The inevitable

.
  By Guest Blogger Sinan Terzioglu
.

By 2030 seniors will number over 9.5 million and make up almost a quarter of the Canadian population.  That’s up from approximately 16% in 2015.  By 2036, the average life expectancy at birth for women will rise to 86.2 years from the current 84.2 and to 82.9 years from the current 80 for men.  An aging population will significantly increase the cost of healthcare as the average per-person spending on Canadians 65 and over is more than four times higher than those under 64.

Do you have a plan for your aging parents? 

As the length of our lives increases, so does our need for long-term care.  A CIBC report stated that caring for aging parents costs Canadians an estimated $33 billion a year in out-of-pocket expenses and time taken off from work – and these costs will continually rise.  More and more of us are realizing we’re not prepared for these costs, so it’s important to prepare for them as part of your family’s long term financial plan.

It’s never too early to start the conversation with your parents and loved ones.  Begin by gathering information about where your parents keep their safety deposit box and important documents.  Make a list of their bank and investment accounts as well as documents such as insurance policies and wills.  Get the names of their lawyer, financial advisor and accountant.  You should also make note of your parents’ income and how much comes from government pensions, employer pensions and investment portfolios.  Discuss what they would like longer term and when/if to downsize their home.  Having an idea of all of this will help you and your family plan in advance of challenging times rather than during them.

Most children don’t feel comfortable speaking to their parents about money.  On the other hand, aging parents don’t want to be a burden on their adult children.  The cost of this silence can be very high.  A significant portion of professional, equipment and retirement home expenses are being paid out-of-pocket by families and are often a shock to most.  The average 2019 monthly rent for a standard retirement home in Ontario was $3,758. Costs can also significantly increase for dementia patients or for additional one-on-one nursing assistance so it is crucial to be prepared.

A majority of long-term care decisions are made during a medical crisis when emotions and stress levels are high.  Needless to say this is not the best time to be talking about money and major decisions with your parents and loved ones, so having the conversations early on is very constructive.  Healthcare costs are likely to continue increasing at a rate higher than inflation which makes early preparation even more important.  This may affect your plans on how long to work and how much to spend on significant purchases.

Assign Power of Attorney (POA)

A power of attorney is a legal document that gives one person, or more than one person, the authority to manage property and make financial and medical decisions on behalf of a grantor. A POA makes life much easier in the event of a crisis as circumstances change very quickly. The Canadian Medical Association estimates the number of Canadians living with dementia is expected to rise 66% over the next 15 years, and the risk of dementia doubles every 5 years after the age of 65 so it’s critical to plan for this while your parents are still of sound mind as lawyers can refuse to facilitate a POA once there’s a diagnosis of dementia.
 
Understand Important Tax Credits

A non-refundable tax credit reduces your tax bill.  For example, a $1,000 tax credit will directly lower your tax bill by that amount which is different than a tax deduction, which lowers income resulting in less tax.  If you are paying out-of-pocket for a loved one’s medical expenses like nursing home care some tax relief can come through Medical Expense Tax credits (METC).

Some Canadians are choosing to age in their homes and are installing stair lifts and wheelchair ramps.  If you paid for a home renovation or addition to help with a senior’s accessibility, the home accessibility tax credit (HTAC) will allows a credit of up to $1,500 per calendar year per individual.  If you provide for a loved one with a disability, injury or illness you can claim the Canada Caregiver Credit (CCC).  The person receiving your care does not have to be living with you for you to qualify.

Remember to save for the long-term

If you are not saving and investing at least 15% of your income, you’re not putting aside enough.  Make this rate of savings a priority before considering what a housing and lifestyle budget can be.  It is never too early to start saving and every year you delay will cost significantly more.  Life will inevitably throw curve balls at you and having liquid financial assets will help handle them much easier.

Over 747,000 Canadians now live with Alzheimer’s or another dementia.  Last year the lifetime cost of care for a person with Alzheimer’s was over $400,000 and families bear approximately 70% of that.  You must continually consider all potential scenarios aside from just raising your children and your own retirement goals.  The earlier you learn and understand your loved one’s long term financial circumstances, the better prepared you can be.  For some Canadians, that may mean delaying significant expenditures such as home ownership until a strong financial base has been built.

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.

About the picture: “Chief was a Airedale Terrier whose owner lived on Bull’s Lane, which would be on Hamilton mountain,” writes blog dog Scott. “He was a wanderer so his owner arranged for him to have an account with the Yellow Cab Company. They kept an eye out for him and brought him home when they saw him. In 1946, during the Stelco strike, one of his favourite hangouts was the strikers’ tent outside the gate where he was assured of company, day or night. That would be about four km down the escarpment from Bull’s Lane as the crow flies. Here he is after being brought home.”

126 comments ↓

#1 Chameleon on 04.22.21 at 1:56 pm

LOOK! A HUMAN IN THE PHOTO!

A SMOKING MAN!

…oh, Garth’s day off, that’s why.

#2 S.Bby on 04.22.21 at 2:00 pm

Marry a young hottie and she’ll take care of you. Problem solved.

#3 TurnerNation on 04.22.21 at 2:09 pm

Hey it’s the New New Guy!

If you wish to track food input pricing there is CORN.US and WEAT.US ETFs.

— DOLCE some charts linked via Jean Marc Benoit MD @JeanmarcBenoit – what of these variants?
Correlation is not causation – more study is required to what’s going on here.

https://twitter.com/jamft/status/1384540865939460098
https://twitter.com/jamft/status/1384543881090330634

—My take based on what our global elites openly have stated is that we now are facing un-ending global control over our Feeding, Breeding and Movements/Travel. Every new law, edict is to this effect isn’t it?

Jesus. Get us some real leaders already. Clearly he and his family wish still to drive to their cottages…

.”We got it wrong, we made a mistake” -Tearful Doug Ford apologizes over police state (ottawacitizen.com).

https://www.tvanouvelles.ca/2021/04/22/en-direct–legault-fait-le-point-sur-la-situation-au-quebec
.Quebec wants stricter border measures

.‘As sorry as we are’: German lawmakers approve new controversial Covid-19 lockdown bill following heated debate (rt.com)

.Ontario’s Superior Court of Justice to defer cases due to COVID-19 pandemic (globalnews.ca)

.Freeland urges patience as business looks for answers on reopening border, economy (cp24.com)

.Ontario Science Table on mobility restrictions(twitter.com)
https://twitter.com/rubiconcapital_/status/1385015930003116034
“”anything that keeps people at home”
“reducing that mobility”
“hard lockdowns with clear communication”
“very stringent enforcement”
“curfews”
“very strong control of traffic””

#4 Linda on 04.22.21 at 2:14 pm

Sinan, I don’t disagree with your comments regarding saving for the future, or with the concept that health care costs can be catastrophic. However, the saving 15% of your (after tax?) income isn’t something most would do. Yeah, yeah, I know there will be commenters claiming they set aside more than your suggested 15%. However this ignores the fact that for many, CPP is effectively the only retirement ‘savings’ they have & they only have it because it is mandatory. Scary but true.

#5 IHCTD9 on 04.22.21 at 2:17 pm

Love those old 40’s/50’s pics. I’ve always thought the 50’s would have been a great time to live through. At least that’s what I get from looking at old ads, pictures, and films. Seemed like lots of optimism for the future was out there. Everything got goofy in the 60’s and stayed goofy from there on in (except maybe the 90’s).

Maybe I’ve just watched “Grease” one too many times.

#6 Ponzius Pilatus on 04.22.21 at 2:21 pm

#136 Dharma Bum on 04.22.21 at 10:21 am
I am leaving Canada.

I am moving to Alberta.
————
Funny,
In a Yogi Berra way.
But remember : you can run, but you can’t hide.

#7 Don Guillermo on 04.22.21 at 2:23 pm

#2 S.Bby on 04.22.21 at 2:00 pm
Marry a young hottie and she’ll take care of you. Problem solved.
***********************************
Might have to leave Burnaby to accomplish that ;>)

#8 NorthOf49 on 04.22.21 at 2:28 pm

I know Bull’s Lane well. Some prominent Hamiltonians lived in this private enclave with views of the lake and Toronto on a sunny day. As a summer student in the ’80s, I did some landscape construction at a house owned by a local surgeon. Some of the hardest work I’d ever done. Never knew the story about the wandering Airedale but not surprising, in those days it was only small two-lane roads that made their way up the mountain.

#9 Faron on 04.22.21 at 2:31 pm

#6 Ponzius Pilatus on 04.22.21 at 2:21 pm

#136 Dharma Bum on 04.22.21 at 10:21 am

Funny,
In a Yogi Berra way.
But remember : you can run, but you can’t hide.

—-

Reminds me of the Americans who threatened to move to Canada when the Affordable Care Act was passed.

