The clueless

Remember all that political stuff we waded through last week as I announced my shocking withdrawal from the race to become the new Con leader? At least it cleared the way for Peter MacKay on the weekend. Now, barring the unexpected, he’ll be facing T2 in the next general election. It won’t be pretty.

But back to policy. What should leaders do?

High on my list was the need to teach citizens. We are so pooched, thanks not only to the lack of financial literacy, but the house lust and risk aversion that surrounds us. Most people you know don’t own ETFs, but flock to condos or seriously-leveraged houses. They save money instead of investing it. So every single poll and survey finds the same result: we’re getting less wealthy. Four in ten are a hundred or two a month from insolvency. Seven in ten have no assured pension. And yet people think investing in financial stuff is risky. Days like Monday don’t help. When stocks go down 1% after rising 30%, people freak. “See?’ they cry, “it’s a trap.”

Well, Mike knows better.

He passed this window poster of an expectant mom in Vancouver this week – in a HSBC branch…

…and had this to say:

Because when you have two kids and an extra $5000 kicking around, locking it in for 218-days at barely the rate of inflation after a required face-to-face (or over the phone) sales pitch with [email protected] is the best way to take care of your future… Your blog should be required reading before breeding! (Maybe advertise on condom wrappers?)

That idea’s got legs. But what would we call them? (Please do not offer any suggestions. I can only imagine…)

Mike’s right. Great example. The bank is offering to pay 2.18% annually in return for locking up your money at a time when inflation’s 2.2%. But wait. That offered rate is ‘per annum’ and an annum ain’t 218 days, even in YVR. It’s actually 60% of a year, so the real return paid on the GIC’s maturity would be 1.3%. Oh yeah, and unless it’s inside a registered account (and what a waste that would be), the money earned is taxable.

The fact a major bank would post this in their window like it’s a… big thing… is an illustration of how much we need to educate the huddled masses. Why would anyone park their money for less than the inflation rate? Or choose to do it for 218 days? How is this possibly an example of ‘investing in your future’ when the customer will have less purchasing power when it’s over? Is it even ethical, let alone responsible, for a bank to be seducing customers into a losing deal? How did we get to this point?

Ah, but this is just the start.

This week another bank, the green one, reported that almost a third of us have no idea how a TFSA differs from an RRSP. Those confused little beavers said they‘d put money into a tax-free account in order to reduce their taxes. That confirmed exactly what another bank (the blue one) just found. People are clueless. Even a decade after TFSAs were created, and after millions of accounts have been opened. Almost half of us use TFSAs as savings accounts, for example. This is like marrying Jennifer Aniston and keeping her home making casseroles.

For the record, of course, TFSA contributions are made with after-tax money. RRSPs are filled with taxable cash. So tax-free account income in retirement is not counted by the CRA. Retirement savings income, however, is fully taxed at your marginal rate, and can gut government pogey payments.

By the way, bank surveys have found most people are using TFSAs for home renovations and saving for a down payment. In fact twice as many think a TFSA is best, despite the RRSP Home Buyers Plan which allows a couple to take out $70,000 and still collect the tax savings for making their contribution. Most of us don’t know we can put money into an RRSP and let it grow for years without tax, and not claim the deduction until later when our income – and the tax break – is higher. Or that a contribution in kind turns taxable assets into tax-free ones. Or how a spousal plan can seriously split income.

Meanwhile four in ten say they don’t actually understand how a TFSA works, tax-wise compared to the other. Maybe we should do a chart. Put that on the condom, too. Might be lengthy, though.

 

153 comments ↓

#1 Almost Married on 01.28.20 at 4:09 pm

1st! My fiance finds it’s hard not to succumb to house lust if mortgage payments are equal to what you’re currently paying for rent. A lot of people consider it a savings tool, paying yourself every month. I told him not to worry, I’ve got him covered with our retirement plan.

#2 G on 01.28.20 at 4:12 pm

re: If it was a lengthy chart. Would it show how your assets and taxes could rise and fall if it was an RRSP or TFSA that you put your money in?

#3 Piano_Man87 on 01.28.20 at 4:15 pm

Maybe they are trying to compete with WealthSimple’s 2.4% Savings account (which has no lock-in period, and is zero fee)

#4 Mike in Airdrie on 01.28.20 at 4:16 pm

What should be taught in schools? Personal financial planning, how to communicate in a relationship, and how to keep yourself healthy (diet/exercise..not just athletics). Also that CO2 isn’t going to cause the planet to incinerate in 12 years.

#5 Niagara Region on 01.28.20 at 4:28 pm

“Toronto Housing Market Crash” is a fascinating, open-access Facebook site with a lot of interesting news stories about the housing market in Toronto:
https://www.facebook.com/groups/213639685923730/

#6 mj on 01.28.20 at 4:33 pm

I have a couple questions to see if anyone knows the answer. Who owns the banks in Canada. I tried to Google it and didn’t get an answer. Second question, can anyone run for the leader of the conservative party, or do you have to be a politician. Can a regular person put their name in to run. Thanks in advance

#7 Keyboard Smasher on 01.28.20 at 4:36 pm

I don’t own ETFs either.

Why would I pay a fee for a list of stocks that’s not managed by anyone? I could just buy the index constituents…

ETF “investing” strikes me as a brain-dead approach which just relies on hoping for the entire economy to grow. Why not pick the winners?

#8 BlogDog123 on 01.28.20 at 4:37 pm

Don’t be a Tool !
Use “Greater Fool” (TM) brand condoms.

Warning: GF condoms should be used with a second form of protection such as not using with a financially clueless mate. Always read the label.

#9 SmarterSquirrel on 01.28.20 at 4:40 pm

Taking the deduction later on RRSP contributions while letting contributions grow tax free is a brilliant benefit of the RRSP and is great for people on a career curve that will have them earning more and more in future years. If you know you’re going to be in a much higher tax bracket down the road, why not delay taking the deduction. Do the math though taking the return earlier even though a smaller deduction may be worth it based on the time value of money and the difference in the deduction to be had.

#10 tbone on 01.28.20 at 4:40 pm

What I discovered is most people don’t have any extra money to invest , so they don’t do any research on it.
These were university educated engineers I worked with.
They had no interest in investing.
Big mortgages and little kids ate up most of their dough .

#11 Sail Away on 01.28.20 at 4:40 pm

Bought some potash stock today. It’s right at 52-week low, decent dividend, ok fundamentals, growing population needs food, etc..

We’ll see. It’s on sale. Sometimes stocks continue down regardless. If it ends up doubling, I’ll definitely crow shamelessly on here…

#12 Doug t on 01.28.20 at 4:47 pm

Having a “financial” conversation with your partner is Birth control enough believe me

#13 Maximize your growth on 01.28.20 at 4:49 pm

…with Turner’s Tips™

Had to do it.

#14 Cowboy Kyle on 01.28.20 at 4:50 pm

Slogan for your new TFSA condoms

Thurst
First
Save
After

#15 Damifino on 01.28.20 at 4:55 pm

Now, barring the unexpected, he’ll be facing T2 in the next general election. It won’t be pretty.
—————————–

I wonder for whom it won’t be pretty, Trudeau, MacKay, or the electorate? Regardless, it’s difficult to conceive how it could be worse than the vapid circus that passed for the previous election campaign.

#16 Genesis II on 01.28.20 at 4:59 pm

That idea’s got legs. But what would we call them? (Please do not offer any suggestions. I can only imagine…)
– –

‘No’ to condos! ‘Yes’ to condoms?

Sorry, couldn’t resist

#17 FreeBird on 01.28.20 at 5:00 pm

“Your blog should be required reading before breeding!“
——————
Mike many of us agree. There’s a lot that should be required reading before breeding (or practicing) and def around t/ween years. It’s easier to have a kid then get a driver’s license or saying goes. At least with the latter there’s some required reading or knowledge. Touchy subject. When it comes to investing advice for the young(er) your up against highly effective mass marketing of things. For many maybe it’s too easy to cash in investments (for stuff, trips etc) so forced savings via real estate wins out? Also the ‘experts’ online and HGTV selling wealth thru rentals/flipping doesn’t help. Maybe a future blog post on how mortgage interest works esp in first 5 yrs would help? Amazing how many don’t know.

#18 Duffy on 01.28.20 at 5:02 pm

The message on my condom would have to be on a microchip.

#19 MF on 01.28.20 at 5:03 pm

#124 BillyBob on 01.28.20 at 1:40 pm

“Relative to spending your time, mental energy, and money on a myriad of other things far more dangerous to your ongoing existence than coronavirus – not really. But it IS totally in character for you to be giving it the attention you obviously are.”

-My character?

Sorry but what does this have to do with my character, or me at all?

?

There are 40 million people quarantined the world over. Is it in the Chinese government’s “character” to be worried too?

Even if this whole thing amounts to nothing, it’s always good to have a global contingency plan in place for when (not if) the real deal hits.

We should remember that for 99.99% of humanity’s existence viruses and bacteria were the bane of daily life. Killing and maming with ease. It’s only in the last 60-70 years that we have had some major victories in the war against the microbe. It would be wise to heed the warnings and learn lessons from the H1N1, MERS, SARS, and new Corona virus outbreaks to make sure we are prepared for anything.

By the way, I’ve been an athlete my entire life. Never drank, never smoked, and always ate well. You know what though, even someone who does all that is at risk of getting sick. Nothing is 100% in life, and sometimes extra precautions are needed.

Here’s an idea, maybe they should install treadmills in the newly built hospital in Wuhan to increase everyone’s immunity. Who needs personal protective equipment anyways.

/sarc.

MF

#20 Lee on 01.28.20 at 5:04 pm

“The Greater Fool – Required Reading Before Breeding”, That’s Gold Gerry. This woman is brilliant.

#21 Westcdn on 01.28.20 at 5:08 pm

#54 Ray on 01.22.20 at 6:04 pm

“An electric battery autonomous vehicle that could be “hailed out” for rides when the owner does not need it during his/her working part of the day” – an idea I think is worth pursuing.

My stepmother died yesterday – maybe I will get a minor inheritance. She changed my father’s will to give to her loser family (in my opinion). I appreciate the comments about my spark plugs. I will bury the car with lousy plugs and good brakes.

I want a truck but I can rent a dumpster. I hear lots of good things about owning a Tesla. I find Kijije a great way to shop for parts or service. The trouble is trusting the seller.

#22 Lambchop on 01.28.20 at 5:09 pm

Yes, having a nice retirement reservoir via investments would certainly lubricate life, make things more pleasure-able indeed! And not just for her.

TFSAs for everyone!

#23 Incubus on 01.28.20 at 5:10 pm

The next PCC leader have to focus on Ontario.
There is no need to please Quebec because they are never satisfied.
Quebecers are mostly socialist and think people are poor because the rich rob them.

#24 The Wet One on 01.28.20 at 5:12 pm

The ignorant readily part with their money.

