Venezuela.

These proposals would skyrocket the budget deficit and national debt, which just reached a record $22 trillion. If that is not enough, Rep. Alexandria Ocasio-Cortez endorsed paying for the proposal by asking the Federal Reserve to print money. This is exactly what produced Venezuela’s nightmare.

Even so, liberal economist Paul Krugman recently argued in a column that “whenever you see someone invoking Venezuela as a reason not to consider progressive policy ideas, you know right away that the person in question is uninformed, dishonest, or both.”

I can assure Mr. Krugman that I’m neither uninformed nor dishonest. Of course, it’s true that neither Medicare for All nor a wealth tax alone would turn the United States into Venezuela overnight. No single radical proposal would do that. However, if all or most of these measures are implemented, they could have the same catastrophic consequences for the American people that they had for Venezuela…

#25 AGuyInVancouver on 02.22.19 at 6:27 pm

#14 Smartalox on 02.22.19 at 5:49 pm
A thought occurs about SNC-Lavalin, and the Jody Wilson-Reybould affair:

What if it’s not about scheming that SNC-Lavalin is too big to fail?

What if it’s the other way around? What if the position of the government has been ‘the law is the law, nobody’s too big to fail’, all along?

Then, what if Jody Wilson – Reybould’s concern was that she would have to be the bearer of that unhappy news? Facing the public while putting thousands out of work – and maybe decimating the Quebec Caisse de Depot’s holdings at the same time?…
_ _ _
That makes no sense. Jody Wilson-Raybold wouldn’t care about how things played in Quebec.

#26 tccontrarian on 02.22.19 at 6:39 pm

“Now we’re on the flushing end of things, and our 75-cent buck (says the bank) is heading for 71 cents or less – the lowest in a decade and a half. Since Canadians have blown their brains out on mortgages, loans, credit cards and HELOCs, the logic goes, economic growth will have to come primarily from exports and business spending. But given higher wages and taxes in Canada (than the US) this will be a challenge. That, says CIBC, will keep rates lower in Canada, leading to the weak dollar needed to make our corps more competitive.”
——–

Puuullleeeezzz! Who takes a bank’s forcast seriously these days? Do you Garth?
The USD is about to make a serious nose-dive which will lift all other currencies, especially the loonie.
Additionaly, our buck is more closely correlated to energy/commodity prices, not interest rates. As these appear to be in a bullish phase, the loonie stands to gain.

So, TCC predicts quite the opposite of what CIBC does – a likely run towards 90+ cents over the next 12-18 months. Watch for it!

TCC

#27 Terry on 02.22.19 at 6:42 pm

“Why’s the TFSA trending? That’s easy. It’s liquid. Cashable. No tax to pay so no hesitation to take the money and buy a new sink.”

The TFSA was also created in 2009 to provide liquidity to recapitalize the banks here and abroad since their own deposit reserves were plundered with defaulting loans in the 08/09 financial crisis. They want you to use it as just a savings account so depositors will continue to provide the banks more money as reserve deposits, at almost no cost to them, for their lending reserve requirements while they clean up with the spread and the governments don’t have to use any more taxpayer money for bank bailouts. That’s why it called a TFSA, Tax Free SAVINGS account and not a TFIA, Tax Free INVESTMENT account. The TFSA is a great vehicle if you know to use it right. It’s a clever hoodwink, mostly helping the banks, to everyone else who doesn’t know how to use it correctly.

Bunk. – Garth

#28 raisemyrent on 02.22.19 at 6:43 pm

do some people know Garth pretty much invented the TFSA? funny.

there was a news story on someone being scammed or conned or whatever (we do seem to be collectively, suckers), and the relatives of the (I think) elderly gentleman were very angry that the bank branch didn’t questions the withdrawals. You can’t have it both ways…

#29 For those about to flop... on 02.22.19 at 6:47 pm

Recent sale report.

Did someone say North Shore?

Yes Sir!

Let’s have a look at what happened to these guys who decided to dabble in the market at the wrong time.

The details …

4245 St Georges Ave, North Vancouver.

Paid 2..96 July 2018

Sold 2.66 February 2019

Originally asking 2.79

Assessment 2.73

So their roughly six month experiment with the market cost them 15% or close to 450k after expenses.

How do you like them dabbles…

M44BC

https://www.zolo.ca/north-vancouver-real-estate/4245-st-georges-avenue

#30 PGer on 02.22.19 at 6:48 pm

The only problem with all of these things like TFSAs and RRSPs is that they require one hard thing – SAVING. This requires the apparently impossible task of spending less than one has coming in – so yesterday for individuals and governments alike. Live for today, get broke, (and/or get elected) and get with the program.

#31 expat on 02.22.19 at 6:54 pm

#13 Brett withdrawing money for a draft to buy a car and the looks you get has been happening for awhile now.

At the bank and at the dealers. New car dealers are not car companies anymore. They are financial intermediaries between the debt companies and the customer. Service is not important as 90-95% of people now lease and never service their vehicles like they used to. They only do the absolute minimum…

I recently bought a nice used car a new car dealer for my kid and I was the first cash buyer in 3 years at the dealer.

Most only care about the payment.

They don’t even care what the purchase price is apparently….

Like I’ve said a million times here

Autos are leading indicator and always should be paid attention to for signs of slowdown.

Well we know the floor has fallen out of the car market so a rescession is all but guaranteed.

It is a powerful sign….

#32 Patty twinkle toes on 02.22.19 at 6:55 pm

#3 yorkville renter on 02.22.19 at 5:13 pm
but more annoying is when I withdrew a big wad to buy a car (as a dradt, not cash) and I was questioned why I wanted my own money – and I get it, maybe I was paying a ransom but they started with ‘is everything Ok? you don’t look well”… ahhhh, GFYS buddy.

I had this experience when withdrawing a considerable amount , via a bank draft, to give my wife for her TFSA. ….“Are you sure you’re comfortable with where this money is headed sir?”……..”Yah buds, it’s going to my wife so we can be fininacial independent one day….any more brain busters?”

In reality, they’re just doing their job….can’t hurt to check, right???..cause shit like this happens:
https://www.google.ca/amp/s/www.cbc.ca/amp/1.4980649

#33 crowdedelevatorfartz on 02.22.19 at 6:57 pm

@#14 Smartalox
“What if the position of the government has been ‘the law is the law, nobody’s too big to fail’, all along?’
+++++
Bwahahahahahaha.
Step away from the punch bowl.
Its spiked.
Your rambling.

#34 Vancouver Brit on 02.22.19 at 6:58 pm

As a millennial that contributes to both my RRSP and TFSA as much as I can, I do still have to agree the TFSA is a better vehicle for saving.

I’m not one of those people that withdraws from a TFSA, I just think the tax free growth inside it is more valuable than the tax back you receive from contributing to the RRSP. Over your working career, if you contribute the maximum amount to your TFSA and earn 7% on it, you’ll end up with over $1,000,000 in tax free capital appreciation.

#35 crowdedelevatorfartz on 02.22.19 at 7:03 pm

Speaking of delusional children.
I was driving today in busy Vancouver traffic and two kids in the Range Rover in front of me were smoking pot.
The smell was wafting over my car AND the cop directly behind me.
He changed lanes and pulled up beside me glaring at me.
I made the universal “toking sign” and pointed to the rich kids in Daddy’s Range Rover enjoying a “Pro D Day off”.
The cop pulled them over.
I kept driving while thinking,
“Thanks Mr Trudeau…for making our roads in Vancouver even worse for driving than I thought possible…”

#36 Stone on 02.22.19 at 7:07 pm

The good news is that such an event’s unlikely, since most Millennials have never been inside a bank. Also we now have ‘bail-in’ provisions that will convert certain securities into bank equity should the curtain fall. No, deposits are not included.

———

Time to move the ETF portfolio to an independent that isn’t one of the big 6?

#37 Bob Dog on 02.22.19 at 7:08 pm

When the Royal Bank was called out for outsourcing IT jobs to India I walked in and closed my account. Had no issue withdrawing over $5K in cash. They asked why and I told them. Not sure why a criminal organization needs to outsource to India or what would happen is someone in India caused my deposits to vanish.