#10 Ponzius Pilatus on 04.22.21 at 2:39 pm

I believe that we are overstating the overall cost of eldercare in the coming years.
Yes, people are living longer and Dementia is on the rise.
However, the following could mitigate the problem:
1. Immigration is now mostly from countries where care of the elderly is a family matter, putting them in a care home with strangers is frowned upon.
1. There appear to be some promising anti Alzheimer drugs coming down the pipe.
This, together with other age defying medical advances could reduce the need for expensive elder care.
In addition, 16% of Canadians don’t save for their retirement, expecting to win the Lottery.
In summary, the future may look brighter, but it is still a good practise not to rely on the Lottery and the Government for the bulk of your retirement financial needs.

#11 G on 04.22.21 at 2:39 pm

Some might find this interesting. 10min on perception and free speech.
The Truth You Need To Know Here Is What’s Going On https://www.youtube.com/watch?v=qW6yDZqmSq4

#12 TheDood on 04.22.21 at 2:41 pm

Good article with useful info. Had this conversation with the parents already, is a tough one to start and get through, but once your through, everyone’s mind is at ease and its one less stress in your life.

#13 Ponzius Pilatus on 04.22.21 at 2:41 pm

#7 Don Guillermo on 04.22.21 at 2:23 pm
#2 S.Bby on 04.22.21 at 2:00 pm
Marry a young hottie and she’ll take care of you. Problem solved.
***********************************
Might have to leave Burnaby to accomplish that ;>)
———–
Yeah, Selma Hayek is one of my Favorites.

#14 Lead Paint on 04.22.21 at 2:42 pm

#49 Adam Smith on 04.21.21 at 5:23 pm
#68 Faron on 04.21.21 at 6:41 pm

This exchange is a beautiful case study on how nuts the Woke Olympics has become.

White Person A (Faron) uses the term ‘BIPOC’ while trying to show his empathy to said group of people, which offends white person B (Adam Smith). Of course, BIPOC is a term invented by left leaning people to empower just such people, but let’s leave that aside for now.

But white person B provides no alternate language as how to refer to people that are not white, which apparently is now a group of people you are not allowed to group together.

It seems that to refer to a group of people you need to identify each person by name, or as small a segmentation as you can possibly define, no mater how onerous that may be. My wife is South Indian, and Adam Smith’s wife is from Northern India, but don’t you dare identify them as Indian as they are not interchangeable! Their experiences are different!

White person A promptly apologizes to to White person B – Faron apparently has learned a lot from our current Prime Minister to accept blame and guilt unquestionably. Although to his credit, Faron did not apologize on behave of all Canadians.

Surely Adam Smith you are just winding up Faron, to which I say well played sir!

#15 VGRO and chill on 04.22.21 at 2:50 pm

No Earth Day post?

Makes me sad.

Get over it. Instead, a post of useful information. – Garth

#16 Sail Away on 04.22.21 at 2:53 pm

Vancouver full-service care home: $10-12k per month, Nanaimo: $6-8k per month.

When it gets to this stage, the location of the care home most definitely does not need to be in the same city the oldster has lived their life. Shop around and save hundred$ of thousands.

#17 Penny Henny on 04.22.21 at 2:54 pm

#153 april on 04.22.21 at 12:45 pm
#146 – Ross Kay does not comment on this blog site. That is his real name.
You’re obviously a realtor.
///////////////

Ooooooh, I think April is VREU

#18 Lefty on 04.22.21 at 2:57 pm

“aging parents don’t want to be a burden on their adult children”

——-

My in-laws would beg to differ..

#19 Penny Henny on 04.22.21 at 3:03 pm

Faron you know what your problem is, it’s this

//////////////
#30 Faron on 04.21.21 at 4:06 pm

I’m done going around this merry-go-round with you. Garth is almost certainly also done hearing about this. If you take this as an opportunity to slam me and “get the last word in”. Shame on you. If not, have a nice day.

Yeah. Knock it off already. – Garth

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

You say you’re done, you basically apologize for wasting Garth’s time, Garth says enough already and then you go on to post 20 more times on the same thread.
How many times have we seen the exact same behaviour from you? PLENTY!
Always the same thing. Please, stay on your meds.

#20 crowdedelevatorfartz on 04.22.21 at 3:03 pm

@#162 Sara

“They’re attacking because you threaten their – mostly warped – world views.”
+++

I think its my pointy head.
Or , maybe it’s just the fumes….?

Either way, it’s not warped to me.

#21 Faron on 04.22.21 at 3:07 pm

#30 Faron on 04.21.21 at 4:06 pm

Yeah. Knock it off already. – Garth

Sincere apologies to you, the host Garth. I didn’t see this yesterday. I would have knocked it off if I had and regret further wasting of your time after being asked to chill.

Have a good day everyone.

#22 Scott on 04.22.21 at 3:12 pm

Thanks for the post Sinan,

When you say 15% are you talking net or gross income?

Have you heard of Cassava sciences? Really interesting work being done on a drug called Simufilam. Currently heading to phase three trials. They were hoping to slow or better yet stop cognitive decline due to Alzheimers. They actually saw an increase in cognitive ability in their phase two trials.

I would think a volatile biotech company would be a no no in the Turner B+D portfolio but it could be a major game changer if they’re able to achieve even a fraction of the results (in the small sample size) that they’ve shown so far.

If you’re interested have a quick read. Definitely a huge issue on the horizon with the demographic time bomb about to go off.

https://www.cassavasciences.com/investor-relations

#23 Dolce Vita on 04.22.21 at 3:15 pm

#3 TurnerNation

@JeanmarcBenoit (aside: I now know where Anthony Furey and the Toronto Sun get a lot of their science from).

————-

To be honest about Juergen Amft @jamft, he should not be allowed to chart anything Covid, stick to stocks in his profession instead. He provides NO sources for the data that he is charting be it deaths, vax numbers, were the deaths after vaxing?, etc.

Leaves TOO much to the imagination and some people from the comments to his charts have vivid imaginations but little foundation in charting, statistics and verifiable public domain data well accepted by all.

Lost upon them and I would say Mr. Amft. He may well be correct but provide the sources and statistics (and correlation coefficients) so that his assertions may be verified.

————-

As for Dr. Benoit, interesting guy. A little conspiratorial I think, yet interesting person.

Firstly, he MOSTLY retweets conspiracy theory allegations most of which are hot air and not well substantiated by the public medical domain. And yet again, some people really have no foundation in charting, statistics and public domain data well accepted. Spew data out let others spend time showing the errors in logic…no thanks.

One of his own tweets (few), for example:

https://twitter.com/JeanmarcBenoit/status/1385090236166901761/photo/1

A very, very, very far cry from double blind studies for example by vax companies of 30-40,000 participants.

————-

What do I think?

1. Free Speech and it is good and right to question the authorities and/or a SELECT FEW that make decisions which affect the lives and well being of MILLIONS.

2. I do not like how they are going about it BUT if history serves us correct what were once “MYTHS” were later revealed to be “TRUTHS”. What am I saying here? That they are probably on to something (data being withheld from the general population) but how they are going about it does not pass the muster of math, logic and the public domain well accepted.

Ultimately they are battling with the “the greater good” hypothesis of Covid vaxing, avoidance methods and the authorities imposing that upon we the Plebians.

I remain unconvinced by what they say from having perused their Tweets.

Unfortunately, history here is ultimately fickle.

We have had successes such as the Polio, Smallpox vaccines and we have also had Thalidomide and Doctors in the 30’s to 50’s that prescribed nicotine for health benefits.

https://i.imgur.com/kdJbk0y.png

So who knows TN? For now I defer to avoidance and vaxing* until proven wrong. The math, logic and public domain well accepted is overwhelming thus far.

(*Disclaimer: proud owner of at least a 100 shares of Novavax from a year ago, +1550%…meagre, threadbare —> meek, soon enough).

Yes Garth, 1 of my meagre, threadbare, very, very few single stock pics. ETF convertee here.

#24 Sask to AB on 04.22.21 at 3:18 pm

Wonderful post!!

F58AB

#25 Dolce Vita on 04.22.21 at 3:18 pm

Excellent advice today.

I have to say though, I could not bring myself to take tax deductions for my ailing Mother when taking care of her at home and after topping off 24/7 Care Home expenses.

POA I had it, never used it. Any expenses she incurred outside of the above I paid for them, even the funeral.

My thinking is the least I could do for the child rearing years she did for me and also being my best friend until she died.

Still, very good advice indeed.

#26 Dogman01 on 04.22.21 at 3:20 pm

#15 VGRO and chill on 04.22.21 at 2:50 pm

No Earth Day post?
——————————-

Earth Day and ESG

I want my corporations to be “red of tooth and claw” , hunt down profits and get them to me.

It is up to government to set the rules of the market, environmental, social standards.

“Go Woke, get Broke!”

Now I get it you can exploit the gullible with this righteous fad and make a good profit, like those two dofus guys and the Plastic Ocean stuff. https://www.youtube.com/watch?v=HAgri8sivp0
It is not a charity :)

#27 theoryAndPractice on 04.22.21 at 3:25 pm

#3 TurnerNation on 04.22.21 at 2:09 pm
Hey it’s the New New Guy!

Did you get an upgrade?

