Baby bucks

Andy Seliverstoff photo

Swimming in hormones, Jimmy opened the door to a knock. On the stoop was a trustworthy-looking guy with a briefcase. Twenty minutes later Jim and his wife owned not only a brand new baby, but an RESP. The wrong kind.

The baby vultures sometimes hang around maternity wards. They read the birth notices. They follow social media. They’ve even been known to spirit lists of new moms from hospitals. Their job is to mine the same overwhelming new-parent obligation that makes people load up on foolish amounts of life insurance when they give birth. They sell RESPs not as open-ended and flexible investment accounts, but rather as locked-in programs with fat initial payments, high fees and dubious outcomes.

So Jimmy fell for it. Don’t you.

A registered educational savings account is a good thing. It can provide a guaranteed 20% annual return. The government gives you money. Gains are tax-free. And after two decades it can finance junior’s tortuously-expensive journey through dental college. Got kids? Then you need an RESP.

Grace does, plus questions:

“In a recent blog post, you mentioned a family that had two kids and a family RESP, and that it was best to have that kind. Could you explain why? My husband and I have three kids and as they were born, we set them each up with an investment account RESP with ETFs and stocks.

“Also, I had until recently thought I would fund each to the maximum contribution amount, but am now thinking to only fund each up to the point of receiving the maximum $7,200 grant. That is, continue to contribute $2,500 per kid per year until they each max out their grant amount, then just oversee their accounts and keep reinvesting the dividends they receive in cash. I’d rather direct money to TFSAs and non-registered accounts to have flexibility in having/using those as needed, rather than have RESP rules dictate how those funds are used. The RESPs seem to be on the right track. 8 year old has $43k, 6 year old $30k and the baby (just started her account!) $3k+.”

Good points, Gracie. Maybe it’s time for a small recap of why an RESP is a cool thing – so long, of course, as you avoid any ‘providers’ whose plans come with an initial fee, poor investments or exit restrictions. The best RESP is a self-directed one which you open with your bank, credit union or financial advisor, then stuff with the appropriate assets.

The basic idea is simple: this is a savings plan for kids. All gains made within it are untaxed. You contribute on behalf of the little beneficiary, and the government will chip in an annual grant. There’s a lifetime limit on your per-child investment ($50,000) and an RESP can exist for as long as 35 years before it must be collapsed.

The grant is called a CESG, equal to 20% of the first $2,500 contributed annually to a max of $500, as Grace mentions. The lifetime grant total is $7,200 up to age 18 and unused portions can be carried forward one year. Of course, if you put in $50,000 all at once, you’ll miss a portion of the grant money, but the larger amount of principal will enjoy more investment growth.

By the way, an RESP does not need to be for your own child (or adopted). Grandkids, nieces, nephews or family friends also qualify – but they must be Canadian residents (not citizens) and have a SIN. Low-income families can also apply for a government bond payment worth $100 a year to age 15.

How does money come out?

With proof that they’ve enrolled in a post-secondary school, kids can take RESP funds out for education, pretty much tax-free. Original contributions are not taxed, and the grants and growth are considered taxable income in the hands of the student. Since most children don’t have employment income, taxes are nil.

However if a kid raids an RESP to buy a Camaro, the grant money is repayable, up to 20% of the withdrawal. And if the beneficiary throws her life away by becoming a rockstar and earning a billion annually, you can fold the growth portion of the RESP into your own RRSP, or take it as taxable cash after paying a 20% penalty.

However (and to Grace’s question) with a family plan the money can largely be moved to another child, for him/her to spend on schooling. Family plans can have multiple beneficiaries, all connected to you by blood or adoption. They’re flexible, since a portion of the overall pot can be attributed to children in differing amounts, accounting for their ages (more to the older ones with less time for growth). Family plans also cut down on account fees, since all of your brood can be covered by one.

Naturally, all RESPs should have growth-oriented assets in them, since the time horizon is usually a decade or two and school costs keep rising. Don’t make the mistake of thinking your precious, special spawn needs safe widdle GICs. You’ll come to regret that decision. Be wary of bank mutual funds with their insidiously-high MERs. And make a point of kicking any baby vulture off your doorstep, no matter how addled your brain might be.

Yes, puppies are so much easier.

102 comments ↓

#1 NoName on 04.21.19 at 1:49 pm

i signed up for bad resp for few free diapers…

#2 Not So New guy on 04.21.19 at 2:01 pm

I’ve said this before:

What the government needs to do is put 5k in an account for us when we are born as Canadians. Let that compound for 65 years and there you have a huge retirement account (all going to you and not a payment they deem worthy).

If you leave the country as an expat, you forfeit. If you die, the funds go to fund other brand new Canadians

Instead of starting our CPP when we are starting in the workforce, this money should compound an extra 18 years. People can still start contributing when they are 18. That will make your super retirement fund even larger. I hope some government wonk is reading this and we see this some day

#3 Enlightened on 04.21.19 at 2:15 pm

Stay away from the CST institution !

#4 DON on 04.21.19 at 2:20 pm

#7 Ponzius Pilatus on 04.20.19 at 12:18 pm

#91 Dolce Vita on 04.20.19 at 2:57 am
Has anyone, including you Garth, heard of THE TIME VALUE OF MONEY?

To put into perspective for Millennials what the Toronto Average Home Price was OVER TIME in 2018 Constant $ (inflation adjusted), here are the numbers (prices per TREB for those years, BoC Inflation calculator):

1985 = $228,277
1999 = $325,723
2018 = $787,300

And the Median Household Income converted to 2018 $ (BoC Inflation Calculator):

1985 = $68,298
1999 = $73,384
2018 = $85,319

The above compares “apples to apples” in 2018 $ (so a Millennial can make a fair comparison of prices and wages in 2018 $).

Times Average Home Price vs. Median Income, per the above:

1985 = 3.34
1999 = 4.43
2018 = 9.22

Then again, what is an “Average Home”?

Take a look at the “Average Home” SQUARE FOOTAGE over the years:

1975 = 1,000 sq. ft. (93 sq. m.)
2010 = 2,000 sq. ft. (186 sq. m.)

Basically, since the early Boomer’s to current day Millennials and recent GenX, the GenX and the Millenials purchased DOUBLE the home size, on average.

So if you HALVE the Average Home Price for the Millennials and GenX, you conclude (price vs. income):

GenX HAD IT THE BEST.

WORST the Millennials.