Honestly, if its good for the banks its good for the public. I estimate 60-70% of the mindless bureaucracy within the Government of Canada could be safely outsourced to India and China. Imagine the savings to the tax payer. No pensions, no medical coverage, same quality of work. I would much rather see the processing of paperwork pertaining to our mass migration program done overseas that my banking done overseas.

#38 GrumpyCanuck on 02.22.19 at 7:08 pm

What are the chances that the Central Banks have realized that they haven’t tightened quick enough, and a there is no easing available when shart hits the fan?

#39 SJP on 02.22.19 at 7:17 pm

Still not sure if the RRSP is the best place for bonds. It’s tricky predicting where your tax bracket will be 30 yes from now. But doesn’t is make more sense to hold equities in your registered accounts and bonds in your taxable account? We are talking about dollars, not percentages afterall aren’t we?

#40 Paul on 02.22.19 at 7:30 pm

The meat grinder never stops. I guess we are world cough, cough, Class.

https://www.blogto.com/real-estate-toronto/2019/02/toronto-apartment-condo-prices-rising-afraid-to-move/

#41 Chaddywack on 02.22.19 at 7:30 pm

Millennials are weird…….

Vancouver is full of them and they all smell like $300 jeans and weed mixed (probably bought with the money they took out of their TFSA).

#42 Nonplused on 02.22.19 at 7:39 pm

Or you could buy gold, which has been a pretty darn good hedge against the Canadian Peso. Not necessarily better than holding US dollars, but better than your roles of loonies and twonies for sure.

As long as Trudeau is prime minister, be as short as you can of the Canadian loonie.

I’m going to paraphrase Jordan Peterson here, so forgive me if I don’t get the quote quite right. “It’s really hard to get something that’s working at say 85% efficiency up to say 90%, it takes a really smart person to do that. But just about anybody can ruin something.” Trudeau = ruin.

#43 Chaddywack on 02.22.19 at 7:41 pm

@34 good for you. Since legalization I haven’t had one trip to work without smelling weed while driving.

Since I’m in the middle of the road the only conclusion I can provide is that someone in the car is smoking it. When I’ve witnessed it I’ve called 9-1-1 every time.

The worst was I saw a guy parked in a semi truck in a parking lot near the second narrows bridge smoking a joint while sitting in the cab. That one really made me mad because he’s smoking up and about to drive a semi-truck. I called the cops then too.

It’s ridiculous, I’ve never seen or smelled anything like this before legalization. Trudeau really botched this one. People are generally stupid and won’t follow rules.

#44 marcus on 02.22.19 at 7:42 pm

Buy Physical and read the book, “Strategic Relocation” by Joel Skousen. You will be glad you did.

#45 Not 1st on 02.22.19 at 7:44 pm

Out of all of Garths 1000s of posts this one scared me the most. I wish he would provide more details. Which securities? What’s the best way to hold US buck just go exchange cdn for US and stick it in the box or buy currency hedge ETF?

I feel we are going to be trapped behind our own economic wall as Canada descends into socialist banana republic with Marxist masters. Hopefully the US will annex us before that happens.

#46 AACI Home-Dog on 02.22.19 at 7:46 pm

I go in twice a year to my credit union for $3 to $5k US from my US account with no wait…just sayin”…

#47 Not 1st on 02.22.19 at 7:46 pm

If the banks are hunting for liquidity then the best place to keep any cash is in an RRSP. Can’t get it in there.

#48 Lana on 02.22.19 at 7:51 pm

What’s the TFSA deposit and withdrawn stats for people other than Mills? Let’s have some comparison, please and thanks.

#49 dakkie on 02.22.19 at 7:54 pm

The US Housing Market Begins to Feel the Pain

https://www.investmentwatchblog.com/the-us-housing-market-begins-to-feel-the-pain/

#50 Reximus on 02.22.19 at 8:14 pm

FINTRAC risk monitoring regs require fa’s to ask customers for a brief explanation for any new activity the client has never done before…so if you need a pile of cash they need to ask why, they could get fined if they don’t

I doubt they actually care what you need it for

#51 Spectacle on 02.22.19 at 8:27 pm

#24 AGuyInVancouver on 02.22.19 at 6:27 pm
#14 Smartalox on 02.22.19 at 5:49 pm
A thought occurs about SNC-Lavalin, and the Jody Wilson-Reybould affair:

What if it’s not about scheming that SNC-Lavalin is too big to fail?

What if it’s the other way around? What if the position of the government has been ‘the law is the law, nobody’s too big to fail’, all along?

Then, what if Jody Wilson – Reybould’s concern was that she would have to be the bearer of that unhappy news? Facing the public while putting thousands out of work – and maybe decimating the Quebec Caisse de Depot’s holdings at the same time?…
_ _ _
That makes no sense. Jody Wilson-Raybold wouldn’t care about how things played in Quebec.

———————::::—————-
And another Thought.
What if it is all about a known world Contracting firm using illegal bribery , and many other nefarious ( illegal?) practices , getting caught, and the current Canadian ruling government trying to cover and subvert justice and investigation.

Punting the Jody Wilson-Reybold from that exact Investigative position, giving her the welfare of Veterans ( suicide is 5-10 per day in North America …) .

Many suggest Trudeau has seriously crossed legal lines and performed a grossly illegal action. Simple. Follow The Money. They have no shame .

And in conclusion….this is why they instead bring us useless, Vote Buying tricks.

#52 Cash is King on 02.22.19 at 8:31 pm

A 70-cent loonie?!?!? That’s for amateurs.

Jean Chretien knocked it down to 63 cents. At a mid 60’s dollar Canada was “A good place to invest” Why not, lots of assets on sale at bargain basement prices.

https://www.theglobeandmail.com/report-on-business/rob-commentary/chretiens-legacy-a-ludicrously-weak-dollar/article768949/

#53 Yanniel on 02.22.19 at 8:48 pm

“A BMO poll finds over half of people would rather have a tax-free savings account, even though there’s no tax deferral associated with it, no refund for selling yourself assets you already own and no easy income-splitting or mat leave financing.” Garth.

The average Canadian household income is ~70k a year. Personal income would be lower than that for the average Canadian.

Tell me why the average Canadian should favor the RRSP over the TFSA? (Other than for income splitting and the hope of one day taking a sabbatical)

For people with low incomes filling the TFSA first makes more sense.

Maybe the BMO poll simply shows half of the people don’t have salaries big enough to warrant the use of the RRSP before filling the TFSA.

#54 DON on 02.22.19 at 8:51 pm

#41 Chaddywack on 02.22.19 at 7:41 pm

@34 good for you. Since legalization I haven’t had one trip to work without smelling weed while driving.

Since I’m in the middle of the road the only conclusion I can provide is that someone in the car is smoking it. When I’ve witnessed it I’ve called 9-1-1 every time.

The worst was I saw a guy parked in a semi truck in a parking lot near the second narrows bridge smoking a joint while sitting in the cab. That one really made me mad because he’s smoking up and about to drive a semi-truck. I called the cops then too.

It’s ridiculous, I’ve never seen or smelled anything like this before legalization. Trudeau really botched this one. People are generally stupid and won’t follow rules.
************

By all means I get you point and agree that people are bending the rules and should pay the price. But the same can be said about alcohol. If you consume alcohol or marijuana in public or on the road you should face long term suspension from driving.

I was walking down the street (work day) the guy in front was blazing a big fatty and smoke was wafting everywhere. Not needed in public smoke or drink in licensed places or your home.

#55 acdel on 02.22.19 at 8:52 pm

#30 expat

Great post! I am old school as well, pay cash, do my own service work and save thousands.

It is just insane out there!

#56 acdel on 02.22.19 at 8:57 pm

#28 For those about to flop…

I am still trying to wrap my head around paying over 7 grand per month for a mortgage payment!!!

#57 april on 02.22.19 at 9:13 pm

#24 – The Tyee, newspaper. “Redeemable? SNC-Lavalin’s Criminal Record” By Andrew Nikiforuk. Friday 22, 2019

#58 not 1st on 02.22.19 at 9:15 pm

If you don’t think the dollar is pooched and so is Canada, I offer this evidence.