#28 Rudy on 04.22.21 at 3:35 pm

DELETED

#29 For sake on 04.22.21 at 3:42 pm

#16 Sail Away

Thankfully non Islanders are banned from ferry use. We don’t want any more relocation to Nanaimo. That way our price advantage in care homes won’t erode. Lol.

#30 Inadequate on 04.22.21 at 3:45 pm

As an Ontarian who is extremely frustrated about our slow vaccination program, I am happy to inform that I just got jabbed with first Pfizer dose in Michigan. It is free of charge. They looked at my driver licence to confirm ID. That was it. Never thought that I would praise US health care system. Well, today is the date.

#31 Most won't nevermind can't on 04.22.21 at 3:48 pm

#4 Linda

99 or more % won’t save – you’re spot on. Socks and Freeland know this. Actually, we all know it! A mandated mortgage payment is the very best savings plan that ever existed. Many years from now, we will be expected to live off our home capital. Don’t fight it. Plan for it.

#32 Rudy on 04.22.21 at 3:52 pm

DELETED

#33 A on the Island on 04.22.21 at 3:55 pm

My mom was in Assisted Living for a few years and the cost was close to $3500/month at the end when she needed more services in 2018. Once dementia was diagnosed she qualified for long term, residential care. That was based on her income …. 80% if I recall correctly which worked out to be $1000 cheaper per month. She had to go where they placed her for the first 60 days but then I was able to move her into a very nice, one year old facility. Private pay would have started at $6,000/month back then.

MIL, who has champagne taste, is in AL and pays over $5000/month ….. if it wasn’t for two COVID rent freezes it would be much higher right now. She knows she can’t afford private pay if she needs long term care in the future so will have to take subsidized accommodations.

#34 Brett in Calgary on 04.22.21 at 4:02 pm

I agree with you Sinan, but nearly no one is doing this:

“For some Canadians, that may mean delaying significant expenditures such as home ownership until a strong financial base has been built.”

#35 IHCTD9 on 04.22.21 at 4:10 pm

#10 Ponzius Pilatus on 04.22.21 at 2:39 pm
I believe that we are overstating the overall cost of eldercare in the coming years.
Yes, people are living longer and Dementia is on the rise.
However, the following could mitigate the problem:
1. Immigration is now mostly from countries where care of the elderly is a family matter, putting them in a care home with strangers is frowned upon.
_______

This is true and huge from likely most of our immigrants from poor countries, that’s how they got by for generations. Even Western Europe was like this not too long ago.

There are other things to consider as well though. I quite by accident discovered that South Asians living in the West have a 3-400% higher instance of cardiovascular disease compared to Whites, and it hits much earlier in life too. We’re talking guys in their 40’s and early 50’s falling over with heart attacks.

Even worse, they are up to 600% (!) more likely to get type 2 diabetes as well compared to whites, and apparently they are resistant to insulin on top. There are groups all over the world working on why this is, but no answers are forthcoming as of yet.

So, Western based South Asian kids are going to have some major costs attached to elderly care, even though they won’t be shelling out for a retirement home. No one can guess what the future holds, this stuff just jumps out of nowhere.

#36 Doug t on 04.22.21 at 4:12 pm

Death and taxes

#37 Don Guillermo on 04.22.21 at 4:23 pm

#13 Ponzius Pilatus on 04.22.21 at 2:41 pm
#7 Don Guillermo on 04.22.21 at 2:23 pm
#2 S.Bby on 04.22.21 at 2:00 pm
Marry a young hottie and she’ll take care of you. Problem solved.
***********************************
Might have to leave Burnaby to accomplish that ;>)
———–
Yeah, Selma Hayek is one of my Favorites
******************************************
I know, Selma is wonderful, soo sweet. She’s my neighbor.

I think you know my other neighbor as well. He’s Pedro, wears a big sombrero and has a little brown burro. He’s OK, just a little too deep into the tequila jug if you know what I mean. Why do I tell you all this? You know exactly how they are.

#38 Devil Anse on 04.22.21 at 4:30 pm

My plan for living with dementia or serious loss of autonomy is to have a smothering party. I’m gonna leave $25K in cash under my mattress, and invite my friends to smother me with a pillow. Who ever gets it done, gets the $25K. I have a strong suspicion of who the winner will be. No way in hell I’m going into one of those dumps we call ‘long term care’, ‘old folks home’ etc. Ever seen what passes for dinner in one of those places?
https://ca.finance.yahoo.com/news/ontario-long-term-care-homes-under-fire-for-meals-fed-to-residents-174755691.html

#39 SoggyShorts on 04.22.21 at 4:30 pm

#102 Stone on 04.21.21 at 9:35 pm
#51 Pietra Nera on 04.21.21 at 5:27 pm

Apparently, Vietnam, a 3rd world country, can do a much better job at getting their shit together. 2600 ill and 35 dead. Riddle me that one, Batman

*************
I was there for the 1st half of 2020, and it’s pretty simple:

1. The message was consistent from day 1 (masks, travel etc)
2. Everyone did what they were told, zero exceptions.

That’s it.

#40 crowdedelevatorfartz on 04.22.21 at 4:35 pm

Parents in assisted living home.
Separate rooms due to one being incontinent.

One parent in their 500 sq ft 1 bedroom apartment + two meals a day… $4500/month

Other parent in 1 room, 24/7 care , 3 meals a day.
$8800/month
.

#41 Trojan House on 04.22.21 at 4:38 pm

Nova Scotia going into four week lockdown. Not looking so smug now.

Too many germy Upper Canadians bought houses in NS. – Garth

#42 dumb dumb Ford on 04.22.21 at 4:41 pm

‘ (sobs)……i’m sorry……..(weeps some more)……really I am ……..be safe..’

resign Ford, be a man

#43 Sinan Terzioglu on 04.22.21 at 4:41 pm

#22 Scott – I recommend saving at least 15% of your gross income. Thank you for sharing the information about Cassava Sciences. Sounds very promising. – Sinan

#44 westcdn on 04.22.21 at 4:45 pm

There is a group of 65+ who think they deserve more from society. Who wants to live hand to month for the rest of their lives? I am against younger generations to step up and pay. Let the seniors fight amongst themselves on how to share benefits and wealth. Their children should not be a part of this battle despite many having a financial interest.

My youngest is a millennial thru and thru. We battle over turf all the time. She had a dental appointment, the millennial hygienist was late by 20 minutes and said what a beautiful smile you have. The boomer dentist was early by 5 minutes and was pissed. Later a boomer hygienist examined her her teeth and said your teeth are not perfect and age is coming. She can’t stand most boomer attitudes without fighting back and she is in HR resolving their issues.

During the media lockdown before Ms Freeland released the liberal election budget, a pundit heard her say debt does not matter. Be prepared for a pampered public service and a rough ride for the productive.

I thought this was interesting on how fat aids Covid kills.

https://www.zerohedge.com/medical/how-government-subsidizes-obesity

May sell and go away approaches – cash is ready.

#45 Doug Ford ...sighting.. on 04.22.21 at 4:48 pm

…….. Shopper’s Drug Mart in Etobicoke buying kleenex

Doug, be a man– resign

#46 Sail Away on 04.22.21 at 4:49 pm

#29 For sake on 04.22.21 at 3:42 pm

Thankfully non Islanders are banned from ferry use. We don’t want any more relocation to Nanaimo. That way our price advantage in care homes won’t erode. Lol.

———

Good point. Don’t come to Nanaimo. We don’t have hundreds of km of hiking, mtn biking and running trails, perfect weather, affordable housing, high-paying jobs, excellent engineers, great fishing, ocean playground, almost nonexistent traffic or fantastic restaurants.

Nope, not here.

#47 islander on 04.22.21 at 4:52 pm

https://www2.gov.bc.ca/gov/content/health/accessing-health-care/home-community-care/care-options-and-cost/long-term-care-services

Check government websites (BC above) for those needing long term care for dementia and other complex health issues.

“In B.C., long-term care services and support options are available from both publicly subsidized and private pay long-term care homes.”

My mother has been in excellent long term care for over a decade. She pays 80% of her income and the provincial government subsidizes the remainder.
There are many excellent long term care homes in B.C.
You need to do your homework (on behalf of your parents), read as much as you can and talk to hospital social workers for up to date information regarding elder care.
Knowledge is power.

#48 espressobob on 04.22.21 at 5:06 pm

Building a nest egg through an TFSA reduces stress over time as this acts like a safety net. An RRSP as Garth has described works best as a tax shifting strategy allowing one to avoid being in a higher tax bracket some years and withdrawing in others in a lower one.

This takes a bit of study for some, and totally worth the effort.

The future is not for us to see. That’s why.

#49 Sara on 04.22.21 at 5:11 pm

#20 crowdedelevatorfartz on 04.22.21 at 3:03 pm
@#162 Sara

“They’re attacking because you threaten their – mostly warped – world views.”
+++

I think its my pointy head.
Or , maybe it’s just the fumes….?

Either way, it’s not warped to me.

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

Oh, were you also partaking in the attack? I didn’t notice.