The Boomer’s in the MIDDLE of the pack.
—————
Good attempt.
Try again with average lot size than average house size.
Lots have become much smaller.
**************************

Theory is great…but how many Gen Xers were is a position to take advantage of these numbers. Theory ain’t nothing without context. Had to have a well paying job to take advantage of these scenarios…some did but I strongly argue that was only a small number.

Besides it’s not about the generations and more about human nature repeating and the moment in time you are born into.

#5 The division on 04.21.19 at 2:30 pm

About that line, splitting 2012 Vancouver in two halves, where on the west half, all houses are $1M or more…

Ontario st (the price boundary) was rapidly becoming a $2M boundary in 2017.

Now, it is back to a $1.5M division. If you want a 1.5M house, you have to go Eastward.

https://www.realtor.ca/map#ZoomLevel=13&LatitudeMax=49.2960099&LongitudeMax=-122.8889560&LatitudeMin=49.1530679&LongitudeMin=-123.2600879&CurrentPage=1&Sort=1-A&PropertyTypeGroupID=1&PropertySearchTypeId=1&TransactionTypeId=2&PriceMin=1400000&PriceMax=1600000&BedRange=0-0&BathRange=0-0&BuildingTypeId=1&Center=49.224590590957746%2C-123.07452191228265

So roughly speaking: 1M -> 2M -> 1.5M
Quite a swing in just 7 years.

#6 Easter long weekend on 04.21.19 at 2:36 pm

Timely advice for me as a new parent. This will help me set up my daughters RESP. You’ve also help me navigate through many financial decisions and make informed decisions. My spouse and myself earn 100k/year income together in the GTA. We rented and saved for 5 years. Mortgaged an affordable townhouse (20% down), maxed out TFSAs and RRSPs with low-cost, diversified ETFs. We plan to stay the course, enjoy life and keep reading your blog. From a long time listener, thank you Garth and Turner Investments team.

#7 westcdn on 04.21.19 at 2:48 pm

I don’t remember RESPs being available to us along with many other things. I seem to be in a target zone for tax extraction since I began working. My wife’s income took off when my girls went to university. They cried because I was so cheap. My wife wasn’t. I did all the tax returns. I found I could make spousal RSPs and let her claim the contributions. Then I made my daughters transfer the education deductions to my wife. My wife was good with this and transferred the tax savings to them. In a lot of ways I miss her and regret but individual life takes different directions. I will not remarry.

#8 Steveston on 04.21.19 at 3:24 pm

I was able to accumulate $80000 between 2002 and 2012 using bns, ipl, rei.un, and a few other stocks. Then after 4 years of withdrawals, I still had over $20000 I used to start my kid’s.

#9 Leo Trollstoy on 04.21.19 at 4:33 pm

Time value of money

Front load your RESP

https://business.financialpost.com/personal-finance/young-money/resps-how-to-get-the-biggest-bang-for-your-buck

Your 10 year old will have $100k in RESPs like mine did

#10 @careeraftschool on 04.21.19 at 4:58 pm

You can contribute to an RESP for up to 31 years, and the plan can remain open for a maximum of 35 years. This is great because from my experience, I had seen people go to university, work for a few years, enrol in a 2 year speciality program, work for a few years, then take some more advanced courses. Lots of time for tax free compound growth.

#11 Bobby on 04.21.19 at 4:59 pm

Great advice. I’ve put three children through university using a family RESP. Deposited only the amount to get me the government grant. One of the best investments available for families here in Canada.
I’m surprised by the many I speak to who know little if anything about RESP’s.

#12 SmarterSquirrel on 04.21.19 at 5:41 pm

Garth,

I spoke with a family member a while back about group RESP plans and then read the prospectus that they had signed up for. Unfortunately I didn’t speak with them before they signed up. Seems to me those group resp plans should be illegal or at least come with the same degree of warnings found on a cigarette pack. I did a comparison between group resp plan and self directed resp using easily available ETFs. The self directed resp came way out ahead for a variety of reasons including the gains had.

#13 Shawn Allen on 04.21.19 at 5:51 pm

A registered educational savings account is a good thing. It can provide a guaranteed 20% annual return.

***************************
As the article makes clear, it is a one-time guaranteed return of 20%. Not annual. The return after that depends on the investments.

The one-time max $500 gift combined with tax free compounding until the growth and grants are taken out and taxed in the student’s name is plenty of justification to use RESPs.

Been there, done that… had good results. Realistically, I would not have set money aside ahead of time without this program.

The grant on annual contributions of $2,500 is five hundred bucks. That’s 20%. Guaranteed. What part of that is unclear? – Garth

#14 Shawn Allen on 04.21.19 at 5:54 pm

As the article states it is max gift of $500 per year. That maxes out at $7200.

One-time grant on each years contribution…

#15 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 04.21.19 at 6:03 pm

RESPS yes!! Invest in your child’s education now, so they may be smart and educated enough to never feel they have to live or work in the incompetent sh*thole of Toronto.

4-2 Bruins!

Another pathetic failure to perform today by the Make Believes. Blowing their last best chance at home against the Bruins, in the Scotiabank Morgue.

This team and its failure to thrive is exactly like the GTA. Always failing to do what is necessary to create a livable region. Driven only by greed and stupidity.

Go find a pothole to cry in, Toronturds. There are hundreds on every street there.

#16 crowdedelevatorfartz on 04.21.19 at 6:10 pm

So
If I was to set this up for a relative’s kid it goes under the child’s SIN # and I could control (self direct) the investment?
What would happen if other relatives contributed to the same child’s RESP and there was an over contribution?

#17 crowdedelevatorfartz on 04.21.19 at 6:13 pm

@#14 50 years….
“Go find a pothole to cry in, Toronturds. There are hundreds on every street there….”

+++++

You should move to the Lower Brainland.
Vapid-couver needs seething hatred of the city and self loathing such as yours…..

#18 Ena on 04.21.19 at 6:25 pm

Note that the unused grant amount carries forward more than just one year. When carrying forward unused grant space, max grant amount per year is $1000 (two years’ worth of the max grant amount).

For example, you can contribute nothing until age 10, then contribute 5k per year for 7 years to get 1k in grant money every year for a total of 7k ($200 less than the maximum – so contribute 1k when they’re 9 to get the full amount). Of course you lose much of the power of untaxed compounding so this isn’t suggested – but it’s there for people who couldn’t contribute earlier for whatever reason.

#19 Andrewski on 04.21.19 at 6:26 pm

Soooo happy we started our son’s RESP upon his birth.

No stress for any of us needing to borrow $$, no stress about paying back anyone & all tuition & book expenses covered!