It’s just business.

Which is why it’s prudent to own banks. There’s lots of ignorant people around who are happy to be fleeced like the sheep they are.

#25 Islandgirl on 01.28.20 at 5:21 pm

Question for the masses, does it make sense to continue to pay for life insurance? We are currently paying just under $100 and when the kidlets were little and daycare was a potential need if one of us croaks, they are much more self sufficient (although still dependant) and therefore daycare or childcare is no longer needed to leave them alone. So do I cancel the life insurance and just send the money into investments instead? At least that way I will get it back for sure.

#26 Big Bucks on 01.28.20 at 5:22 pm

If you’re an old geezer or couple in a 4 bedroom house,why not rent the rooms(one of them to a younger caregiver who can cook and clean)and enjoy your life.Condos are stifling,small and reek of weed.

#27 Jimmy Zhao on 01.28.20 at 5:22 pm

DELETED

#28 JSS on 01.28.20 at 5:24 pm

CN Rail – 7% dividend increase ! Yay!

#29 OK, Doomer? on 01.28.20 at 5:40 pm

I want a truck but I can rent a dumpster. I hear lots of good things about owning a Tesla. I find Kijije a great way to shop for parts or service. The trouble is trusting the seller.
++++++++++++++++++++++++++++++++

There’s a Boomer joke about every Harley owner needing a trailer to hail their Harley when it breaks down.

The Doomer equivalent is that every Tesla owner needs a swimming pool. To push the Tesla in when it catches fire.

#30 A burning question ... on 01.28.20 at 5:48 pm

Question to Garth Turner and blog readers here;

If ;
1) 50 % of the population are unable to save, and;
2) 70 % don’t have pensions, and;
3) 45 % “own” homes which eat up a great portion of their earnings, and;
4) 20 % are at risk of having their job displaced in the next 10 years, and;
5) 35 % of workers have “gig” employment.

What do you think the economic and social result will be in 10 years time ?

I would appreciate some answers of this better informed crowd because when I ask the average person, all I get is a nervous, blank stare.

#31 Sail away on 01.28.20 at 5:48 pm

#27 JSS on 01.28.20 at 5:24 pm

CN Rail – 7% dividend increase ! Yay!

—————————–

That’s because CNR is awesome.

#32 BG on 01.28.20 at 5:48 pm

My dads bank thought a good investment for a 90 year old man was a locked in 5 year GIC. Needless to say he didn’t last long enough to collect.

#33 crowdedelevatorfartz on 01.28.20 at 5:51 pm

@#106 neo
” A) He mad a mistake…..”

and

B) plilanphanpist”

++++++

A) Is that what Harvey Weinsteins defence attorney’s can use at his trial?
If Kobe did what he did today….he’d be in jail.

B) “plilanphanpist”…
I couldnt find that word in the dictionary.
Is that the short description of a philandering philanthropic bigamist?

#34 Adrian on 01.28.20 at 5:53 pm

That we can put money into an RRSP and claim the deduction later is news to me. But if the gov’t is offering money isn’t it always better to take it now?

No money is offered. You are just deferring tax. – Garth

#35 Shawn Allen on 01.28.20 at 5:57 pm

Who Owns the Canadian Banks?

#6 mj on 01.28.20 at 4:33 pm

I have a couple questions to see if anyone knows the answer. Who owns the banks in Canada. I tried to Google it and didn’t get an answer.

******************************
The big Canadian banks are widely held. No one entity can own more than 10%.

Almost every Canadian investor owns the banks directly or indirectly.

Any Canadian with a widely diversified investment portfolio owns the banks. You basically cannot have a diversified portfolio in Canada without owning one or more of the banks.

Diversified Canadian mutual funds and ETF include the banks.

Every big Canadian pension fund owns them, I am sure. Including the Canada Pension Plan. So basically every working or retired Canadian has at least an indirect ownership of the banks.

Some investors like “Bankish” who used to post here are heavily concentrated in the banks.

There is also some foreign ownership. Any U.S. based global fund probably owns some.

I don’t think you will find an exact answer. In Canada, few investors register shares in their own names. They are in the broker’s name. I don’t think even the banks know exactly who owns them.

Why do you ask?

#36 Shawn Allen on 01.28.20 at 6:00 pm

Who Owns the Canadian Banks?

#6 mj on 01.28.20 at 4:33 pm

I have a couple questions to see if anyone knows the answer. Who owns the banks in Canada. I tried to Google it and didn’t get an answer.

**************************************
Alternative answer for lefties and those who refuse to invest:

The 1% and the rich own the banks and profit off the back of the working class.

What did you think?

#37 Capt. Serious on 01.28.20 at 6:04 pm

#7 Keyboard Smasher on 01.28.20 at 4:36 pm
I don’t own ETFs either.

Why would I pay a fee for a list of stocks that’s not managed by anyone? I could just buy the index constituents…
You could, but ETFs are dirt cheap and you don’t have to keep doing transactions to hold all the index constituents.

ETF “investing” strikes me as a brain-dead approach which just relies on hoping for the entire economy to grow. Why not pick the winners?
If you don’t think the economy will grow in the future you should be 100% in bonds. There is no reason to own equities if the economy will not grow. Most companies will get slaughtered if the economy does not grow. You are expressing saying you think the economy will grow if you own equities.

#38 Sail away on 01.28.20 at 6:05 pm

#24 Islandgirl on 01.28.20 at 5:21 pm

Question for the masses, does it make sense to continue to pay for life insurance? We are currently paying just under $100 and when the kidlets were little and daycare was a potential need if one of us croaks, they are much more self sufficient (although still dependant) and therefore daycare or childcare is no longer needed to leave them alone. So do I cancel the life insurance and just send the money into investments instead? At least that way I will get it back for sure.

—————————————-

Good question. My approach:

If you have debts and ongoing payments it is prudent for each parent to carry enough to pay off the debts, with a couple years’ worth of money for the remaining spouse (or kids, if you both croak together).

When you have no debts, do whatever you want. My wife and I don’t personally carry life insurance now, but at one time had $500k each. My company carries a policy on me 1.3x my stake to allow share value settlement to next of kin plus some breathing room for recruitment/lost revenue.

Life insurance is cheap when young. Hopefully, when the rates start creeping up you no longer need it. Maybe you’re already there.

Term only, too- whole life insurance is pretty much a scam as far as I can tell.

#39 Sail away on 01.28.20 at 6:08 pm

Sorry- whole life insurance is a ripoff, not a scam per se.

#40 Paddy on 01.28.20 at 6:09 pm

Reading “When the bubble bursts” by Hilliard Macbeth.

A good read on the Canadian housing market and how crazy it is. Theres a chapter that discusses how many are misled into thinking that the banks only lend out money from deposits, when in fact every time a loan is made, the banks have essentially printed new money. No ones balances go down when a new mortgage is approved, the money just magically appears in the borrowers account then quickly moves into the lawyers trust account to pay for the house purchase. Credit Cards magically print money as well, cause you can take large cash advances out on them…..magical

#41 grasshopper on 01.28.20 at 6:12 pm

Is the reason people want shelter is because it is a need?

https://www.simplypsychology.org/maslow.html

The “wants” come later …

#42 Keith on 01.28.20 at 6:14 pm

The name for the GF condoms would naturally be puppy gloves, or dog catchers.

The median savings of people who have no pension is $3000. Proof that people who don’t have forced savings, in the form of a mortgage or mandatory workplace pension, are not able to do the most basic financial planning and are unlikely to build a significant net worth. That was a great policy idea, get government off the backs of the people, because the average person makes better decisions with their own money. You’d laugh if you weren’t faced with the taxes payable to keep oldies from freezing in the street.

Gonna be a lot of people working in their seventies because they have to. Society manages to go backwards.

https://www.theglobeandmail.com/opinion/article-older-longer-the-super-aging-of-canadians-has-taken-everyone-by/#comments

#43 BC_Doc on 01.28.20 at 6:18 pm

“Laurentian Bank Digital” has a HISA going that pays 3.30% interest. I’ve transferred my spare cash that was earning 1.6% in my RBC HISA over. I am posting this for any readers who may find this information of interest.

#44 TurnerNation on 01.28.20 at 6:27 pm

So many infectious disease specialists in this comments section. Don’t worry in a week’s time you’ll have forgotten this. Like you did Iran’s act of war. Even our PM forgot.
If some of ya are waking up to this scripting I commend you.

#45 @careeraftschool on 01.28.20 at 6:27 pm

Oh Man! You are right, how is this form of advertising ethical? What’s legal isn’t always what’s right.

I think schools and universities are not the best places to teach financial literacy. As a nation, we need a model like Alcoholics Anonymous. Like AA, Financial Illiterates Anonymous (FIA) would have to be a nonprofessional, self-supporting, and apolitical organization. Maybe follow the same format and have sponsors. Need a meeting place for people to gather and openly discuss with no judgement.

I think we could start this. You have readers all over Canada Garth and we can use info from your blog. What do you think?

#46 Smartalox on 01.28.20 at 6:35 pm

You want to know who owns the banks in Canada?

You’d be forgiven for thinking that it’s P.T. Barnum, who coined the phrase: “There’s a sucker born every minute!”

The TFSA should be marketed as an alternative to real estate for accumulating wealth:
– Both TFSA and Real Estate are paid for with after-tax dollars
– Both TFSA and Real Estate provide tax-free wealth in retirement (if personal residence exemption is granted for the Real Estate)

However there is the main difference between the two forms of wealth accumulation:
– Building wealth with real estate generally requires the holder to take on a mega-amount of leverage in the form of a mortgage, resulting in thousands of after tax dollars being paid in interest and finance fees as a part of the mortgage.
– A TFSA has no up-front costs that might be the equivalent to saving for a down payment for Real Estate – it’s a pay as you go plan – but you also have to rent your shelter.

#47 Politico on 01.28.20 at 6:36 pm

Don’t see how Biden survives this:

http://www.hideoutnow.com/2020/01/boom-pam-bondi-drops-moab-on-democrats.html

The Democrats keep shooting themselves in the foot. It now appears pretty clear that even if Trump did ask for an investigation of Hunter Biden (we know he did from the transcript), it was in response to a lot of stuff that was already in the media, and as president it was his job to investigate corruption. So it was not an “abuse of power” but a fulfillment of office. And since he campaigned on “draining the swamp” it was also a campaign promise. So the only thing left is whether there was a “quid pro quo” which if it did occur is not in the transcript and so far has not been confirmed by any direct witnesses. So that leaves “obstruction of congress”, which will be pretty weak since the house never bothered to exercise their ability to resort to the courts to have their subpoenas enforced, and there is that small matter of executive privilege. There is a good reason you don’t give unnecessary testimony in a trial. It’s called “the perjury trap”. If you don’t say what the lawyers want, they keep talking you in circles until they can find contradictory statements and then it’s off to jail with you. Happened to me once but fortunately it was just an arbitration over a few 10’s of millions of dollars, and the arbitrator totally misunderstood what I said. Those $600/h New York lawyers are good. And the arbitrator did not understand the business being a lawyer himself. So ya, you don’t agree to provide witnesses unless necessary. They will be abused.