#50 BobinKits on 04.22.21 at 5:15 pm

Sail Away on 04.22.21 at 2:53 pm
Vancouver full-service care home: $10-12k per month, Nanaimo: $6-8k per month.

When it gets to this stage, the location of the care home most definitely does not need to be in the same city the oldster has lived their life. Shop around and save hundred$ of thousands.
******************************
I don’t believe it is as easy as just shopping around for your care home. My understanding is that for the majority of these care homes one must be a resident of the community or at least have a close relative who is a resident in order to be accepted into the care home.

#51 TurnerNation on 04.22.21 at 5:20 pm

T2 gave us his soma, the 420 stuff. But you must give something in return. 400th day of Economic Shutdowns tomorrow.

Shutting down the whole country bit by bit. This ain’t over for YEARS. Life in a Former First World Country.

– Apparently in Halifax there are 3 people in hospital and 0 in ICU over this. Apparently they found 8 single cases in 8 different schools.
What are the chances…Well Alphonse would tell us today’s day 4/22 adds up to 8.
And the 8 cases.
88 = Infinity lockdowns. Hogwash…but it’s happening.

.N.S. announces “near full-lockdown measures” for Halifax area as COVID-19 cases continue to climb (atlantic.ctvnews.ca)

———-
Food supply/Feeding. Reeling from the Government ordered Economic Shutdowns. Fixed it.

The Financial Post reports in its Thursday edition that some of the world’s largest food manufacturers are warning that soaring ingredient costs will force them to raise their product prices, but the head of a top Canadian supermarket chain on Wednesday said those increases won’t translate into higher grocery bills. An unbylined Post item reports that consumer product multinationals, including Cocacola, Procter & Gamble and J.M. Smucker, have started signalling that price increases are on the way after a series of calamities overwhelmed global supply chains that were already reeling from the pandemic. The coming wave of price increases is also liable to further exacerbate tensions in the Canadian grocery business….
© 2021 Canjex Publishing Ltd. All rights reserved.

#52 Ponzius Pilatus on 04.22.21 at 5:21 pm

#16 Sail Away on 04.22.21 at 2:53 pm
Vancouver full-service care home: $10-12k per month, Nanaimo: $6-8k per month.

When it gets to this stage, the location of the care home most definitely does not need to be in the same city the oldster has lived their life. Shop around and save hundred$ of thousands.
—————–
Typical Sailo.
Why not send them to the Phillipines.
Much cheaper than getting a Phillipina nurse.
Out of sight, out of mind.

#53 Cash is King on 04.22.21 at 5:26 pm

Happy Earth Day!

Doing my part to beautify the world by cutting down an ugly tree since 1970.

#54 Russ on 04.22.21 at 5:28 pm

Sail Away on 04.22.21 at 4:49 pm
#29 For sake on 04.22.21 at 3:42 pm

Thankfully non Islanders are banned from ferry use. We don’t want any more relocation to Nanaimo. That way our price advantage in care homes won’t erode. Lol.
———
Don’t come to Nanaimo. We don’t have hundreds of km of hiking, mtn biking and running trails, perfect weather, affordable housing, high-paying jobs, excellent engineers, great fishing, ocean playground,

almost nonexistent traffic…
============================

Maybe for you. The traffic in Nanaimo was brutal this morning. I had to stop at two of the four traffic lights on my way to work this morning.

Cheers, R

#55 Steven Rowlandson on 04.22.21 at 5:32 pm

Do you have a plan for your aging parents?

Pray for Mom as she recently got vaxxed.
She needs all the help she can get after making that whopper of a mistake.

#56 JSquared on 04.22.21 at 5:35 pm

Excellent advice Sinan. After having just gone through this with the death of my mother, I can honestly say there is no greater gift you can give your family than to make sure all your legal paperwork is in order, long, long before any health issues arise.

Unfortunately, dementia did creep up in her later years, but she wanted to, and was able, to continue living in her home (with some home care assistance). I was POA & Executor and knew all her wishes beforehand. There was no doubt, guilt or second guessing when important decisions needed to be made. I had copies of all her important papers, knew where she kept originals. She made me joint owner on all her bank accounts (I took care of paying all her bills & ordering grocery deliveries while living in a different city). She even had her funeral pre-paid well in advance.

It has been eye opening the mountain of paperwork and details that need to be taken care of after a person dies. I can not imagine having to deal with all of this, while in the midst of grieving, if her affairs were not so thoroughly taken care of ahead of time. This whole process, while of course painful, has also made me appreciate her loving thoughtfulness even more, and inspired me to start organizing my own affairs.

#57 Stone on 04.22.21 at 5:36 pm

#41 Trojan House on 04.22.21 at 4:38 pm
Nova Scotia going into four week lockdown. Not looking so smug now.

Too many germy Upper Canadians bought houses in NS. – Garth

———

Too bad NS doesn’t have a mandatory gouvernment run 14 day quarantine facility. Could have all been avoided. Oh well. Welcome to the club. I wonder how long before Nova Scotians will be demanding it.

#58 SoggyShorts on 04.22.21 at 5:37 pm

#52 Ponzius Pilatus on 04.22.21 at 5:21 pm
#16 Sail Away on 04.22.21 at 2:53 pm
Vancouver full-service care home: $10-12k per month, Nanaimo: $6-8k per month.

When it gets to this stage, the location of the care home most definitely does not need to be in the same city the oldster has lived their life. Shop around and save hundred$ of thousands.
—————–
Typical Sailo.
Why not send them to the Phillipines.
Much cheaper than getting a Phillipina nurse.
Out of sight, out of mind

*******
Unless it negatively impacts your ability to visit, why not?
Just the other day I spoke with my parents and they said they’d rather have upscale care wherever I am in SEA instead of w/e in Canada.
Do you have any idea what kind of a palace you can get for $10k/mo in Asia?

#59 Stone on 04.22.21 at 5:42 pm

#39 SoggyShorts on 04.22.21 at 4:30 pm
#102 Stone on 04.21.21 at 9:35 pm
#51 Pietra Nera on 04.21.21 at 5:27 pm

Apparently, Vietnam, a 3rd world country, can do a much better job at getting their shit together. 2600 ill and 35 dead. Riddle me that one, Batman
*************
I was there for the 1st half of 2020, and it’s pretty simple:

1. The message was consistent from day 1 (masks, travel etc)
2. Everyone did what they were told, zero exceptions.

That’s it.

———

What does that say about Canadians and their sense of community, thinking about the wellbeing of others, and social cohesion?

Apparently none of that is taught at home or in our top notch school system. Pity.

#60 Wrk.dover on 04.22.21 at 5:43 pm

#5 IHCTD9 on 04.22.21 at 2:17 pm
Love those old 40’s/50’s pics. I’ve always thought the 50’s would have been a great time to live through

______________________________________

I can smell that picture. The mohair interior, especially the head liner. The first car I remember was the family 53 Plymouth, which is probably what that one is right there. New, the year of my birth.

#61 Ponzius Pilatus on 04.22.21 at 5:46 pm

#35 IHTCD9

There are other things to consider as well though. I quite by accident discovered that South Asians living in the West have a 3-400% higher instance of cardiovascular disease compared to Whites, and it hits much earlier in life too. We’re talking guys in their 40’s and early 50’s falling over with heart attacks.

Even worse, they are up to 600% (!) more likely to get type 2 diabetes as well compared to whites, and apparently they are resistant to insulin on top. There are groups all over the world working on why this is, but no answers are forthcoming as of yet.

So, Western based South Asian kids are going to have some major costs attached to elderly care, even though they won’t be shelling out for a retirement home. No one can guess what the future holds, this stuff just jumps out of nowhere.
——————-
Pang on.
You forgot Arthritis.

#62 crowdedelevatorfartz on 04.22.21 at 5:55 pm

@#49 Sara

“Oh, were you also partaking in the attack? I didn’t notice.”

++++
Of course you notice.
You live for my witty repartee.
Highlight of your day.

#63 The Woosh on 04.22.21 at 5:57 pm

#42 dumb dumb Ford on 04.22.21 at 4:41 pm
‘ (sobs)……i’m sorry……..(weeps some more)……really I am ……..be safe..’

resign Ford, be a man

————————————————

Therein lies the problem. He’s not a “man”. He’s a dumb dumb man-child. Much as it’s required, he won’t do it even though that’s what’s needed for Ontario. The Conservatives in Ontario can kiss the next election goodby.

Kathleen…Kathleen Wynne…cleanup required in aisle 5. There’s a blubbering idiot making a mess of the province!

#64 the Jaguar on 04.22.21 at 6:17 pm

@#38 Devil Anse on 04.22.21 at 4:30 pm..

That was diabolical and seriously funny.

#65 Job#1 on 04.22.21 at 6:32 pm

#23 Dolce Vita

“He provides NO sources for the data that he is charting be it deaths, vax numbers, were the deaths after vaxing?, etc.”

https://twitter.com/jamft/status/1384723708602847234/photo/1

#66 Garth's Son Drake on 04.22.21 at 6:39 pm

I am done with Trudeau and the Liberals. My vote is going elsewhere.