“People don’t plan to fail, they fail to plan”.

#20 Shawn Allen on 04.21.19 at 6:29 pm

A registered educational savings account is a good thing. It can provide a guaranteed 20% annual return.

The grant on annual contributions of $2,500 is five hundred bucks. That’s 20%. Guaranteed. What part of that is unclear? – Garth

*********************
Respectfully, the part where is says it is an annual return. It’s not like the $2000 in year one is going to compound up at 20% annually. It’s not unclear.

#21 Islandgirl on 04.21.19 at 6:42 pm

Hubby and I weren’t in the best financial sorts when we had our kids (nothing really started for retirement) but I wasn’t going to let free money slip by so both kids had RESP’s opened for them as soon as they were born. They are in a family plan so that when my daughter does trade school and my son becomes an astronaut (their current plans) the money can go to who needs it. The only thing I wonder is if I am better off moving their RESP to a self directed plan vs the bank plan. We didn’t get suckered into those 3rd party plans that attempted to draw us in, but just did the easy bank plan at RBC. Kids are up to almost $50,000 between them and we have probably another 7 years of planned contributions.

#22 crowdedelevatorfartz on 04.21.19 at 6:44 pm

And once again we have voters vomiting on the status quo.

https://www.reuters.com/article/us-ukraine-election/comedian-zelenskiy-wins-ukrainian-presidential-race-by-landslide-exit-polls-idUSKCN1RX01N

The absolute disgust voters …all…over…the…world…..
have shown for the blatant corruption of the democratic process by money , lobbyists, and back room powerbrokers….

Thus the voters of Ukraine have elected a complete novice, a professional comedian , while the country is still at war with Russia…..rather than hold their noses and re-elect a President under scandal…..

Perhaps the powerbrokers and lobbyists should realize……. no matter how much money they grease the gears with….. voters are angry……very, very, angry….. everywhere.

Anger does not excuse idiocy. – Garth

#23 Andrei Ordine on 04.21.19 at 6:59 pm

When you register a child birth online, you can have an option to have an RESP “promoter” contact you. Most likely of the wrong kind.

#24 Jordan Peterson subscriber on 04.21.19 at 7:02 pm

DELETED

#25 slick on 04.21.19 at 7:04 pm

I just finished the entire RESP process from start to finish. I just closed our RESP last year as my youngest chose not to return to school. 4 kids in a family plan, as suggested. Withdrew over $77k in residual money in 2018, all growth and income. My youngest 2018 tax bill was over $20K, I had no room in an RSP, and didn’t want to leave it there, or give any grants back.
Over the years contributed over $83K.
At it’s peak, the account was worth over $200K as the oldest started withdrawals. Withdrew all my original contributions tax free.
total withdrawals over $230K, and just the $20K+ in taxes upon closeout.

when I first opened the account, my accountant poo-pooed the idea.
the rules are convoluted, but do your homework.
A couple of unmentioned points.
1; you can pick up one unused year extra as you contribute. ergo double contribution, and double the grant. Dont wait till after 9 years old, or you will run out of time.
2; you can only withdraw $5000 in the childs name in the first term of school, after that first semester, no limit.
3; if the account gets too large, or you need some money, you can withdraw your own contributions any time.
4; the brokerage keeps a record of contributions, growth and grants. The withdrawals are split between growth and grant via some mysterious formula that I was not made privy to.
5: ALWAYS withdraw gov’t grant and income before your contributions. They are taxed in the beneficiaries hands.
6; remember that the contributions are your money, not the childs. What you do with it is up to you.
7; Withdrawals in the childs name need to be done within 6 months of the childs last day in school. That is why I closed out the account last summer.

#26 Chris on 04.21.19 at 7:08 pm

College tuitions are increasing at over 8% per annum. Even if you invest in RESP, you will not be able to keep pace with the increasing tuitions. Most investments earn less than 5-6% per annum. The Govenment has reduced OSAP loans. With the ever increasing deficits, the Govenment has no option but to keep reducing OSAP. The best strategy is to have no kids so that you could use those funds to save/invest for your retirement and retire early.

#27 Jim on 04.21.19 at 7:22 pm

you can fold the growth portion of the RESP into your own RRSP, or take it as taxable cash after paying a 20% penalty.

Do you have to have RRSP contribution room in this scenario or if you have maxed out your RRSP you can’t fold in the RESP?

Room required. – Garth

#28 crowdedelevatorfartz on 04.21.19 at 7:27 pm

Anger does not excuse idiocy. – Garth

True enough.

I guess Trump is a bit of both?

#29 crowdedelevatorfartz on 04.21.19 at 7:28 pm

@#25 slick

Excellent info.
Thanks.

#30 Ace Goodheart on 04.21.19 at 7:30 pm

I just put four ETFs into our RESP. Cdn dividends, Cdn bonds, Dow Jones industrial and Standard and Poor’s 500.

Add to them every year, other than that don’t touch them.

Working so far.

#31 Sail Away on 04.21.19 at 7:45 pm

#26 Chris on 04.21.19 at 7:08 pm
The best strategy is to have no kids so that you could use those funds to save/invest for your retirement and retire early.

———————————————

Procreation is a simple, enjoyable hobby that can quickly get out of control. Strategy isn’t always top of mind.

#32 expat on 04.21.19 at 7:57 pm

There is no greater gift to your child than a proper education…

Start when they are born with a SIN number and add what you can.. Get your family involved. We used birthdays as a quick easy way to get contributions from our extended family

They all do it for their kids now instead of crap presents. We contribure to theirs…

You will be shocked by the growth when it comes time to start drawing them down….

Its easy tax free money and if you withdraw the growth piece first carefullyso the kid will barely pay 10-12%. Mine barely paid 5% over his 4 years.

Get the growth out first if possible as it takes much of the risk out… if their plans change

#33 akashic record on 04.21.19 at 8:08 pm

Anger does not excuse idiocy. – Garth

Eliminating anger would be a smarter way to treat idiocy.
Condemnation has its limit.

So long as ill-informed people think electing comedians and reality TV stars will shaft The Man, public life is doomed. – Garth

#34 Pfft on 04.21.19 at 8:12 pm

@#15 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 04.21.19 at 6:03 pm
RESPS yes!! Invest in your child’s education now, so they may be smart and educated enough to never feel they have to live or work in the incompetent sh*thole of Toronto.

4-2 Bruins!

Another pathetic failure to perform today by the Make Believes. Blowing their last best chance at home against the Bruins, in the Scotiabank Morgue.