The other thing I learned from that process is that when you do business with an American company, the deal is only the first part of it. Once it is signed they then proceed to litigate every single term. So the purchase price, even when agreed by both parties, is just the opening offer. Then they send the lawyers to see how much of the purchase price they can recover even if there were no material omissions in the information provided.

Anyway, back to the point. Looks like it will be Bernie vs. Trump in November and Bernie won’t have a chance. I don’t think Bidden will withdraw because that would be interpreted as an admission of guilt, but he’s going to fade to the back of the pack.

#48 Nonplused on 01.28.20 at 6:43 pm

#28 OK, Doomer?

Ha, ha, good one. But the problem with battery fires is that they do not require an external oxidant (all of the required chemicals are within the battery) so all pushing a Tesla into a pool would do is wreck the pool. Better to just let it burn. Hmm I wonder if they count the battery fire smoke as a pollutant? Maybe the CO2 isn’t so bad after all.

But the also have a problem with Teslas running into parked emergency equipment or construction barricades. I guess that is to be expected when trying to pilot a car based on GPS and lane assist technology. The poor computer is faced with a problem similar to if you had to drive using Google maps and your side windows only because the front window had been spray painted black.

#49 Axehead on 01.28.20 at 6:52 pm

Bank Slogan: ” You’re richer than you think!”

Boardroom Chatter: “They’re dumber than we thought.”

#50 no expert on 01.28.20 at 7:07 pm

#24 Islandgirl

My advice would be to look at your total financial contribution to the family rather than just child care when determining how much life insurance you should carry. If you have a significant income things like paying the mortgage, car payments, groceries, utilities, clothes, school expenses, every single thing under the sun, continue even if the kids don’t need a babysitter. They still need a lot of other stuff. So I would say you should be insured for something like 5-10 times your after tax income until the kids are out of the house. For most people that isn’t that expensive. Once the mortgage is paid off and the kids have moved out (which will be right around when the premiums start ticking up) it makes sense to reduce the amount for which you are insured.

Of course if a person has no income 5-10 times nothing is still nothing so it is a waste of money. That person only needs to insure for funeral expenses. Sort of how most people only insure their children for $10,000-$20,000 bucks for loss of life, just so they can bury them if things go tragic, but might insure them for much higher numbers for “loss of limb” because that will inevitably be much more expensive over the course of the child’s life. For example the worst case scenario is they crack their head in a skate-boarding accident with no helmet and need lifelong assisted living care after that. Very rare, but not unheard of. But insuring children is relatively cheap.

But just say “no” to any form of “whole life” plan (those plans that pay out in retirement even if you are not dead). That is a very expensive way to save and invest. You are better off just taking basic life and investing the remainder, which depending on your age will be more than 2/3’s of what the whole life plan costs.

#51 Poubelle on 01.28.20 at 7:14 pm

Greater Tool.

Obviously, they only come in magnum size.

#52 MF on 01.28.20 at 7:14 pm

#44 TurnerNation on 01.28.20 at 6:27 pm

-That’s because we live on planet earth, where the collective impact of 7 billion human beings produce more than one individual story at a time.

Nobody forgot about Iran, nobody forgot about the teacher strike, or Trump. It’s just those are more remote fears/events than going outside and getting sick is.

That more than one thing happen at the same time shouldn’t be hard for someone over the age of 4 to understand.

MF

#53 Sail away on 01.28.20 at 7:17 pm

#45 @careeraftschool on 01.28.20 at 6:27 pm

Financial Illiterates Anonymous (FIA) would have to be a nonprofessional, self-supporting, and apolitical organization.

Need a meeting place for people to gather and openly discuss with no judgement.

——————————————

Post to this blog and it’ll be Judgement Day.

Judgement helps money dummies get on the right path. Tough love.

I’d be happy to help. Helpful, altruistic, selfless… that’s me.

#54 Ray on 01.28.20 at 7:20 pm

#48 Nonplused
But the also have a problem with Teslas running into parked emergency equipment or construction barricades. I guess that is to be expected when trying to pilot a car based on GPS and lane assist technology.
——-
In less than a decade, it will be illegal to drive your own car. Robo taxis will be 10Xs safer. There will be no self– driving owner auto insurance companies left who will insure you. If you had a choice between going up the Empire State building in a modern automatic elevator, or in one that used a guy that had to align the elevator floors by moving a leaver ( I remember those as a kid in Eatons), what would be your first choice ?

#55 Kato on 01.28.20 at 7:23 pm

#48 Nonplused on 01.28.20 at 6:43 pm

But the also have a problem with Teslas running into parked emergency equipment or construction barricades. I guess that is to be expected when trying to pilot a car based on GPS and lane assist technology. The poor computer is faced with a problem similar to if you had to drive using Google maps and your side windows only because the front window had been spray painted black.
_______________________________

Tesla of course considers itself blameless because it TELLS drivers you are supposed to be alert, looking out with your hands on the wheel at all times. This to me seems an awful lot like what I do in my non-“autopiloted” car.

The cameras and sensors all working together should be more robust than most automaker’s lane-keeping tech. I’m not willing to bet my life on it, but a surprising number of people are (and some have lost that bet).

#56 Nonplused on 01.28.20 at 7:25 pm

#21 Westcdn on 01.28.20 at 5:08 pm

“My stepmother died yesterday – maybe I will get a minor inheritance. She changed my father’s will to give to her loser family (in my opinion).”

Your father must have had a lousy lawyer. Either that or not much in the way of assets going into his second marriage. For the other folks out there how may be reading this, if you are getting married for the second (or third or fourth) time, and you have children and significant assets, you must have both a prenup and a very air-tight will. If your second spouse is able to take your children’s birthright, you screwed up.

Assets you had before you were married should be split among your children at the time of your death, in trust if necessary due to them being minors at the time. The one asset you will have a hard time not leaving to your spouse is your house, as that will be considered a marital asset pretty much whoever paid for it.

But if your father was broke when he remarried, well, it is just the way it goes.

Oh and your step mom could not have changed your father’s will. She can only change her own. But if your father had left everything to her, then that is again the way it goes.

Marriage, divorce, remarriage. These are things that religion rightly disapproves of because the whole thing is a mess and nobody comes out ahead.

#57 akashic record on 01.28.20 at 7:28 pm

Clueless…

https://www.zerohedge.com/health/many-planes-actually-made-it-out-wuhan-yesterday-and-today

#58 Ustabe on 01.28.20 at 7:37 pm

The banks sell the sizzle, not the steak. Always have, always will.

In order to even begin to address the financial illiteracy prevalent in today’s Canadian we need to start low, go slow and build up…you need a foundation before you can put the house walls up.

So remember when simple banking could be done at the Post Office? I do. Savings, money orders, bill payments, etc. With today’s tech it would be easy to incorporate micro loans. Remove the poor, working poor and newly disadvantaged from having to visit the payday place, the rent to own place and even the banks.

Post office banking won’t eliminate all the folks who prey on the poor but at least it offers a real option.

Choice. Which is something today’s economically fractured society doesn’t offer the poor, working poor and/or lower middle class at present.

#59 joblo on 01.28.20 at 7:38 pm

Banks need a report to find Kanadians are “clueless”?

#60 Diasppointed on 01.28.20 at 7:43 pm

Garth, you have been the messenger of doom and gloom for more than a decade. but, where is the doom and gloom?

#61 Linda on 01.28.20 at 7:44 pm

I have to agree with #42 ‘Keith’ that the vast majority of ‘the people’ will do just about anything but save for their futures. However, just to clarify the pension statistic. 70% of the people do not have an additional pension plan. They do have CPP – a defined benefit plan which they do not have the option of opting out of – unless, of course, the only employment they perform is under the table. That is the only way other than not working at all where one can get around paying items like income tax, EI & CPP.

As for the excuse that one’s income is too low to save, I say Bah! My mother lived on combined CPP/OAS/GIS – her income was a princely gross of about $14,000 per annum & yes, it was taxed though of course she got back whatever was deducted once the annual income tax return was completed. Despite living on the diddly of squat, upon her demise all her funeral expenses were paid for – she had arranged those details years in advance – plus each of her seven children received a small sum once her affairs were wound up. On a gross of $14,000 per annum. Nope, no inheritance, lottery win or cash gifts from her children to account for it – just superb money management skills. Self taught skills, I would add.

#62 SoggyShorts on 01.28.20 at 7:50 pm

#54 Ray on 01.28.20 at 7:20 pm
#48 Nonplused
——-
In less than a decade, it will be illegal to drive your own car.

**********************
You’re joking, right? Tell me you don’t actually think something so ridiculous.
Less than 10 years from now the government will confiscate ~20 million cars? Force you to scrap them?
Think.

#63 SoggyShorts on 01.28.20 at 7:51 pm

#1 Almost Married on 01.28.20 at 4:09 pm
1st! My fiance finds it’s hard not to succumb to house lust if mortgage payments are equal to what you’re currently paying for rent. A lot of people consider it a savings tool, paying yourself every month. I told him not to worry, I’ve got him covered with our retirement plan.
**************************
You should point out the REAL numbers because the cost of owning a house is much much more than the mortgage payments. Taxes, downpayment opportunity cost and maintenance for starters.

#64 I worried about this too on 01.28.20 at 7:52 pm

I have neighbors that are from China and his business is importing from China and they still has family there. They are great friends and so are our children. And I know it has been well over a month since they’ve returned and they are not sick. But this did cross my mind:

http://www.informationliberation.com/?id=61142

Remember folks, even if this thing turns into a crisis, the virus does not see race or color. Do not blame your Chinese friends and neighbors. I am sure they are all avoiding unnecessary travel to China now same as you.

Anyway as of yet all we have is a bunch of projections. There is no firm evidence yet that this is anything but another flu variant, which we get a bunch of every year, or that it will turn into a pandemic. Never underestimate the power of the media to turn any and every single thing into a way of selling ads. And don’t blame Chinese people just because the Chinese government went full DefCon 5 to prevent another SARS. It might turn out to be nothing. It might turn out to be contained. It might turn out to be media hype. It might turn out to be just another flu.

We are still in full contact with our Chinese friends. If they have not been to China recently, there is no reason not to. So let’s try and keep calm and carry on. Trust me, because of SARS, they know more about disease control than you do. They should probably be more afraid of me.

#65 bobthebuilder on 01.28.20 at 7:53 pm

That HSBC branch is at the corner of West 10th ave and Sasamat.

