Firsts

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RYAN   By Guest Blogger Ryan Lewenza
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Well it’s a wrap. Over the weekend the 2021 summer Olympics came to a close and despite all the naysayers it turned out to be a pretty successful Olympics with lots of great moments for our Canadian athletes. In fact, it was the best summer Olympics ever for Canada with 24 medals.

There were many great highlights but for me what stood out was the gold medal win from the women’s soccer team who won in a thrilling shootout against Sweden. This was the first time the Canadian women’s team ever took home a gold medal in soccer. But as powerful as that win was, the 200-meter gold medal from Andre Degasse might go down as one of the greatest moments for our Canadian track and field squad and the first time we took gold in the event since 1928.

So Canada had a lot of ‘firsts’ in this Olympics, which was great to see but one area Canada is also first, unfortunately, is in paying the highest investment management fees in the world. Yeah, we’re winners!

According to an exhaustive and robust study of over 46,850 mutual funds offered by 18 different countries, Canada ranked the highest in fees paid by mutual fund investors. The report titled, Mutual Fund Fees Around the World, was put together by The Society for Financial Studies, and it examined investment management and other fees paid by mutual fund investors. Below is a table from the study with its key findings.

Mutual Fees Around the World

Source: Mutual Fund Fees Around the World, The Society For Financial Studies

When looking at mutual fund fees they are generally broken up into three components. The main fee is the annual management fee or the MER. The second fee captures the additional expenses to manage the fund, which covers things like trading and reporting costs. Finally, in Canada we have funds that come with a deferred service charge or DSC. This is the fee charged to mutual fund holders if they sell the fund early. Below is a sample DSC schedule and you can see how you would be paying 5.5% if you sell the fund within the first two years of purchase. We find this class of mutual funds particularly egregious and unfair to clients. Thankfully, Ontario has finally agreed to ban this class of mutual funds effective June 1, 2022.

Typical DSC Schedule

Source: MFDA, BC Securities Commission’s InvestRight.org.

From the table/analysis above, Canada has the highest total expense ratio (MER plus other expenses) for equity funds among 18 different countries at 2.56%. Compare that to the US and United Kingdom at 1.18% and 1.11%, respectively. The research paper then included the average DSC paid by Canadian mutual fund investors and when added to the MER it increases the total cost to 3% for equity mutual fund investors. Similarly, the average bond fund in Canada charges 1.79% versus the US at 0.78%. These are annual fees and a big reason why we eschew mutual funds and only invest in ETFs.

Let’s now see the impact of fees on portfolio values.

In the chart below I calculate the impact of paying a 1% higher annual management expense ratio. Assuming you invested $500,000 for 20 years and earned a 7% rate of return before fees, the portfolio with a 1% lower fee then the average 2.56% that Canadian mutual fund investors pay, you would see the portfolio grow to $1.442 million, or $250,000 higher than the portfolio paying the 2.56% fee. That equates to a 20% higher ending portfolio value by simply paying a 1% lower fee.

This is why I like to say to clients “always invest in bank stocks and fund companies that charge these high fees since they make a lot of money and profit, but skip the high cost mutual funds for low cost ETFs since lower fees are one great way to build wealth over time”.

It’s great to be first in a lot of things but not when it comes to paying investment fees. So do your homework if buying mutual funds to ensure you’re paying a reasonable fee. Or better yet, skip them altogether and just stick with low-cost ETFs since they are the future and low fees is one easy way to improve performance and build long-term wealth. That’s why we went ‘all-in’ on ETFs years ago.

The Impact of Fees on Portfolio Values

Source: Turner Investments. Assumes $500,000 portfolio earns a 7% gross return over a 20 year period
Ryan Lewenza, CFA, CMT is a Partner and Portfolio Manager with Turner Investments, and a Senior Vice President, Private Client Group, of Raymond James Ltd.

 

103 comments ↓

#1 LewenzaCountry aka Prince Polo on 08.14.21 at 9:32 am

More proof that Canadians like overpaying for things: cell phone plans!

On the topic of Olympics: Canada rocks!! Looking forward to Curling gold, next year.

#2 Who Cares on 08.14.21 at 9:34 am

Who cares about the Olympics. It is a big corrupt slush fund to funnel money from taxpayers to another international organization that is worthless. The song get a job should be played there every hour.

#3 crowdedelevatorfartz on 08.14.21 at 9:37 am

An excellent topic Ryan.
I just wish I had read it 30 years ago instead of 10… It cost me thousands in fees and years of potential growth.

The shyster that was my former financial “advisor” was a used car salesman with only his interests at heart.
Utter slime.
An expensive Lesson learned.