This team and its failure to thrive is exactly like the GTA. Always failing to do what is necessary to create a livable region. Driven only by greed and stupidity.

Go find a pothole to cry in, Toronturds. There are hundreds on every street there.
_____________________________

LMAO, right on que.
try leaving your basement every once in a while.

#35 Azashi on 04.21.19 at 8:15 pm

Best dog pic ever.

Thanks for posting it.

#36 Figus Makum on 04.21.19 at 8:30 pm

#22 crowdedelevatorfartz
Having watched Zelinsky’s satirical sitcom program, the electorate must believe that Zelinsky understands their frustration with the cronyism and corruption and will identify and punish those involved . I wonder how long it will take them to shake loose their naivete?
Many decades ago, H.L. Mencken wrote: “As democracy is perfected, the office of the president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their hearts desire at last and the White House will be adorned by a downright moron. ”
It seems that the Ukrainian electorate is not all that different from the American electorate……but for “their hearts desire”.

I wonder what is Putin planning now?

#37 Mike on 04.21.19 at 8:31 pm

Every Canadian should watch this video and be dismayed at the influence foreign interests have had and how they’ve hampered development of our resources to their benefit.

Vivian Krause is an investigative journalist who, since 2012, has been following the money behind the US environmental groups targeting Line 3, Keystone XL and Trans Mountain, all to devalue Canadian Oil Sands and pipelines. Her speech begins at 14:19 minute mark and is worth watching as it delves into the long term goal of those supporting these initiatives.

https://integratedwealthmanagement.ca/alberta-crossroads-2019-vivian-krause/

#38 Adrian on 04.21.19 at 8:32 pm

Anger does not excuse idiocy. – Garth
***

People aren’t thinking clearly, they’re reacting emotionally. As I pointed out before, inequality creates stressed out & socially anxious individuals with higher rates of physical & mental illness. Chronic stress shrinks brain size and reduces neural connectivity. Also, children raised in high-stress environments have altered brain development that makes them hyper-reactive to stress and prone to health & behavioural problems as adults (see research into Adverse Childhood Experience scores).

There is no market mechanism to create economic convergence. Quite the opposite, in fact: markets drive economic divergence, and the only limits to unequal accumulation are social and political unrest.

Money is power, and people around the world are increasingly rejecting having a tiny minority of property owners dominate our collective governance without their input or consent.

#39 Habbit on 04.21.19 at 8:32 pm

Great post Garth. I was laid off several years ago at age 60. Did it all in my trade over 40 years from installing to estimating. Even taught at the community college. With the drop in oil I was unemployable so I took the RRSP course with what I now know are vultures. Enjoyed the course but what Garth says is right on. They wanted the sales staff to hang out at maternity wards get to know the nurses, get them a little something….. Total sleaze they are. Their principal argument against buying at the banks were those nasty MER’S lol

#40 acdel on 04.21.19 at 8:33 pm

Garth, this is one of your top ten blogs. Excellent advice!

#41 Yukon Elvis on 04.21.19 at 8:39 pm

#22 crowdedelevatorfartz on 04.21.19 at 6:44 pm
And once again we have voters vomiting on the status quo.

https://www.reuters.com/article/us-ukraine-election/comedian-zelenskiy-wins-ukrainian-presidential-race-by-landslide-exit-polls-idUSKCN1RX01N

The absolute disgust voters …all…over…the…world…..
have shown for the blatant corruption of the democratic process by money , lobbyists, and back room powerbrokers….

Thus the voters of Ukraine have elected a complete novice, a professional comedian , while the country is still at war with Russia…..rather than hold their noses and re-elect a President under scandal…..

Perhaps the powerbrokers and lobbyists should realize……. no matter how much money they grease the gears with….. voters are angry……very, very, angry….. everywhere.

Anger does not excuse idiocy. – Garth
……………………………………………….

Exit polls show that he won a huge majority…73% of the vote. We could elect TWO majority governments here in Canada with numbers like that. Democracy! What a concept eh ?

#42 AACI Home-Dog on 04.21.19 at 8:50 pm

Those RESP salesmen, to financial advisors, are the equivalent of ambulance chasers to the legal profession ?

#43 crowdedelevatorfartz on 04.21.19 at 8:56 pm

@#36 Figus Makum

“It seems that the Ukrainian electorate is not all that different from the American electorate……but for “their hearts desire”.

*****

It’s everywhere.

Voters …are…. livid.
All over the world.
Provincial, Federal.
It doesnt matter.
We are ending up with minority govts, squabbling over the scraps of cash that can buy votes….
People are fed up.

Democracies and elections have been so totally corrupted by money( from ALL sides).
Voters are disgusted.
They vote the ruling party out.
To be replaced by something worse.

Is it good?
Is it right?
No!
But when “voting the bums out”.
Is the only option …..
Democracy is doomed.
The lobbyists have won.

Putin and China just have to sit back and watch the self destruction.

#44 ImGonnaBeSick on 04.21.19 at 8:59 pm

#26 Chris on 04.21.19 at 7:08 pm

For what purpose? You’re spare parts bud.

#45 NoName on 04.21.19 at 9:55 pm

Addendum to my First post, those handful of diaper ended up costing me 3500cad. How is that for funny.

#46 Ace Goodheart on 04.21.19 at 9:59 pm

So decided to spend Easter Sunday tearing down a motor.
Bought it on a whim. If you’ve ever purchased an old, unattainable engine for a pet project that you’ve had in the back of your mind for many years, you understand my enthusiasm.

Engine of choice was a 1.9 AHU turbo diesel direct injection VW lump, with plans to modify the electronic control to mechanical direct injection, dial back the waste gate for some added boost, add a built pump and bore it out a couple of oversizes.

But as the lump sat in my utility trailer, and I gradually took part after part off of it, in preparation for pulling the head, the usual dread and anticipation set in.

This is a sixteen year old motor. They are prone to timing belt failures, and they are interference, which means that any slip of the belt results in destruction. You will see the signs when you pull the head, pistons with dents and valve shaped scars on their heads, damaged, warped items, deep scratches in the cylinder walls. I pulled grease soaked part after road dirt encrusted bolt, hoping I would find something good.

I actually met most of the people in my neighbourhood. For some reason, if you work in a utility trailer, on an Easter Sunday, tearing down an engine, people stop and talk to you. One guy reminisced about his days running drag cars, telling me he was able to build a 4 litre flat head eight into a five litre that ran a quarter mile in 11 seconds at 155mph.