#66 neo on 01.28.20 at 7:55 pm

#33 crowdedelevatorfartz on 01.28.20 at 5:51 pm
@#106 neo
” A) He mad a mistake…..”

and

B) plilanphanpist”

++++++

A) Is that what Harvey Weinsteins defence attorney’s can use at his trial?
If Kobe did what he did today….he’d be in jail.

B) “plilanphanpist”…
I couldnt find that word in the dictionary.
Is that the short description of a philandering philanthropic bigamist?

*****************************************

So now you are comparing Kobe to Weinstein? Ok bud. Kobe was 24 who had sex with a 19 year old once. He committed adultery. That isn’t a crime. He wasn’t criminally convicted of anything at the end of the day. Doesn’t matter what you or I think of that because that was decided in court. Weinstein had a pattern of assault for DECADES with HUNDREDS of women. What redeeming thing has he actually done since then? He’s already an old man and likely will spend the rest of whatever life he has left in prison. They aren’t remotely the same person. Sure as hell doesn’t mean he deserved to die along with his 13 year old daughter and the other 7 people aboard that helicopter. You “woke” twits are something else.

#67 akashic record on 01.28.20 at 7:58 pm

Some portfolio… Major investor: Bill Gates

https://patents.justia.com/patent/10130701

#68 SoggyShorts on 01.28.20 at 7:59 pm

#7 Keyboard Smasher on 01.28.20 at 4:36 pm
I don’t own ETFs either.

Why would I pay a fee for a list of stocks that’s not managed by anyone? I could just buy the index constituents…

ETF “investing” strikes me as a brain-dead approach which just relies on hoping for the entire economy to grow. Why not pick the winners?
******************************
Exactly! Just pick the winners! I assume that you are leveraged at least 3x in your investments and are making triple-digit returns since you have a crystal ball, right?
As for buying the index constituents, I’d love for you to share how you can buy&sell hundreds of company stocks for rebalancing for under 0.03% in fees

#69 Jm on 01.28.20 at 8:05 pm

What are your thoughts on wealthsimples new 2.4% interest paid on cash?

Why would you when it’s a zero real return? Invest, don’t save. – Garth

#70 Long-Time Lurker on 01.28.20 at 8:10 pm

GT Coverage (The G-Man’s got ya covered!)

#71 Robert Ash on 01.28.20 at 8:16 pm

Re; The TFSA or Tax Free Savings Account, a simple name change to the Tax Free Investment Account, might just help some folks, understand the difference.
The sad reality, is most Canadians, that only have Debt to consider each pay period, are likely just focused on getting a little ahead of the monthlies, and just pray for a cushion. The Debt Service Ratio, is a big problem not only in Canada, but around the world, in my opinion. I travel in Asia, and Tourism in many Traditional countries, that are Beach Destinations, are quite slow, cryptic like… I feel primarily as a result of the Debt burden…. 11 years of low interest borrowing, is catching up… and oddly it is only the US that has learned from the past.. As the US ratios, are considerably less…. Sooner or later, the Bills, have to be paid, or defaulted… The US Subprime crisis, as I recall was the result of only 12 % of Mortgages, defaulting, to start the Domino effect… My feeling, is that the Leaders of our Countries, in the Developed world, have made a critical error, in promoting poor behavior, and the problems, will start to materialize, soon. It is irresponsible to offer exaggerated Debt levels, to the electorate, that by definition, does not even know the basic, Banking Alternatives… and live on Monthly Payments.

#72 Jm on 01.28.20 at 8:16 pm

#69 What are your thoughts on wealthsimples new 2.4% interest paid on cash?
Why would you when it’s a zero real return? Invest, don’t save. – Garth

I agree, I just am curious why someone would lock in a GIC at a lower rate when this bank would pay more no strings attached…

#73 Nonplused on 01.28.20 at 8:20 pm

#55 Kato

I can foresee a day when one day a computer could drive a car as well as a human, I mean tech marches on and seems to get better and better. But I do not believe we are there yet. They use a bunch of tricks involving lasers and GPS, whereas what they have to duplicate is the human eye (and associated brain systems). The eye (and associated brain systems) have been evolving for some 500 million years. Technology goes multiple times faster, but not that fast. It’ll take more than one iteration. I do believe it is possible though. But not today.

I got a rental car once that had lane assist technology (my truck was in for hail damage, boy was that expensive! No wonder the insurance companies don’t like paying out!) I hated it. I tried to merge with nobody else around so I didn’t put on my blinker and it tried to drive me into the ditch! I was fighting with the steering wheel the whole time I had it! Not a feature I want on my next car.

#74 Ken from BC on 01.28.20 at 8:24 pm

Was just watching the talking heads on BNN (bad idea). They were talking about Teck’s Frontier oil sands project and how much “poison” will be put into the air by the CO2 generated by burning the oil.

When did we determine that CO2 was “poison”? Greenhouse operators for years have been pumping CO2 into their greenhouses to promote plant growth. It is plant food, not “poison”.

In the Mesozoic, the greatest period in the history of the earth in terms of life (plant and animal diversity), CO2 levels are estimated to be 5 times what they are now. Doesn’t seem like poison to me.

I am not denying climate change and increased CO2 in the air, however it appears that more CO2 is great for the planet, just not good for people that live in coastal areas. With climate change, real estate prices in low lying areas will drop (Manhattan may be submerged) but we will not disappear as a species, we will adapt as we always have.

This talk of a climate change “emergency” and CO2 being “poison” is nothing more than a fear mongering tax grab.

#75 Bezengy on 01.28.20 at 8:28 pm

#41
Is the reason people want shelter is because it is a need?

https://www.simplypsychology.org/maslow.html

The “wants” come later …

——————————————

So true, like telling the kids not to have sex, it doesn’t work, but you can have the old “sit down” and make sure they do it right. The old Maslow theory, thanks for bringing it up.

#76 Bytor the Snow Dog on 01.28.20 at 8:40 pm

Well, this may be wayyyyyy out of place for this blog, but what is going on women who have man feet?

Hormones?

#77 Sold Out on 01.28.20 at 8:42 pm

#66 neo on 01.28.20 at 7:55 pm
#33 crowdedelevatorfartz on 01.28.20 at 5:51 pm
@#106 neo
” A) He mad a mistake…..”

and

B) plilanphanpist”

++++++

A) Is that what Harvey Weinsteins defence attorney’s can use at his trial?
If Kobe did what he did today….he’d be in jail.

B) “plilanphanpist”…
I couldnt find that word in the dictionary.
Is that the short description of a philandering philanthropic bigamist?

*****************************************

So now you are comparing Kobe to Weinstein? Ok bud. Kobe was 24 who had sex with a 19 year old once. He committed adultery. That isn’t a crime. He wasn’t criminally convicted of anything at the end of the day. Doesn’t matter what you or I think of that because that was decided in court. Weinstein had a pattern of assault for DECADES with HUNDREDS of women. What redeeming thing has he actually done since then? He’s already an old man and likely will spend the rest of whatever life he has left in prison. They aren’t remotely the same person. Sure as hell doesn’t mean he deserved to die along with his 13 year old daughter and the other 7 people aboard that helicopter. You “woke” twits are something else.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Not quite so clear cut. Had it happened in the present era, he would have been treated very differently.

https://en.m.wikipedia.org/wiki/Kobe_Bryant_sexual_assault_case

#78 Bezengy on 01.28.20 at 8:44 pm

I hiked up to the saddle on Ha Ling Peak in Canmore today. As I gazed west I thought to myself that perhaps a used van with a bed in the back is the way to go, just go where the wind blows you. Maybe the kids are on to something? When I got back to the base I checked my email and my visa bill is in. What the hell was I thinking? Must have been the thin air.

#79 Keyboard Smasher on 01.28.20 at 8:50 pm

@SoggyShorts

Hundreds of companies? It’s difficult to fully evaluate and value a dozen companies, how can anyone possibly know enough about HUNDREDS?

At that stage, you’re not investing, you’re just throwing money blindly at both good and badly managed companies, which just happen to be at the top of a list, and hoping to do just slightly better than breaking even.

Index investing is not actually investing. You truly have no idea what you’re buying. It’s closer to a religious experience and blind faith in the theory of perpetual growth. Japan did not grow into perpetuity. Neither will American industry, which had a nice spurt since the 70s.

#80 Shawn Allen on 01.28.20 at 8:53 pm

Post Office Banking

Ustabe at 58 said:

So remember when simple banking could be done at the Post Office? I do. Savings, money orders, bill payments, etc.

********************************
Well, I don’t remember that at all and never heard of it. Was that in Canada? I think maybe it was the case in England.

I do however remember when there were actually post offices. Few and far between now. I know they exist in small towns. I am not sure if Edmonton has any actual federally-staffed post offices left for the public. I mean are you suggestion we now bank at Shoppers Drug Mart.

And I know about the Post Office. I’ve always had an affinity for the Post Office. My favorite uncle worked his whole career (after serving in World War II that is) at the Post Office and retired as Post Master. Never heard of him offering any savings accounts, though they did serve you at wickets similar to banks.

#81 Shawn Allen on 01.28.20 at 8:58 pm

Food for Thought

When squirrels and other creatures save nuts and food for later consumption they don’t expect to withdraw more than they deposited. No growth expected. Some loss is possible, but never a gain.

Only humans have invented a system where savings are expected to grow in value.

Not coincidentally, humans have invented systems whereby productivity is always growing.

In the absence of productivity growth, interest rates probably HAVE to be very low. Something to think about.

#82 Phylis on 01.28.20 at 9:03 pm

#54 Ray on 01.22.20 at 6:04 pm

“An electric battery autonomous vehicle that could be “hailed out” for rides when the owner does not need it during his/her working part of the day” – an idea I think is worth pursuing.

Good idea, but why would you want to own it? The manufacturer will not sell it to you and reap all the margins. See the news lately? GM micro bus. On the road now, althought not for public use at the moment.
Sorry this is a late response.

#83 Nonplused on 01.28.20 at 9:04 pm

#62 SoggyShorts

Umm, where did I say that? I am against self driving cars at least given the current technology.

#84 keswicken on 01.28.20 at 9:04 pm

I have a friend who is coming into a fairly large sum of money from inheritance. They have no interest in Stocks, ETFS or bonds, all say about the market is they have to much risk and could possibly loose money. They want the guaranteed return of a pre market condo to flip or rent out.
That is what this generation knows as safe secure investment that you get rich on. People that own more then one home are thought of as investments gods.
Thank you Garth for all you have taught me and a lot of others through this blog

#85 Sail Away on 01.28.20 at 9:19 pm

Teslas are so good. Buy some stock, buy a Tesla, be happy.

Listen to people who don’t have one tell you why they would never get one, then let them take yours and watch the transformation. Like a caterpillar to a beautiful butterfly.

#86 ImGonnaBeSick on 01.28.20 at 9:24 pm

#39 Sail away on 01.28.20 at 6:08 pm
Sorry- whole life insurance is a ripoff, not a scam per se.

