RESP dos & don’ts

  By Guest Blogger Sinan Terzioglu
.

I’m a dad. And a financial guy. So I know an RESP can be a significant part of a family’s plan since post-secondary education costs are continually rising. According to the Canada Student Loans Program the tuition cost in 2035 will be over $17,000 per year, more than double the cost today.

Statistics Canada estimates nearly 50% of Canadian parents are not taking advantage of Registered Educations Savings Plans (RESPs).  So these families are not maximizing the potential and leaving money on the table – specifically the federal government’s contributions.  Ottawa supports families through the Canadian Education Savings Grants (CESG).  That adds a maximum of 20% per beneficiary up to $500 per year – $7,200 per beneficiary in total.

The lifetime RESP contribution limit per child is $50,000.  There are no annual contribution limits, but the CESG max is $500 a year.  So if you contribute $2,500 one year, the federal government will grant $500.  You can catch up on missed years but only one year at a time.  If you miss a year and contribute $5,000 the government will then grant $1,000 (two years of max contribution) – $500 for the current year and $500 for a missed year.

The best time to start contributing is as soon as you have a social insurance number for your new born. If you’re not working with an advisor it’s best to open a self-directed RESP at your bank’s discount brokerage or an independent brokerage and invest in diversified low-cost growth ETFs in the early years.  If you have more than one child or are planning to have more, open a family RESP which can be shared among your children.  If one child decides not to pursue post-secondary education, savings can be directed within the plan to the others.  Keep in mind though that the government grants cannot be shared but all other contributions can.

As with all investments, contributing early and consistently will provide the best chance of growing the money.  You get the automatic return of 20% per year from the government grant as well as the power of compound growth over time.  For example, contribute $2,500 per year for each child by putting in a little over $100 every two weeks for 14 years.  Over those years you would have contributed $36,000 and the government grants would total $7,200 – for a total of $43,200.  But with the money invested and earning an average annual rate of 6%, the account would grow to nearly $70,000.

Withdrawals are taxed in the hands of the beneficiary.  This is helpful as the child will very likely be in a low marginal tax bracket at the time of the withdrawals.  An individual or family RESP can stay open for 36 years so if your child doesn’t continue his/her education, you can keep the plan open in case they decide to resume studies later.  If your child is unlikely to pursue post-secondary education or all the funds in the plan are not required, you may be able to transfer up to $50,000 tax-free to your RRSP (if you have available contribution room) so long as the RESP has been open for at least 10 years and all beneficiaries are at least 21 and not currently pursuing higher education.

Anyone can open an RESP for a child – parents, guardians, grandparents, relatives or even friends.  The person(s) that establish an RESP are called ‘the subscribers’.  Funds invested in an RESP remain the property of the subscriber(s) until withdrawals are made for the benefit of the beneficiary.  An RESP is not a trust so if a subscriber dies the RESP will form part of his or her estate.  Therefore have a plan in place, clearly stated in a will, in case the subscriber passes away.  A subscriber can appoint someone as a ‘successor subscriber’ or can appoint a testamentary trust as successor subscriber but this is complex and expensive.  To avoid these challenges I generally recommend grandparents do not open an RESP for their grandchildren and instead gift the money to the parents and have them establish an RESP as subscribers.

In case of divorce, an RESP can be dealt with in a few different ways.  Under the Income Tax Act, RESPs are not required to be divided so both parents can continue to be joint subscribers and continue to contribute to the RESP, however, you cannot open a joint subscriber account once you are divorced.  An RESP can also be split equally and transferred from one RESP to another so long as the beneficiaries stay the same but it is more complicated than it sounds so it is likely best to keep the plan in place because if an RESP is split all future contributions will need to be coordinated.  Another important consideration is that an RESP is not protected from creditors so if you or your ex ever files for bankruptcy, creditors could demand all or part of the RESP.

There are many considerations when opening, contributing and withdrawing from an RESP.  It is a powerful investment opportunity to plan for the long term education needs of your family assisted by the government grants and ability to grow the money on a tax-deferred basis.  To avoid future complications consider many scenarios to ensure the RESP is maximized for the benefit of the kids.

Sinan Terzioglu, CFA, CIM, is a financial advisor with Turner Investments, Private Client Group, Raymond James Ltd.  He served as vice-president of RBC Capital markets in New York City and VP with Credit Suisse in Toronto.

 

138 comments ↓

#1 KNOW IT ALL on 01.31.21 at 11:27 am

Can I put GME and AMC into the RESP account?

#2 Ponzius Pilatus on 01.31.21 at 11:39 am

Thanks Sian.
Very good advise. A little too late for us. Not sure if we did everything right, but it’s sure nice to get a nice chunk of money, once my daughter went to Uni.
No student loans for her.
Will show her the post to keep for reference, should she decide to make us grand parents.

#3 Once bitten on 01.31.21 at 11:40 am

This post is timely for my situation. At what point should one transfer funds out of etfs into something else to protect against market volatility? I’ve been thinking one to two years before graduation. Thank you!

#4 Useless on 01.31.21 at 11:46 am

Great write up much appreciated

#5 TurnerNation on 01.31.21 at 12:06 pm

I see Gartho took the weekend off and the New guy is here.

#213 David Hawke on 01.30.21 at 9:34 am – a tropical republic you say. Any hints? :-)
What’s the social and economic cost of switching lives to there?

#210 Sky on 01.30.21 at 9:11 am
“Google salvaged Robinhood’s one-star rating by deleting nearly 100,000 negative reviews”

Yes the New System is run by the handful of global tech companies. All their ‘free’ products and apps we are given! How nice of them. Now, the other side of the contract is shaping up. We did click ‘I accept’ right?
………..

Learn how the game is played: The Art of War. Always appear weaker than you are. Why Smoking Man told his grubbing relatives he was broke.

Hedgefund #1: Hey look at me I’m a naive hoodie Redditor, spamming WSB using an algo army of fake posters. We all buy GME lol lol. Buybuy, pass the RH plz.

Hedgefund #2. Oh sht we are net short this.
Hedgefund #1: proceeds to nuke the second Hedgie’s P&L.

……..
Why is Kanada being targeted for economic destruction? So many industries ordered shut down by our globalist regime. For five years here I’ve been posting that the 2nd and 3rd World Countries get b0mbed; while First World countries get Economically B0mbed. This is it. https://endalbertalockdown.com/

Even the Globalist’s own chains are pulling out – a few more locations not on this list already had closed up, I know of. 28 more locations gone.
https://www.blogto.com/eat_drink/2021/01/starbucks-stores-closing-permanently-toronto/

…..
Again it appears that the regions with the strongest and most-homogeneous cultures, even testo maybe, are punished with the worst lockdowns: Australia, Italy and…Quebec. They get wartime curfews. Distinctly.

…..
Kanada is so far gone…there’s no going back from this. The Power. The Control. Governments will not cede.
Footage from Sat of police decending upon a cold wintery Toronto park looking to arrest normal people who are outside. In the New System everything is inverted. Innocent people are guilty:
https://www.youtube.com/channel/UCFnm7oQPDYhXA-JnXmCszdQ/videos?view=0&flow=grid

…Bonus:::

Ohhh CV Doomers you wont’ be liking this. Recent photos life is as normal over there. Why: they are 2nd world, already defeated:

BELARUS IN PICTURES
https://www.belarus.by/en/press-center/photo/?page=1

#6 Ponzius Pilatus on 01.31.21 at 12:15 pm

What we found was that some of the restrictions on what you can do to with the Government portion were too restrictive.
Also, my daughter wanted to take some time off to do some travel, but in order to get the full amount, she had to enrol pretty much right after high school.
Otherwise, few regrets.
It’s a long journey, though.

#7 Keep Your Rent on 01.31.21 at 12:17 pm

Tenants need rent forgiveness.

Landlords must forgive the rents owed by struggling tenants who have been unable to pay their rent in full during the pandemic.

Eviction for unpaid rent during the pandemic must be taken off the table.

The government must prohibit eviction for unpaid rent during the months of the pandemic. Eviction orders issued against tenants during the pandemic must be rescinded.

The eviction factory must be shut down.

As long as the public health emergency continues, landlords should not be permitted to issue eviction notices, the LTB should not accept eviction applications, and no eviction order should be enforced.

Tenants! Organize!

https://twitter.com/KeepYourRent

#8 Dolce Vita on 01.31.21 at 12:25 pm

If you will let me Sinan, an update on…

VAX Canadense – Week 4 2021 & in the spirit of…

“Optimism the economy will quickly accelerate once the pace of vaccinations picks up.”

Long and the short of it: not looking good, for now.

——————-

• Assume “All Vax’d” is the Cdn Population ≥ 15 yrs old = 31,966,591
• End of Sept 2021 weeks = 39
• Trudeau’s Goal = All Vax’d by end of Week 39 (end of Sept 2021 + a couple days grace)
• Number of people that need to be vax’d PER WEEK to achieve Trudeau’s Goal = 819,656 (2 doses of Pfizer or Moderna EACH, = 31,966,591 people ÷ 39 weeks)
• By end of Week 4 this many people SHOULD HAVE been vax’d to achieve Trudeau’s Goal = 3,278,625 (= 819,656 x 4, rounding as 819,656 actually 819,656.2)

• End of Week 4 ACTUAL vax’d per CTV Coronavirus vaccine tracker:
Single Dose = 843,519
Two Doses (all vax’d) = 108,300
People vax’d at least ONCE = 897,669

Ahead (+) or Behind (-) schedule:

-2,380,956, worse since all have not received 2 doses.

Chances of Trudeau’s Goal as of the end of Week 4 2021: Not looking good, for now.

——————-

VAX Canadense: End of Feb 2021 Projections = Week 8

• Without the boring numbers, taking into account Feb dose deliveries per CTV and Global Nat’l News, doses not yet administered, people vax’d already, etc.

Ahead (+) or Behind (-) schedule (optimistic, whatever received into shoulders):

-4,989,414, worse since all have not received 2 doses.

Chances of Trudeau’s Goal as of the end of Week 8 2021, projected: Not looking good, for now.