Today the NEB completed the expanded review of the original review of Trans mountain and added 150 new conditions along with the hundreds of previous ones but said this thing is good to go. Well any other govt would have said get the shovels boys. What does Trudeau say – its an important milestone in the process but there is so much more work to do. They have already decided to extend another 90 day review and will miss this years construction season again.

At the same time crazy old lady May had a news conf with her eco terrorist pals and obstructionist native groups saying this thing will never see the light of day.

I would say 71c loony is a best case scenario.

#59 Barb on 02.22.19 at 9:18 pm

“…I was questioned why I wanted my own money…”

———————————————-
Last year as I (successfully) withdrew some cash, the bank teller said “going shopping?”

“Discretionary” was my reply.
I expect she reached for a dictionary when I left.

#60 For those about to flop... on 02.22.19 at 9:19 pm

Pink Snow falling in Vancouver.

I’ve featured these guys a couple of times in their attempt to exit the market.

They had a break and are now back for another chapter.

The details…

4062 Venables St,Burnaby.

Paid 1.67 April 2016

Originally asking 1.79 ,up to 1.86

Now asking 1.59

Assessment 1.60

So I supplied some of the asking price history below.

It has been a real roller coaster for them.

They’ve had it on for the current ask of 1.59 before and couldn’t close a deal.

They even had it on lower for a brief period before jacking it back up and since then they’ve had a near 100k assessment rollback.

This is damage limitation, that’s all…

M44BC

2017-07-14 : $1,799,000
2017-08-22 : $1,868,000
2018-01-12 : $1,736,000
2018-02-13 : $1,756,000
2018-05-08 : $1,488,000
2018-06-19 : $1,669,000
2018-07-30 : $1,599,000

https://www.zolo.ca/burnaby-real-estate/4062-venables-street

https://www.rew.ca/insights/259394/4062-venables-street-burnaby-bc

https://www.bcassessment.ca/Property/Info/QTAwMDAzVlI3SA==

Time to rattle the tin, I guess.

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

Feel free to make a small donation for cancer research.

Flop For Fox Fund…

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

#61 domain on 02.22.19 at 9:22 pm

Garth,

Is this OSFI change for deposit requirements being driven by an international accounting accord, or is this the OSFI imposing their own caution for domestic Canadian banks?

Second, I do think that equity portfolios are at risk of a bail in since the account holder is merely a beneficial owner and let’s say TeeDee Waterhouse would be the owner of those securities – and I think that leaves one exposed to bail-ins there?

#62 Where's The $480 Million Galen? on 02.22.19 at 9:27 pm

Re: #22 Paul on 02.22.19 at 6:18 pm
#17 Graphics Girl on 02.22.19 at 5:57 pm
I phone PC financial to ask them to increase my withdrawal to 3K at an ATM.
They wanted to know what I needed the money for. I told them, “None of your business”. And that was that. They make you feel like a criminal for taking your own money.
————————————————————————————————PC financial is the worst ‘Bank’ ever
++++++++++++++++++++++
I agree 100%. You do know it was a subsidiary of Galen Weston’s empire. Yeah, that Loblaws Galen Weston that owes CRA $380 million in taxes (decision last August) that he avoided when he set up a bank in Barbados. He was the only customer, and wrote off taxes like crazy and when he was outed by the Panama Papers (thank you!), CRA took him to court and at one time the money owed was $482 million!
https://www.cbc.ca/news/business/loblaws-cra-glenhuron-bank-barbados-tax-1.4631967
That’s why the name change to Simplii, to hide his malfeasance/fraud.
But will he be raked over the coals like us plebs? No friggin’ way. My money is he will barter it down to half that on appeal and get 10 years to pay.
You’ll almost have to brandish a gun to get your money out of them.
I got out as soon as I heard the Panama Papers item.
What an effin weasel billionaire!

#63 acdel on 02.22.19 at 9:28 pm

#58 Barb

Now that was clever and funny!

Good for you! :)

#64 akashic record on 02.22.19 at 9:35 pm

#3 yorkville renter on 02.22.19 at 5:13 pm

I’ve been to major branches (Yonge/Bloor RBC) and told I need to order $5k USD – cant just withdraw it. It’s really not that much money…

but more annoying is when I withdrew a big wad to buy a car (as a dradt, not cash) and I was questioned why I wanted my own money – and I get it, maybe I was paying a ransom but they started with ‘is everything Ok? you don’t look well”… ahhhh, GFYS buddy.

I never met a nosy crypto wallet with attitude that made me that rude.

#65 Shawn Allen on 02.22.19 at 9:40 pm

Jason presents mere math

#12 Jason on 02.22.19 at 5:39 pm
Garth,

Are you sure you understand the difference between a TFSA and RRSP? They provide the exact same tax benefits if marginal tax rates are the same between contribution and withdrawal: a complete avoidance of tax on investment gains. The RRSP works better if the marginal tax rate declines in retirement, as it hopefully does.

I’m happy to prove it to you, if you like.

Jason

*****************************
You’re 100% right but it’s not what most people want to believe. It will actually work out to negative tax for a lot of people, and they will still moan about it.

As you would know contributing to an RRSP adds not a dime to net worth since on a proper net worth statement the RRSP (like all assets) has to be stated net of tax. They’re poorer than they thought.

But whatever, if people invest in RRSP for the wrong reason, the result is still good for most people.

#66 For those about to flop... on 02.22.19 at 9:44 pm

#55 acdel on 02.22.19 at 8:57 pm
#28 For those about to flop…

I am still trying to wrap my head around paying over 7 grand per month for a mortgage payment!!!

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

Hi Acdel, I won’t even go right to the top of Vancouver real estate, but look at one of my cases.

They are in line to lose 2 million dollars, and it is plausible at the moment that they are paying somewhere around 40k a month mortgage.

Maybe even more, as they signed up for a higher amount.

Numbers in one month that Canadians don’t even have in their TFSAs…

M44BC

https://www.zolo.ca/vancouver-real-estate/6349-elm-street

#67 Capt. Serious on 02.22.19 at 9:46 pm

#48 Reximus on 02.22.19 at 8:14 pm
FINTRAC risk monitoring regs require fa’s to ask customers for a brief explanation for any new activity the client has never done before…so if you need a pile of cash they need to ask why, they could get fined if they don’t

I doubt they actually care what you need it for

^^This. People need to get over themselves.

#68 No Problem on 02.22.19 at 9:47 pm

No problem of going to a bank branch where you are known to grab $5,000. Or even deposit a US bank check for $250K with no hold on funds. In fact, with a phone call you can even negotiate the exchange rate.

#69 David Driven on 02.22.19 at 9:47 pm

All the bad news about the Canadian financial universe is bookended by the now and the Trudeau election. Canada has taken a severe dump since the day Trudeau got in… period. That very month saw foreign investment in Canada start to hemmorage. Government hiring of new votes has masked reality. Canada is going the way of Venezuela, which also went from vibrant and modern to starving in one administration. People get stupid when things are good, like they were under Harper. The American influence bought the media to bear and fooled people into thinking he was a meany, and that rich Canada could afford to be so much more generous. Canadians voted with thier fat, and now that it’s gone, they’re increasingly aware that socialism is destructive and we’re seeing genuine starvation, just like Venezuela, while a few fat pigs in the union movement take vacations in Cuba for the cheap booze and cheaper prostitutes. That’s the future you Trudeau voters who have away your freedom while gorging on cheap credit. Rich to poor at lightning speed. Keeeristttt are you stupid!!!

Now, read what Bill Gates says about the climate scam. Again you’ve been hornswaggled by hucksters into giving them billions, and all they had to do was convince you to give away your freedom.

https://business.financialpost.com/opinion/peter-foster-bill-gates-defying-the-climate-barons-tells-the-ugly-truth-about-renewables

I’ve been telling another Trudeau/UN mandate will result in immediate and direct confiscation of your assets, savings and rights. It’s already happening in many parts of the EU…where people are being turned out of thier homes to house those more deserving. I’m out, living the good life, where are you, when bail ins become excess profit grabs by the Liberal Globalists.

#70 Thanks Garth on 02.22.19 at 10:19 pm

For your continual efforts to educate us Canadians . Personal finance was not taught in schools in my day , that’s starting the working 10 yards back .