—-

Sail, you own a company, maybe look into PAR whole life, held by the company which you can then take a loan of 90% of the value personally when you retire. It’s a bit more complicated then I’m explaining , but the green insurance company is paying a 6.25% dividend on contributions currently.

#87 n1tro on 01.28.20 at 9:41 pm

Garth’s new condom line should be labeled as ADIDAS on the outside. Open it from the wrapper, slide it on the right way to see the cardinal message of….

(A)(D)ownpayment(I)n(D)ead(A)ssets(S)uck

Disclaimer: Turner Investments is not held liable in event full message can not be displayed due to any short comings of purchaser.

#88 Lead Paint on 01.28.20 at 9:42 pm

#62 SoggyShorts on 01.28.20 at 7:50 pm

I thought they had an interesting point. Even if self-drive cars are not made illegal, driving an uninsured car is. If big insurance companies stop insuring self-driving cars, or charge exorbitant prices, voila, a de facto ban of self-drive cars.

#89 Ray on 01.28.20 at 9:46 pm

#54 Ray on 01.28.20 at 7:20 pm
#48 Nonplused
——-
In less than a decade, it will be illegal to drive your own car.
**********************
You’re joking, right? Tell me you don’t actually think something so ridiculous.
Less than 10 years from now the government will confiscate ~20 million cars? Force you to scrap them?
Think.
——–
Autonomous Electric Robo taxis will happen. The economics are too compelling. Being able to drive your own vehicle will also become illegal after wards. Maybe ten years is optimistic. Maybe it isn’t. This will be an exponential growth process, fueled by the merger of AI,G5, cheaper computing and memory chips, cheaper renewable energy managed with mega batteries, cheaper and better batteries, and the final realization that climate change is a real and present danger. The oil industry has reached peak demand.

#90 Sail Away on 01.28.20 at 10:59 pm

#86 ImGonnaBeSick on 01.28.20 at 9:24 pm
#39 Sail away on 01.28.20 at 6:08 pm

Sorry- whole life insurance is a ripoff, not a scam per se.

————————————–

…look into PAR whole life, held by the company which you can then take a loan of 90% of the value personally when you retire. It’s a bit more complicated then I’m explaining , but the green insurance company is paying a 6.25% dividend on contributions currently.

————————————–

Thanks

#91 Drunken Stupor on 01.28.20 at 11:16 pm

Apparently a Mexican lab got a vaccine for this virus. It is typically distributed in 0.33L bottles and 0.5L cans and needs to be consumed daily ;-)))

#92 NoName on 01.28.20 at 11:22 pm

off topic but good news

hpv is vacine is working, uk study

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/858872/hpr0220_HPV_2018.pdf

#93 crowdedelevatorfartz on 01.28.20 at 11:42 pm

@#77 Sold Out
Re neo
“Had it happened in the present era, he would have been treated very differently.”
++++

Precisely the point I was making.

Now for question B)
I’m still waiting for the “Coles Notes” version on the meaning of “plilanphanpist”.
Perhaps : A pilates fantacist with bladder issues?
Lets just say ….I’m “intrugued”

#94 crazyfox on 01.28.20 at 11:44 pm

#89 Ray on 01.28.20 at 9:46 pm

Peak oil is still a year or two away (I think late 2021 is peak) We need to see EV saturate new car market share by 10% globally (meaning more than 1% of new cars on the road EV annually) to meaningfully call it on peak oil before the numbers come in. 2022 is when truck and auto manufacturers introduce EVs in speculatively much higher numbers but it all still depends on the roll out and sales meaning the strength of economies will come into play. We are of the age where anything can still happen.

#95 I like cookies on 01.29.20 at 12:04 am

I read an amazing article today — https://ofdollarsanddata.com/why-market-timing-can-be-so-appealing/ — even God can only beat dollar cost averaging by 0.4%!

#96 Mike in Vancouver on 01.29.20 at 12:30 am

@ #65 bobthebuilder
You’re right. In the dying commercial strip that can’t survive now that the Safeway is gone.

@Garth
Thanks for posting my photo! And this was the first time I remember you mentioning that RRSP contribution write-offs could be deferred. I thought I was the only one doing this, but I’m self employed and with careful balancing of RRSP write-offs and CCA depreciations in my T2125 with higher income years I can keep the tax (and CPP) bill somewhat predictable.

Decade ago a friend suggested I read Wealthy Barber and this blog. Smart friend. Now someone needs to write a similar book for the Millennial generation and fast!

#97 crazyfox on 01.29.20 at 1:41 am

I can’t help thinking about Garth’s piece yesterday on the Corona virus. Corona has been on my radar for like a little more than a day now, and like others, I’m playing catch up from earlier dismissing Corona as another example of SARS or with other distractions but I’ve been getting myself up to speed:

https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6

Here’s what I know so far. When SARS broke out, the first confirmed case began on November 9th 2002 and by April 9th 2003 there were 2722 cases and 106 deaths over 5 months: (11 minute mark of video for ref.)

https://www.youtube.com/watch?v=8ALdGfNj–E

Final totals were 8098 confirmed cases and 775 death by July 31st, 2003 with death rates ballooning as pneumonia ran its course. SARS ended with a 9.6% fatality rate with the virus traced to bats. The SARS virus ran out of hosts through the summer and/or potentially mutated itself into non-existence with the exception of isolated cases, by 2004.

In contrast, the first known case of Corona emerged in mid December but really wasn’t taken seriously until the end of December when 59 people were suspected of a new bug in Wuhan. 41 of 59 were confirmed with Corona and of the 41 confirmed, all had pneumonia in their CT scans. So, in roughly 48 days Corona has 6057 cases with 132 deaths and 110 totally recovered. Since the viral incubation is potentially as long as 14 days (confirmed at least 9) and considering most victims to Corona are still sick, the mortality rate of Corona should rise higher. With Corona there were 80 deaths from 2700+ infected whereas SARS had 107 from 2722 cases but as time rolls on and pneumonia takes its toll, the death count from Corona will rise as was the case with SARS rising to 9.6%.

Pneumonia kills 5 to 7% of U.S. adults and hospitalization death rates are much higher so just based on this alone, the death rate of Corona is likely to go much higher than 3%, potentially with death rates of Pneumonia at least as high as the U.S. but likely higher since the U.S. has by in large a good, albeit costly health care system. In other words we could be looking at a death rate as high as 8 to 10% if it becomes a global pandemic affecting the third world.

Transmission is human to human through droplets airborne for six or seven feet from coughs, or contact to mucous membranes (eyes, nose, mouth) from hands. The Corona virus surrounds itself around a protein membrane and will remain dormant on hard surfaces for up to 5 days. Note, we touch our face with our hands on average 3 to 4 times an hour. It’s assumed the incubation rate (contagious but not yet sick) is up to 14 days but only confirmed up to 10 days so far which also makes this virus hard to track. The Corona virus also takes its time getting its viral count up so its rate of progress in the infected is, still premature to say but likely below average.

To recap, we have a Corona virus that is likely to have a death count at least as high as pneumonia (5 to 7% in the U.S.) or likely higher globally if it goes global even though this is not yet confirmed, a virus that has a fast rate of spread through population (1.5x daily) and we have a virus that through droplets can infect hard surfaces for up to 5 days. The confirmed cases are likely under reported because of the duration of the incubation rate (testing has also slowed down in China due to quarantine from leaks out of Wuhan) and the only good news is that the response from the Chinese government and it’s people with Corona has been relatively swift. The numbers are between 41.5 million to 58 million quarantined depending on what you read, but this has all happened very quickly and more are likely to come. North Korea, Mongolia and Kazakhstan have closed their borders with China and others are to follow.

I checked out a video of an ex-pat living in China just to get the mood of the financial implications of this in China and later, the world:

https://www.youtube.com/watch?v=6JGSSpp2I3k

Foreigners are trying to leave if they haven’t left already and the mood in China is paranoia. People aren’t going anywhere, the few you see on the streets are wearing masks (they keep you from spreading much more than contacting the virus so they should still be encouraged and they keep you from touching your face). It’s the holiday season there, normally everyone is traveling and visiting etc. but not now. There have been runs on groceries and supplies, people in mass are staying home with self imposed house arrests.

We should not be surprised to see at least one negative GDP quarter coming out of China near term, all things considered and more could be on the way. The good news is China is on it with quarantines and information is free flowing so this will help tremendously compared to years past. The bad news is, expect a higher death rate and outside of global response which I think is positive, the numbers still show a risk for pandemic. We’ll all know much more a month from now than we did today.

#98 just snootin' on 01.29.20 at 1:55 am

If someone made a video explaining how they set up a self directed TFSA, assigned successors, beneficiaries, and then plugged it with dividend paying instruments… I’m sure they would get a lot of accolades. Something real step-by-step, a-b-c, you know 1-2-3…

#99 Damifino on 01.29.20 at 2:25 am

#71 Robert Ash

Re; The TFSA or Tax Free Savings Account, a simple name change to the Tax Free Investment Account, might just help some folks, understand the difference.
——————————-

Doubtful. A “Tax Free Investment Account” is likely to terrify the unwashed masses. They’d consider it a “Lose Money In The Stock Market” account.

Flaherty got it right. It’s a bad idea to call something what it really is. For example, Death Insurance sold poorly. Life Insurance fared much better,

#100 Wuhan hahaha on 01.29.20 at 2:58 am

Shocking truthy news coming out in Singapore reporting the Wuhan death and diseases tolls are doubled since yesterday. China’s MOH had a big presser today confirming same but urged stoicism, ha ha. Canada of course reports unbelievably that not calling the virus “Chinese” is the most important concern. Ha ha. Good luck all.l with Canada’s response. Ha ha. The death toll from Wuhan now surpasses SARS.

BTW, in spite of the crash my utilities, preferred, certain pipeline and conservative growth stocks all went up.

#101 under the radar on 01.29.20 at 5:33 am

“Or that a contribution in kind turns taxable assets into tax-free ones.”

Been doing this for decades. Private mortgages outside my plan transferred in to my plan . Taxable to tax deferred. I do this with my family’s TFSA- we syndicate a private mortgage that gets funded through the TFSA. Totally tax free income. Nice gift.

#102 Randy Rhonda on 01.29.20 at 5:37 am

Lehman!-like moment pondered as Wuhan knee caps China and global economy falls into re-set.

https://www.cnbc.com/2020/01/28/analyst-markets-are-too-complacent-over-lehman-type-coronavirus-risks.html

Got Cash?

#103 BillyBob on 01.29.20 at 7:16 am

#19 MF on 01.28.20 at 5:03 pm
#124 BillyBob on 01.28.20 at 1:40 pm

“Relative to spending your time, mental energy, and money on a myriad of other things far more dangerous to your ongoing existence than coronavirus – not really. But it IS totally in character for you to be giving it the attention you obviously are.”

-My character?