——————-

The GOOD STUFF

Canada has orders in place with:

• Johnson & Johnson = 10M doses – single dose, will muck up calculations in the future
• Novavax = 52M, 2 doses

IF J&J dose deliveries start in March? Novavax in May? and Pfizer/Moderna increase deliveries Canada MAY have a chance of achieving Trudeau’s Goal: All vax’d by end of Sept 2021, Week 39.

FEB low and slow for vax deliveries, hope the Provinces prepare to administer J&J and Novavax quickly when they arrive EVERYWHERE, anywhere since no cryo or deep freezer storage/transport req’d.

Also, now that AstraZeneca has been approved in the EU, Health Canada has said they would do the same; thus, add another 20M doses to the mix. So that’s another 82M doses to come enough for 46 million Canadians (J&J is single dose).

Push comes to shove if vax deliveries still low and slow, do what the Hungarians are doing in light of the EU’s glacial vaccine supply, buy Sinopharm vax from China or even Sputnik V from Russia.

More than enough to vax ALL 38M Canadians, all of them. By Sept 2021 end? By the

SKIN of PM Trudeau’s PEARLY WHITES.

——

Risks still: variants outpace/defeat vaccines, EU export constraints, etc., etc.

Let it play out I say and worry/plan about what we know. I remain hopeful Canada can sooner than later:

“Covid-19 delenda est”

#9 Sail Away on 01.31.21 at 12:25 pm

RESPs work very well. The US has similar but different 529 plans.

Between the two plans for our two kids over 18 years, the total ended up around $300k, or 9% CAGR and the portfolio continues to throw off cash while they are in school.

Withdrawal strategy can eliminate taxation. Take it all from grant and gains up to the max untaxed income amount for the kids. Original contribution can be withdrawn tax-free anytime, so leave it in to generate more. We shifted most to US total market ETF and Cdn preferreds a few years ago which have done quite well- there may be cash surplus at this rate.

We also donate to our 18 nephews’ and nieces’ plans through their parents. Naturally, the donation comes with a strong recommendation.

#10 Sail Away on 01.31.21 at 12:39 pm

The master manipulator strikes gold again:

https://www.google.com/amp/s/www.wsj.com/amp/articles/elon-musks-spacex-riles-its-rivals-for-broadband-subsidies-11612108801

Go Elon!

#11 Dolce Vita on 01.31.21 at 12:40 pm

VAX POPULI

A lot of MSM talk about variants (UK, Brazil and/or South Africa) that may or lower vaccine efficacy, for that you have mRNA vax Pfizer, Moderna that maintain they can develop a vaccine for such an event in 6 weeks time.

NERDS…

How they can do it that fast, CRYO ELECTRON MICROSCOPE – guy in video a little goofy but delivers the goods and after, how they make mRNA vaccine:

https://www.pbs.org/video/inside-the-lab-that-invented-the-covid-19-vaccine-jnt6jk/

https://en.wikipedia.org/wiki/Pfizer%E2%80%93BioNTech_COVID-19_vaccine#Manufacturing

Still the issue of 5% efficacy Moderna, Pfizer which means NO IMMUNITY after vax for this many Cdns ≥ 15 yrs old = 1,598,330

…mercifully with J&J, Novavax we have different types of vaccines to give them if Pfizer/Moderna ineffective for them and in the meantime will make for BAD PRESS in the months to come (EXPECT it and obv, do not panic).

I remain optimistic and above is why. With luck somewhere in the last Qtr of 2021 in Canada:

Covid-19 delenda est…and back to life, business and the securing a bright future.

#12 CJB on 01.31.21 at 12:48 pm

In Saskatchewan, if you graduate from post secondary and stay and and work in the province most of your tuition is refunded. Along with RESP Grant’s, scholarships, and tuition tax credit post secondary education is quite affordable.

#13 The West on 01.31.21 at 12:53 pm

Diamond Hands HOLD!

#14 heloguy on 01.31.21 at 12:55 pm

Can I put 50 k in the RESP when I open it. I know that I will lose out on the grant but at a modest return 6/7 % I will be way ahead.

#15 YVRGuy on 01.31.21 at 12:57 pm

– and in BC there’s an additional $1,200 provincial grant known as the “BC Training & Education Savings Grant.”

Similar in Saskatchewan.

#16 Faron on 01.31.21 at 1:18 pm

#135 BillyBob on 01.31.21 at 3:57 am

#100 KLNR on 01.30.21 at 7:41 pm
@#94 Dominic Cummins on 01.30.21 at 6:59 pm

PM Punchable Face, is

Nice. Glad to see you have stumbled off the ethical high road. She’s a narrow path after all. I thought I was bitter…

a) putting in measures like this now – more than a year after the outbreak started, laughably asinine timing, and

b) falsely inflating the cost far beyond what other countries charge for similar programs.

If you can’t put 1+1+1 together here, lord help you. But, I’m glad to help the feeble minded ’cause the lord is probably busy chuckling at your ilk.

Read up on the new variants; the game has changed in the past month. Take the measure of the avg Canadian who’s keen AF to duck out of the country to sit on a beach right now. Be smart enough to see the proposed $2000 price of quarantine as a strong deterrent.

And if you see paternalism everywhere, perhaps your are seeking a dada?

#17 Goober on 01.31.21 at 1:20 pm

Great blog Sinan. In the article above you talk about considerations when opening and contributing but leave out any best practices concerning withdrawing from an RESP. My son starts a two-year post-secondary program this fall and has WAY more than enough to cover the costs. Do you have any advice on how best to fully collapse his fund while staying within CRA rules?

#18 TurnerNation on 01.31.21 at 1:22 pm

10th? Slow day.

Crushing our economy, UN Kamp doctor’s orders. Expect this into 2022-23. More of the New System still must be rolled out. Financial markets are now the target.
The media is just playing us. Pumping out stories to appease both sides. It sells.

“Tam urges provinces not to loosen COVID-19 restrictions as Quebec hints at changes (ctvnews.ca)”

Science not so much

“Frustration grows amid restaurateurs over lack of data linking industry to COVID-19 (www.ctvnews.ca)”

…….
From the Toronto Star in JAN 2020. ‘Might see in Movies’ he says? Yup this is what it is. The New System is a training and compliance script. One small step at a time into global communism.
Our leaders always praised China, and Cuba yes?

Can’t blame this fellow, as the New Systems didn’t begin until that week in MARCH 2020. Nothing has been the same since, and never will be. The power and control is just too embedded.

https://archive.is/WR5V8

Placing an entire city under quarantine to prevent the spread of a virus is inconceivable, unenforceable and ineffective — and in Canada would be against the law, experts say.
Steven Hoffman, a professor of global health, law and political science at York University, said he was shocked when he heard China had shut down Wuhan, a city of 11 million people that is the epicentre of a new coronavirus outbreak.
“It’s totally unprecedented in public health,” Hoffman said. “It reminds me of what we might see in movies.”
Hoffman said such an extreme quarantine measure would never occur in Canada for a number of reasons.
“In Canada, such a broad, unspecific quarantine measure like this would certainly violate our Canadian Charter of Rights and Freedoms because it would be a restriction on people’s rights that are not justifiable,” he said. “In the Canadian context, it’s inconceivable.”

#19 The Awakened One on 01.31.21 at 1:33 pm

Thank you Sinan!

Super great tips. Always great education and funny pics on this blog: surely beats the news these days!

#20 Zero Covid Govt Cre-tin-Ism on 01.31.21 at 1:39 pm

I posted about this earlier but wanted to make another point:

Covid: Australian city of Perth goes into snap lockdown after guard tests positive

The WHO specifically asked countries not to use lockdowns as the primary method of control
We know that lockdowns come with great cost
Advocates say they are a last resort
This is now a default, not a last resort option. I don’t see why they even bother waiting for 1 case, they might as well just permanantly lock down.

#21 Faron on 01.31.21 at 1:55 pm

Thanks for the great explainer Sinan. Worth infinitely more than the price of admission here.

Partner and I are mulling having kiddos and this will be immediately relevant to us.

#22 Jimmel on 01.31.21 at 1:55 pm

Timely peace for me. We are grandparents and literally days away from finalizing setting up an RESP for our new granddaughter. No problem putting a note in our Will as you suggest, however should we just be asking the parents to start an RESP instead and us just contributing?

#23 Faron on 01.31.21 at 2:00 pm

Finally,

Here’s a great article on risk, fear and where the markets are at right now from The Market Ear. Irrelevant for the passive investor (as I am with the vast bulk of my non-vast funds) but of interest for those that actively manage and who have some kind of framework for risk management.

https://www.zerohedge.com/the-market-ear/shortsandfear

#24 Ponzius Pilatus on 01.31.21 at 2:04 pm

#12 CJB on 01.31.21 at 12:48 pm
In Saskatchewan, if you graduate from post secondary and stay and and work in the province most of your tuition is refunded. Along with RESP Grant’s, scholarships, and tuition tax credit post secondary education is quite affordable.
——–
Yeah, Tommy Douglas, probably the most progressive Canadian politician.
Also, many European countries have free post secondary education.
It’s just what you do.

#25 Dr V on 01.31.21 at 2:08 pm

RESPs and such – it’s all run by the Post_secondary
education industrial complex.

#26 Dave on 01.31.21 at 2:11 pm

30k in ours so far, kids are 9 and 6. 400 bucks a month contribution.

Looking at switching to Wealthsimple away from RBC as apparently they’re killing us with fees.

#27 crowdedelevatorfartz on 01.31.21 at 2:19 pm

OR
The kid gets an apprenticeship right out of High School.
No tuition.
No Debt.
Earn while you learn.
4 years later
Red Seal Journeyman easily earning 100k + a year.
Set up your own business for more tax savings.
Be your own boss.
Avoid the politically correct minefield of white collar work.
Or take your degree, your debt and apply at Starbucks.

#28 crowdedelevatorfartz on 01.31.21 at 2:21 pm

@#16 Faron.
“And if you see paternalism everywhere, perhaps your are seeking a dada?”