Long time reader and have learn so much , reinforcing goes a long way

Our 21 and 19 yr olds had tfsa’s opened when they turned 18. I used a simple online finance calculator to show them the value of their tfsa (pension ) at age 58. Their eyes widened , got their attention :). They’ve added since and have promised the Old Man to stick to the plan ….hope so

#71 For those about to flop... on 02.22.19 at 10:19 pm

Recent sale report.

This case in Surrey I have been watching had a messy ending.

The details…

1310 129 st, Surrey.

Paid 1.49 June 2017

Sold 1.25 February 2019

Originally asking 1.65

Assessment 1.26 down from 1.46.

So even though they did pretty good compared to the new assessment it wasn’t enough after the big rollback, which they matched, and then some, originally.

Over 20% or we’ll lock it in at 300k, gone.

The assessment was the bible on the way up, now they want you to treat it like an old telephone book.

You live by the assessment.

You die by the assessment…

M44BC

https://www.zolo.ca/surrey-real-estate/1310-129-street

https://www.rew.ca/insights/455873/1310-129th-street-surrey-bc

#72 NEVER GIVE UP on 02.22.19 at 10:28 pm

The government’s and the USA governments attack on Cash is really our abdication of our privacy and freedom.

The World has fallen into the trap set by the USA’s failed drug war.

If the USA were really a free country they would allow all drugs to be obtained by Prescription or Over The Counter.

It is not a question of whether or not you agree with drug use. It is a question of whether or not you can stop even one person from obtaining the Drugs, the Guns, the Hookers, the Booze and Gambling. ( The drinkable one on this list is a favorite of mine!)

When you make something illegal our quirky people seem to love it all the more! It adds excitement and a bit of Civil Disobedience as an answer to Prohibition.

Anyone should be able to understand what happened when the USA prohibited Liquor in the 30’s. All that really happened was the good guys got more money for policing and the bad guys cleaned up by the huge increase in selling price. the result was the booze wars, spawning exciting speakeasy’s and underground booze and gambling halls.

There is no political will to legitimize and decriminalize other drugs because of the huge industry built around penalties and enforcement. Call it the Drug enforcement industrial complex.

Many non thinkers have been hammered with the mantra that people who do drugs are just bad people. Well I know many who are just sick and self medicating. They should really be getting access to psychiatric drugs to allow them to feel good. Any doctor will tell you that depression is usually a chemical imbalance in the brain.

I believe the true number of people who are depressed and in need of help is a far larger number than is reported by psychiatric statistics.

We are able to keep cigarettes out of the hands of children far more effectively than we can keep illegal drugs out of their hands.

This type of regulation is effective (but not perfect) and our campaign to reduce use of cigarettes has been a stellar success.

If the government was reasonably taxing what we now call illicit drugs we could afford a massive social awareness campaign similar to the cigarette campaign as well as second to none substance abuse clinics and research.

Instead it must be better to leave all illicit drug distribution in the hands of gangsters and criminals not to mention our neighborhood street corner dealer, who by the way gives your child a free sample to get him started.

We as a society have abdicated our responsibility to deal with this problem in an effective way.

Drug dealers are businessmen in their own way. They know that if users could access safe pharmaceutical grade alternatives then the dealers would be for the most part out of business. We have given them a virtual monopoly on a product that sadly people want. distribution is easy and customers are everywhere with no competition.

We have forgotten why there is a drug problem. Sadly people want drugs. Astonishingly it may come as a surprise to many that the drug purchase is really a
commercial transaction between two consenting individuals.
Why don’t we ban extreme sports or auto racing and sky diving to save people from themselves. Why do we allow kids to risk their lives for fame on Youtube.

The world is fraught with danger and while I as a father of 7 should be the last person who would advocate decriminalization. I truly believe my kids would be safer in that world.

Switzerland and Portugal have successful programs even though Drug use has not been eradicated. Deaths and Crime have been greatly reduced.

Many of you who have children don’t know that when your children go to their first raves and parties that they are offered gang supplied rave drugs. Would you not feel better if a doctor was supplying a Pharmaceutical version if they are going to do it anyway. At least the doctor would have a minute to advise against it and warn of the dangers. Perhaps hand your child a pamphlet and encourage him not to use.

In the Bible Jesus said “You will always have the poor among you, but you will not always have me.”

Proverbs 21:17
Whoever loves pleasure will be a poor man; he who loves wine and oil will not be rich.

There are many among us who really care not to be rich and care not about the health effects of drug use. That is a reality that cannot be eradicated from life. We must accept that we will always have addictive personalities among us.

The best we can do is to attempt to make the world a gentler and safer place for those who for whatever reason are self destructive.

Each of these addicts are some broken-hearted Mothers child.

Portugal:
https://mises.org/library/portugal%E2%80%99s-experiment-drug-decriminalization-has-been-success

Switzerland:
https://transformdrugs.org/heroin-assisted-treatment-in-switzerland-successfully-regulating-the-supply-and-use-of-a-high-risk-injectable-drug/

#73 Stan Brooks on 02.22.19 at 10:34 pm

With this leadership loonie surely is doomed. Clueless, pathetic, tired from doing nothing, with growing gut but no real guts.

https://sports.yahoo.com/stephen-poloz-wayne-gretzky-canadas-economy-195645081.html

People have no savings, of course they would use TFSAs as bank accounts, not investments.

Regulators FINALLY require banks to have some deposit liquidity, aka deposit reserves.

So many regulators – OSFI, BoC, financial ministry etc. and so little coordination between them.

Of course interest rates will stay low.
As always the prudent and savers pay the price for the idiocy of the irresponsible (over extended borrowers), greedy (the banks) and the fraudsters (aka the real estate ‘industry’).

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

#64 Shawn Allen on 02.22.19 at 9:40 pm

But whatever, if people invest in RRSP for the wrong reason, the result is still good for most people.

Yes, it surely will be good for someone, like the government who surely will tax the hell out of it on withdrawals, short of outright confiscation in order to feed all debt addict parasites with no savings.

Any attempt to behave responsibly and think logically in a mental institution is naive and will surely lead to your doom.

You can’t carry all this excessive load on your back (banks, oligopolies, unions, public workers, baby boomers, …), it will break.

#74 Bottoms_Up on 02.22.19 at 10:38 pm

Canadian banks…making tens of billions of dollars of net income…increasing dividends…but can’t give you cash at the counter?

#75 Qwerty bird on 02.22.19 at 10:44 pm

#10 Cici

Have you tried watching Question Period when T2 gets questioned by Scheer about the SNC debacle?

#76 Remembrancer on 02.22.19 at 10:58 pm

#63 akashic record on 02.22.19 at 9:35 pm

Damn straight, no one is giving you lip for asking to trade in your crypto coinage for cash. Of course, no one is giving you the cash either, they’re too busy trying combinations of their brother’s pet hamster’s birthday hashed with their Grade 7 locker combination and salted with their mother’s fav Benjamin Moore wall colour code, to access the wallet…

#77 akashic record on 02.22.19 at 11:02 pm

#73 Bottoms_Up on 02.22.19 at 10:38 pm

Canadian banks…making tens of billions of dollars of net income…increasing dividends…but can’t give you cash at the counter?

The problem is not the money, it’s us. We just can’t be trusted with our own money, who knows what kind of stupid things we do with it. Nanny bank can’t let that happen… Unless, it’s a loan… now, that’s a whole different story, kids.

#78 not 1st on 02.22.19 at 11:04 pm

Says preferred shares, bonds would be first securities to be liquidated for a bail in.

But also only applies to the big 5 banks so sound like credit unions and the like are not part of the legislation. Move your account there, leave your mortgage debt with the big 5. They cant bail in debt.

Stop writing about what you do not understand. Bonds and prefs are exempt. – Garth

#79 Remembrancer on 02.22.19 at 11:06 pm

#74 Qwerty bird on 02.22.19 at 10:44 pm

I’d defer to Oscar Wilde and fox hunting on that one: The unspeakable in pursuit of the uneatable.