I met the local ladies and their kids. The teenage children next store wished me happy Easter. Some ladies told me stories about the drunk dude who used to live in the house next to me.

Finally after working from 2pm through to 7pm I pulled the head. And found, four very nice, clean cylinders, no scoring, no scraping, slight ovaling (which is normal in an old diesel) and no signs of any timing belt failure in their past.

Sending the bottom end out to the rebuilders on Tuesday. This is going to be the most fun I’ve had in a while. I am already ordering a new turbo, a boost and EGT gauge, new cylinder head and searching for folks who would want to port and polish my intake and exhaust.

Feels good to be a kid again (at age 46)

#47 the Jaguar on 04.21.19 at 10:14 pm

You are so obviously avoiding J.K. One can only guess there is a reason.

Actions. Then comments. – Garth

#48 meslippery on 04.21.19 at 10:29 pm

Just now catching up.

Back in 1999 the average Toronto property sold for just $228,354, which seems nostalgic. The median household income was $50,800
——-
What about today?

A Millennial buyer in Toronto faces an average property price of $778,300. The median household income has grown to $82,110

Now if you were paying cash do you see the problem??

Wow that crazy price or low wage growth.
Interest should not be what you looking at??

#49 lifexprt on 04.21.19 at 10:35 pm

Regarding RESPs

100% of plans out there are crap, the only way is self directed or low fee etfs with the banks, since we are looking at a 20 year time horizon, high growth allocation at first, convert into safer assets towards the end of the plan, to protect against any downturns. Baby vultures are bad, bad, bad and stink of desperation as commissions are high enough to sell their soul for a few dollars. Most of them think they are actually doing God’s work on earth by setting them up, they are either too stupid to understand what they are promoting or too corrupt to care about what will happen down the line in 20 years.

#50 Ad on 04.21.19 at 10:49 pm

It’s worth mentioning that for Quebec residents, there could be an additional 10% provincial grant for RESP deposits. So those contributing 2500, can get another $250. Getting in total 30% guaranteed return between federal and provincial grant.

https://www.revenuquebec.ca/en/citizens/tax-credits/quebec-education-savings-incentive/

#51 YVRTechGuy on 04.21.19 at 10:50 pm

Garth – for your BC readers, no post on RESPs is complete without mentioning the BCTESG (and similar in other Provinces).

#52 Lisa on 04.21.19 at 10:56 pm

Great summary, Garth! How about Disability Tax Credit and RDSP next? You owe it to the memory of the Elfin Deity. Creating the RDSP was a great thing he did. BTW Happy Easter!

#53 Teknohippie on 04.21.19 at 10:56 pm

A couple of things

Get individual plans for each child. You can’t transfer the grants and gains between kids anyway, and with individual plans you always know how much you have saved for each child. The banks keep track of this info for a family plan, but it can be quite hard to extract that info from them.

It’s nerve wracking to wind down an RESP invested in the markets, because you don’t know what they are going to do next, but you have a hard deadline to extract the cash. Wind down your market investments a few years early if they have been doing well, and save yourself some nail biting.

#54 DON on 04.21.19 at 11:38 pm

#36 Figus Makum on 04.21.19 at 8:30 pm

#22 crowdedelevatorfartz
Having watched Zelinsky’s satirical sitcom program, the electorate must believe that Zelinsky understands their frustration with the cronyism and corruption and will identify and punish those involved . I wonder how long it will take them to shake loose their naivete?
Many decades ago, H.L. Mencken wrote: “As democracy is perfected, the office of the president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their hearts desire at last and the White House will be adorned by a downright moron. ”
It seems that the Ukrainian electorate is not all that different from the American electorate……but for “their hearts desire”.

I wonder what is Putin planning now?
**************

The new Ukrainian President has a vast amount of political capital…as he acts the part every week.

Plus he created a media business so has some experience building something positive.

Now the ‘establishment’ is aware that there are other option…as the Clowns are now running the show.

#55 akashic record on 04.21.19 at 11:43 pm

#33 akashic record on 04.21.19 at 8:08 pm

Anger does not excuse idiocy. – Garth

Eliminating anger would be a smarter way to treat idiocy.
Condemnation has its limit.

So long as ill-informed people think electing comedians and reality TV stars will shaft The Man, public life is doomed. – Garth

Who do you suggest well-informed people should have elected in 2016 in the US or now in Ukraine, who would eliminate the source of their funny-voting anger?

As I recall, the choice of the “well-informed” was exactly The Man, without the shaft. Harvey would still be god.

#56 Ponzius Pilatus on 04.21.19 at 11:54 pm

#105 dennis on 04.21.19 at 1:52 pm
Being a boarder city with the USA brings benefits. We go to Walmart USA and buy a gallon of 3% milk for $.98 and then stroll over to the egg section and buy eggs at $.67 for an 18 pack. Imagine, we buy 7 gals of milk for under $7 and 7 1/2 doz eggs for $3.35. Add the 40% exchange rate and we end up with $14.50 Canadian money.

Then we trip on over to the Walmart gas bar and pay $2.72 per american gal. Ya Ya the smaller gallon. 1.2 USA gallon = 1 Imperial so that would work out to an extra $.50. So $3.25 x 40% exchange rate = approx $4.50
————–
Do you have a job in Canada or are you a full time shopper in the States?
Hope you don’t have a heart attack while jogging between isles.
Make sure you have extra health insurance.

#57 NoName on 04.22.19 at 12:02 am

definitely press play

https://twitter.com/RealSaavedra/status/1120033294899224578

#58 drydock on 04.22.19 at 1:07 am

46 Ace Goodheart on 04.21.19 at 9:59 pm

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

It’s a good feeling to rebuild an old engine.
I did the same with a 1946 61cid Harley Knucklehead engine i tracked down in Burlington VT.
Rebuilt it put it in a period rigid frame and rode it for years.
The guy i sold it to still has it and i see it around.
I ride an 1995 883 hugger these days, great bike.
Best of luck in your project.

#59 Rabbit Hunt on 04.22.19 at 1:36 am

If you have $50,000 for your new born baby’s post secondary education (majority of new parents don’t),
just forget about 20% one time grant for a second.

Simple non-compound calculation with moderate 5% rate of return, it will earn $2,500 each year instead of $500.
Actual case is compound and for 17 years.

Good news is you also get first and last grant of $500.

People focus so much on gov’t grant, but you have to contribute gradually for more than 10years or so.

better to start with lump sum and grow long term, don’t get caught by word of – ‘20%’ guaranteed return.