++++

Careful.
Your B.A. in Psychology is rearing its ugly head again.

#29 Flop... on 01.31.21 at 2:25 pm

Kids?

Yeah, I’ve heard of them…

M46BC

“The Economic Impact of the 10 Worst Disasters in 2020.

Natural disasters are sudden and terrible events in nature that cause widespread property damage and loss of human life. The coronavirus pandemic does not technically count as a true natural disaster. As if 2020 weren’t already one of the worst years ever, there was also substantial economic damage from more “traditional” natural disasters as well. Our latest visualization charts the destruction throughout 2020 for both total and insured losses.

* The worst natural disaster from an economic loss perspective happened in China, where seasonal floods wiped out $35B in property, only $2B of which was insured.

* 2020 witnessed several natural disasters throughout the summer months from June to August, especially due to floods and hurricanes.

* None of the top 10 worst natural disasters occurred in the Southern Hemisphere, or during the winter.

* The U.S. suffered 5 out of the top 10 worst disasters, totalling some $51.1B in economic losses, only $25.2B of which was backed by insurance.

https://howmuch.net/articles/economic-losses-from-natural-disasters-2020

#30 Dr V on 01.31.21 at 2:38 pm

27 fartz – spot on 100 percent.

Now where is the percent sign on this cheap tablet??

#31 JimminyCricket on 01.31.21 at 2:41 pm

Would it be possible to do an article on what a debt crisis would look like and how one would best prepare for that?

Thought it might be an interesting/useful article since there will be some eventual repercussion from all of this QE. Thanks, and have a great day!

#32 Barb on 01.31.21 at 2:43 pm

Outstanding explanation.
Sent it to my daughter. Thank you Sinan.

Great photo!

#33 Classical Liberal Millennial on 01.31.21 at 2:54 pm

What is an appropriate amount to pay in fees for an RESP? I’m not always convinced I have that money parked in the right place.

If you deal with a fee-based advisor, there are no additional costs. – Garth

#34 Classical Liberal Millennial on 01.31.21 at 2:58 pm

Sail Away, what do you do for a living? I’m genuinely curious.

#35 Tripp on 01.31.21 at 3:02 pm

#7 Keep Your Rent on 01.31.21 at 12:17 pm

“ Landlords must forgive the rents…”

Why make a public health crisis a landlords’ problem?

If you care that much, are you willing to donate 10% of your income to a family who lost their income during the pandemic? Or maybe 20%?

It’s easy to be generous with someone else’s money.

#36 Leicendiener on 01.31.21 at 3:14 pm

Great explanation Sinan. Very comprehensive.

#37 Love_The_Cottage on 01.31.21 at 3:22 pm

#14 heloguy on 01.31.21 at 12:55 pm
Can I put 50 k in the RESP when I open it. I know that I will lose out on the grant but at a modest return 6/7 % I will be way ahead.
__________
Ahead of the 20% return of the government match?
I know, I know, math is hard.

#38 Sail Away on 01.31.21 at 3:27 pm

#17 Goober on 01.31.21 at 1:20 pm

Do you have any advice on how best to fully collapse his fund while staying within CRA rules?

————-

Here’s our procedure for each kid.

Total contribution: $45,000
CESG: $ 9,000
Capital gain: $96,000

Withdraw $20k each year specifically from the CESG and gains. Don’t touch the contributed $. The student will pay tax on the $20k. Essentially nothing in most cases. If it’s more than needed, have them invest remainder in their TFSA.

After the degree, close down the RESP and recoup your contributed $ for free. You’ll have to pay cap gains tax on any remaining gains, so you might want to drain that completely at the student’s rate in the last year.

Result: your child starts their career with no debt, possible TFSA benefit and you recoup your entire contribution. Win-win

#39 Ponzius Pilatus on 01.31.21 at 3:29 pm

#27 crowdedelevatorfartz on 01.31.21 at 2:19 pm
OR
The kid gets an apprenticeship right out of High School.
No tuition.
No Debt.
Earn while you learn.
4 years later
Red Seal Journeyman easily earning 100k + a year.
Set up your own business for more tax savings.
Be your own boss.
Avoid the politically correct minefield of white collar work.
Or take your degree, your debt and apply at Starbucks.
—————–
Nothing wrong with apprenticeship if it’s done the Austrian, German way.
Right now, everyone who knows how to hold wrench, can call him/herself a plumber.
Not that there’s anything wrong with being a plumber.
I think that’s what the NDP is trying to do, bring in European apprenticeships that lead to a master degree.
The question is: Do we really need master carpenters when all is needed is guys/girls who can wield a nail gun
to staple together prefab houses.

#40 Love_The_Cottage on 01.31.21 at 3:39 pm

#26 Dave on 01.31.21 at 2:11 pm
Looking at switching to Wealthsimple away from RBC as apparently they’re killing us with fees.
_________
RBC has direct investing options. The interface isn’t industry leading but I’m with RBC and the advantage is everything is available from 1 screen.

#41 Another Deckchair on 01.31.21 at 3:41 pm

@7 Keep Your Rent

Way too 2020. It’s 2021. Get with the times. WSB, GME and you are set for life.

#42 I’m stupid on 01.31.21 at 3:45 pm

So I haven’t had time to comment on the Gamestop situation so here it is.

I firmly believe that the universe is playing a huge joke on Garth. Let me explain, for his entire carrier he has said never take advice from your brother in law. Now we have 3 million brother in laws that united and take advice from each other.

I bet Garth never thought this day would come.

Lol

#43 Elon Fanboy on 01.31.21 at 3:46 pm

DELETED

#44 I’m stupid on 01.31.21 at 3:51 pm

I apologize for the spelling mistakes. I don’t proof read until after I press send. I keep forgetting because I’m usually in a rush.

#45 Learn2investkid.com on 01.31.21 at 3:53 pm

Important point: RESP money can be used for more than just paying for tuition and books. As long as the money is used for educational purposes, just about anything goes. The government is flexible on what it considers eligible expenses. There is no published list of eligible expenditures.

You can use the RESP money to purchase a car as your child will need to get to and from school. All car related costs are fine so gas, insurance and parking at school are fine. A reliable used car can be an asset for many years and even help you land a part-time job during school. If you are in a trades or apprenticeship program you can purchase a reliable used Ford F-150 which you will need once you start working to carry your tools. Actually used pickup trucks retain their value. You can also use the RESP money to pay for rent, furniture, food, trades tools (not cheap) and laptops. Again, check out the government website and ask someone at your bank how people are currently doing this.

Use tax-free and grant RESP money for a vehicle which will depreciate to zero? Better think that one through. – Garth

#46 willworkforpickles on 01.31.21 at 3:57 pm

The only thing this country (every country) needs to worry about now is GROWTH!

Restoring business and consumer confidence will be an epic uphill battle and requires the determination of quite a bit more than just moderate aggressive leadership.

A leader now… with the aggressiveness to forge the way to an economic revival…the kind akin to what you might get from a raging pitbull mad with rabies.

A mouse nibbling on cheese isn’t likely going to re-start any economic engine.

Aggressive leadership to forge the way to growth… either you have it or you fade as a nation.

#47 Trudeau's quarantine crap and Soviet style confinement on 01.31.21 at 3:58 pm

Whether you fly into Montreal or Toronto, it’s the same incompetent CBSA that’s processing the arrival. No temperature checks, no Covid tests, and no medical staff were present to scrutinize the arrivals?

Someone who flew to Cuba last Monday got a Covid nose and throat swap PCR test on arrival in Cuba, then had to get another PCR test 4 days later, then, gets another one on arrival in Canada this Monday, then has to spend $2000 being quarantined at the Canadian airport for 3 days, and then spends the next 11 days “self-quarantining”.

That’s 3 PCR tests, at least 8 temperature checks for visiting a tourist region that has 1/100th the Covid rate of Canada.

Yet I can get on an un-sanitized crowded bus in most Canadian cities to go to shop for bulk tomatoes that have been “touched and felt” by so many before me?

#48 Steve-0 on 01.31.21 at 3:59 pm

You forgot about front loading it with $16,500 the first year to get your $500 grant, and then the extra $14,000 has all those extra years of growth, on top of the $2500 + $500 that get put in every year (up to $50,000 max contribution and $7200 max grant).

Assuming you max everything out, and a 7% return, the account should be worth around $170,000 when they goto school. Only do this if TFSA and RRSP are maxed.

#49 Tbone on 01.31.21 at 4:09 pm

To the keep your rent guy.
I recall evicting a deadbeat tenant a couple of days before Christmas about 15 years ago.
Screwed me for about 4 months rent , plus legal costs.
Ah , the good old days .

The landlord ain’t your mommy .

#50 Sail Away on 01.31.21 at 4:11 pm

#34 Classical Liberal Millennial on 01.31.21 at 2:58 pm

Sail Away, what do you do for a living? I’m genuinely curious.

—————

I am founder and president of an engineering firm started 10 years ago.

#51 Lead Paint on 01.31.21 at 4:38 pm

#34 Classical Liberal Millennial on 01.31.21 at 2:58 pm

Sail Away, what do you do for a living? I’m genuinely curious.

—————

#50 Sail Away on 01.31.21 at 4:11 pm

I am founder and president of an engineering firm started 10 years ago.

————-

He also has a full-time job being his own cheerleader.

#52 cuke and tomato picker on 01.31.21 at 4:44 pm

Excellent information – A degree or an apprenticeship are are extremely important in the modern world. We put three children through university with a car no student loans all very successful now. Physical work over the long haul can take its toll on the body so we lean to multiple
degrees etc.

#53 BlogDog123 on 01.31.21 at 5:03 pm

re:
#14 heloguy on 01.31.21 at 12:55 pm
Can I put 50 k in the RESP when I open it. I know that I will lose out on the grant but at a modest return 6/7 % I will be way ahead.

===
I read an article somewhere that says ‘yes’ you could come out ahead if you put the entire $50k in the first year, getting only $500 of government grant.