Double mutant, triple mutant, quadruple mutant, whatever other new mutant comes about seems to get into BC and spread in no time.

WTF?

Lock down the people living here but the keep the international flights rolling in.

Richard Zussman asked Trudeau the question yesterday about incoming international flights into YVR, and Trudeau gave a smirk and then stated we have good protocol to keep flights coming in and contain any mutants that might be on those flights. This response changed my vote. No more Liberal.

And, now BC is reporting double mutant cases all over the province and this thing supposedly bucks the vaccine. No immune response with antibodies.

Duh!

Hospitalizations setting records.

This is ridiculous. Worst case scenario unfolding in real time.

Zero protocol for effectively dealing with virus spread in a globally connected world. And as much as I love the airlines they need to be grounded. Too little too late but it would at least give some breathing room for more vaccinations. The chance for some sort of immunity build from a vaccine is better than getting one of these mutants without any immunity. Even surviving it could prove to be a very different from the health level enjoyed prior.

#67 Sail Away on 04.22.21 at 6:47 pm

#54 Russ on 04.22.21 at 5:28 pm
Sail Away on 04.22.21 at 4:49 pm

Don’t come to Nanaimo. We don’t have hundreds of km of hiking, mtn biking and running trails, perfect weather, affordable housing, high-paying jobs, excellent engineers, great fishing, ocean playground,

almost nonexistent traffic…

———

Maybe for you. The traffic in Nanaimo was brutal this morning. I had to stop at two of the four traffic lights on my way to work this morning.

Cheers, R

———

Pure hell. The bike ride in took 14 minutes today because I was distracted by blooming Magnolias in Bowen Park.

#68 Joe Schmoe on 04.22.21 at 6:51 pm

Thanks for the information.

We are dealing with both sets of parents now…the keeping secrets is interesting. Nothing like blindsiding your kids when the inevitable starts to happen. “I can’t be POA…I live in Australia” type stuff….

We don’t care about wills/inheritance…just POA so we can help them with transition. The ability to access funding is critical for most. We can front our parents until we figure it out, but not everyone can. Not much point of having retirement savings if no one can access it to help you.

It did teach me a lesson though, I am tidying my mess up now. No emotion. Institutional Executor and ONE other person as my POA outside of my spouse with clear directives.

#69 Adamski on 04.22.21 at 6:57 pm

#61 Ponzius Pilatus

Pang on.
You forgot Arthritis.

—————

Life.

It’s a killer.

#70 IHCTD9 on 04.22.21 at 6:57 pm

#60 Wrk.dover on 04.22.21 at 5:43 pm
#5 IHCTD9 on 04.22.21 at 2:17 pm
Love those old 40’s/50’s pics. I’ve always thought the 50’s would have been a great time to live through

______________________________________

I can smell that picture. The mohair interior, especially the head liner. The first car I remember was the family 53 Plymouth, which is probably what that one is right there. New, the year of my birth.
—- ——

I’m probably going to remember the smell of vinyl like you remember the smell of mohair. That sucks. 75-87 was a desolate time in automotive history. The oldest family car I recall was a 65 Ford Custom. Faint memories of a chromed dash, and sound of the 352.

Well, at least I know what it’s like to own a car with a “porno red” interior first hand…

#71 crowdedelevatorfartz on 04.22.21 at 7:02 pm

So now BC Politicians are in the nitty gritty.

500 patients in ICU ( a record number for BC)

https://www.citynews1130.com/2021/04/16/bc-covid-cases-deaths-icu/

Drug Overdoses at historic highs

https://www.citynews1130.com/2021/04/22/bc-overdose-calls-paramedics/

Will emergency wards start “triage-ing” …..the critically sick …..or…… the overdosed?

Who gets the ambulance ride?
Who gets attention in the ER?
Who gets the available ICU bed priority?

The Covid sick or the drug addicts?

Coming to a 3rd wave pandemic near you……..

#72 Barb on 04.22.21 at 7:07 pm

Informative post, Sinan.
Thanks

#73 Sail Away on 04.22.21 at 7:08 pm

My wife and I were having drinks with another couple, and wife kept staring at a drunken man swigging his drink as he sat alone at a nearby table.

Her husband asked, ‘Do you know him?’ ‘Yes,’ she sighed, ‘He’s my old boyfriend.

‘I understand he took to drinking right after we split up 17 years ago, and I hear he hasn’t been sober since.’

‘My God!’ said her husband, ‘who would think a person could go on celebrating that long?’

That’s when the fight started.

#74 Sinan Terzioglu on 04.22.21 at 7:13 pm

#56 JSquared – I am very sorry for your loss. Thank you for your willingness to share your experience. – Sinan

#75 Faron on 04.22.21 at 7:13 pm

#166 Sail Away on 04.22.21 at 4:43 pm

Email me your apology to avoid cluttering Garth’s blog.

I do not owe you or anyone but Garth an apology. I also do not have your email address and am not about to dig it up nor contact you. You may contact me but you probably will not get a response.

If this is important to you, set up an internet neutral zone and pass along the details of access here if you want an audience or through Garth if you do not. Either way his time is further wasted by this.

#76 IHCTD9 on 04.22.21 at 7:21 pm

By 2030 seniors will number over 9.5 million and make up almost a quarter of the Canadian population. That’s up from approximately 16% in 2015. By 2036, the average life expectancy at birth for women will rise to 86.2 years from the current 84.2 and to 82.9 years from the current 80 for men. An aging population will significantly increase the cost of healthcare as the average per-person spending on Canadians 65 and over is more than four times higher than those under 64.
——— –

Few like our rate of immigration, but this is why in a nutshell. We’re probably headed for a Japan like future. I look at my boomer packed area, and wonder what it will look like 20 years from now. Not many kids around, old schools are closing up with new ones being built to replace 2 or 3 old ones. Aspiring teachers are having to find a new career path.

It really drives home how devastating Trudeau’s current rate of spending will become years from now. Piles of debt, huge servicing costs, legions of retirees, mushroom cloud health-care costs, and a tax load that could sink a Ford class carrier. The Trudeau Liberals have built a funeral pyre upon which today’s youth will be reduced to ash. If we don’t smarten up, Canada will be a bloody landfill in 20 years.

#77 Wrk.dover on 04.22.21 at 7:23 pm

That car should have some little running board remnants in the styling to be a 46 anything. That is why I thought 53 on first sight, though the message says 46. Going to take an older person to make the call.

#78 Nonplused on 04.22.21 at 7:24 pm

There was a dog in our community that would regularly bust through his electronic fence and do a tour of the neighborhood. As he got older he would end his tour at our house and sit on the deck and bark in the general direction of his home. So I had his “mom” on speed dial and she would come give him a ride home. Dogs are funny. Smart too. The first time he got a ride home was enough for him to figure out he could get a ride service from our deck when he was ready to go home.

————————————-

15% seems a bit of a stretch for most people to save, which probably explains why so many people aren’t prepared for retirement. My parents are retired and seem to be doing ok, but it is a “one asset” strategy with most of the investments in commercial real estate. So far it seems to be doing ok even through covid but with the way things are going around here who knows if it holds up.

So for those of you who keep going on about wealth taxes, inheritance taxes, etc., ponder this: When my parent’s pass (which hopefully is still some time off), close to 25% of their estate will be due to the government in the form of capital gains taxes. This will be problematic as the assets are not liquid. We’d have to find a buyer within a year.

This is a better situation than someone who dies with a large RRSP portfolio who could face up to a 50% tax rate. The portfolio must be liquidated within a year of death and the cash taken into income. So if pops dies with $1,000,000 in RRSP’s it won’t be quite $500,000 in taxes but close. The primary residence is the only thing that escapes taxes upon death. And maybe the car and whatever else is in the garage, but chances are that isn’t worth much.

So tax planning is a big part of estate planning as well. In my dad’s case it would probably be wise to start shopping for a buyer for his real estate now while the market is supportive, but he won’t hear of it. In the case of someone with a large RRSP balance it probably makes sense to make sure and withdraw every year an amount up to the maximum of the second highest tax bracket and put any unused funds in a TFSA. In the case where there are large holdings in real estate or a business, it is wise to build up a cash position equal to the predicted taxes that will be owing.

So for all you wealth and inheritance taxers out there, remember that wealth and inheritance is already taxed except for the primary residence and whatever cash is in the bank, and taxed pretty heavily.

And we already got a huge new increase in the GST in the form of an economy killing carbon tax, the effects of which will come to be seen in the coming years. And it will be much worse than the GST, as it will affect costs at every step in the supply chain, not just on finished goods and services delivered to the end user. And it is huge. It is not even fully implemented yet but on my gas bill it can run between 50-100% of what I pay for the gas itself, and it is scheduled to go up! A lot.