#60 IB on 04.22.19 at 2:11 am

Re: “By the way, an RESP does not need to be for your own child (or adopted). Grandkids, nieces, nephews or family friends also qualify – but they must be Canadian residents (not citizens) and have a SIN. ”

Me and my kids are Canadian citizens but are non-residents for tax purposes.

Can my kids’ Canadian citizen uncles or aunt or grandfather set up an RESP for them?

If yes, can it be setup as a ‘family’ RESP as advised by Mr. GT?

#61 IB on 04.22.19 at 2:30 am

Comment #49:

Just to clarify: my kids’ Canadian citizen uncles or aunt or grandfather are Canadian residents for tax purposes.

#62 expat on 04.22.19 at 6:23 am

#49 Not all RESPs are crap.

The average person uses their bank for their affairs.

By saying they have to self direct their RESPs you are defeating the purpose of them for the average person.

Many people are not investors. By telling them to self direct you could stop them from doing the RESP. Period

People go to your bank. If you are comfortable go self directed. If you are not comfortable the bank will help put them into mutuals and fixed income. Although because you have 18 years its better to stay away from fixed income due to lack of growth.

By putting the money in they will get the govt contribution.

Just do it through bank if you don;t know where to start. The key is to start as soon as they are born.

It is the safest imho. Directed or self directed doesn’t matter.

The savings are what matter

Learn what ‘self-directed’ means before you pass comment. Most bank RESPs fall under that heading. – Garth

#63 Charlie Hebedo ll on 04.22.19 at 7:15 am

DELETED

#64 Travelin' Jack on 04.22.19 at 7:30 am

DELETED.

#65 Jean Luc D'urbanville on 04.22.19 at 7:49 am

DELETED. Three White Power posts, same IP, same twisted mind. Go away. – Garth

#66 TurnerNation on 04.22.19 at 7:52 am

Should have gotten a Balanced port! These buildings would run 2-3 million bucks. Cannot be rented even at below market rates.
No same person would rent it and start a business now with Min wage and carbon taxes, taxes, comercial property taxes cost, and all the red tape and fees.

(And how many of these “brewpubs” with $9 beer and snacks can the people afford? Peak Brewpub is coming.)
Most areas of Toronto similarly are hollowed out like this. Bring us a RExall or Shoppers drug mart…which can afford rent. What culture.

https://www.cbc.ca/news/canada/toronto/back-to-the-beach-village-campaign-1.5104552

Richman said she and her husband bought the storefront as a ‘retirement plan,’ and they’re hoping to find a long-term tenant for the space.

– She’s gone down to about $30 per square foot to try to find a new tenant while, according to her, some landlords around her flower shop on nearby Kingston Road are renting for $40 to $45.

–He’s in the process of leasing a 2,200 square-foot space in the middle of Queen Street East to open a brew pub. It used to house a restaurant, which closed just over a year after opening, he said.

#67 the Jaguar on 04.22.19 at 7:57 am

Will this be coming soon?

In a future blog I will explain the meaning of life. Try not to miss it.

When you least expect it. – Garth

#68 NoName on 04.22.19 at 8:00 am

interesting read

https://www.zerohedge.com/news/2019-04-21/new-study-shocks-electric-cars-considerably-worse-climate-diesel-cars

#69 Victor V on 04.22.19 at 8:13 am

“Canadians appear to be maxed out with no real plan for paying back what they have borrowed” – MNP President Grant Bazian

https://www.bnnbloomberg.ca/maxed-out-48-of-canadians-on-brink-of-insolvency-survey-says-1.1247336

#70 Remembrancer on 04.22.19 at 8:49 am

#65 TurnerNation on 04.22.19 at 7:52 am

Way before minimum wage increases and carbon taxes opening a restaurant (or buying a store front that doesn’t have either an established tenant or one on contract to move in immediately) has never been a sound investment choice – its a passion hobby project for deep pockets or a trendy neighbourhood folly…

Agree (shudder at that thought) that peak brew pub has got to be nearly upon us…

#71 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 04.22.19 at 9:10 am

Congrats to Mike Babcock, who has now officially joined a long list of managerial incompetents for the Make Believes, with his sweet $50 million in salary sucked from delusional GTAhole ticket buyers.

https://ca.yahoo.com/sports/news/twitter-irate-mike-babcock-pulls-frederik-andersen-terrible-time-234311160.html

Mike perfectly bungled the timing for pulling his goalie so ineptly. How very Toronto of him! Bruins score in seconds, sealing the victory.

Mike, your move will now be right up there in history with the management fools who traded Lanny and Sittler, sold the future for Kessel, and not to forget the great Toronto criminal Harold Ballard.

Mike, why not consider becoming a Toronto realtor next? Or perhaps you could help to even further bungle Toronto’s transit planning mess?

Lots of opportunities for incapable overpaid people like you in Canada’s most fake ‘world class city’, LOL!!!

For the next game, why not just pull the goalie in the first minute, and see how the first period turns out?

#72 Mr Canada on 04.22.19 at 9:18 am

I remember lining up back in 1998 when they first launched the RESP program. Both my kids were 6 and 4 – best decision I ever made – every cash gift (birthday/xmas) into growth stocks (plus auto transfer a deposit) each month would allow both kids to finish university debt free and have enough left over to move some $$ into a TFSA. Where else can you get free money ie: 20% return ??

#73 604sam on 04.22.19 at 9:18 am

3 white power posts, eh Garth? Maybe it’s time this steerage section gets the old yeller treatment….
Great post, though.

#74 dharma bum on 04.22.19 at 9:31 am

The RESP is a good program. Hard to find fault with it. Any time the government kicks in a few bucks and investment growth is untaxed, it’s hard to argue against it.

Ultimately, the people who buy into it must value the concept of education, and the idea of saving money over a lifetime in order to pay for their children’s education.

Most do not think that far ahead, nor can they fathom the cost of a serious education 20 years into the future, for a child, not to mention multiple children.

It amounts to hundreds of thousands of dollars.

Many parents are dismissive of this, and are just as happy to let their kids take out a loan for their education.

To each their own, I suppose.

But one of the greatest gifts you can provide your children with is a a fully funded education in a field that will reap a lifetime of rewards for them – and leave them debt free in the early stages of their career!

RESPs are a good tool for getting that process in motion, but the minimum contributions to get the yearly “grant” won’t cut it. There has to be a long term commitment to saving money – and lots of it – to fund those future costly educations.

By the way, if it’s solely for some bogus liberal arts degree, don’t waste your time or money.