Remember the 20% ‘automatic grant gain’ you get comes in trickles of $500 a year. Simple math scenarios of the 50k invested for say 14 years (plus remaining years some shifted to safer stuff..)
50,500*(1+0.05)^14 = approx $100,000 after 14 years, assuming an imaginary fixed 5% per year. $114,000 if you assume 6% averaged rate of return…etc, etc…

Remaining years until in school, shift some money into safer investments so you don’t head into a bear market just as school starts.

Compare the above to trickling in $2,500 per year, with the $500 grant, $3,000 per year, growing at that 5,6 or 7% scenarios… Balanced and diversified so you don’t lose it all in GME or whatever wild stock…

#54 John on 01.31.21 at 5:05 pm

Great article Sinan! Keep them coming!

#55 Sail Away on 01.31.21 at 5:12 pm

#51 Lead Paint on 01.31.21 at 4:38 pm
#34 Classical Liberal Millennial on 01.31.21 at 2:58 pm

Sail Away, what do you do for a living? I’m genuinely curious.

———-

#50 Sail Away on 01.31.21 at 4:11 pm

I am founder and president of an engineering firm started 10 years ago.

———-

He also has a full-time job being his own cheerleader.

———-

Correct.

Appended: “…and another full-time job as my own cheerleader. This one pays less than the officer position but gives me great joy.”

#56 Flop... on 01.31.21 at 5:14 pm

Trump had his turn at the wheel and has now retired to Mar-a-Lago.

Where will the Metrosexual Messiah from Canada go, if and when, voters decide he is no longer needed?

He will probably retire to his favourite resort too, just down the road.

Smug-a-Lago…

M46BC

#57 Brian Ripley on 01.31.21 at 5:27 pm

My month end chart updates of the global Covid 19 pandemic is up: http://www.chpc.biz/history-readings/pandemic-update6684476

% Deaths of Total Cases = 2%
​% Recovereds of Total Cases = 73%

Cases: 103,425,329 (Up 24% M/M)
Deaths: 2,235,179 (Up 19% M/M)
Recovered: 75,013,644 (Up 27% M/M)

#58 crowdedelevatorfartz on 01.31.21 at 5:28 pm

@#39 Ponzies Plumber
“Right now, everyone who knows how to hold wrench, can call him/herself a plumber.”

++++
I believe I stated “Red Seal Journeymen” which requires proof of work experience , schooling and successful completion of a recognized government exam which is accepted interprovincially.

If you wanna hire a cheap, unlicensed schmoe …..go for it.
Just dont expect insurance to cover the damage claim.

Electricians, plumbers, carpenters, welders, power engineers, refrigeration techs. …..on and on and on……the Red Seal trades march…..making 100’s of K per year.

#59 Penny Henny on 01.31.21 at 5:34 pm

#16 Faron on 01.31.21 at 1:18 pm
#135 BillyBob on 01.31.21 at 3:57 am

Read up on the new variants; the game has changed in the past month. Take the measure of the avg Canadian who’s keen AF to duck out of the country to sit on a beach right now. Be smart enough to see the proposed $2000 price of quarantine as a strong deterrent.

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

Travel rights only for the well off.

#60 Stews14 on 01.31.21 at 5:37 pm

I’d be interested to see feedback on post #14 and #48 – at what point (net worth?) would you advise to fully front load the RESP with 50k versus an initial contribution of 16.5k?

#61 crowdedelevatorfartz on 01.31.21 at 5:41 pm

@#151 Ponzie prattle.
“BTW, the Czechs are closing their border to all foreigners, even their old buddies, the Slovaks.”

+++
A friend is Czech and his wife is Slovak…..I asked them at dinner( she is an amazing cook) one night,
“If you’re Czech and she’s Slovak….what do you tell the relatives about your son?”
“He’s Canadian…”, he immediately replied with a smile, ” It ends the argument.”

#62 IHCTD9 on 01.31.21 at 5:43 pm

We missed the boat with RESP’s, we were just too tapped out back then. But we have been paying private school tuition for 15 years straight, so if we have to help the kiddies with Uni. tuition, it’ll actually be cheaper than what we’ve been paying all along. Damn, I do look forward to the end of these freaking school bills though…

#63 IHCTD9 on 01.31.21 at 5:45 pm

#53 cuke and tomato picker on 01.31.21 at 4:44 pm
Excellent information – A degree or an apprenticeship are are extremely important in the modern world. We put three children through university with a car no student loans all very successful now. Physical work over the long haul can take its toll on the body so we lean to multiple
degrees etc.
——

Sitting on your ass behind a screen all day takes its toll too…

#64 Penny Henny on 01.31.21 at 5:47 pm

#27 crowdedelevatorfartz on 01.31.21 at 2:19 pm
OR
The kid gets an apprenticeship right out of High School.
No tuition.
No Debt.
Earn while you learn.
4 years later
Red Seal Journeyman easily earning 100k + a year.
Set up your own business for more tax savings.
Be your own boss.
Avoid the politically correct minefield of white collar work.
Or take your degree, your debt and apply at Starbucks.
////////////////

Haven’t you been listening to Turnernation?
Starbucks is closing stores everywhere ;)

#65 Benge on 01.31.21 at 5:50 pm

A very useful post this afternoon. Thanks.

#66 Nonplused on 01.31.21 at 6:01 pm

#7 Keep Your Rent on 01.31.21 at 12:17 pm

“Tenants need rent forgiveness.”

Tell that to the bank who will be your new landlord after they foreclose on your current landlord.

And anyway, that was what the CERB was all about. There shouldn’t be very many people who aren’t able to make rent. Those people are scamming the system, taking money that was supposed to cover expenses and then shafting their landlord. When they get what’s coming to them, nobody will shed a tear. It’s completely immoral.

#67 @learn2investkid.com on 01.31.21 at 6:05 pm

Garth,

Most university/entry level jobs posted now require the students to either have a car (check out example below) or a home office set up (I.e RBC summer student positions). Not cheap and yes these assets will eventually depreciate to 0 but students need them to build their careers. Public transportation isn’t an option at certain industrial parks or times. Some workplaces even require you to dress up. Costs for cheap suits and ties add up but you have to purchase them if the hiring manager tells you to. Middle class parents of current students know this and help where they can that is ONE of the reasons why credit line balances are climbing.

“Programs are held at schools and community centres in Vancouver (a car is needed to transport equipment to and from class). Salary: $16.00-$18.00 per hour. Part-time hours: 15-30 per week”

#68 Long-Time Lurker on 01.31.21 at 6:08 pm

So is silver going to explode on Monday?

I have more tales to tell but I am waiting out of respect to Ryan, Sinan and Doug. Hee hee!

#69 Nonplused on 01.31.21 at 6:11 pm

#21 Faron on 01.31.21 at 1:55 pm
Thanks for the great explainer Sinan. Worth infinitely more than the price of admission here.

Partner and I are mulling having kiddos and this will be immediately relevant to us.

———————————

Don’t do it! Stinky little eating machines that change your whole life and drain your bank accounts.

That is unless you hate your current friends and personal freedom and think what your life is really missing is a schedule centered around soccer practice and band concerts. Oh and make sure you have dental orthodontics are expensive. And you may as well sell the motorcycle, you won’t be using it anymore, and buy a minivan or an SUV. Probably ditch the golf membership too.

Other than that they are great when they are their grandparents for the weekend.

#70 Loonie Doctor on 01.31.21 at 6:29 pm

#14 heloguy on 01.31.21 at 12:55 pm
Can I put 50 k in the RESP when I open it. I know that I will lose out on the grant but at a modest return 6/7 % I will be way ahead.

—————————————————————–
If you happen to have $50K laying around or find it in the crack of your couch, you can choose to frontload an RESP and forego some grant. The optimal strategy is not usually the full $50K, but a combination of frontload and CESG. A lot depends on parental income (since the alternative is you having the money in a taxable account), the investment mix/return, and the assumption that the student has a low income and pays no tax. They could have a co-op or other job to bump their income, meaning some tax (although still likely low).

If I had $50K laying around and room in my TFSA, I would do my TFSA first and do the RESP over time ($2500/yr) if needed until the TFSA was maxed out. Both require after-tax money and the TFSA is fully tax-free.

I analyzed the optimal lump sum strategy in this post and there is a link to a simulator. Still, I think the biggest thing is to start early with a low fee self-directed RESP and avoid the predator group plans.

https://www.looniedoctor.ca/2019/05/03/best-resp-contribution/

-LD

#71 Nonplused on 01.31.21 at 6:30 pm

#45 Learn2investkid.com on 01.31.21 at 3:53 pm

Important point: RESP money can be used for more than just paying for tuition and books. As long as the money is used for educational purposes, just about anything goes. The government is flexible on what it considers eligible expenses. There is no published list of eligible expenditures.

Use tax-free and grant RESP money for a vehicle which will depreciate to zero? Better think that one through. – Garth

———————————–

RESP’s are kind of like child support payments, the government doesn’t care what the money is spent on so long as the kid is in school. You can spend the money on a new sports car for yourself if you want.

This can be important if your child elects to go away for university. Tuition costs in Canada are relatively affordable, we aren’t that far off the European model and certainly it is way more affordable than the US model. But when you get into paying for rent, air fare, etc. the costs go way up. Both my daughters went away for uni and whew. You think they could have at least picked the same city so they could share an apartment but sadly no.

It is too early to tell with my son, but even if he goes to uni here he will need a car because we are a 45 minute walk from the nearest transit, so that is a legitimate expense. Actually probably get him one as soon as he gets his license so he can do after school activities and I don’t have to make a 45 minute round trip to pick him up every time. There are no transit options to the high school either. Something like a 10 year old Corolla. You want to go old on the kid’s car because insurance is insane if you need collision on a new one. And they are going to smash it up anyway.

The theory the government uses on both RESP’s and child support is that it all goes into the family budget so they don’t care to see receipts. You only need prove the kid is in school.

Not the point, obviously. Using the cash to buy metal that depreciates to zero is just dumb. – Garth

#72 Bert on 01.31.21 at 6:37 pm

Can you short Canadian banks inside an RESP?