Sorry but what does this have to do with my character, or me at all?

?

There are 40 million people quarantined the world over. Is it in the Chinese government’s “character” to be worried too?

Even if this whole thing amounts to nothing, it’s always good to have a global contingency plan in place for when (not if) the real deal hits.

We should remember that for 99.99% of humanity’s existence viruses and bacteria were the bane of daily life. Killing and maming with ease. It’s only in the last 60-70 years that we have had some major victories in the war against the microbe. It would be wise to heed the warnings and learn lessons from the H1N1, MERS, SARS, and new Corona virus outbreaks to make sure we are prepared for anything.

By the way, I’ve been an athlete my entire life. Never drank, never smoked, and always ate well. You know what though, even someone who does all that is at risk of getting sick. Nothing is 100% in life, and sometimes extra precautions are needed.

Here’s an idea, maybe they should install treadmills in the newly built hospital in Wuhan to increase everyone’s immunity. Who needs personal protective equipment anyways.

/sarc.

MF

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

Easy there MF, don’t get agitated. Hypertension: the silent killer.

I wasn’t impugning your character, only remarking that your views on wearing a mask are consistent with your ultra-conservative approach to everything in life.

My only plea was for a bit of logic and rationality to be applied to one’s specific circumstances. Social media hysterics have become their own threat. Given that you have chosen to use a sarcastic and ridiculous comparison of the threat level of citizens in Canada to the level facing those of China, specifically Wuhan, it obviously falls – as usual – on deaf ears. Nowhere did I advocate reasonable precautions for those who can reasonably be expected to be exposed to a threat. As someone recently said, that shouldn’t be hard for someone over the age of 4 to understand.

That’s nice that you take care of yourself. I still find myself amused by the mental image of the 30% obese citizens of Canada frantically buying up dubiously effective equipment online so they can mask up to waddle down to the vape shop. Seems a tad misplaced to me, but hey, whatever makes you feel better I suppose. Gotta react to the fear du jour.

Strolling around central London today in the cold sunshine of late January, not a mask to be seen…perhaps it’s due to being a place thats survived everything from plagues to bombs to terrorist attacks, who knows. I DO know, that for all their faults I’ll take British stoicism over Canadian hysteria any day.

Statistically, 452 people suffer a serious brain injury every day in Canada. This amounts to one person injured with a traumatic brain injury every three minutes.

As this is a far higher threat than 2019-nCoV, I would strongly suggest adding a helmet permanently to your mask ensemble. It may put people off a bit, but hey nothing is 100% in life, and sometimes extra precautions are needed.

#104 BillyBob on 01.29.20 at 7:19 am

Correction: Should’ve said “Nowhere did I advocate AGAINST reasonable precautions for those who can reasonably be expected to be exposed to a threat.”

#105 crowdedelevatorfartz on 01.29.20 at 7:40 am

@#100 Wuhan empathy
“Canada of course reports unbelievably that not calling the virus “Chinese” is the most important concern.”
++++

I think that was the CBC spin doctors.
I watched their version of the 6pm “news” last night.
30 minutes of “coronavirus” rehash when 5 minutes would do.
15 minutes of that was interview/commentary from “experts” explaining why there shouldnt be blame associated with certain ethic groups.
The CBC’s lack of money to put reporters on the ground results in “video conferencing” via the internet with 3rd level grunts in Toronto head office spewing the same old same old pc drivel.
Painful.
Then we had 5 minutes of Impeachment “”shocking revelations” …..yawn…..
It took almost another 15 minutes ( after the second weather report) to hear about the 7.4 earthquake that rocked Miami, Cuba, Jamaica, the Caymans, etc.
The rest of the Province and Canada was once again, virtually ignored , in CBC’s rush to the exit.

It amazes and stupifies to realize the CBC sucks over ONE BILLION tax dollars every year to pump out boring, “cut and paste ” “journalism…….
The people should be outraged….but at least we are saved the embarrassment of the 6pm “news” on Saturdays…….we get to see the Toronto Maple Leafs EVERY Sat nite ……( no matter if you live in BC, Alberta, wherever….those home teams dont count….always always always the Toronto Make Beliefs on prime time Sat Nite CBC tv) go down to defeat….so I guess thats something.

The CBC, a politically correct embarrassment that will only have itself to blame when it is inevitably axed due to abysmal ratings……but all the ex-employees will retain their govt pensions and their pink T-shirts…natch.

#106 neo on 01.29.20 at 7:48 am

#77 Sold Out on 01.28.20 at 8:42 pm
#66 neo on 01.28.20 at 7:55 pm
#33 crowdedelevatorfartz on 01.28.20 at 5:51 pm
@#106 neo
” A) He mad a mistake…..”

and

B) plilanphanpist”

++++++

A) Is that what Harvey Weinsteins defence attorney’s can use at his trial?
If Kobe did what he did today….he’d be in jail.

B) “plilanphanpist”…
I couldnt find that word in the dictionary.
Is that the short description of a philandering philanthropic bigamist?

*****************************************

So now you are comparing Kobe to Weinstein? Ok bud. Kobe was 24 who had sex with a 19 year old once. He committed adultery. That isn’t a crime. He wasn’t criminally convicted of anything at the end of the day. Doesn’t matter what you or I think of that because that was decided in court. Weinstein had a pattern of assault for DECADES with HUNDREDS of women. What redeeming thing has he actually done since then? He’s already an old man and likely will spend the rest of whatever life he has left in prison. They aren’t remotely the same person. Sure as hell doesn’t mean he deserved to die along with his 13 year old daughter and the other 7 people aboard that helicopter. You “woke” twits are something else.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Not quite so clear cut. Had it happened in the present era, he would have been treated very differently.

https://en.m.wikipedia.org/wiki/Kobe_Bryant_sexual_assault_case

********************************************

It happened in this era to his former teammate and son of NBA HOF Bill Walton….Luke Walton who is now the coach of the Sacramento Kings. The accuser filed charges last year stemming from a 2014 incident in a hotel room just like Kobe where she stated Luke forced himself on her and sexually assaulted her. She later recanted her story and dropped the charges. This “metoo” movement is complicated and isn’t as clear cut as you think. Guys are presumed guilty now and there is a bit of a witch hunt culture that is obscuring the actual good things that has come out of this movement. As far this in the context of Kobe I have know idea what really happened. I wasn’t there and it wasn’t tried in court. All I know is comparing Kobe to Harvey is asinine.

#107 crowdedelevatorfartz on 01.29.20 at 8:12 am

@#106 neolithic

“Kobe was 24 who had sex with a 19 year old once.”
++++

Is that what we’re calling it now?

She dropped the charges after he publicly apologized ( and essentially admitted to assaulting her).
He allegedly paid her $2.5 million in a civil suit.
(cheaper than going to jail and losing millions in Nike endorsements)
He gave his wife a 4 million dollar “apology” ring just to get her to sit beside him while he grovelled on national tv and admitted he had performed “adultery” (aka allegedly sexually assaulted an unwilling 19 year old girl?).
Cheaper than a divorce I suppose.

As I previously stated.
If he did that today….he would be in jail.
The #metoo movement would demand it.

The fawning fan deification of sports “heros” never ceases to amaze me……no matter how revolting their after hours antics become.
Apparently admitted sexual “adulterers” get a “Get Out of Jail Free”pass.

A great man…..indeed.

P.S.

Still waiting for the ecksplanashun for “plilanphanpist”

#108 Sail Away on 01.29.20 at 8:16 am

#101 under the radar on 01.29.20 at 5:33 am

“Or that a contribution in kind turns taxable assets into tax-free ones.”

Been doing this for decades. Private mortgages outside my plan transferred in to my plan . Taxable to tax deferred. I do this with my family’s TFSA- we syndicate a private mortgage that gets funded through the TFSA. Totally tax free income. Nice gift.

—————————————-

I’m intrigued. How is this done?

#109 crowdedelevatorfartz on 01.29.20 at 8:26 am

back to the real world and its issues.

The Chinese economy was already stuttering with US sanctions and a slowing economy.

Could the CoronaVirus (people are actually googling Corona beer to find out if it has a virus….my gawd) be the economic burp that bursts the markets into a long term slump?

#110 Steven Rowlandson on 01.29.20 at 8:50 am

The other day I was talking to my employer about real estate and other financial matters and he told me that I could give Ebeneezer Scrooge lessons. He thought I was more of a miser than Scrooge and made scrooge look liberal by comparison.

#111 Alistair McLaughlin on 01.29.20 at 8:50 am

@#35 Shawn Allen, the 10% ownership restriction on large banks was changed to 20% (voting shares) and 30% (non-voting shares) in 2001:

In 2001, to encourage competition in the domestic banking industry, the federal government changed ownership rules… Large banks were still required to be widely held, although individual investors were permitted to own up to 20 per cent of voting shares and up to 30 per cent of non-voting shares. Medium banks were allowed to be closely held, but they had to have a public float of at least 35 per cent of their voting shares. Small banks had no ownership restrictions.

https://thecanadianencyclopedia.ca/article/banking

#112 Remembrancer on 01.29.20 at 9:07 am

Speaking of clueless…

If anyone here has contact with Peter MacKay’s campaign; maybe suggest spending his time griping about what he’s against rather than what Big Ideas he’s for, while pandering to a fringe fetishizing the thought of AR-15 ownership with dog whistles may be a tactic for winning the Conservative big tent but didn’t work last time to get to 24 Sussex Ave nor even the backyard cottage at 1 Sussex, when he reaches out to the general population…

https://twitter.com/PeterMacKay/status/1222204134494887936

Maybe tougher border enforcement to target handguns and other already restricted weapons smuggled from the US rather than “yes Virginia, the Libs do want to take away your 30-30 deer rifles” as a policy riff to “we’ll roll back everything Trudeau did”?

#113 N on 01.29.20 at 9:34 am

“Yukon is a big place and trying to get lots or land is frustrating when it’s all around us. And of course the prices as well. It’s a lot more difficult for people these days than in the past. So that creates the problem of competition for few lots,” he said.
https://www.cbc.ca/news/canada/north/whistle-bend-land-lottery-1.5442555

#114 neo on 01.29.20 at 9:44 am

#107 crowdedelevatorfartz on 01.29.20 at 8:12 am
@#106 neolithic

“Kobe was 24 who had sex with a 19 year old once.”
++++

Is that what we’re calling it now?

She dropped the charges after he publicly apologized ( and essentially admitted to assaulting her).
He allegedly paid her $2.5 million in a civil suit.
(cheaper than going to jail and losing millions in Nike endorsements)
He gave his wife a 4 million dollar “apology” ring just to get her to sit beside him while he grovelled on national tv and admitted he had performed “adultery” (aka allegedly sexually assaulted an unwilling 19 year old girl?).
Cheaper than a divorce I suppose.

As I previously stated.
If he did that today….he would be in jail.
The #metoo movement would demand it.