Degrees and/or diplomas must be for proper trades, technical vocations, or professional designations. That’s where the money is.

#75 Ponies Pilatus on 04.22.19 at 9:44 am

Trump is gonna sanction countries that import Iranian oil.
Iran is fifth.
One above Canada.
Go fill your F-150 before price goes up.

#76 Ponzius Pilatus on 04.22.19 at 9:51 am

#67 NoName on 04.22.19 at 8:00 am
interesting read

https://www.zerohedge.com/news/2019-04-21/new-study-shocks-electric-cars-considerably-worse-climate-diesel-cars
—————-
Does not surprise me.
The only solution is fewer cars on the road.

#77 gfd on 04.22.19 at 9:59 am

CRA Steps Up the Fight
https://www.canadianlawyermag.com/author/aidan-macnab/cra-steps-up-the-fight-17140/

#78 @59 Attention CRA: Non-residents for tax purposes on 04.22.19 at 10:04 am

If you can set up RESP’s for your kids, this is another loophole CRA needs to close. Sounds like the satellite family situation that is weighing on Canadian taxpayers?

Non-citizen residents of Canada pay taxes. – Garth

#79 Last of the Boomers on 04.22.19 at 10:10 am

While in the romance period of having our first child we were scammed out of $1000 by a fake RESP investment scheme.

I am pretty sure it was a brochure enclosed in a save on food coupon and new baby welcoming box back in 1997.

I still have the cancelled cheque showing it being deposited to an account in downtown Toronto Bank of Nova Scotia.

Be very alert in early stages of the birth of your first child as the scammers are out in full force.

#80 Sold Out on 04.22.19 at 10:27 am

I don’t begrudge the 40% of Canadians who effectively pay no income tax, but this is just more fuel for the Yellow Vesters.

https://www.cbc.ca/news/politics/tax-excise-alcohol-auto-chrysler-wudrick-biram-canada-revenue-agency-cra-write-off-1.5101848

Think the YVs can understand this?: “The agency says that writing off a tax debt does not relieve a taxpayer of the obligation to pay — but it does mean no legal action will be taken unless the taxpayer’s situation improves.” – Garth

#81 millmech on 04.22.19 at 10:28 am

#4
Was in Kelowna helping a fellow Gen X couple spruce up their investment home that has languished on the markets since December. Not a single offer, only six people have shown up for multiple open house, listing price was in the high $600k, many price reduction and still no takers(25%). They asked what I would pay for it and blanched as I figured in this market I would only pay around $400k max.
If you are holding and not selling it does not matter what generation you are you will be generation bag holder.

#82 Mattl on 04.22.19 at 10:33 am

#46 Ace – Those 1.9 VW Diesels are awesome. Bigger injectors and moving from a 10mm pump that comes on a 5 spd to an 11mm pump off an automatic = a fast little car. Your clutch will not hold however.

That’s really all you need to get near 300 pounds torque. An ECR tune would help to manage it all. Not much top end on those motors but first 100 feet is a black cloud of fun.

#83 crowdedelevatorfartz on 04.22.19 at 10:34 am

As much as I cringe at feeding Apocalypto’s armaggeddon fantasy’s….

It will get real interesting, real fast, if Iranian oil tankers enroute to China are escorted by Chinese navy ships through a US naval blockade…

https://www.reuters.com/article/us-usa-iran-oil-exports/iran-says-ready-for-u-s-waivers-end-as-guards-threaten-to-shut-hormuz-idUSKCN1RY0MK

And I thought the first major naval battle of the new millennia would start in the South China Sea.

#84 crowdedelevatorfartz on 04.22.19 at 10:48 am

@#75 Ponzies Pilates Ponies
“The only solution is fewer cars on the road.”
++++

So we will all ride overcrowded Mass Transit , pink unicorns, or pigs with wings?

Where will Mass Transit get its billions in Tax $$$ once all the F-150’s stop buying gas?

https://www.straight.com/news/1096451/translink-mayors-council-approves-15-cent-litre-gas-tax-help-7-billion-transportation

Cant have your perpetually over budget, overly expensive, SNC Lavalin constructed, Bombardier designed, Trans Link without an $0.18.5/litre “transit levy”…..to prop it up.
Has the mag lev system been sold anywhere else in the past 10 years?

Anywho

Thank all those gas guzzling F-150 drivers for subsidizing a mass transit system that needs every stolen penny it can, but prepare for exorbitant rate hikes and property tax hikes when all the gas guzzling trucks leave town.

#85 Zoe Szalinski on 04.22.19 at 11:28 am

DELETED. Go away.

#86 Eks dee Siple on 04.22.19 at 11:29 am

#76 gfd As I’ve always said, there is very little difference between tax evasion and avoidance. The CRA can at anytime for any reason take your money using whatever backdoor loophole they deem fit. Just make your millions and then don’t worry about how much tax you pay, you can’t take it with you. The secret, of course, is giving it away. Then see if you can do it all over again. You can. In about 600 turns of the moon from now, I will die with no assets in my name. That is the goal.

Well, I’m shocked that slumlord has a kid. Poor kid. And Tater is still a wage slave calling ME a chump. Whatever, son. Go and study the etymology of the word ‘weird’. I control my fate because I am weird.
Learn this. And hyperbolic ITCHY thinks he is paying for the poor single mother raising 4 kids alone. No, buddy, WE are paying. But you are welcome to move to Nicaragua or better yet, start your own tax-free enclave and call it Itchy-stan! Getting out of your compound would be good for you.

Dharmabro…”Degrees and/or diplomas must be for proper trades, technical vocations, or professional designations. That’s where the money is.”

Not in the world I live in. Where I’m from, you could just be a drug dealer and then become premier of Ontario. The vocations are not for making money, they are for creating a civilization. Vocational training aimed at merely making money, just leads to a population of populists who fear and blame immigrants taking their vocational jobs. And guys like Itchy who don’t value the non-vocational labour provided by women every day all around the planet.

#87 NoName on 04.22.19 at 11:30 am

#75 Ponzius Pilatus on 04.22.19 at 9:51 am
#67 NoName on 04.22.19 at 8:00 am
interesting read

https://www.zerohedge.com/news/2019-04-21/new-study-shocks-electric-cars-considerably-worse-climate-diesel-cars
—————-
Does not surprise me.
The only solution is fewer cars on the road.

But graphic,

That is not only only solution, imigination is you limitation, but who am i to tell you what solution is.