#73 Ponzius Pilatus on 01.31.21 at 6:41 pm

#51 Lead Paint on 01.31.21 at 4:38 pm
#34 Classical Liberal Millennial on 01.31.21 at 2:58 pm

Sail Away, what do you do for a living? I’m genuinely curious.

—————

#50 Sail Away on 01.31.21 at 4:11 pm

I am founder and president of an engineering firm started 10 years ago.

————-

He also has a full-time job being his own cheerleader.
——————–
When the Internet first came out, I saw a cartoon of a dog sitting in front of a computer.
Caption was:” On the Internet no one knows that I’m a
dog”.

#74 stealth on 01.31.21 at 7:08 pm

Garth and Sinan,

In your response to:
#71 Nonplused on 01.31.21 at 6:30 pm

You stated:
Not the point, obviously. Using the cash to buy metal that depreciates to zero is just dumb. – Garth

Can you please clarify? If you require a vehicle what else would you use to acquire it? Example provided was 10 year old toyota corrola which would likely go for few thousands. Does it differ old vs new?

Here is why I ask: Many people are confused: lease new, finance new, pay cash for new to get 1-2K off, or finance old pay cash for old. Then there are electrics and their considerations. Once said and done people end up paying equivalent of 1/2 of monthly mortgage amount on a car with obvious repercussions to their financial wellbeing. Some books even suggest to buy the car by the pound. (e.g. buick ~= $4/lbs and mercedes ~= $16/lbs)

You can also consider a future post on this topic due to its handicap on monthly cashflow if not done reasonably.

Thank you

#75 Habitt on 01.31.21 at 7:08 pm

Thank you Sinan. Valuable post. I was laid off 4 years ago after having done most everything in my trade. Was hired by another firm and they shut down a year later. Things not rosy here in the west. So I stumbled on getting licensed to sell these RESP,s. Passed the course and got licensed thru one of the private service providers. I was offered a position and after some research realized that their product was much too costly for people. Dah moment. I couldn’t in good conscience sell the garbage but did learn a lot. So do not buy you plan from these shysters. Do it at the bank or with your investment advisor. Garth has posted on this before and was spot on. No work for me yet but will do some volunteer work once Covid is done. Best be soon lol. I ain’t getting any younger. Be safe all

#76 Sydneysider on 01.31.21 at 7:14 pm

Worth mentioning that USD securities cannot be held in the RESP (but US market exposure via CAD index ETFs like XQQ, ZDJ and VFV is OK).

#77 Dragon_Unicorn on 01.31.21 at 7:15 pm

Hi Ho SILVER

#78 Nonplused on 01.31.21 at 7:18 pm

Not the point, obviously. Using the cash to buy metal that depreciates to zero is just dumb. – Garth

Well, true, if the person is investing. But sometimes a kid needs a car and it is a legitimate expense. This would be in the case the kid needs the car to get to school, not while the RESP is saving up for that time.

All cash spent on depreciating assets is kind of dumb. But sometimes you need a car.

#79 Sail Away on 01.31.21 at 7:25 pm

#72 Bert on 01.31.21 at 6:37 pm

Can you short Canadian banks inside an RESP?

————–

No, no that’s not an option (see what I did there?).

If you get a fire nice and hot, Canadian money will burn. It might not burn as fast as shorting but it sort of depends on the fire.

#80 Faron on 01.31.21 at 7:31 pm

#69 Nonplused on 01.31.21 at 6:11 pm

#21 Faron on 01.31.21 at 1:55 pm

Heh, hope your kids dont read the comments here!

I’ve watched friends go through it. And yesterday after an 8 hour trail run with my partner, we both commented that it wouldn’t be that way with kids. Let’s just say we are weighing this carefully. Golf club membership? That’s excessive. Now the yacht club membership, on the other hand, is not to be trifled with.

#81 Nonplused on 01.31.21 at 7:43 pm

#63 IHCTD9 on 01.31.21 at 5:45 pm
#53 cuke and tomato picker on 01.31.21 at 4:44 pm
Excellent information – A degree or an apprenticeship are are extremely important in the modern world. We put three children through university with a car no student loans all very successful now. Physical work over the long haul can take its toll on the body so we lean to multiple
degrees etc.
——

Sitting on your ass behind a screen all day takes its toll too…

————————————

My dad likes to brag about the fact that he only has a grade 9 education. But what he doesn’t like to mention is that he is a journeyman carpenter and went to SAIT.

#82 the Jaguar on 01.31.21 at 7:53 pm

Hello Loonie Doctor, are you there? “Calling Dr. Loonie Doctor”…….

If you are reading the blog this evening I would be interested to know if in your experience Ivermectin has been used to head off trouble or complications as we await widespread vaccination.

https://www.thelancet.com/journals/eclinm/article/PIIS2589-5370(20)30464-8/fulltext

Watching the active case counts come down in Calgary from a high of 6349 on December 10th to the current number of 2527 it seems that while we have made great progress as January ends and the Thanksgiving/Christmas/New Years period recedes. But the natives grow restless. Rebellious might be a better word. Many people seem to be on their last good nerve.

If case severity/ICU counts could be reduced with what some experts say is a ‘cheap like borscht’ drug to stop Covid in its tracks, then why hasn’t it been weaponized in the fight? Why don’t we hear a thing about it?
It seems to be used to treat everything from head lice to scabies, so how much harm could it do? I figured you might know, since Ryan Lewenza’s bro hasn’t made a house call in a while.

I am anxious to fly again. WestJet emails regularly telling me they await my return. There are places I would rather be right now.

https://www.youtube.com/watch?v=sct0-7rs2zY&list=RDsct0-7rs2zY&start_radio=1&t=15

#83 VladTor on 01.31.21 at 7:58 pm

Thank you very much for detailed explanation.

I sent link to my daughter. She for stupid reasons want to open RESP. She’s telling me that she will not have a profit! Can you imagine this! May be after reading she will change her opinion.

Thank’s again!

#84 crowdedelevatorfartz on 01.31.21 at 7:59 pm

@#69 Nonplused
“Stinky little eating machines that change your whole life and drain your bank accounts.”

++++
A friend of mine laughed when I asked her how in God’s name do you change a dirty diaper when you’re hung over…
“You only do it once”

She also referred to the two kids as mobile Petri dishes that managed to acquire, cultivate and bring every cold, flu, bug and strain of disease known to man….back home.

#85 yvr_lurker on 01.31.21 at 8:00 pm

Yes, silly me when the TSX had bounced back to 15,500 after the march free-fall, I took 70K out of 90K for my kids RESP at the end of May and put it in a 1 year GIC, removing it from a 60/40 balanced funds. Not a good move. Thought for sure there was going to be a huge second wave in the fall that would tank the market due to high unemployment, shuttered industries etc.. Siily me. Market seems completely immune from the struggles of so many with all the injected Gov’t funds and surging Tech. Looks like we probably lost around 3–4K in this move. Learning experience. However, with this year being so great for saving and being thrifty, within two years when my kid will go to university he will have around 110K in total and will be just fine.

Thankfully, I did not pull other investments or my DC pension out of a 60/40 scheme when the market “recovered” somewhat after falling off a cliff last year. In the end it was good and portfolio (except for RESP) and is up 5% year on year. I’ll take it, and I thank Garth’s blog for this.

It still makes very little sense how the market can be near its maximum when all sorts of chaos and ruin with some sectors of the economy are occuring with no end in sight.

#86 Faron on 01.31.21 at 8:19 pm

#59 Penny Henny on 01.31.21 at 5:34 pm

#16 Faron on 01.31.21 at 1:18 pm
#135 BillyBob on 01.31.21 at 3:57 am

Int’l travel rights should be exactly zero for anything non-essential right now including repatriation. Especially repatriation. If effective mitigation of incoming new variants takes strong measures and that’s a hindrance to the poor, would you rather the gov’t pay to make it equal? And just because the variants may be here doesn’t mean the game is up and we should allow a few thousand more sunbaked COVID breeders home to freely run amok.

I’d be willing to bet that the bulk of the whinging about this travel order is coming from people who see their needs to go get drunk on a beach as essential ‘cuz muh mental health or ‘cuz Kanada is chilly or ‘cuz muh vitamin D. Or those who idiotically took a tropical vacay and are now scrambling to get home. If the citizenry wasn’t such a toolbox, the feds wouldn’t have to be daddy. Personal responsibility, remember? By travelling in a pandemic for leisure you’ve shown you have none. It’s a pandemic, we live in a developed nation, is being asked to stay put for a sec really that hard for you to grok?

I have family in the US I haven’t seen and it sucks. My dad is getting old. My neices and nephews are growing up fast. One recently got married. Etc. Missing these events are sacrafices we make to help keep people safe. Really questioning how certain generations are labelled entitled. Starting to look like the younger aren’t sole holders of the epithet

#87 heloguy on 01.31.21 at 8:26 pm

#14 heloguy on 01.31.21 at 12:55 pm
Can I put 50 k in the RESP when I open it. I know that I will lose out on the grant but at a modest return 6/7 % I will be way ahead.

—————————————————————–
If you happen to have $50K laying around or find it in the crack of your couch, you can choose to frontload an RESP and forego some grant. The optimal strategy is not usually the full $50K, but a combination of frontload and CESG. A lot depends on parental income (since the alternative is you having the money in a taxable account), the investment mix/return, and the assumption that the student has a low income and pays no tax. They could have a co-op or other job to bump their income, meaning some tax (although still likely low).

If I had $50K laying around and room in my TFSA, I would do my TFSA first and do the RESP over time ($2500/yr) if needed until the TFSA was maxed out. Both require after-tax money and the TFSA is fully tax-free.

I analyzed the optimal lump sum strategy in this post and there is a link to a simulator. Still, I think the biggest thing is to start early with a low fee self-directed RESP and avoid the predator group plans.

https://www.looniedoctor.ca/2019/05/03/best-resp-contribution/

-LD

Thankyou for the answer. Cheers

#88 Sail Away on 01.31.21 at 8:39 pm

#86 Faron on 01.31.21 at 8:19 pm

Missing these events are sacrafices

————

It’s ‘sacrifices’. We all make them. I write this from Kona, having sacrificed several productive hours to fly here. Not to mention the dreaded sandal tan.