So right now when you go to buy a bag of potato chips, you already pay a breath-taking GST/HST tax which can run 11% depending on what province you are in and you pay that with money you already paid income tax on. But it is only assessed on the final price of the bag of chips. But the cost of a bag of chips represents more than anything the amount of energy it takes to make them. The carbon tax will apply to the farmer’s tractor and irrigation equipment, then to the trucker who brings the potatoes and canola to the factory for processing, then to the factory who has to cook the potatoes, then to the trucker that drives the chips around to the various stores, then to the stores themselves. All of this gets baked into the price you pay, and then you pay GST on top, with after income tax dollars.

We are at peak tax. But it is getting a lot worse. We already have up to 50% taxes on income in this country and up to 11% HST. Plus property taxes and the sort. But when fully implemented the carbon tax will be about 100% on all economic activity. That is why they didn’t introduce much in the way of new taxes in the budget. No need to.

#79 Sail Away on 04.22.21 at 7:38 pm

#72 Faron on 04.22.21 at 7:13 pm
#166 Sail Away on 04.22.21 at 4:43 pm

Email me your apology to avoid cluttering Garth’s blog.

——–

I do not owe you or anyone but Garth an apology. I also do not have your email address and am not about to dig it up nor contact you. You may contact me but you probably will not get a response.

——–

Sigh… you have time to internet creep my photo, online speeches and video lectures, but not enough time to find my contact?

Here’s a hint: It’s on my company’s website. I’m the president. Also pres/boardmember of a few other organizations in town.

You threw an accusation my way yesterday. After researching and realizing the error, an honourable person would understand an apology for a false accusation is in order.

Okey dokey, artichokey?

#80 the Jaguar on 04.22.21 at 7:45 pm

I’m intrigued by this Sinan Terzioglu character. He’s a bit of a cool customer. Very self contained, diplomatic and of course knowledgeable. But there is a certain ‘aloofness’.

No miscues, stumbles, or evidence of seething emotion beneath the calm exterior. ( unlike Doug who has a short temper, but we love him for it). I’m on to you, though.

You’re a Russian double agent aren’t you, Sinan? By the way, I think the man in the photo is your grandfather and you’re chumming the waters to see which one of the rabble here figure it out first……

Gotcha!

#81 Nonplused on 04.22.21 at 7:47 pm

#34 Brett in Calgary on 04.22.21 at 4:02 pm
I agree with you Sinan, but nearly no one is doing this:

“For some Canadians, that may mean delaying significant expenditures such as home ownership until a strong financial base has been built.”

—————————————

So let’s see; I can save 15% of my money in financial assets that have no use in the short, medium or long term but only the very long term (when I retire, should I not crash my motorcycle first), or I can put 15% of my income into a house I can live in. Decisions, decisions….

It is not a wonder most people use a “house first” investment strategy. And it is not new. Even my grandparents did it.

“Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself. Sufficient unto the day is the evil thereof.” – JC

Fact is most people who have a financial advisor do not have a mortgage, but do own a home. There is a sort of pyramid of finance much as there is for self fulfillment. You put food on the table, clothes on your back, wood in the fire, and a roof over your head first. Then you build up the B&D portfolio. Today will always be more important than tomorrow. You deal with tomorrow, well, tomorrow. It’s like chess. If you have the capacity, you think 20 moves ahead. But then your opponent makes a move you didn’t anticipate and you have to think 20 moves ahead all over again.

#82 Sara on 04.22.21 at 7:52 pm

#62 crowdedelevatorfartz on 04.22.21 at 5:55 pm
@#49 Sara

“Oh, were you also partaking in the attack? I didn’t notice.”

++++
Of course you notice.
You live for my witty repartee.
Highlight of your day.
===============

You are projecting again.

#83 NSNG on 04.22.21 at 7:57 pm

I’m still calling this a buy. As the economy reopens, the first thing on the buy list will be telecom both for business and consumers, Divvy is sitting at 6.63. Hard to go wrong. I also like BCE in Canada and own both

AT&T beats revenue estimates as reopening helps phone sales

By Sheila Dang and Akanksha Rana

(Reuters) -AT&T Inc beat Wall Street revenue targets as the reopening of the U.S. economy following pandemic-linked restrictions boosted smartphone sales and the media business.

Shares of AT&T surged 5.3% to $31.70 in morning trading.

The company said on Thursday it added 595,000 net wireless phone subscribers in the first quarter, more than double what analysts had expected.

https://news.yahoo.com/t-beats-revenue-wireless-subscribers-103241841.html

#84 Nonplused on 04.22.21 at 7:58 pm

I should have used the context quote:

Matthew 6:34 Context

31Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed? 32(For after all these things do the Gentiles seek:) for your heavenly Father knoweth that ye have need of all these things. 33But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you. 34Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself. Sufficient unto the day is the evil thereof.

So, given that the Christian church has been preaching this for 2000 years, is it any wonder people don’t save? JC has promised that things will work out, for better or for worse.

#85 Tanya Taunton on 04.22.21 at 8:07 pm

Nonplused, I have been saving, reinvesting between 20% to 25% from $15,000 to $25,000 a year for the last 32 years.

RRSP’s, TFSA’s, non-registered I accumulated $349,000, $79,000, $577,000. They all are in long term GIC’s, government bonds, strips, 11.86% average the last 22 years and 5.76% the last 10 years. These are all after compound interest annual rates.

I manged to have a positive, annual net income of $25,000 a year after my CPP, OAS, RRSP, TFSA, non-registered income is factored in and all my rent, living expenses are paid for.

I don’t expect like the last 10 years an after compound annual interest rate of 5.76% but a 4.35% to 4.75% after annual compound interest rate is very achievable.

#86 Nonplused on 04.22.21 at 8:08 pm

#53 Cash is King on 04.22.21 at 5:26 pm
Happy Earth Day!

Doing my part to beautify the world by cutting down an ugly tree since 1970.

———————————

It has taken you since 1970 to cut down a tree?

#87 Nonplused on 04.22.21 at 8:19 pm

#156 Blessed Canadian Millenial on 04.22.21 at 12:59 pm
#104 Nonplused on 04.21.21 at 9:46 pm
#79 Blessed_Canadian_Millenial on 04.21.21 at 7:33 pm
Someone correct me if I’m wrong, but isn’t it the case that 100% of all police killings would be avoided if the following 3 conditions are met:
1) Don’t do the crime
2) If being approached by the police, stay calm and respect their authority
3) If being taken into custody, don’t fight back

By doing the above, wouldn’t 100% of these unnecessary deaths be avoided? What am I missing?

————————————

You are missing the fact that somewhere between 2-5% of the population are psychopaths. Some traits common in psychopaths are a disregard for the law or indeed any rules, extreme risk taking behavior, a lack of empathy, a very high view of their own self worth but not of others, a high propensity towards violent and criminal behavior, and a sense of entitlement. This is why you often find them in positions of power at large corporations or in government, but also in street gangs.

These people are not going to believe your 3 rules apply to them. They may act accordingly, but only if they are running for election.

—————–

Well, of course. Your reasoning makes absolute sense.

But does this mean that we can never stop these unnecessary killings? What is your proposal then?

——————————————–

I make no proposal, but instead quote:

“An optimist believes we live in the best of all possible worlds. A pessimist fears this is true.”

#88 Nonplused on 04.22.21 at 8:25 pm

#82 Tanya Taunton on 04.22.21 at 8:07 pm
Nonplused, I have been saving, reinvesting between 20% to 25% from $15,000 to $25,000 a year for the last 32 years.

RRSP’s, TFSA’s, non-registered I accumulated $349,000, $79,000, $577,000. They all are in long term GIC’s, government bonds, strips, 11.86% average the last 22 years and 5.76% the last 10 years. These are all after compound interest annual rates.

I manged to have a positive, annual net income of $25,000 a year after my CPP, OAS, RRSP, TFSA, non-registered income is factored in and all my rent, living expenses are paid for.

I don’t expect like the last 10 years an after compound annual interest rate of 5.76% but a 4.35% to 4.75% after annual compound interest rate is very achievable.

————————————–

That’s great. Can I find you on eHarmony?

#89 Ponzius Pilatus on 04.22.21 at 8:26 pm

#5 IHCTD9 on 04.22.21 at 2:17 pm
Love those old 40’s/50’s pics. I’ve always thought the 50’s would have been a great time to live through. At least that’s what I get from looking at old ads, pictures, and films. Seemed like lots of optimism for the future was out there. Everything got goofy in the 60’s and stayed goofy from there on in (except maybe the 90’s).

Maybe I’ve just watched “Grease” one too many times.
————–
Come on,
The 50’s, height of the cold war, commie witch hunt.
The 60’s and 70’s, best music ever.
Great time to “emerge as an adult”.
We still say:
If you remember the 60’s, you were not there.
Groovie.

#90 Moses71 on 04.22.21 at 8:35 pm

Sinan is so right on the mark as always. In this industry a long time in Alberta. Most care givers (75%?) die before their dementia loved ones. Defeats the purpose of DIY. Leave it to the professionals. It’s a 24/7 job and you’re doing a disservice to them. Be their family or you’re ripping them off the stimulation and care they deserve. Only bring your love.
It’s an expense many should anticipate. Life will throw us curve balls

#91 crowdedelevatorfartz on 04.22.21 at 8:47 pm

@#79 sara
“You are projecting again.”