The fawning fan deification of sports “heros” never ceases to amaze me……no matter how revolting their after hours antics become.
Apparently admitted sexual “adulterers” get a “Get Out of Jail Free”pass.

A great man…..indeed.

P.S.

Still waiting for the ecksplanashun for “plilanphanpist”

********************************************

There is really no point arguing with you. You’ve dug your heels into this and frankly the most devastating thing about this for me from the Bryant families perspective was his daughter dying in the crash and leaving a teenager and two small children behind without a father whether you acknowledge that or not. Nothing to do with hero worship as I wasn’t even a fan of his as a player.

#115 crowdedelevatorfartz on 01.29.20 at 9:47 am

@#126 Remembrancer

Quebec is a lost cause with any anglo leader.
Quebec is a lost cause for the gun lobby.

As for the “gun control” Liberals.
Arent they the incompetent idiots that spent $1 billion dollars on a gun registry that most police agencies couldt use for years?

Canada’s legal owners dont need policing.
We have very stringent Gun Laws already in place.
Illegal guns smuggled into Canada or stolen are the problem.
The penalty for gun crimes is SUPPOSEDLY 5 years in prison….
We dont have the prisons to hold the offenders….
No one wants a prison in their back yard.
No one wants to pay $100,000 per year to hold, feed and entertain each and ever convict.
Too much money.
So the Liberal solution is to take all fireams away.
Bully’s by any other name. I wonder if they will wear pink T-shirts when they pass the zero gun laws?
Trudeau is a pablum pandering idiot with the spine of a jellyfish.

#116 L. on 01.29.20 at 9:50 am

***Less than 10 years from now the government will confiscate ~20 million cars? Force you to scrap them?***

Dude they’re looking at confiscating millions of guns, right now. Nothing would be surprising.

#117 Remembrancer on 01.29.20 at 10:35 am

#113 N on 01.29.20 at 9:34 am
“Yukon is a big place and trying to get lots or land is frustrating when it’s all around us. And of course the prices as well. It’s a lot more difficult for people these days than in the past. So that creates the problem of competition for few lots,” he said.
https://www.cbc.ca/news/canada/north/whistle-bend-land-lottery-1.5442555
———————————————————–
Sure the Yukon is a big place, if you’re looking for a lot attached to the services in the article’s accompanying lot plan though, its a whole lot smaller, a total of 55 in fact.

The alternative to the lottery would be what? An auction? Maybe an auction where bidders can’t see each other’s bids so submit offers multiple times the assessed value to “win”?

But jeez, you start with a $200K lot, what’s the sqft cost to build a SF house in Whitehorse anyone?

#118 LP on 01.29.20 at 10:54 am

#100 Wuhan hahaha on 01.29.20 at 2:58 am

What an ugly, ill-considered, poor spirited attitude you have to the bad fortune of others! Do try to contain your glee while you benefit from their grief.

#119 Dharma Bum on 01.29.20 at 10:55 am

High on my list was the need to teach citizens. We are so pooched, thanks not only to the lack of financial literacy, but the house lust and risk aversion that surrounds us.
– Garth
——————————————————————–

Tough job.

You can’t educate pork.

https://www.phrases.com/phrase/you-can't-educate-pork_9629

#120 Dharma Bum on 01.29.20 at 11:04 am

#76 Bytor the Snow Dog

Well, this may be wayyyyyy out of place for this blog, but what is going on women who have man feet?

Hormones?
——————————————————————-

Maybe they’re just cisgender, drag king, gender fluid, non-conforming, non-binary, trans-man, post-op shemales?

Hey, you gotta be careful out there bro!

#121 Albertaguy in AZ on 01.29.20 at 11:20 am

“dog bones” of course

#122 Glengarry Girl on 01.29.20 at 12:29 pm

It’s going to take a lot of discipline and restraint not to say “I told you so” when this House of Cards collapses. It’s been pretty tough being screwed with low interest rates all the while being criticized for actually being fiscally responsible. I will do my best to be empathetic when people are loosing their nest eggs in the Markets. If you choose to ignore that The Fed and the Central Banks are pumping billions of stimulus to prop up the markets, it is you that should question your fiscal literacy, it isn’t like this hasn’t happened before.

There’s no collapse coming. Markets go up when constituent companies make money. Check out earnings. The market will augment so long as the economy grows. Not rocket science. – Garth

#123 Remembrancer on 01.29.20 at 12:30 pm

#117 Remembrancer on 01.29.20 at 10:35 am
#113 N on 01.29.20 at 9:34 am
————————————————
Where there you go – average in Oct/2019 for 12 sales in Whistlebend was $516K. Oh my…

https://www.whitehorsestar.com/News/home-prices-continue-to-reach-record-highs

#124 IHCTD9 on 01.29.20 at 12:45 pm

#81 Shawn Allen on 01.28.20 at 8:58 pm
Food for Thought

When squirrels and other creatures save nuts and food for later consumption they don’t expect to withdraw more than they deposited. No growth expected. Some loss is possible, but never a gain.
___

I had a red squirrel a couple years back do an odd winter stash job in the fall. It took every Norway Spruce cone laying in the yard (these are 4-6″ long) and piled them right in the middle of the front yard. Pile was about 6-7′ in diameter, and about 18″ high. Hundreds if not thousands of cones!

99% of them were still there in the spring. At least I didn’t have to rake.

#125 Penny Henny on 01.29.20 at 12:47 pm

#62 SoggyShorts on 01.28.20 at 7:50 pm
#54 Ray on 01.28.20 at 7:20 pm
#48 Nonplused
——-
In less than a decade, it will be illegal to drive your own car.
**********************
You’re joking, right? Tell me you don’t actually think something so ridiculous.
Less than 10 years from now the government will confiscate ~20 million cars? Force you to scrap them?
Think.
/////////////////

Jalopnik.
Drive free or die.

https://jalopnik.com/

Thanks to the blog dog who posted this site. I love it.

#126 N on 01.29.20 at 12:49 pm

#123
All i can say is that if Whitehorse is priced the way it is – prices in the GTA are a bargain.
Wages makes no sense any more.

#127 Sail away on 01.29.20 at 1:02 pm

#108 Sail Away on 01.29.20 at 8:16 am
#101 under the radar on 01.29.20 at 5:33 am

“Or that a contribution in kind turns taxable assets into tax-free ones.”

Been doing this for decades. Private mortgages outside my plan transferred in to my plan. Taxable to tax deferred.

I do this with my family’s TFSA- we syndicate a private mortgage that gets funded through the TFSA. Totally tax free income. Nice gift.

—————————————-

Trying to figure out what you’re doing here. You can hold a mortgage in an RRSP, but I wasn’t aware of anyone doing this in a TFSA. At this point, most TFSAs wouldn’t have enough to fund more than a small mortgage in any case.

And if the TFSA does have hundreds of thousands of $, why change the investing strategy to a lower mortgage return?

Also, there’s no such thing as a ‘family TFSA’, so that doesn’t make sense. Registered accounts are specific to a person.

Are you talking about: a) RRSP, or b) Holding private mortgage company / private REIT equity in a TFSA ?

#128 All Rigged on 01.29.20 at 1:08 pm

There’s no collapse coming. Markets go up when constituent companies make money. Check out earnings. The market will augment so long as the economy grows. Not rocket science. – Garth
—————————————————————-

Manipulated just like real estate.
The only reason that companies are making money is because the markets have been “accommodated” with trillions in free cash. Markets have proven that they can’t even function with interest rates approaching 2%. How is this remotely sustainable? What happened to all this talk of normalized interest rate warnings since 2012? Is 1% the new normal? Silly me for thinking it was more like 4 to 6 percent at the bare minimum. Can these beloved markets keep growing even in that favourable environment? Not a chance…plop they go at 2.25%.

I have made money on both real estate and stocks over the last 20 years but I am realistic enough to admit that’s it’s all one big gas bag, propped up on a house of tissue paper and fancy charts that bare zero resemblance to current debt loads and interest rates.

So don’t invest. – Garth

#129 IHCTD9 on 01.29.20 at 1:10 pm

#123 Remembrancer on 01.29.20 at 12:30 pm
#117 Remembrancer on 01.29.20 at 10:35 am
#113 N on 01.29.20 at 9:34 am
————————————————
Where there you go – average in Oct/2019 for 12 sales in Whistlebend was $516K. Oh my…

https://www.whitehorsestar.com/News/home-prices-continue-to-reach-record-highs
____

Median household income in Whitehorse in 2016 was almost 94K. Compare that to Toronto at 66K median household.

Wikipedia on Whitehorse’s economy:

“Government is the major single source of economic activity in Whitehorse, and public administration sector accounts for 31% of total employment. Trades and goods producing industries follow with 13.8% and 10.4% respectively.”

I’m shocked.

#130 Barb on 01.29.20 at 1:18 pm

Re viruses/bacteria…

Stop shaking hands.

Politely state that you don’t want to pass on YOUR germs.
Nobody offended.

#131 Glengarry Girl on 01.29.20 at 1:23 pm

#122

There’s no collapse coming. Markets go up when constituent companies make money. Check out earnings. The market will augment so long as the economy grows. Not rocket science. – Garth

Your evidence that there is no collapse coming is because some Corporations are making money? However many are closing up and going bankrupted or merging. How the “successful ones” are making their numbers look good is the real question? Earnings are up partially because of automation and reduction of labor costs. Also because we are reversing our Environmental protection. Loss of good paying jobs will eventually cause the collapse. Also companies are buying back their own stock at record levels this year. Companies are merging and buying up other companies cheap, streamlining their business, again, layoffs and reduction of labor costs. Corporate America have good earnings data because they are greedy and corrupted and are leveraged at historically low interest rates. How will the stock markets continue to hold up as the housing market corrects and people loose their good paying jobs? Inequality at a tipping point, Corporations can only grow if the consumer is healthy. The consumer is tapped out, leveraged to the hilt. You continually show data that supports this, but you still believe in the Markets…I don’t get it.

US households have record levels of confidence and that is a result of unemployment at 50-year lows. Enjoy your GICs, and it’s a good thing you have a lot of money. – Garth

#132 IHCTD9 on 01.29.20 at 1:41 pm

#126 N on 01.29.20 at 12:49 pm
#123
All i can say is that if Whitehorse is priced the way it is – prices in the GTA are a bargain.
Wages makes no sense any more.
___

No house bargains, good wages, or quality of life in Toronto, that’s for sure. A polluted, crowded, stinky, eternal parking lot where household incomes are no better than small backwaters 100’s of km’s away, and where a moldy dump costs a million dollars.

Score a govy job in Whitehorse and you’re suddenly making 50% more than a schmuck running the hamster wheel in the GTA, yet you can buy a house for half the price. Plus you get all that nature has to offer right at your doorstep – I’d LOVE living in Whitehorse.