#89 Alien_Soldier on 01.31.21 at 8:53 pm

This was fantastic! We are expecting our first in Feb and have already saved up 2500 to get them started. We figured any money given by friends and family will go into a trust, or into the RESP so that when they are older they have two funds to work with. Hopefully we can set them up for success.

One questions. If we do set-up a family RESP, does that mean we can double the contributions and get double the benefits? We only have one child but plan on having two, so if we already start putting away for 2, is that feasible?

#90 Nonplused on 01.31.21 at 8:56 pm

#84 crowdedelevatorfartz on 01.31.21 at 7:59 pm
@#69 Nonplused
“Stinky little eating machines that change your whole life and drain your bank accounts.”

++++
A friend of mine laughed when I asked her how in God’s name do you change a dirty diaper when you’re hung over…
“You only do it once”

She also referred to the two kids as mobile Petri dishes that managed to acquire, cultivate and bring every cold, flu, bug and strain of disease known to man….back home.

——————————–

Well dat true. But your receptionist is doing he same thing.

I don’t have understanding of all these things, but where did AIDS go? Was there a vaccine? Or perhaps knowledge of it transformed behavior and Trojan pocketed some extra sales? AIDS is way worse, everybody who gets it dies early. But we don’t talk about it anymore.

#91 Loonie Doctor on 01.31.21 at 8:58 pm

#82 the Jaguar on 01.31.21 at 7:53 pm
Hello Loonie Doctor, are you there? “Calling Dr. Loonie Doctor”…….

If you are reading the blog this evening I would be interested to know if in your experience Ivermectin has been used to head off trouble or complications as we await widespread vaccination.

—————————————————————–

Hi Jaguar,
That study has an extremely small sample size (24), is non-randomized, and has a non-clinical outcome (negative NPS). So, it would not pass anyone’s critical appraisal for recommendations. The problem with a small study like that is that they have a very high chance of showing a strongly positive result by random chance and other small studies that didn’t don’t get published. That was a pilot study. They usually do that to work out the logistical bugs and get funding. So, a larger more rigorous study is possible. I would say probably not before vaccines hit enough arms, but that has not really been great so far. The other issue is that even when we find treatments that work (there are several for severe disease now), they are hard to get for the same reasons as the vaccines.

It is really tough to study a preventative measure. With a low event rate, you need a huge sample size to get a reliable result. Especially if looking for something clinically relevant like transmission rate, hospitalization rate, or severe disease.

It think we are all tired of lockdown. I also think that there will be major economic and mental health effects that are hard to measure and delayed in presentation. Unfortunately, I think we are stuck until enough vaccination to get herd immunity happens. In the interim, ratcheting restrictions up and down to balance the bad effects of lockdown against the pushing the limits of the healthcare system (and therefore rocketing mortality) is what we are stuck with. We are getting better at treating the critically ill, but the capacity to do that has limits and the elderly or those with co-morbidity will have a high mortality no matter what. Prevention is still key and is all of the usual public health stuff.

Just my opinion. I work on the back end (ICU).
-LD

#92 JustAReader on 01.31.21 at 8:58 pm

Good article Sinan. I would have included something about the additional provincial grants, which I believe exist in SK, QC and BC (significant part of Canadian population to ignore).

#93 S.Bby on 01.31.21 at 9:31 pm

Thank you for the great RESP information. It’s very thorough, helpful, and very much appreciated !

#94 yvr_lurker on 01.31.21 at 9:31 pm

#82 Jaguar

—————-
Regarding the “urgency” now of putting in travel restrictions when our case counts may be coming down, please read

https://www.sfu.ca/magpie/blog/high-transmission-variant-modelling.html

I know her, and I think she articulates the issues really well. It is a race against time: vaccinating enough people in Canada before the variant takes off, but if the rollout is too slow due to lack of supply, people may eventually disregard the modeling of what will likely happen if we open everything up…. the next 2–3 months are important…. stay the course….

#95 Bezengy on 01.31.21 at 9:32 pm

RESP’s are very useful for helping to pay for your kids education. But, many folks don’t realize that kids may have considerable income throughout the school year. Scholarships (10K) are taxable, as are RESP withdrawals (10k), and income from summer jobs (15k) can put a student into the $35 k income range reducing the benefit from a RESP. ($3500.00 owing at tax time) Yes they have deductions, but you’ll want to transfer those to the parent is possible. This is when a chartered accountant is worth whatever the hell they’re charging.

#96 Job#1 on 01.31.21 at 10:09 pm

#86 Faron

Where were you a year ago when Dr. Tam gave us a lecture about racism because people called for a ban on international arrivals, especially from covid hot spots?
Essential?/non-essential? You think this is up to you to define?
At least two people that I know of have been “kidnapped” (my term) disembarking Calgary International. They are being kept incommunicado; their families’ requests to know where they’re detained are refused, denied access to legal representation and due process in court.
I didn’t even think this was supposed to kick in until this coming Thursday.
Apparently they both had negative tests upon arrival but the tests were not accepted by officials.
For almost an entire year now, infected travellers have been entering Canada without adequate screening or monitored quarantine/followup.
Just another instance of Trudeau well behind the curve.

Your assumptions of the reasons people travel are pure speculation and your sneering derision and vilification of fellow citizens is disgusting to me.
I no longer recognize the Canada I came to when fleeing a bunch of murderous thugs running a communist regime. You give up your freedom so easily now while the governments keep promising safety through increasingly severe restrictions. There has to be a better way than this, but I guess you’re happy with the way our lives are managed.
You don’t miss your water till the well runs dry.

#97 domi on 01.31.21 at 10:10 pm

This:

I started a scotia iTrade RESP account a few months after first born.

And as soon as I received the first child benefit cheque from the goverment I used it to start funding the RESP.
Once I had a few grand in there I setup a model portfolio (similiar to garth’s, and the cdn couch potatoe, athought I eschewed bonds in favour of some good REITs).

I have 3 children now, oldest is 11.

Once it grew over 50k, I split it into two portions, with half the funds moved into dividend growth stocks. (from the redflagdeals forum, there is a great thread there on that subject).

My RESP is now at almost $80k, fully funded with 11 years of child benefit payments from the goverment. All free money.

And far better than squandering that free goverment money on something else.

#98 mark on 01.31.21 at 10:43 pm

Clearly in a frothy bubble, it’s going to be nasty when it’s pricked. Late stages before crash.

#99 westcdn on 01.31.21 at 10:53 pm

I always got a kick from my father. When a truck approached us my father would say they are government safety inspectors. How do you know? They are only ones to run a clean new truck in the back woods. So he got ready to deal with them. I laughed at a story where the safety patrol rolled up and demanded where his ear protection was. He said, I can’t hear you. They rolled their eyes and walked away.

We had our troubles but he was a class A worker. It wasn’t lost on me. He could get things done and suffered no fools. He was a fast learner although he quit school at 13 to work farming in the dirty thirties – a tough bastard. His stories were really entertaining and he loved to tell them.

#100 Nonplused on 01.31.21 at 10:55 pm

#74 stealth on 01.31.21 at 7:08 pm
Garth and Sinan,

In your response to:
#71 Nonplused on 01.31.21 at 6:30 pm

stealth I am replying since you mentioned me, but I realize your questions were directed towards Garth and Sinan.

The great debate, lease versus purchase, old versus new, has been going on for some time on this blog although not recently. Individual mileage may vary.

The reason the Corolla comes up so often is because it is the best selling car in the world, so they are everywhere. It is also made by Toyota, which has a reputation for quality and longevity. They last a long time if regularly maintained. And they are much cheaper to repair than say a BMW if something goes wrong. It is a simple car by today’s standards.

But the main consideration for me, when buying a car for my kids, is insurance. Just the insurance savings alone can pay for the car in a few years if you get an old one as opposed to a new one, and that doesn’t depend on brand.

I’ll indulge myself in a story I have told before.

I had myself a 1999 Jeep Cherokee, loved it but we bough larger newer vehicles. However I saved the Jeep knowing my daughters were coming of age and that there was no way I was going to be willing to insure them on my $70,000 truck. So I sent my ex wife an email saying “let’s go halves on the insurance and the kids can drive where they will, your house, my house, school, whatever.” She said no. So I told my daughter to start borrowing her mom’s car more. In addition to the inconvenience, my ex discovered it was going to cost her $4,000 a year to have my oldest daughter insured as on occasional driver on her nearly new car. Whereas she could be insured for $2,000 a year full time on the old Jeep. Needless to say I got an email a couple weeks later agreeing to my terms so long as she didn’t have to pay me any money for the Jeep itself, just insurance and gas. That was fine by me because I didn’t really want to sell her half the Jeep.

That worked out well for many years. Jeeps have electrical problems but if you can work through those the 4 liter engine will go forever. However she eventually crashed it. I got $2800 out of the insurance settlement plus towing was paid for.

The long and the short of what I am saying is that if your kid needs a car, you may have to buy them a car. But don’t go new or lease. Insurance is too much. Buy an older car with a history of reliability.

(PS, the Jeep was a hit. It turns out that a girl arriving at high school in a classic Jeep has instant creds, especially among the outdoorsy group of which she was a part. It eventually became known as “the adventure Jeep”, because she would take her friends tent camping in it. I refused to allow the US expedition they were planning though. And refused any other drivers besides her sister. I miss that Jeep. It served me well for 20 years and I only parted with it because it was too banged up to fix, but in its final parting it made sure all the passengers walked away.)

#101 Don Guillermo on 01.31.21 at 11:14 pm

#82 the Jaguar on 01.31.21 at 7:53 pm

I am anxious to fly again. WestJet emails regularly telling me they await my return. There are places I would rather be right now.

https://www.youtube.com/watch?v=sct0-7rs2zY&list=RDsct0-7rs2zY&start_radio=1&t=15

*************************************
Bravo Pablito! Very nice.

#102 Don Guillermo on 01.31.21 at 11:20 pm

Jag

Mazatlán is hosting the Series del Caribe baseball tournament. First games started today and can be Livestreamed on Facebook.