+++
Nope. Just making an observation.

#92 crowdedelevatorfartz on 04.22.21 at 8:57 pm

Anyone hear of the near riot in the Phoenix Airport the other night?
Heard this on a US radio station today.

Apparently over the past year Car Rental companies have been selling off old stock

Tourism and travel has been ramping up in the USA.
Several flights arrived at the same time and hundreds of people were left stranded due to rental cars being over booked.
Families left to figure it out with screaming kids….

Apparently cars could be rented….for up to $600 US….. a day……..

get ready for a long hot summer.

#93 Ponzius Pilatus on 04.22.21 at 9:21 pm

#92 crowdedelevatorfartz on 04.22.21 at 8:57 pm
Anyone hear of the near riot in the Phoenix Airport the other night?
Heard this on a US radio station today.

Apparently over the past year Car Rental companies have been selling off old stock

Tourism and travel has been ramping up in the USA.
Several flights arrived at the same time and hundreds of people were left stranded due to rental cars being over booked.
Families left to figure it out with screaming kids….

Apparently cars could be rented….for up to $600 US….. a day……..

get ready for a long hot summer.
————-
I’ve rented a car twice on the Phoenix Airport.
2 hours plus wait time  both times.
Had Pre-booked.
What do you expect when workers make 7 bucks an hour?
Have not been anywhere in the States for 5 years.
No need.
We’ve got everything they got.
As for riots?
Just another day in the USA.

#94 Sara on 04.22.21 at 9:38 pm

#91 crowdedelevatorfartz on 04.22.21 at 8:47 pm
@#79 sara
“You are projecting again.”

+++
Nope. Just making an observation

================
LOL. Yeah right. I wait with bated breath after every comment I write that is not directed towards you in the first place, just to see if you will add your 2 cents. Thanks for reminding me why it is best to always ignore you. No wonder your wife left you. Ugggh. I can’t even….

#95 Ustabe on 04.22.21 at 9:52 pm

I have changed my directives to my Executor and in my will.

I now want a Viking funeral. Toss my carcass into the utility trailer and tow me down to Nanaimo, plunk me into Sail Away’s boat, light the thing on fire and push me out into the harbour.

Regarding the old car photo…my first car was a (well) used Hudson Hornet. Just in time for the pill to become widely available and for “free love” to begin trickling up from Haight Ashbury.

I have fond memories of that car.

#96 Faron on 04.22.21 at 9:53 pm

#79 Sail Away on 04.22.21 at 7:38 pm

Yes, I’ve googled you. It took three seconds. Get over it. I have not nor will ever reveal anything I learned. I don’t owe you an apology and will not be contacting you. But, if you want to contact me and establish an understanding of each other, I welcome that. You and I both are failing at not wasting Garth’s time and at revealing fragile egos. Don’t comment on this here again.

#97 Sara on 04.22.21 at 9:57 pm

We will inevitably get old, presuming we live long enough, but many elders will not end up in long term care.

2016 Canadian stats: “The proportion of people aged 85 and older living in nursing homes increased with age from 35.3% for people aged 85 to 89 to 52.8% for centenarians.”

https://www12.statcan.gc.ca/census-recensement/2016/as-sa/98-200-x/2016004/98-200-x2016004-eng.cfm?wbdisable=true

#98 Cici on 04.22.21 at 10:00 pm

#25 Dolce Vita on 04.22.21 at 3:18 pm
Excellent advice today.

I have to say though, I could not bring myself to take tax deductions for my ailing Mother when taking care of her at home and after topping off 24/7 Care Home expenses.

POA I had it, never used it. Any expenses she incurred outside of the above I paid for them, even the funeral.

My thinking is the least I could do for the child rearing years she did for me and also being my best friend until she died.

Still, very good advice indeed.

____________________________________________

That was really sweet, thanks for posting.

If only every other parent on this planet were so lucky to be able to count on such generosity, responsability and kindness from their adult children.

#99 Lead Paint on 04.22.21 at 10:07 pm

Faron as Vidal, Sail Away as Buckley: Best of Enemies.

Warning, it gets a bit heated!

#100 crowdedelevatorfartz on 04.22.21 at 10:09 pm

@#89 Ponzies Psilocybin Pharma Phantasy

” If you remember the 60’s, you were not there.
Groovie.”

++++

Ponzie’s favorite time !
Crowdies anecdotes

I remember the 60’s… driving through downtown Toronto in the heat of a mid summer night in 1969 staring at the seemingly endless blocks of long haired hippies…..but I was a tadpole.
No air conditioning in the car. Windows rolled down. My parents in the front seat, us wide eyed kids in the back seat.
Some long haired freak spotted our Nova Scotia plates, ” HEY! I was in Nova Scotia once! It SUCKED!”

Even my dad laughed.
Groovy.

#101 calguy on 04.22.21 at 10:16 pm

Great Canadian recovery – government is reacting not proacting. New Zealand and others banned flights from India 2 weeks ago. This has been the common theme. The government has reacted and it has been too late. We are getting more and more bogged down because of these decisions.

We have made sacrifices! Have not done any travel period yet all of us that abide by the rules and restrictions keep paying the price of selfish people. Why do we have these flights coming in from all over, yet now I can’t even drive across to B.C border. This is just dragging things on and on.

#102 Cash is King on 04.22.21 at 11:07 pm

Nonplused
#53 Cash is King

Happy Earth Day!

Doing my part to beautify the world by cutting down an ugly tree since 1970.

———————————

It has taken you since 1970 to cut down a tree?

Now you know why it is ugly!

#103 Jane24 on 04.23.21 at 1:43 am

Alternately you can get a long term, retirement, residential visa for Thailand and a private nursing care bungalow with hot and cold running nurses for $2000 Cdn all in per month including Drs, prescriptions and full Western catering. Nice pools too.

Check out places such as Namthip Nursing Home or Care Resort Chiang Mai. These really are 5 star resorts built for Western clients with extensive medical care needs or dementia. Your kids will visit because it’s a resort!

Why not die in the sun rather than die in the snow and save money while you are doing it. This is definitely my plan.

#104 Dr V on 04.23.21 at 1:50 am

67 Sail – ahh…Bowen Park…..

#105 BillyBob on 04.23.21 at 4:45 am

#93 Ponzius Pilatus on 04.22.21 at 9:21 pm
#92 crowdedelevatorfartz on 04.22.21 at 8:57 pm

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

The rental car shortage has been looming for a while now, it’s an interesting example of market dynamics/supply chain issues at work. The companies sold off tons of stock to survive financially, but now are struggling to replace them partly due to manufacturing shortages, partly due to the current shortage of computer chips.

As far as I’m concerned, although they are scrambling to cope, for demand to rebound as rapidly as it has and is, is a Good Thing. I have no doubt the private sector will adjust far more rapidly than the government would.

https://www.businesstravelnews.com/Transportation/Car/Business-Travelers-Facing-a-Potential-Rental-Car-Shortage

Ponzi’s smug insularity aside, economies are tightly interconnected now. And sorry buddy, hiding in Canada won’t save you from the incoming Covid variants. Hope there’s room in those Lower Mainland ICU’s if you need one, trends aren’t looking good.

https://www.cbc.ca/news/canada/british-columbia/bc-hospitals-covid-19-icu-doctor-1.5991774

https://www.vancouverisawesome.com/vancouver-news/bc-again-sets-records-for-most-covid-19-patients-in-hospitals-and-in-icu-3646028

#106 BillyBob on 04.23.21 at 5:28 am

#93 Ponzius Pilatus on 04.22.21 at 9:21 pm

I’ve rented a car twice on the Phoenix Airport.
2 hours plus wait time both times.
Had Pre-booked.
What do you expect when workers make 7 bucks an hour?

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

“What do you expect when workers make 7 bucks an hour to deal with an irritable elderly Austrian?” (There, fixed if for ya.)

I’ve rented cars hundreds of times all over the US and world. Could count the number of times I’ve had a problem, on one hand.

What were far more numerous were the times patiently standing in line in uniform, ID and reservation in hand, impassively observing scores of people without two brain cells to rub together, discover for the first time ever such miracles as liability insurance, extra mileage charges, or the astounding fact that they might be expected to return a car on a specific date and maybe even with a certain level of fuel in it. All the while ranting to the (almost inevitably) young employee behind the counter about their flight, how they’re getting ripped off, etc…ugh.

I get it, not everyone travels much or often. But don’t blame your lack of experience on some kid making a low wage.

#107 crowdedelevatorfartz on 04.23.21 at 8:15 am

@#94 sara
“I wait with bated breath after every comment…”
+++

Actually it seems ….. you do.

:)

#108 the Jaguar on 04.23.21 at 8:25 am

Thank you, Montana First Nations….