Dumping the GTA for a govy job in Whitehorse is a no brainer even at 600K+ for a house.

Welcome to Canada, get used to it.

#133 Sail away on 01.29.20 at 1:46 pm

#129 Barb on 01.29.20 at 1:18 pm

Re viruses/bacteria…

Stop shaking hands.
Politely state that you don’t want to pass on YOUR germs.
Nobody offended.

—————————–

Just shake hands. If you get sick, deal with it.

Don’t be a wuss cringing and shrinking from every possible risk. People like that are annoying.

#134 James on 01.29.20 at 1:54 pm

#100 Wuhan hahaha on 01.29.20 at 2:58 am

Shocking truthy news coming out in Singapore reporting the Wuhan death and diseases tolls are doubled since yesterday. China’s MOH had a big presser today confirming same but urged stoicism, ha ha. Canada of course reports unbelievably that not calling the virus “Chinese” is the most important concern. Ha ha. Good luck all.l with Canada’s response. Ha ha. The death toll from Wuhan now surpasses SARS.
BTW, in spite of the crash my utilities, preferred, certain pipeline and conservative growth stocks all went up.
_________________________________________
It sounds like T2’s people making a talking point by not calling it a “Chinese virus”. His famous Canadian is a Canadian is a Canadian howha. However Canada’s response is correct that it is not a “Chinese virus” but simply originated in a province within the POC. Anyway a virus has no citizenship and it has no concern for country borders so live with it. Or not! Don’t label the Chinese for this.

#135 Sail away on 01.29.20 at 2:01 pm

#130 Glengarry Girl on 01.29.20 at 1:23 pm

Corporate America have good earnings data because they are greedy and corrupted

———————————–

That statement just destroyed any credibility your post may have had.

Who’s corrupted, why are they corrupted, and what are they doing that’s corrupted? And what inside knowledge do you have that the rest of us don’t?

Tinfoil hat conspiracy garbage assigning blame to everyone else.

#136 AlbertaGuy in AZ on 01.29.20 at 2:02 pm

#6 mj on 01.28.20 at 4:33 pm can anyone run for the leader of the conservative party, or do you have to be a politician?

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

#137 Linda on 01.29.20 at 2:02 pm

#74 ‘Ken’ – the CO2 levels in the Mesozoic era may have been good for the dinosaurs, but that doesn’t necessarily mean it would be good for life today. That having been said, I note that the extant charts of what lived when mention a number of ‘mass extinction’ events ranging from 76% to 95-96% loss of all species. This long before modern day humans evolved.

So if we as a species do end up qualifying for a Darwin Award, taking most if not all of the other life forms on the planet with us I take some comfort in thinking that eventually other life will emerge. Who knows? It might even be intelligent, which if we do succeed in destroying ourselves will have proven the lack.

#138 Sail away on 01.29.20 at 2:10 pm

#134 James on 01.29.20 at 1:54 pm

….a virus has no citizenship and it has no concern for country borders so live with it. Or not! Don’t label the Chinese for this.

—————————-

If it turns out that the virus mutated from swine or birds, don’t be calling it ‘swine flu’ or ‘bird flu’. Don’t even call it flu, because flu has a negative connotation.

Maybe ‘coronavirus infection originating in Asia from swine and/or birds, who are not to be blamed for the origination’

#139 Sold Out on 01.29.20 at 2:19 pm

#133 Sail away on 01.29.20 at 1:46 pm
#129 Barb on 01.29.20 at 1:18 pm

Re viruses/bacteria…

Stop shaking hands.
Politely state that you don’t want to pass on YOUR germs.
Nobody offended.

—————————–

Just shake hands. If you get sick, deal with it.

Don’t be a wuss cringing and shrinking from every possible risk. People like that are annoying.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

No, what’s really annoying is when people think that their pet peeves supercede the needs of the immuno-compromised and their care-givers. Keep your germs to yourself, you inconsiderate dolt.

#140 Sail away on 01.29.20 at 2:45 pm

#139 Sold Out on 01.29.20 at 2:19 pm
#133 Sail away on 01.29.20 at 1:46 pm
#129 Barb on 01.29.20 at 1:18 pm

Stop shaking hands.

—————————–

Just shake hands. If you get sick, deal with it.
Don’t be a wuss cringing and shrinking from every possible risk. People like that are annoying.

———————————

No, what’s really annoying is when people think that their pet peeves supercede the needs of the immuno-compromised and their care-givers. Keep your germs to yourself, you inconsiderate dolt.

——————————–

Aristotle says, “Tolerance and apathy are the last virtues of a dying society”

#141 James on 01.29.20 at 2:54 pm

#138 Sail away on 01.29.20 at 2:10 pm

#134 James on 01.29.20 at 1:54 pm

….a virus has no citizenship and it has no concern for country borders so live with it. Or not! Don’t label the Chinese for this.
—————————-
If it turns out that the virus mutated from swine or birds, don’t be calling it ‘swine flu’ or ‘bird flu’. Don’t even call it flu, because flu has a negative connotation.

Maybe ‘coronavirus infection originating in Asia from swine and/or birds, who are not to be blamed for the origination’
______________________________________
The correct name for it is coronavirus (named “2019-nCoV”)
https://www.cdc.gov/coronavirus/2019-ncov/summary.html

#142 Sold Out on 01.29.20 at 3:09 pm

#140 Sail away on 01.29.20 at 2:45 pm
#139 Sold Out on 01.29.20 at 2:19 pm
#133 Sail away on 01.29.20 at 1:46 pm
#129 Barb on 01.29.20 at 1:18 pm

Stop shaking hands.

—————————–

Just shake hands. If you get sick, deal with it.
Don’t be a wuss cringing and shrinking from every possible risk. People like that are annoying.

———————————

No, what’s really annoying is when people think that their pet peeves supercede the needs of the immuno-compromised and their care-givers. Keep your germs to yourself, you inconsiderate dolt.

——————————–

Aristotle says, “Tolerance and apathy are the last virtues of a dying society”

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

He said a lot of stuff.

“Excellence is never an accident. It is always the result of high intention, sincere effort, and intelligent execution; it represents the wise choice of many alternatives – choice, not chance, determines your destiny.” Aristotle

#143 MF on 01.29.20 at 3:16 pm

#132 IHCTD9 on 01.29.20 at 1:4

No good wages in Toronto?

Is this actually IH or a troll?

Can’t be. Gotta be a troll.

“Real” IH, you seeing this?

MF

#144 Shirl Clarts on 01.29.20 at 3:25 pm

The ad in the window says “Invest in your future”. But GIC’s are savings accounts, not investments. More evidence that the concept of investing is lost.

#145 Glengarry Girl on 01.29.20 at 3:31 pm

#135 Sail Away

How do I have inside information, what do I know that you don’t? Well let me tell you, I am no conspiracy theorist, I live in the real world. I am a very empathetic person, I care about people, I talk to A LOT of people in many demographics and locations. What I see is the heartbreaking collateral damage done to employees by Corporate America. I lived through the great recession in the US and it has been heartbreaking. Excuse me if I am not buying into the theory that all is well because I know first hand that it is not. From my experience here in America, many people have been wiped out, are in debt up to their eyeballs, they have no job security, unaffordable Health care, student debt and are living very precariously. I have rented houses in the top zip codes and I have also camped in the Desert with homeless people.

I am not a FoxNews fan, but watch this video and educate yourself. I live in the US and I travel full time for over a decade with my husband. My husband is an advisory level consultant to the C Levels of many of Corporate Americas top companies. This example that described in this clip about Cabela’s was just one of many that my husband was involved with. Multiply what happened at Cabela’s on a grand scale, this is why I made that statement. We are also both ex IBM employees. We also watched the employees at IBM get screwed over. I am not trying to scare anyone and I know this is pretty scary, but it is the Truth

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

#146 Sail away on 01.29.20 at 3:33 pm

#142 Sold Out on 01.29.20 at 3:09 pm
—————————

“Excellence is never an accident. It is always the result of high intention, sincere effort, and intelligent execution; it represents the wise choice of many alternatives – choice, not chance, determines your destiny.” Aristotle

——————————

Aw… thanks.

#147 crowdedelevatorfartz on 01.29.20 at 3:42 pm

#114 neolithic
” the most devastating thing about this for me from the Bryant families perspective …
++++

I guess the other 7 people that died don’t rate?
Just the sports hero’s?

#148 IHCTD9 on 01.29.20 at 3:42 pm

#143 MF on 01.29.20 at 3:16 pm
#132 IHCTD9 on 01.29.20 at 1:4

No good wages in Toronto?

Is this actually IH or a troll?

Can’t be. Gotta be a troll.

“Real” IH, you seeing this?

MF
___

I wrote it that way just for you!

Seriously though, semantics take a back seat when you can live in a natural paradise like Whitehorse, make 50% more money, and buy a house for 50% less?

I wouldn’t be one bit surprised if a decent house hits 700K up there as long as those bacon clad govy jobs hold out…

MF, you’re an ex-public servant aren’t ya? You should get your name in there asap!

#149 Glengarry Girl on 01.29.20 at 3:46 pm

#128 All Rigged

I 100% agree with you, but I guess that just makes me a tin hat wearing conspiracy theorist.

George Carlin said it best “It’s a big club… and you ain’t in it.”

#150 SoggyShorts on 01.29.20 at 4:18 pm

#79 Keyboard Smasher on 01.28.20 at 8:50 pm
@SoggyShorts
…you’re just throwing money blindly at both good and badly managed companies, which just happen to be at the top of a list, and hoping to do just slightly better than breaking even.

Index investing is not actually investing. You truly have no idea what you’re buying.
**************************
The fact that these companies are at the top of the index kinda implies that they are doing something right, doesn’t it?
Unless I have a seat on the board of a company I don’t believe there is such reliable information out there to point me towards better companies than those at the top.

Look at it this way:
If entire teams of people whose full-time jobs in an industry they’ve known for decades fail to beat the index, what makes you think a part-time investor can?

#151 espressobob on 01.29.20 at 5:59 pm

Cherrypicking individual stocks from an index is what professional fund managers do. This is their bread and butter. They get it wrong 90% of the the time and 100% over decades compared to dumbass retail investors like myself who own their benchmarks.

Figure it out.

#152 Dave on 01.29.20 at 10:52 pm

So, Jennifer makes a good casserole?

#153 Sail Away on 01.30.20 at 1:06 am

#145 Glengarry Girl on 01.29.20 at 3:31 pm

Your brush is too broad. Corruption is found at all levels of everything. To indiscrimately write as you did is a grave disservice to the vast majority of US corporations.

There’s a saying that every fortune was built on a theft. Warren Buffett refuted that by saying his firm and vast empire has always done the best and fairest they could.

My experience as a dual citizen working with many corps in America is that the corporations are generally upstanding and honourable.

Modify your statement with ‘some’ or ‘a few’ and it would be reasonable.