Its like opening the door for Michael Myers and getting Barney Fife instead…

#80 Paul on 02.22.19 at 11:07 pm

73 Bottoms_Up on 02.22.19 at 10:38 pm
Canadian banks…making tens of billions of dollars of net income…increasing dividends…but can’t give you cash at the counter?
————————————————————————————————Yes, go shopping and the cashiers can’t make change for a fifty! Dumb down use a card. cashless society track every dollar.

#81 Kurt on 02.22.19 at 11:13 pm

Long-Time Lurker – be sure to understand the difference between socialism and clientelism.

#82 Remembrancer on 02.22.19 at 11:14 pm

#73 Bottoms_Up on 02.22.19 at 10:38 pm
Canadian banks…making tens of billions of dollars of net income…increasing dividends…but can’t give you cash at the counter?
———————————————————–
Its 2019 and you know that brick & mortar mortgage and GIC retail sales outlet at the mall isn’t the whole bank right? Each branch has a certain amount of cash on hand so call ahead…

#83 acdel on 02.22.19 at 11:22 pm

#65 For those about to flop…

I have no words besides just insane!

Like many of us, we enjoy your teachings, it is a real eye opener, thanks…

#84 Where's The Money Beemo? on 02.22.19 at 11:28 pm

Now why isn’t the Canadian Press covering this story?
https://buffalochronicle.com/2019/02/19/scheer-wants-bmo-and-treasury-official-questioned-in-snc-lavalin-probe/
Is it because they have been paid off? $600 million-wise?
Is it fake news?
I want some answers.

#85 yvrguy on 02.23.19 at 12:59 am

B.C. real estate audits reveal widespread tax evasion
Taxman recovered over $140 million in nine months last year from B.C. real estate audits; new speculation tax expected to curb tax avoidance

https://www.richmond-news.com/b-c-real-estate-audits-reveal-widespread-tax-evasion-1.23643194

nothing to see here! sound fundamentals. RE in van only goes up! mega mountains, world-class ocean. best laundromat on earth!

#86 kommykim on 02.23.19 at 1:02 am

RE: #43 Not 1st on 02.22.19 at 7:44 pm
What’s the best way to hold US buck just go exchange cdn for US and stick it in the box or buy currency hedge ETF?

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

Buy an unhedged ETF like VUN to get US equities without having to buy USD or trade on a US exchange. Or buy an international ETF like VXC (Has US stocks too) which is also unhedged. Both trade on the TSX and fluctuate with the CAD/USD exchange rates as well as the markets.

#87 Smoking Man on 02.23.19 at 1:06 am

DELETED

#88 jane24 on 02.23.19 at 1:39 am

With respect Garth it is not ordinary Canadians who don’t ‘get’ RSSPs but people like you who don’t ‘get’ that the average person has no left-over money to put in them. My family in Canada are all educated professionals but due to the high cost of living in Canada have few savings. They would love to have this thing called savings but just can’t swing it and are getting close to retirement. No amount of nagging from those more fortunate will change this situation.

Not as bad as Oz though. Friends are retiring to Sydney on the Gold Coast, there to be with their children and report back that the minimum wage is $25.00 Oz that is $23.50 Canadian per hour. They say that everything cost so much more than the UK and the RE market is crashing as no-one has any money after paying basic bills. The Liberals and Ford want to re-inflate Cdn RE? They are nuts!. Send them to Australia on a fact finding trip.

#89 David Driven on 02.23.19 at 1:54 am

DELETED

#90 Madcat on 02.23.19 at 2:12 am

‘certain securities’.

I’m not too worried about banks failing but would holding this be an issue? RBF2010

#91 Yellow Vest on 02.23.19 at 3:38 am

“crowdedelevatorfartz on 02.22.19 at 6:57 pm
@#14 Smartalox
“What if the position of the government has been ‘the law is the law, nobody’s too big to fail’, all along?’
+++++
Bwahahahahahaha.
Step away from the punch bowl.
Its spiked.
Your rambling.”

Don’t be so sure about that. As the insane left starts to melt down in the US, you are going to see the crazies canabilize their own. And that will include the AOC “tippy tops”. Robert Kraft was busted today for prostitution. Other Wall Street people too.

Just you wait. The fun has just started.

#92 Corruption Central on 02.23.19 at 5:53 am

SNC-Lavalin is hilarious. Trudeau in trouble.

#93 Andrew on 02.23.19 at 6:53 am

“I mean, have you gone to the local branch lately and asked for five grand in folding money from your savings account? Once they stop laughing, you have to leave. No funds.

The good news is that such an event’s unlikely, since most Millennials have never been inside a bank. Also we now have ‘bail-in’ provisions that will convert certain securities into bank equity should the curtain fall. No, deposits are not included.

So there’s nothing to worry about. Until there is.”

…Buy. Bitcoin.

Excellent idea. Soon thereafter you won’t have any wealth to worry about. – Garth

#94 expat on 02.23.19 at 7:01 am

I find it interesting when people try to say one vehicle like TFSA is better than an RRSP.

After 50 years of saving and investing let me share a little wisdom a smart old lady once told me. My mom!

Save your money and you will be rich one day.
Worrying about which is better is wasteful of your energy.

So few people save anymore so the fact that they do in one or the other is the real point.

Don’t confuse the issue of savings for a rainy day.
Just do it.

#95 Another Deckchair on 02.23.19 at 7:08 am

@87 Jane24

If I may (With respect) say, the problem is not the salaries, but the lifestyle expectations we are sold.

#96 jess on 02.23.19 at 7:34 am

high end ponzi =Trophy-Home Market
https://www.wsj.com/articles/the-alleged-1-2-billion-ponzi-scheme-sapping-l-a-s-trophy-home-market-1519415101

https://therealdeal.com/la/tag/woodbridge-group/

Court Orders $1 Billion Judgment Against Operators of Woodbridge Ponzi Scheme Targeting Retail Investors
Former Owner Robert H. Shapiro Fined $100 Million

2017 Woodbridge ran a real estate scheme based on short-term, one-year loans and mortgages, according to the SEC’s complaint.

#97 not 1st on 02.23.19 at 7:59 am

http://bmg-group.com/bail-lose-money-bank/

“Those at risk of a bail-in in the event of a failure are subordinated debt holders, bondholders, preferred shareholders and any accounts in excess of $100,000 not covered by CDIC insurance. Their bonds, preferred shares, deposits etc. would be converted to capital to re-capitalize the banks. According to the financial statements of the CDIC, they insured some 30% of total deposit liabilities, or $684 billion, as of April 30, 2014. The remaining 70% not insured would primarily be large depositors, including both large and small businesses, and other banks and financial institutions.”

Nope. You quoted a fearmongering article from a gold-flogging company which is out of date and bears zero relation to the Canadian situation. The bank bail-in mechanism has been described here several times, and it’s 100% clear that bondholders, preferred share owners, depositors and investors in bank securities, other than those clearly created as bail-in instruments, would not be affected. Stop writing about what you know nothing of. Embarrassing. – Garth

#98 jess on 02.23.19 at 8:01 am

“America’s Money Answer Man” and self-described “media influencer,” Jordan Goodman, has been charged with fraud for taking part in a massive $1.2 billion Woodbridge Ponzi scheme

Goodman, a Fox television financial guru, author or co-author of 13 financial books, radio host and public speaker, engaged in the pyramid scheme from 2014 until December 2017, the SEC said. He allegedly helped convince investors to put money into a series of securities for real estate deals through Woodbridge Group of Companies, which he touted on radio shows as safe and secure investments, the SEC said.

https://www.fa-mag.com/news/-america-s-money-answer-man–now-answering-to-sec-42470.html

n addition to appearances on Fox Business Network, Goodman has appeared on CNN, CNBC and CBS and for 18 years was on the editorial staff of Money magazine where he was the Wall Street correspondent. His website, MoneyAnswers.com described him as a nationally recognized expert on personal finance.

During the time he was allegedly associated with Woodbridge, Goodman received millions of dollars in commissions for convincing investors to put money into the fraudulent scheme without revealing those commissions to investors, the SEC said.

Goodman, a Fox television financial guru, author or co-author of 13 financial books, radio host and public speaker, engaged in the pyramid scheme from 2014 until December 2017, the SEC said. He allegedly helped convince investors to put money into a series of securities for real estate deals through Woodbridge Group of Companies, which he touted on radio shows as safe and secure investments, the SEC said.