#4 TurnerNation on 08.14.21 at 9:37 am

On the permanent Economic Shutdowns. It was pointed out weeks ago Ontario never planned to re-open, fully.

“While keeping current pandemic restrictions indefinitely”
“Ontario to mandate vaccines for hospital workers, give booster shots to the vulnerable, and halt further reopening”
https://www.thestar.com/politics/provincial/2021/08/13/ontario-to-mandate-vaccines-for-hospital-workers-give-booster-shots-to-the-vulnerable-and-halt-further-reopening.html

— Wintertime lockdowns are already here. Australia, New Zealand have closed borders. Israel seems close to this.

— Supply chain. Wait till the transportation employees begin striking over forced requirements.
Now you know why we were trained on Essential/Non-essential shopping last year. Goods and Aisles taped off. There was no other reason.
Recall that “leaked document”. “Projected supply chain break downs, inventory shortages, large economic instability. Expected late Q2 2021.”


— War for our mind they want us all on the brain pills?
.Inexpensive anti-depressant could be best COVID treatment yet, Canadian-led trial finds (nationalpost.com)


— If only we’d had some kinds of heads up, a code or what have you. 9 months ago.
Paging Alphonse…he nailed it:

“#74 Alphonse Kehaulic on 11.25.20 at 7:40 pm
28 days lockdown. Symbolism. Two 8s = 88 = double infinity. In other words: Endless, in perpetuity, no timeouts for your lockdowns. Put it to you this way: From now on there will never be a time of no lockdowns.
28 Days Later was a movie about a pandemic. Just a coincidence I’m sure.”

#5 crowdedelevatorfartz on 08.14.21 at 9:46 am

@#133 Prince Polo
“The poll by Nanos Research, completed Friday, shows the Liberals with only 33.4-per-cent voter support, a drop of 5.9 percentage points from four weeks ago when the party appeared headed for a majority government.”

+++

Well.
The ONLY good thing about Trudeau calling an expensive ($610 million dollar estimate), unwanted, unnecessary, election that he may remain in a Minority Govt.

The knives will be out and he may have to take “a walk in the snow…..”

$610 million dollars to rid our selves of the Trillion Dollar Debt Baby seems like a fair deal.

#6 Millennial 1%er on 08.14.21 at 9:50 am

imagine giving your hard earned cash to a guy with a few divorces & a porsche

#7 crowdedelevatorfartz on 08.14.21 at 9:51 am

Well the winds are picking up in the dry, parched Lower Brain Land this morning.
That should jack the Interior forest fires into overdrive like a chipmunk on Benzedrine…..

Keep an eye on the news today for explosive growth in the interior forest fires…..nothings stopping then now except rain…lots of rain….

#8 TurnerNation on 08.14.21 at 10:01 am

Economy/Travel/Tourism.
In the future only “essential” travel will be allowed. We’ve been trained on this haven’t we.

We are ranked as animals, confined to holding pens/UN Smart Cities. You are Unclean/Partially/Fully or Banned.
Who is banned? The Scandinavian countries banned A.Z. and Denmark banned J&J I heard. If you have these substances in your body you are branded Banned.

PREDICTION: all but for Moderna and maybe Pfizer, will be banned.
(But Israel – an homogeneous isolated test zone – is not doing so well on 100% Pfizer are they.)

Hint hint – “Ottawa” is in bed with these people.

.”Moderna to sign agreement to build mRNA production plant in Canada. Moderna and Ottawa are still negotiating where it will be built and when, says spokesperson”

.”Ottawa has inked a deal with Pfizer Inc. for tens of millions of booster doses of the pharmaceutical giant’s COVID-19 vaccine over the next few years.
Prime Minister Justin Trudeau revealed Friday that Canada has ordered 35 million booster doses for 2022, followed by an additional 30 million doses in 2023″

https://www.modernatx.com/mrna-technology/mrna-platform-enabling-drug-discovery-development
“Our Operating System
Recognizing the broad potential of mRNA science, we set out to create an mRNA technology platform that functions very much like an operating system on a computer.

———————-
Welcome to Kanadian Kommunism. They pretend to pay us, we pretend to work.

https://www.blogto.com/eat_drink/2021/08/toronto-restaurants-close-temporarily-shortage-staff/
“Staff shortages have been hitting Toronto restaurants hard as they reopen, paradoxically forcing some of them to close temporarily.”

#9 Debt Junkies of Canada on 08.14.21 at 10:08 am

Mutual funds are the big sucking sound of taking money away from Canadians through high, outrageous fees, charges for the big Canadian banks and many mutual fund companies.