But ill tell you what i do when i read some comments like this, and i am not lying to you, usualy i go and buy couple of LBS of almonds and Few KILOs od avocados from california. Than I am guacamole factory next few days.

I know sound very crazy, you are discusted, probably allready calling establishment on 999 quin street to send van with two strong dudes and stray jacket, but here me out, every time i tell this to climate change evangelist, i know they don dare to touch anything avocado for months.

Just imagine how much water i saved with my on ortodox way of thinking buy makink others not to have their avocado toast with almond milk each day.

It takes 1.1 gallon of water to for one almond, YES 1
(one), and it takes 74 gallons of water to produce lbs of almonds.

Ponzi think form outside of the box, not from inside.

And on a side note, today i drove my wife to work so we save on a parking because carbon tax is killing us… tvice much of polution, all because of carbon tax, and less economic activity.

outside of the box, is all i am saying…

#88 slick on 04.22.19 at 11:32 am

#51 Lisa
any posts about RDSP’s should include a lesson on Hanson Trusts.

#89 slick on 04.22.19 at 11:37 am

#52 Teknohippie

I disagree on both points.
#1 no kid is gonna need the exact same amount to go to school. You don’t have to be fair, just appear to be fair. If one needs more than another, and it bothers you that much, sort it out after the tution bills have ended.
#2 Don’t stop being invested years before you start withdrawals. the timeline for withdrawals can be years if not a decade or more. keep that money working, you will need the growth.

#90 Mattl on 04.22.19 at 11:50 am

Regarding Dougs post yesterday, focusing on small savings for small gains misses the boat IMO. Rather then saving 5 bucks on a latte, folks that are going to have a retirement gap should focus on the income side. 5 bucks day, or 50 bucks new income?

With the economy running low unemployment and the abundance of trades and labour jobs, almost anyone could pick up a side gig and add 800-1200 a month. How much would 8-15K a year into an RRSP, and plowing the return back into TFSA change retirement plans?

Sure DB pension plans are gone but the gig economy is in full swing and the 37.5 hour work week is common. If you have any skills – welding, carpentry – it is incredibly easy to pick up work at 30+ an hour, some of which will be cash.It is almost impossible to find help, I can’t find anyone in my town to take my 200 cash to spend a day cutting back and removing a hedge.

Income side is the key, if a 5 dollar latte is your barrier to reasonable retirement you have an income issue.

#91 Remembrancer on 04.22.19 at 11:52 am

For all the Globe and Mail op-ed lovers out there who like to post – this is loosely linked to this “planning for the future” blog post…

Think past the catechism of AB downtrodism folks and tax payers should always question how their money is being spent…

https://www.theglobeandmail.com/opinion/no-one-should-feel-sorry-for-alberta/article36782945/

#92 Remembrancer on 04.22.19 at 12:07 pm

#89 Mattl on 04.22.19 at 11:50 am
Income side is the key, if a 5 dollar latte is your barrier to reasonable retirement you have an income issue.
—————-

Or spend less and do more of what you enjoy (if that’s work, and its not toxic, then great, party on).

Making more money as the antidote for consumption debt is what got a lot of people where they are right now – they were making it from their HELOCs. If you don’t have control over living within your means, you’re always chasing no matter how many side gigs your cadre of mythical carpenters take on (while seems to be the go-to side gig, though it takes real work to be a skilled carpenter, not just a HD tool belt and a hammer)…

#93 Ponzius Pilatus on 04.22.19 at 12:32 pm

#83
Street cars build by Bombardier are everywhere in Austria and Germany.
Taken them lots of times. Comfortable, quiet and on time.
Why the hate?
Because they are Quebec headquartered?

#94 Captain Uppa on 04.22.19 at 1:00 pm

#31 Sail Away on 04.21.19 at 7:45 pm
#26 Chris on 04.21.19 at 7:08 pm
The best strategy is to have no kids so that you could use those funds to save/invest for your retirement and retire early.

———————————————

>>Procreation is a simple, enjoyable hobby that can quickly get out of control. Strategy isn’t always top of mind.>>

And what type of life form will be serving your happy hour cocktails at the swanky yacht club you frequent in your well-to-do retirement?

I’m guessing a human being that was spawn of another human being.

#95 30 YEARS OF FLAMES INCOMPETENCE! (WUL version) on 04.22.19 at 1:01 pm

Still a fabulous city to live in.

#96 jess on 04.22.19 at 1:10 pm

22 crowdedelevatorfartz on 04.21.19 at 6:44 pm
he has a law degree

======
mr. ford should take note ….good the point be that one only needs to hire “a facilitators to replace a teacher?

when silcone valley came to kansas:
parents rejected summit learning created by facebook
online learning program
some afraid to speak out for fear of losing funding from facebook.

https://tinyurl.com/y4kpvezy

#97 Sold Out on 04.22.19 at 1:34 pm

Garth,
So if this excise tax dodger, perhaps a corporate entity that is under bankruptcy protection and never regains solvency, the CRA is lenient? Like when Chrysler Canada pulled that dodge by emerging from bankruptcy as Fiat Chrysler Canada, with all tax-payer loans forgiven?

https://www.cbc.ca/news/politics/chrysler-auto-loan-canada-account-write-off-edc-bailout-taxpayer-wudrick-milke-1.4871648

#98 DON on 04.22.19 at 1:44 pm

https://www.bloomberg.com/opinion/articles/2019-04-16/the-fed-can-help-stop-rising-inequality-in-the-next-recession

***************
Pfft!

Don’t they know…recessions happened back in the olden days. It’s a new World now. We glide by on easy credit.

#99 DON on 04.22.19 at 2:01 pm

https://www.livabl.com/2019/04/another-toronto-condo-project-cancelled.html

#100 Remembrancer on 04.22.19 at 2:29 pm

#92 Ponzius Pilatus on 04.22.19 at 12:32 pm
#83
Street cars build by Bombardier are everywhere in Austria and Germany.
Taken them lots of times. Comfortable, quiet and on time.
Why the hate?
Because they are Quebec headquartered?
———————————————————-
Nope, b/c they don’t meet their delivery commitments…

For example:
https://globalnews.ca/news/4784480/ttc-bombardier-streetcar-delivery/

#101 Yes-I am right on 04.22.19 at 9:24 pm

Capitalism is broken yet there is no alternative.
Everything else ends up like Cuba and Venezuela. Flourishing once, destroyed now.

#102 Kat on 04.23.19 at 12:29 am

We have ours through the bank, needless to say pretty much no growth. What growth ones do we buy when we go to self directed.