#99 Remembrancer on 02.23.19 at 8:05 am

#83 Where’s The Money Beemo? on 02.22.19 at 11:28 pm
Now why isn’t the Canadian Press covering this story?
https://buffalochronicle.com/2019/02/19/scheer-wants-bmo-and-treasury-official-questioned-in-snc-lavalin-probe/
Is it because they have been paid off? $600 million-wise?
Is it fake news?
I want some answers.
———————————–
or is it just digital birdcage liner? Two subjects that need to immediately replace mid-20th century American lit in high school english is modern media awareness and financial literacy…

#100 crowdedelevatorfartz on 02.23.19 at 8:15 am

@#87 jane24
“My family in Canada are all educated professionals…”
****
Whats “educated” got to do with intelligent?
Some of the most arrogantly stupid people I have ever met were rendered dumb by their over inflated self worth due to a pointless degree.
They were great at regurgitating what their professor spewed forth in class. But not much commonsense.
Ask anyone who has suffered through another meeting where the key words from the Talking Head are: “empowerment”, “teamwork”, “empathy”,….yawn…..”can we go do our jobs now?”

Wants vs Needs.
That is the way to save money and afford RRSP’s.
Do you NEED to visit aunt Jane in Limeyland or do you WANT to visit aunt Jane in Limeyland?
Do you want a new car every 4 years or do you NEED a car every 15-20 years?
Sacrifices now for retirement later.
Its just that simple.

And you advise Canadians to move to Australia?
As their Real estate market falls off a cliff and their “go go” boom economy grinds to a busting halt?

Yeesh.

#101 jess on 02.23.19 at 8:16 am

“Hatred blinds reason and both sides are blinding reason,” Munger said. “How can it possibly be good?”

He also criticized states including Connecticut and New York for “driving out all the rich people” after public backlash pushed Amazon.com Inc. to cancel plans for another headquarters in New York. The wealthy are typically older and don’t burden public services such as schools or prisons, while keeping hospitals busy, Munger said in a CNBC interview aired Friday.

“Who wouldn’t want rich people?” Munger said.

https://www.cnn.com/videos/business/2019/02/22/kraft-heinz-sec-investigation-es-vpx.cnn
==========
Berkshire teamed up with JPMorgan Chase & Co. and Amazon.com Inc. for a health-care venture, a task that Munger says is probably the hardest one on the agenda.

“I don’t know how it’ll work out,” he said. “There’s a lot of vested interests in that field who are probably from the status quo and it’s not going to be easy fixing anything.”

Behind the Scenes, Health Insurers Use Cash and Gifts to Sway Which Benefits Employers Choose
The insurance industry gives lucrative commissions and bonuses — from six-figure payouts to a chance to bat against Mariano Rivera — to the independent brokers who advise employers. Critics call the payments a “classic conflict of interest” that drive up costs.

by Marshall Allen Feb. 20, 5 a.m. EST
https://www.propublica.org/article/health-insurance-brokers-cost-commissions-bonuses

#102 crowdedelevatorfartz on 02.23.19 at 8:17 am

@#90 Yellow vest
“Robert Kraft was busted today for prostitution. Other Wall Street people too.”
******

OMG!
Rich men go to prostitutes?
Who would have thunk it.
Must be Fake News.

#103 MF on 02.23.19 at 8:21 am

0 Yellow Vest on 02

Robert Kraft is a swift and well respected businessman who is worth 6 billion dollars. He’s also close to Trump.

On what planet does he represent “the insane left”?

MF

#104 jess on 02.23.19 at 8:44 am

adjacency awareness your brand
The content adjacency problem refers to concern over where a firm’s advertisements will run. … This potential juxtaposition is a major problem with any site offering ads adjacent to free-form social media.

Major Companies Are Pulling Ads From YouTube Over Pedophile Concerns

https://www.wired.co.uk/article/youtube-pedophile-videos-advertising

http://time.com/5535328/pulling-ads-youtube-pedophilia-comments/

===========

YouTube pulls ads from anti-vax conspiracy videos

Anti-vaccination channels are ‘dangerous and harmful’
By Adi [email protected] Feb 22, 2019, 6:22pm EST

https://www.theverge.com/2019/2/22/18236839/youtube-demonetization-anti-vaccination-conspiracy-videos-dangerous-harmful-content

#105 jess on 02.23.19 at 9:16 am

“rich” people? beware of the “gifts” plaques on the wall

“The Sacklers spent millions to keep the loyalty of people who knew the truth,” the complaint filed by the Massachusetts attorney general alleges.

https://www.propublica.org/article/richard-sackler-oxycontin-oxycodone-strength-conceal-from-doctors-sealed-testimony

https://www.nytimes.com/2019/02/09/arts/protesters-guggenheim-sackler.html

==========
epstein –

#106 Penny Henny on 02.23.19 at 9:21 am

#30 expat on 02.22.19 at 6:54 pm
#13 Brett withdrawing money for a draft to buy a car and the looks you get has been happening for awhile now.

At the bank and at the dealers. New car dealers are not car companies anymore. They are financial intermediaries between the debt companies and the customer. Service is not important as 90-95% of people now lease and never service their vehicles like they used to. They only do the absolute minimum…

I recently bought a nice used car a new car dealer for my kid and I was the first cash buyer in 3 years at the dealer.
/////////////////

Expat those statements are so ridiculously false it is hard where to start. Do you believe the crap you are spewing??
At least I know now not to take anything you say seriously.

#107 dharma bum on 02.23.19 at 9:24 am

Getting wads of cash out of the bank to pay your renovation contractor under the table has been a hassle for a long time.

The first time I did it was over 20 years ago, and was told I had to wait almost a week for the scratch.

Live and learn.

It’s high time that we became a full-on cashless society.
The technology exists.

For those in fear of the machines and computers “crashing”, just make a one time cash withdrawal and find a creative way to hide it in your house (i.e., under the floor, in the ceiling, in the wall, up your wazoo, or whatever) for the occasional emergency. You won’t lose anything interest wise, as that spending money would only be earning less than a point in the bank anyway.

Cash is so yesterday.

By the way, real men only finance Dodge Rams WITH nuts.

#108 Remembrancer on 02.23.19 at 9:25 am

#102 MF on 02.23.19 at 8:21 am
0 Yellow Vest on 02

Robert Kraft is a swift and well respected businessman who is worth 6 billion dollars. He’s also close to Trump.

On what planet does he represent “the insane left”?
——————————————————–
Ya, trying to parse that Yellow Vest post made my head hurt. Comparing ACO with him made no sense. He’s a real salt of the earth god fearing kinda guy.

https://www.palmbeachpost.com/news/20190222/robert-kraft-gawkers-outside-jupiter-spa-ask-how-dumb-can-you-be

#109 crowdedelevatorfartz on 02.23.19 at 9:25 am

…..Aaaand on the Left coast of BC we have
Part Deux of the “Woodsplitter Affair”

Mr Plecas rebutts the squirming explanations of two Legislature Senior employees allegedly caught with their hands in the taxpayer “cookie jar”.

One suspended employee “survived” on a $345,000.00 per year salary.
The other suspended employee “survived” on a mere $140,000.00 per year.

How did they manage to survive?
Why taxpayer expenditure accounts of course.
“Back that truck load of booze in here and drive 400 miles back to Victoria for another load…..and be quick about it man!”
1st class airline tickets to London England to go shopping…..
Baseball games in Seattle, Whale watching tours, … all on the taxpayer dime……

https://thebreaker.news/news/lamc-feb21/

The govt is looking at firing the employees before their possible Court date.
They are merely suspended until proven guilty….

#110 Tony on 02.23.19 at 9:27 am

Re: #5 Kilt on 02.22.19 at 5:15 pm

Bank bail-ins are a certainty in Canada and are just around the corner. Like I’ve been saying for at least the last 5 years the first ones to go down will be the credit unions in British Columbia. If you have money there presently take it out or transfer it to some place safe.

None of the majors will fail. Not in this lifetime. – Garth

#111 jess on 02.23.19 at 9:27 am

seal the deal?