Here’s a promo video you might enjoy:

https://www.facebook.com/watch/?v=172689687392279

#103 Sail Away on 02.01.21 at 12:21 am

#82 the Jaguar on 01.31.21 at 7:53 pm

I am anxious to fly again. WestJet emails regularly telling me they await my return. There are places I would rather be right now.

—————

Come join the party at Kona Tiki. West Jet and Lifelabs have a deal so you get tested immediately, then all aboard and off to sunny paradise. We love this old motel- built right on the water with schools of yellow and black tangs right below, all the crazy birds around the banana trees, fabulous snorkeling. Might even be possible to get a vaccine before leaving to avoid quarantine on return! Here for a month.

#104 Sky on 02.01.21 at 1:24 am

@ Trudeau’s quarantine crap and Soviet style confinement # 47

“Someone who flew to Cuba last Monday got a Covid nose and throat swap PCR test on arrival in Cuba, then had to get another PCR test 4 days later, then, gets another one on arrival in Canada this Monday, then has to spend $2000 being quarantined at the Canadian airport for 3 days, and then spends the next 11 days “self-quarantining”. ”

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

Don’t forget — The bonus 2 week arrest-in-your-own-home is ONLY for those lucky enough to get 3 NEGATIVE test results.

But PCR tests are notorious for FALSE positives. If you’re unlucky, and get a positive result, then you can choose one of 2 options :

(a) — 2 weeks solitary confinement in a government internment facility. Under lock, key & guards. Zero exercise, airless rooms & crappy food.

or

(b) — Because you’ve tested positive and the govt is concerned about your health … you’ll receive 2 weeks confinement in specially designed govt facilities where you will be carefully nurtured back to health with the best diets, plenty of fresh air and the finest of health care.

Just kidding about option (b). That was just my delusional fantasy. :-)

Only option (a) is true. Read it again. And if you refuse to go along with this … then you’re forced to go with the REAL second choice which is – handcuffs & police arrest. Presumably so you can spread covid among the police force and the other inmates – having tested positive and all that.

I personally won’t be worrying about either of these options. For 2 reasons.

First off — Because these travel restrictions are ” just for 3 months.” Big deal. This will be just as easy as our ” just 2 weeks” to flatten the curve has been. Piece of cake.

Second off — Our own airport is already shut down for international travel. So I’m ahead of the curve here in District 9. But not by much. See you soon, compadres.

#105 unbalanced on 02.01.21 at 6:45 am

Why would anyone send their kids to private school? Waste of money. Kids learn from their parents. Too bad most of the time it happens to be ego’s. I have seen this 1st hand as I have worked with the parents. Just saying. Sorry if I offended anyone. We all have opinions.

#106 BillyBob on 02.01.21 at 7:11 am

Someone considering bringing a child into a world of rapidly depleting resources and exploding population should hardly be lecturing about personal responsibility and entitlement, hmm?

The straw man posts are tiresome. There’s no way of knowing people’s needs for travel. The argument that a financial incentive is needed to stop people from heading to the beach is obtuse when there are no vacation flights until April 30.

The Covid variants are already present and community transmission accounts for 98% of the spread. It’s just another Trudeau policy that ticks the usual boxes: reactionary, over-priced, and ineffectual.

A few questions, if that’s still permitted?

– Why wasn’t these measures taken a year ago, when they may have had real impact on controlling spread?
– Why detain travellers for three nights when a test result can be obtained the same day?
– Or if not, why haven’t lab resources been expanded in the last YEAR to where results can be obtained quickly? Oh, right, /Canada, /reasons.
– No problem with having travellers shoulder the cost, but how is $2000 remotely reflective? Cost recovery is reasonable, profiteering is not.

If a proper test, trace, and isolate program had been put in place at the beginning of the outbreak that would be one thing.

But Canada’s leadership isn’t Australia or Taiwan or New Zealand. It’s just a joke.

THAT’s what rational people have a problem with, wee Faron. Too many questions that other countries have managed to answer, but are apparently beyond Canada’s leaders. And your ilk defends them.

#107 BillyBob on 02.01.21 at 7:14 am

* edit “why “WEREN’T” these measures taken…”

#108 slick on 02.01.21 at 7:43 am

I have opened , filled, and closed a RESP for our 4 kids.
A few points;
A subscriber cannot contribute after the age of 71. I looked at setting up a RESP for our 3 grandkids, but I would be to old to finish contributions before the kids were 17. Also what if more grandkids come along? {we were surprised this past week that we are expecting another grandchild from one of our kids we thot would never have kids}

A relative received an inheritance and kept the money separate, filled his RESP, TFSA, and RSP in his own name. Very shortly after, his wife annnounced the marriage was over and started divorce proceedings. I was an executor and suggested to all the beneficiaries to keep the money separate. He has thanked me several times for this advice. Her lawyer tried to bring these accounts into the settlement, but that was a non starter.

there was money left in the RESP when our kids finished school, and the CESG and income was removed in the last kids last semester. I removed the contribution money, and it all worked out.

#109 Rakiki on 02.01.21 at 7:45 am

Our two kids are on easy street with their $180K family RESP and 5 years until the first one starts uni… however since it is tax-deferred, we are looking at holding the contributions in the plan as long as possible and only using the grant+income to be taxed in the kids’ hands. This post was a nice refresher on the RESP, always good to get back to basics once in a while.

#110 Dharma Bum on 02.01.21 at 8:05 am

#27 crowdedelevatorfartz

OR
The kid gets an apprenticeship right out of High School.
——————————————————————–

That is in fact the optimal career path these days.

However, the tables are turned.

In order to obtain an apprenticeship and work one’s way through a particular program within a skilled trade, the person involved actually has to have a): a brain, and b): some skill.

High school graduates today? As dumb as they come. Equivalent to grade 6 graduates 50 years ago. No clue.

That’s why they go to university. You can be stupid when you enter university, and even dumber when they “graduate” you out of that degree mill.

A cute liberal arts degree, with a newly fashioned neo-marxist social justice twist, and voila – a university grad.

Like you said, line up at the job fair for the big career making macchiatos and lattes. Or live in Canada and collect Trudeau Bux.

University is ok as long as you graduate in medicine, law, engineering, pharmacology, and maybe (just maybe) accounting (which requires an apprenticeship of sorts regardless and a subsequent series of exams).

Trades require brains, skills, integrity, and discipline.

High schools definitely don’t prepare kids today.

Trades are now an elite career for the gifted few.

But, the RSP is still a good idea. Savings/investment vehicle (just incase) plus free government money.

#111 crowdedelevatorfartz on 02.01.21 at 8:20 am

@@#86 Faron.
“Really questioning how certain generations are labelled entitled. Starting to look like the younger aren’t sole holders of the epithet”

++++

Yep.
David Dingwall.
417k per year as the head of the Canadian mint

Best line ever from a Canadian govt bureaucrat while being grilled by a committee….

https://www.youtube.com/watch?v=UIo-bEsoMgA

#112 Dharma Bum on 02.01.21 at 8:30 am

It figures.

The Gamestop promoter is a CAT LOVER!

https://nationalpost.com/investing/cat-lover-mullet-wearer-chart-fan-the-dude-who-drove-up-gamestock-and-broke-the-stock-market/wcm/9c5963f5-c8af-4467-b40d-e4eb0e5c1643

#113 crowdedelevatorfartz on 02.01.21 at 8:43 am

@#106 Billybob
“Why wasn’t these measures taken a year ago, when they may have had real impact on controlling spread?”

++++

Your questions make too much sense.
Perhaps I can add one more.

Why will it take Canada 2 more YEARS to build a new Vaccine production facility in….. Quebec( a province that continuously threatens to leave Canada)……. when we have hundreds if not thousands of empty factories across Canada that could be temporarily converted.

Pfizer is expanding ( retooling) an addition to their Belgium factory in 2 months to meet worldwide demand.

https://www.fiercepharma.com/pharma/pfizer-and-biontech-pushing-for-2b-coronavirus-vaccine-doses-2021-temporarily-reduce

The Dutch Can-do work ethic vs Canada’s Cant-do bureaucrats?

#114 crowdedelevatorfartz on 02.01.21 at 8:48 am

@#110 Dharma

“In order to obtain an apprenticeship and work one’s way through a particular program within a skilled trade, the person involved actually has to have a): a brain, and b): some skill.”

+++

I disagree.
An apprentice requires a bit of a brain and work ethic…..the skill comes later.
If your stupid but a hard worker you can still be taught through repetition.
If your smart but lazy…….
You are worse than useless…..because you will require constant supervision to ensure you’re not hiding somewhere texting….

My personal observations

#115 IHCTD9 on 02.01.21 at 9:05 am

#105 unbalanced on 02.01.21 at 6:45 am
Why would anyone send their kids to private school? Waste of money. Kids learn from their parents. Too bad most of the time it happens to be ego’s. I have seen this 1st hand as I have worked with the parents. Just saying. Sorry if I offended anyone. We all have opinions.
____

There are some outstanding reasons – all you have to do is think for a little while and you should quickly come up with a few of them if you’re actually trying.

#116 westcdn on 02.01.21 at 9:41 am

The Robinhood crowd has targeted silver. I don’t mind. I have a few silver companies and will try to figure out which ones to sell after this plays out. Pump and dump never gets old.

These Robinhood guys are loaded with too much money and leverage and lack experience. Options are fun when they work. I am out of the options game for now though I do hold some BIR calls for now. They won’t expire for another year and I think they will pay. The preferreds are great – just what I want. Low ratio to common, low debt ratio to retained earnings.

Buying is easy, selling is far more difficult. That is why I like positive cash flow and a strong balance sheet. Things change so I stay alert. I can wait it out.