FIRST NATION IN MONTANA GIVES JABS TO CANADIANS

A long line of cars was backed up at the Carway border crossing in southern Alberta this week as First Nations members and others took advantage of free COVID-19 vaccinations from the Blackfeet Tribe in Montana. James Mcneely, spokesman for the tribe, said 98 per cent of those eligible among the reserve’s 10,000 residents have been vaccinated. Many members of the reservation, 150 kilometres south of Lethbridge, have relatives in Canada and Mcneely said the tribe had a lot of shots that were going to expire if they weren’t used. He said it took about a week to get approval from both the Canadian and United States governments to set up the clinic on the U.S. side of the border. Canadians were given exemptions from having to quarantine to receive their shots through the car window.

#109 Sail Away on 04.23.21 at 9:51 am

#108 the Jaguar on 04.23.21 at 8:25 am

Thank you, Montana First Nations….

FIRST NATION IN MONTANA GIVES JABS TO CANADIANS

———–

Also here, Jag. The Nations in BC with extra vax have been giving it to contractors working on their territory- and the contractors’ families.

Many of the trades and professional firms here have been vaxxed months early thanks to First Nations.

#110 Sail Away on 04.23.21 at 10:00 am

#96 Faron on 04.22.21 at 9:53 pm
#79 Sail Away on 04.22.21 at 7:38 pm

Yes, I’ve googled you. It took three seconds.

I have not nor will ever reveal anything I learned.

———-

Wow. I knew my content was good, but such protectionism?

Well, I hope it helps your journey through life. Doing good for others is my passion. If my message can help even one poor lost soul prosper, it’s all been worth it.

#111 Dr V on 04.23.21 at 10:33 am

88 non-plused – “That’s great. Can I find you on
eHarmony?”

Don’t do it NP. Tanya’s one of these creepy GIC-bots.

#112 IHCTD9 on 04.23.21 at 10:41 am

#89 Ponzius Pilatus on 04.22.21 at 8:26 pm

The 60’s and 70’s, best music ever.
___

I’ll give you that one.

That era will be hard to beat – probably because of all the drugs.

#113 Ponzius Pilatus on 04.23.21 at 10:44 am

106 BillyBob on 04.23.21 at 5:28 am

I get it, not everyone travels much or often. But don’t blame your lack of experience on some kid making a low wage.
———————
The sad part is, they all were adults, who probably have a family to feed, and crappy health insurance, to boot.
But, if I have offended the galant Capitano who strolls down the Terminal with two blond Stewardesses on each side.
I apologize.

#114 Do we have all the facts on 04.23.21 at 10:49 am

When my fathers health required 24 hour supervision my sister and I had no choice but to relocate him to a facility where he received extended care. The only space available within a 30 minute drive of our residences cost $5,500 per month.

During the three years he received extended care either my sister or I visited my father every day. We witnessed first hand the total number of staff on the extended care floor, the quality and quantity of the meals and the frequency of visits to residents by the staff. Our conclusion was that extended care costs, excluding amortization, taxes and O & M related to the building would not exceed an average of $2,500 per month for each of the 45 residents on the extended care floor.

It would seem that senior citizens who have established a sizeable pension are at the mercy of private companies when it comes to finding accommodation in an extended care facility. I feel both the Provincial and Federal governments should re-examine the fees being charged by private companies for a private room in extended care facilities.

The shortage of reasonably priced spaces in most urban centres results in families deciding to place their parents in a private facility in close proximity to their residences. The cost of appropriate accommodation in private facilities seems to be whatever the market will bear which generates higher profits for the private companies.

The shortage of reasonably priced extended care accommodation in Ontario has resulted in the exploitation of elderly Canadians that had the foresight to plan for their retirement. This represents a penalty for behaving in a responsible manner.

#115 Allisson on 04.23.21 at 11:00 am

I am a millennial, and I save over half my income. My mom is in her mid-60s, and she has virtually nothing in retirement savings, doesn’t own a home, and will need to retire on CPP/OAS in the next few years. It won’t be enough, so I’ll need to supplement, and that will push back my own retirement. That’s without even considering the costs of a care home when she needs one, hopefully not for a long time. She’ll feel bad about being a burden, but that feeling isn’t going to make her suddenly understand how to handle money in her 60s.

At least I’m not having kids, so I only have to foot the bill for one generation instead of two.

#116 Dharma Bum on 04.23.21 at 11:25 am

#52 Ponzius Pilatus

Why not send them to the Phillipines.
Much cheaper than getting a Phillipina nurse.
—————————————————————————

My uncle and aunt have a full time Phillpina nurse.

The aunt has the Parkinsons.

Phillipina got the covid.

Now the uncle has the covid.

Superspreader heaven.

#117 Faron on 04.23.21 at 12:29 pm

#110 Sail Away on 04.23.21 at 10:00 am

Wow. I knew my content was good, but such protectionism?

JFC, and you call other people childish. You know damn well that I mean I would not ever publish personal info nor threaten to do so nor threaten to root around in another’s life to cause them harm unlike others here.

Congratulations, you and I have wasted another two comments and another several minutes of Garth’s time.

#118 VGRO and chill on 04.23.21 at 12:54 pm

#15 VGRO and chill on 04.22.21 at 2:50 pm
No Earth Day post?

Makes me sad.

Get over it. Instead, a post of useful information. – Garth

——

To a young person, a meagre 1 post out of 365 per year where environmental topics are weaved in, even from the perspective of long term investing, would be quite useful.

Do you think the next 50 years in the market are going to play out similar to the last 50 years, that environmental issues are going to play zero role?

#119 Faron on 04.23.21 at 12:58 pm

#141 IHCTD9 on 04.22.21 at 11:39 am

Faron – what colour should I paint it? I’m thinking Tactical Black, Olive Drab, or maybe Desert Tan.

Rattle can it whatever you want. That’s what beaters are for. IMO, you should invite a street artist to do some work on it. Might give you that mad-max edge.

#120 Sail Away on 04.23.21 at 1:05 pm

#117 Faron on 04.23.21 at 12:29 pm

JFC, and you call other people childish. You know damn well that I mean I would not ever publish personal info nor threaten to do so nor threaten to root around in another’s life to cause them harm unlike others here.

———

Just do the honourable thing. That’s important to us Hispanics.

#121 Penny Henny on 04.23.21 at 1:30 pm

#111 Dr V on 04.23.21 at 10:33 am
88 non-plused – “That’s great. Can I find you on
eHarmony?”

Don’t do it NP. Tanya’s one of these creepy GIC-bots.
/////////

Now it’s starting to make sense.
Thanks Dr

#122 Sail Away on 04.23.21 at 2:08 pm

#95 Ustabe on 04.22.21 at 9:52 pm

I now want a Viking funeral. Toss my carcass into the utility trailer and tow me down to Nanaimo, plunk me into Sail Away’s boat, light the thing on fire and push me out into the harbour.

———

In Alaska, the following story is well known:

A man goes out fishing alone, doesn’t return, and a day later his boat is discovered drifting empty. Coast Guard investigates and returns to visit the man’s wife.

Coast Guard: Ma’am, we have some bad news, some good news and some great news. First, the bad news: your husband is dead. He got tangled in his crab trap line and it pulled him down.

Wife: What’s the good news?
CG: There were six king crabs on him when we pulled him up.

Wife: And the great news?
CG: We’re pulling him again tomorrow!

#123 the jaguar on 04.23.21 at 2:12 pm

Does the Austrian know how funny he is? Stewardesses instead of flight attendants, galant instead of gallant, and be sure to address the Capitano as Capitano Ross!

#124 Phylis on 04.23.21 at 3:15 pm

#121 Penny Henny on 04.23.21 at 1:30 pm
#111 Dr V on 04.23.21 at 10:33 am
88 non-plused – “That’s great. Can I find you on
eHarmony?”

Don’t do it NP. Tanya’s one of these creepy GIC-bots.
/////////

Now it’s starting to make sense.
Thanks Dr
Xxxxxxxx
Tanya contributed a great post. Having a similar starting point, it’s given me a wonderful 32 year old reference to compare against.

#125 David Greene on 04.23.21 at 9:51 pm

Sinan:

Thanks for an interesting column.

I’m just wondering, are you aware of any options for paid exeuctorship other than the banks? My sister signed up for the bank service, and the fee schedule was eye-watering.

#126 Prince Polo on 04.24.21 at 7:58 am

Why does Faron always say this is the last word and then proceed to post several more comments? Give it a rest, man.

REST
verb
1. cease work or movement in order to relax, refresh oneself, or recover strength.
“he needed to rest after the feverish activity”
Similar:
relax
take a rest
ease up/off
let up
slow down
pause
have/take a break
unbend
repose
laze
idle
loaf
do nothing
take time off
slack off
unwind
recharge one’s batteries
be at leisure
take it easy
sit back
sit down
stand down
lounge
luxuriate
loll
slump
flop
put one’s feet up
lie down
go to bed
have/take a nap
nap
catnap
doze
have/take a siesta
drowse
sleep
de-stress
take five
have/take a breather
veg out
snooze
snatch forty winks
get some shut-eye
kip
have a kip
get some kip
chill out
kick back
catch some Zs
slumber