11 years to litigate

“As a legal matter, the non-prosecution agreement entered into by the U.S. Attorney’s Office in the Southern District of Florida does not bind other U.S. Attorneys in other districts. They are free, if they conclude it is appropriate to do so, to bring criminal actions against Mr. Epstein and his co-conspirators,’’ said lawyer David Boies, representing two of Epstein’s victims who claim they were trafficked by Epstein in New York and other areas of the country.

Read more here: https://www.miamiherald.com/news/state/florida/article226577419.html#storylink=cpy

https://www.miamiherald.com/news/state/florida/article226577419.html

#112 Tony on 02.23.19 at 9:36 am

Re: #18 You know on 02.22.19 at 5:58 pm

The next interest rate move in Canada will be downward and the next move in America will also be downward. Poloz makes such comments to try to protect the Canadian dollar from a large fall but never actually raises interest rates.

What have you people been drinking? Both central banks will hike in 2019. – Garth

#113 not 1st on 02.23.19 at 9:49 am

A 30% correction in the broader housing market along with a call in on demand LOCs is a distinct possibility and that event would trigger a bail in scenario likely. Once banks start reaching in for assets to stay afloat there is not telling where they stop. Legislation can be changed with the stroke of a pen.

And no I don’t feel embarrassed. Protecting and controlling my assets is the reason I have them in the first place. Maybe stop trusting everything the govt says. The greatest fool remains the one who believes what the govt tells you which we just witnessed this week news cycle.

No, a housing correction will not topple the banks. Ever hard of CMHC? And, yes, you are looking mighty foolish. – Garth

#114 Penny Henny on 02.23.19 at 9:51 am

#87 jane24 on 02.23.19 at 1:39 am
Not as bad as Oz though. Friends are retiring to Sydney on the Gold Coast, there to be with their children and report back that the minimum wage is $25.00 Oz that is $23.50 Canadian per hour. They say that everything cost so much more than the UK and the RE market is crashing as no-one has any money after paying basic bills. The Liberals and Ford want to re-inflate Cdn RE? They are nuts!. Send them to Australia on a fact finding trip.
///////

What do you have to say about that Steve French. True?

#115 Andrew on 02.23.19 at 10:23 am

Also:

Bitcoin yearly lows.
2012: $4
2013: $65
2014: $200
2015: $185
2016: $365
2017: $780
2018: $3,200

12-month loss: $82%. – Garth

#116 crowdedelevatorfartz on 02.23.19 at 10:35 am

@#106 dharma bum
“It’s high time that we became a full-on cashless society.
The technology exists.

For those in fear of the machines and computers “crashing”, just make a one time cash withdrawal and find a creative way to hide it in your house (i.e., under the floor, in the ceiling, in the wall, up your wazoo, or whatever) for the occasional emergency.”’++++++

Soooo.
On the one side you are saying “cash is dumb” Then you go on to say, “In case of emergency….hold cash”…..

Personally.
Its nice to have the cash option when EVERYTHING you purchase electronically is tracked.
‘Oh Mr Fartz. I see you smoke and drink” well your health insurance rates are going to double due to your increased risk of cancer”.
I hand cash out about two – three times a week and its a novelty to most cashiers.
I pulled a $50 bill out a few weeks ago and a teenaged kid behind me had never seen one before.
Cashless is coming. I get it.
I just dont like it.
Good luck getting “side job” work done without the govt claws in it.
And its only a matter of time before there is a major hack on a bank and people cant access their “e-cash”.
Count on it ( pun intended)

#117 NoName on 02.23.19 at 10:39 am

Hey smoking man

Check this out, new ardberg single malt that could go well with your character. Iam thinking maybe its time to detrone jd #7, at least for a while. Ardberg Drum is way to go, plus comes out of rum casks… No liberal can handle ardberg as it is, i can just imagine savigary of experience drinking the drum…

Taste: On the palate, waves of smoke, tar and creosote cascade into a dry peppery mouthfeel. Clove, liquorice and ginger strut towards rich notes of dark chocolate and smoked vanilla.

Finish: Intense smoke, roasted coffee liqueur and a treasure trove of sweet spices come together in one deliciously complex crescendo.

#118 NoName on 02.23.19 at 10:51 am

@drahma bum

Dodge Ram… Did you lose your mind boy?

#119 TurnerNation on 02.23.19 at 11:01 am

From the Killing us Softly Department:
You must remember, Corporations and Governments do not want us taking our pensions. After years of tax farm servitude our benefits turn into straight up liabilities on their balance sheets. Extinguish them:

“A major review of 11 international studies published from the mid-nineties and data of over 23,000 teenagers found that the use of cannabis before 18 years of age increases the chance of developing depression by 37 percent in adulthood.
The findings, published in JAMA Psychiatry, linked teenage cannabis exposure to over 400,000 adolescent cases of depression in the U.S.; 25,000 in Canada; and nearly 60,000 in the U.K.
….
“Adolescent cannabis consumption was associated with increased risk of developing depression and suicidal behavior later in life, even in the absence of a premorbid condition,” researchers said. “The adolescent brain is indeed still under development and psychotropic drugs used at this time may thus alter the physiological neurodevelopment,” they added. “

#120 LP on 02.23.19 at 11:25 am

#99 crowded…

You are so right. In another life I used to take minutes at various board and staff meetings. So I chuckled to myself this week at the use of the term “vomitorium”. In my account of one meeting minutes I ill-advisedly used the term “effluvia”. It didn’t take very long for the sthtf.

#121 Shawn Allen on 02.23.19 at 11:27 am

Bank Bail-In Nonsense

Not 1st at 96 claimed:

“Their bonds, preferred shares, deposits etc. would be converted to capital to re-capitalize the banks.”

**********************************
As Garth said the chance of any bank bail-in is very remote.

The purpose of bank regulations are to protect depositors at all costs. The first-directive of ethical bank managers is also to protect depositors at all costs.

In the highly unlikely event a bank gets in trouble it is true that its bond holders, pref holders and common share owners would see big capital losses and in that unlikely event there might be no recovery from those losses.

A bank with an extremely weak balance sheet due to loan losses needs to issue common equity. They should sell common shares even if for pennies on the dollar. Any bail-in securities which include basically all the rate reset preferred shares would automatically convert to common shares in certain dire circumstances. The good news is that they would convert at the low market price of the common shares (low due to the financial difficulty).

Anyway, it should be no revelation that any investment in a bank can be risky in certain circumstances. Banks are businesses. Their profits can rise and fall. Their balance sheets can become weak at times. Regulators work to try to mitigate this but it could still happen.

The last to worry should be uninsured bank depositors since the entire regulatory system exists to protect them, and not bank share owners, bank bond holders etc.

But if you have billions like Warren Buffett’s Berkshire Hathaway you will not keep that in any bank as deposits. You keep that in U.S. treasuries, the safest of all investments.

And bye the way, bank bonds and preferred shares are already bank capital although they are not common equity.

You are incorrect. Preferreds are not convertible into equity in a bail-in situation. Read the legislation. – Garth

#122 Damifino on 02.23.19 at 11:42 am

#115 crowdedelevatorfartz

Cashless is coming. I get it. I just dont like it.
———————————

Same here, man. More will be lost than just a method of payment.

#123 KLNR on 02.23.19 at 11:46 am

@#68 David Driven on 02.22.19 at 9:47 pm

________________________

LOL

#124 Vampire studies on 02.23.19 at 11:49 am

87 Sorry Jane I really have to agree with the others on this. Beware the “professional lifestyle” I say. Especially true with those professions where image plays a big role. It can really creep up on you.

99 fartz – I think u misunderstood jane’s reference to Oz.

#125 For those about to flop... on 02.23.19 at 11:52 am

Recent sale report.

Man oh man, did these guys take a beating.

It’s not unusual to see someone take a decent hit in West Vancouver nowadays, but the most shocking thing about this one is how big a hit they took compared to what price bracket they were in.

Sub two over there is scraping the bottom of the barrel.

People still pay over 1.65 for places in certain parts of East Van.

The details…

4710 Willow Pl,West Vancouver.

Paid 2.1 August 2015

Sold 1.65 February 2019

Originally asking 2.99

Assessment 2.19, down from 2.57

Bought before the peak as well.