I have said before prices are not something I don’t control. I live in a small 1200 square foot home in Calgary, laugh at me if you want but it is enough for me. It needs upgrades so I will see what I can do. Problem is my car is nearly 15 years old. It still runs solid, with low mileage yet I can feel the end coming.

#117 Sail Away on 02.01.21 at 9:43 am

Looking a little overcast right now. Hope it clears up, ‘cuz I need my Vitamin D ‘cuz mental health. Worst case I guess we can get drunk on a beach.

#118 Sara on 02.01.21 at 10:08 am

#114 crowdedelevatorfartz on 02.01.21 at 8:48 am

“If your stupid but a hard worker you can still be taught through repetition.
If your smart but lazy…….
You are worse than useless…..
My personal observations”

My personal observations: If you write “your” when you should have written “you’re”, it could be just a typo, but if you do it twice in one paragraph, it could be that you are not the smartest tool in the shed.

#119 Sara on 02.01.21 at 10:12 am

I should have written: “not the SHARPEST tool in the shed”.

#120 Penny Henny on 02.01.21 at 10:21 am

#103 Sail Away on 02.01.21 at 12:21 am
Might even be possible to get a vaccine before leaving to avoid quarantine on return! Here for a month.

???????????

Where have you read that being vaccinated gets you a ‘free out of jail/quarantine card’?

#121 Howard on 02.01.21 at 10:25 am

It seems like almost everyone is shouting “bubble” with regard to the US indices, including some analysts that were previously reticent to do so. Which means they will continue upward.

Nasdaq to 18,000.

#122 unbalanced on 02.01.21 at 10:31 am

No need to think or look trying. Mind made up long time ago. No debate. Move along.

#123 Ponzius Pilatus on 02.01.21 at 11:00 am

#113 crowdedelevatorfartz on 02.01.21 at 8:43 am
@#106 Billybob
“Why wasn’t these measures taken a year ago, when they may have had real impact on controlling spread?”
————————————
I agree.
The Czech Republic waited far too long, and now is on top of the list of most cases per capita.
Also, Portugal is also hard hit.
Austria and Germany are helping out.
Whining is not helping.

#124 the Jaguar on 02.01.21 at 11:20 am

@102 Don Guillermo on 01.31.21 at 11:20 pm
Jag
Mazatlán is hosting the Series del Caribe baseball tournament. First games started today and can be Livestreamed on Facebook.+++
You’re torturing me Don Guillermo, although ‘mi equipo’ is not in the series this year. You know who that is from the music post. Game today -Mexico versus Dominican Republic. The Dominicans are aways hard to beat. Enjoy.
+++
#103 Sail Away on 02.01.21 at 12:21 am
Come join the party at Kona Tiki. West Jet and Lifelabs have a deal so you get tested immediately, then all aboard and off to sunny paradise. We love this old motel- built right on the water with schools of yellow and black tangs right below, all the crazy birds around the banana trees, fabulous snorkeling. Might even be possible to get a vaccine before leaving to avoid quarantine on return! Here for a month.+++

It’s exactly my style of place. Small waterfront location with character . No hipsters hanging around, just real people. Made some work commitments to stay occupied during the pandemic, but name and location duly noted. If in future a jaguar is spotted, don’t alert wildlife control, it will only be me.

#125 Sail Away on 02.01.21 at 11:22 am

#120 Penny Henny on 02.01.21 at 10:21 am
#103 Sail Away on 02.01.21 at 12:21 am

Might even be possible to get a vaccine before leaving to avoid quarantine on return! Here for a month.

————

???????????

Where have you read that being vaccinated gets you a ‘free out of jail/quarantine card’?

————-

I admit assuming that, eventually, a small whisper of reason may worm itself through the ramparts of bureaucratic tar.

If not? Que sera sera. We could always stay here another month if needed. Hope the $600/day Van hotel/jail at least has good food and wifi!

#126 the Jaguar on 02.01.21 at 11:23 am

@#91 Loonie Doctor on 01.31.21 at 8:58 pm

Thank you for your response. And thank you especially for your service to the community and families who would be lost without you and your colleagues.

#127 crowdedelevatorfartz on 02.01.21 at 11:25 am

@Sara.
“My personal observations: If you write “your” when you should have written “you’re”, it could be just a typo”

++++

Good job!

Sara the grammar nazi.

One of her few abilities.

#128 crowdedelevatorfartz on 02.01.21 at 11:28 am

@#119 Sara
“I should have written: “not the SHARPEST tool in the shed”.

++++

Isn’t there a fly somewhere that requires you to remove it’s wings ?

#129 IHCTD9 on 02.01.21 at 11:42 am

#119 Sara on 02.01.21 at 10:12 am
I should have written: “not the SHARPEST tool in the shed”.
___

Heh, that’s the problem with correcting someone else’s grammar or spelling. Sure as shit, you’ll stick it to yourself shortly thereafter…

#130 BillyBob on 02.01.21 at 11:43 am

#123 Ponzius Pilatus on 02.01.21 at 11:00 am
#113 crowdedelevatorfartz on 02.01.21 at 8:43 am
@#106 Billybob
“Why wasn’t these measures taken a year ago, when they may have had real impact on controlling spread?”
————————————
I agree.
The Czech Republic waited far too long, and now is on top of the list of most cases per capita.
Also, Portugal is also hard hit.
Austria and Germany are helping out.
Whining is not helping.

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

Your schadenfreude is noted but a bit pointless. I cannot influence decisions made in the Czech Republic.

But I assume you’re able to vote in Canada, so what’s your excuse?

#131 Don Guillermo on 02.01.21 at 11:44 am

#124 the Jaguar on 02.01.21 at 11:20 am
@102 Don Guillermo on 01.31.21 at 11:20 pm
Jag
Mazatlán is hosting the Series del Caribe baseball tournament. First games started today and can be Livestreamed on Facebook.+++
You’re torturing me Don Guillermo, although ‘mi equipo’ is not in the series this year. You know who that is from the music post. Game today -Mexico versus Dominican Republic. The Dominicans are aways hard to beat. Enjoy.
************************************

Yes, just realized Cuba missed the Series last year citing visa problems. Not sure if it’s the same reason this year.

******************************************
#103 Sail Away on 02.01.21 at 12:21 am
Come join the party at Kona Tiki. West Jet and Lifelabs have a deal so you get tested immediately, then all aboard and off to sunny paradise. We love this old motel- built right on the water with schools of yellow and black tangs right below, all the crazy birds around the banana trees, fabulous snorkeling. Might even be possible to get a vaccine before leaving to avoid quarantine on return! Here for a month.+++
***********************************
SA – have a great month in Hawaii!!

#132 Don Guillermo on 02.01.21 at 12:14 pm

#124 the Jaguar on 02.01.21 at 11:20 am
@102 Don Guillermo on 01.31.21 at 11:20 pm
Jag
Mazatlán is hosting the Series del Caribe baseball tournament. First games started today and can be Livestreamed on Facebook.+++
You’re torturing me Don Guillermo, although ‘mi equipo’ is not in the series this year. You know who that is from the music post. Game today -Mexico versus Dominican Republic. The Dominicans are aways hard to beat. Enjoy.
************************************

Yes, just realized Cuba missed the Series last year citing visa problems. Not sure if it’s the same reason this year.
***********************************
Also, since Vlady Jr was playing ball in DR this winter I was hoping he’d be in this series. Doesn’t look like he is.

#133 westcdn on 02.01.21 at 12:28 pm

I am much like my father, I like telling stories.

People think eagles are majestic. Well they are really vultures. My father took me to a couple of salmon spawning creeks where dozens of eagles were hanging in the trees. They were waiting for a salmon to expose itself.

He waded into the water and threw a 20 pounder onto the bank. The eagles went wild and one scooped it up to carry it dog knows where. They are strong birds. Too bad it it was a spring because they are my favorite for eating.

I have to laugh at the dumb things I have done. I heard about a railroad tunnel. I took my brother down the bare railroad track. Those Scottish engineers did some amazing things.

On the way back, I noticed a wide path that seemed to lead to the road I wanted to be on. So not wanting to run another 20 minutes in my Honda Civic on the track, I elected to take the path. It did not work well. My brother got out and guided me through some mighty mean terrain. I thought I was going have to leave the car in a forest as a souvenir to the foolish.

We got out as the trees were well spaced. Later I went bike riding and ran in to a flock of really ugly vultures with a bad attitude – not a good time.

#134 IHCTD9 on 02.01.21 at 12:41 pm

#100 Nonplused on 01.31.21 at 10:55 pm

… She said no. So I told my daughter to start borrowing her mom’s car more. In addition to the inconvenience, my ex discovered it was going to cost her $4,000 a year to have my oldest daughter insured as on occasional driver on her nearly new car. Whereas she could be insured for $2,000 a year full time on the old Jeep.
____

Strange, 3rd vehicle for my eldest would run 4500.00/yr for primary driver on a 10+ year old beater sedan under our policy. However, occasional driver staying at 2 vehicles runs him 500.00/yr under our policy. Car is an 8 year old econobox.

It is a PITA staying at 2 vehicles though. At one point last year, all 4 of us worked full time, 3 with licenses, and all logistics were handled with 2 vehicles. 4.5K for a 3rd vehicle was looking cheaper and cheaper every week!

#135 Katherine on 02.01.21 at 2:58 pm

#128 Fartz

“Isn’t there a fly somewhere that requires you to remove it’s wings ?”

Sara, I found another typo haha. “It’s” should be “its”

#136 crowdedelevatorfartz on 02.01.21 at 9:35 pm

@#135 Katherine

Not to be as pedantic as you but…..you misspelled Farts

#137 westcdn on 02.02.21 at 3:00 am

Maybe I will only score a zero. That will not stop from trying. Luck is what is what is it. And it will come to you despite birthright. I am just one of those guys that will work for it. Listening is key. For some reason I think Dog wants to keep me around. I have no idea for what.

#138 Mo on 02.02.21 at 7:57 pm

So what happens if you put money in RESP, and then there are hard times (such as now with a pandemic), and you need money to feed your children?
Can you withdraw from RESP for basic immediate necessities? How? Taxes?