New owners should be in good shape for a while, so low was the purchase price, this is the types of relative bargains that are available nowadays because everyone is standing back.

So it went 25% less than assessment, even after the huge rollback.

Unfortunately for these guys they are newly minted members of Club 25 after losing over 25% after expenses and the market decided to tip them upside down and shake them for 550k.

Got a bit of Willow across the backside as well…

M44BC

https://www.zolo.ca/west-vancouver-real-estate/4710-willow-place

#126 Shawn Allen on 02.23.19 at 12:21 pm

Warren Buffett’s Annual Letter

His 2018 letter just hit the internet. This is truly must-read material. It’s always a tour-de-force.

This year it touches on America’s extraordinary growth going back three lifespans. Three lifespans of 77 years puts you back to 1788!

He touches on the fact that gold bugs and those who worried too much about America’s national debt were spectacularly wrong.

He puts to shame those people who think they achieved their success all by themselves (he would definitely include all those who think all taxation is theft).

Read this letter for education and inspiration.

If nothing else, marvel at the wonderful writing style.

As Garth has said from time to time, to be a better person, hang out with better friends. While none of us are likely to get the chance to hang with Buffett in person, his writings allow our brains to hang out with a true financial genius and an all-around great person.

http://www.berkshirehathaway.com/letters/2018ltr.pdf

#127 akashic record on 02.23.19 at 12:27 pm

#75 Remembrancer on 02.22.19 at 10:58 pm

#63 akashic record on 02.22.19 at 9:35 pm

Damn straight, no one is giving you lip for asking to trade in your crypto coinage for cash. Of course, no one is giving you the cash either, they’re too busy trying combinations of their brother’s pet hamster’s birthday hashed with their Grade 7 locker combination and salted with their mother’s fav Benjamin Moore wall colour code, to access the wallet…

Bank cards and online logins don’t have this problem. They are perfectly safe using just 4 numbers. They can be as complex as the year of the owner’s birth date.

#128 akashic record on 02.23.19 at 12:33 pm

#83 Where’s The Money Beemo? on 02.22.19 at 11:28 pm

Now why isn’t the Canadian Press covering this story?
https://buffalochronicle.com/2019/02/19/scheer-wants-bmo-and-treasury-official-questioned-in-snc-lavalin-probe/
Is it because they have been paid off? $600 million-wise?
Is it fake news?
I want some answers.

—-

Try “Submit a news tip or story for CBC to investigate”

https://cbchelp.cbc.ca/hc/en-ca/articles/217732587-Submit-a-news-tip-or-story-for-CBC-to-investigate

#129 akashic record on 02.23.19 at 12:35 pm

#125 Shawn Allen

Berkshire Letter Highlights: Shocking $25BN Loss; Buffet Bashes “Deficit Doomsayers”, Emerges As Closet “Austrian”

https://www.zerohedge.com/news/2019-02-23/berkshire-letter-highlights-shocking-25bn-loss-buffet-bashes-deficit-doomsayers

#130 Remembrancer on 02.23.19 at 12:44 pm

#122 KLNR on 02.23.19 at 11:46 am

LOL
—————————————————-
He managed to avoid the usual 1950s KGB ESL english tells like “lickspittle” this time. The text is getting more natural but the messaging more franetic. If he isn’t a paid foreign agitator or an AI-driven troll experiment, he might want to dial back on the caffeine a tad – good advice for all of us…

#131 Where’s The Money Beemo? on 02.23.19 at 12:45 pm

Re: #83 Where’s The Money Beemo? on 02.22.19 at 11:28 pm
Now why isn’t the Canadian Press covering this story?
https://buffalochronicle.com/2019/02/19/scheer-wants-bmo-and-treasury-official-questioned-in-snc-lavalin-probe/
Is it because they have been paid off? $600 million-wise?
Is it fake news?
I want some answers.
———————————–
or is it just digital birdcage liner? Two subjects that need to immediately replace mid-20th century American lit in high school english is modern media awareness and financial literacy…
+++++++++++++++++++++++++++++++
Since it’s bird cage liner, why doesn’t T2 speak to it and sue if it’s a lie.
How come no word from the all exalted one?
Where there’s smoke.
Show me your proof that it’s liner.

#132 espressobob on 02.23.19 at 2:09 pm

It was a helluva morning loading up on all those damn tulip bulbs. You see the way way i figure it, what is old will become new again. Bubbles have a way of doing that. Not sure if this because of the super moon or its relationship with the Coriollis effect?

Anyways, just thought this might be the next big commodity play.

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

#133 Remembrancer on 02.23.19 at 2:28 pm

#126 akashic record on 02.23.19 at 12:27 pm
Bank cards and online logins don’t have this problem. They are perfectly safe using just 4 numbers. They can be as complex as the year of the owner’s birth date.
———————————
Com’on, you know full well that you’re supposed to +1 each digit of your birthday year…

#134 Really? on 02.23.19 at 2:32 pm

#126 akashic record – This is not always the case because one bank updated security online with a parallel coding that defies logic. I now must write all down with a total of three sets of coding if asked.

#135 Tony on 02.23.19 at 2:51 pm

Re: #124 For those about to flop… on 02.23.19 at 11:52 am

I’m betting the new owners lose more money than the previous seller. The fall in home prices in Vancouver has just started.

#136 Barb on 02.23.19 at 3:12 pm

Britain going cashless.

https://qz.com/1553642/britain-is-going-cashless-without-a-plan-for-what-happens-next/

#137 Where’s The Money Beemo? on 02.23.19 at 6:40 pm

Re: #127 akashic record on 02.23.19 at 12:33 pm
#83 Where’s The Money Beemo? on 02.22.19 at 11:28 pm

Now why isn’t the Canadian Press covering this story?
https://buffalochronicle.com/2019/02/19/scheer-wants-bmo-and-treasury-official-questioned-in-snc-lavalin-probe/
Is it because they have been paid off? $600 million-wise?
Is it fake news?
I want some answers.
—-
Try “Submit a news tip or story for CBC to investigate”

https://cbchelp.cbc.ca/hc/en-ca/articles/217732587-Submit-a-news-tip-or-story-for-CBC-to-investigate
+++++++++++++++++++++++++++
Have already sent it to MANY news outlets including cbc-investigates and Marketplace, even one I thought for sure would run with it, CKNW in Vancouver. They have some explaining to do. One on-air personality, Jon McComb 5am-10 am, is my favorite and he always tackles subterfuge in the political world and have never seen him kowtow to anyone, no matter who it is, that’s why I like his show.
But lately, I’m thinking the largesse is too big to deny, and he is getting closer to retirement. Not a word on the Mount Polley charges deadline coming up either, buried like the dam break.
Am about to email him and get him to explain why he and his station never mentioned one peep about it.
Nada, nuttin’.
Something’s up here if all news outlets are silenced by this story.
It stinks to high heaven!!!!!!! or lowly hell.
Is $600 million enough to buy off ALL news outlets in Canada?

#138 Remembrancer on 02.23.19 at 7:22 pm

#136 Where’s The Money Beemo? on 02.23.19 at 6:40 pm
Re: #127 akashic record on 02.23.19 at 12:33 pm
#83 Where’s The Money Beemo? on 02.22.19 at 11:28 pm

Man, that’s Marinas Trench deep, Deep State in cahoots with the Fifth Estate level. Have you tried The Rebel?

#139 David Driven on 02.23.19 at 10:25 pm

#122 KNLR , if you think that’s cutting edge you should read the comments Garth censors. The truth is out there, just not for the average Canadian. That douchebag Wernick just said so, trying to play us all for fools. But remember, he spoke as insider manipulators do, with a complete and utter disdain for the citizens. The globalist goons really are planning a gutting of freedom and democracy. As Garth shows with his delete button , there are truths insiders know that aren’t shared in the public for fear of upsetting the balance of wolves and sheep.

Drama queen. Deletes are almost always for language, racism, homophobia, xenophobia, ad hominem, libel or excessive feline fondness. – Garth

#140 JRT on 02.24.19 at 4:13 pm

I do have an U.S.$ savings account. I wonder why the interest rate is pathetic. Pays similar to my chequing account. I will continue to add to it when the exchane rate is favourable.