There was a perfectly good solution that worked for all Canadians and it is called interest rates, interest on money deposited, invested. savings accounts, chequeing accounts, GIC’s, term deposits, savings bonds, T-bills, government bonds, government strip bonds, zero coupon bonds, mortgage investments, bonds, fixed rate term certain annuities etc.

They all have one thing in common. The central banks of the world, governments, corporations, real estate speculators, industry, banks, financial industry, all other lenders all are in bed to keep the free, cheap, low interest rates money gravy train in place forever to the detriment of savers, fixed rate investors and society’s finances like high cost of living, high taxes, suppressed wages, suppressed investment income, suppressed savings, investment, retirement balances etc.

The bottom line is those that love this low interest rates game are a bunch of debt junkies and are addicted to the drug called lower and lower interest rates. Low interest rates is not about capital creation but creating debt and a debt burden society where most of the wealth goes to the top 10% and stays there.

#10 Al on 08.14.21 at 10:14 am

Generally correct. However there are some, not many, mutual funds with expense fees of about 1% than perform more than 1% better than ETFsb with less volatility.

#11 IHCTD9 on 08.14.21 at 10:14 am

#134 Father’s Daughter on 08.14.21 at 9:29 am
#117 IHCTD9 on 08.13.21 at 11:37 pm
#114 Father’s Daughter on 08.13.21 at 10:
—————————————————————-
My point was just that privately sponsored refugees are included in the 100% rate you quoted for lifelong government dependence. Based on the criteria quoted in terms of Afghan refugees
—————

Well, no they weren’t. The 20k Afghans noted by Annek are government sponsored. Yes, the government will backstop these folks for life as needed.

And I never said dependent, I said “funded”. Big difference.

I see others have misunderstood as well and economic immigrants are now included in the discussion.

This one is too far off the rails, we’ll try again some other time.

#12 LewenzaCountry aka Prince Polo on 08.14.21 at 10:20 am

#74 When Will They Rase Rates? on 08.09.21 at 4:07 pm
The people getting whacked now are almost entirely the unvaccinated. – Garth

That’s not true.

34% of new cases reported in York Region IN THE LAST 7 DAYS were FULLY VACCINATED.

*sigh*
66% unvaxxed sounds like a majority to me. In any case, here are more numbers to digest:

Among vaccinated attendees, there were 127 diagnosed with Covid-19, Arwady said. That’s just 0.04%, or four in 10,000 vaccinated attendees.
“Among unvaccinated attendees we did, as expected, see a higher rate of Covid cases, but it was still low,” she said. There were 76 unvaccinated attendees who reported testing positive, Arwady said — 0.16% or 16 in 10,000 unvaccinated attendees.

I don’t know if my math skills are up to par, but 0.16% incidence rate sounds like 4X more likely to get COVID if one is unvaxxed (0.04% rate for fully vax’d).

https://www.cnn.com/2021/08/12/us/lollapalooza-covid-19-cases/index.html

#13 Wrk.dover on 08.14.21 at 10:22 am

#80 IHCTD9 on 08.13.21 at 6:16 pm

I’ve given up trying to buy a diesel p/u. 10k+ for what amounts to a junk truck. I got a plan B, I think you’ll like it :)
_________________________________

The only option you have is a banged box ultra low mile Class C motorhome turned into a 9′ box stake truck downsized with a 3/4 ton rear bogey.

#14 Dharma Bum on 08.14.21 at 10:31 am

It’s amazing to me that mutual funds with their antiquated and inflated fee structure still exist in this day and age.

When I started investing, as a regular retail client – just a young schmuck with a basic salaried job who was interested in systematically saving a chunk of the weekly paycheque and investing in the broader market over time to build an RRSP, mutual funds were really the only option. The internet didn’t even exist when I started, so online direct investing and trading wasn’t even a thing.

Once the cat was out of the bag, however, on how badly these retail clients were getting raped and pillaged, combined with the advent of direct online investing, fee based advisors, ETFs, and much lower fee structures, it’s astounding that so many still opt for crappy overpriced, underperforming funds sold by [email protected] and other slimy charlatans.

The Canadian ranking in cost is no surprise. We are a rural provincial backwater sparsely populated by ignorant rubes who have been ripe for the picking forever.

#15 Don Guillermo on 08.14.21 at 10:36 am

#111 DON on 08.13.21 at 10:35 pm
#43 Invasive species on 08.13.21 at 4:05 pm
#18 cuke and tomato picker on 08.13.21 at 3:03 pm

The Victoria B.C. market appears to be very solid so far.
Weekend ferry traffic is very busy from the mainland also
there are many Alberta plates in Central Saanich and Sidney B.C.

___________________________

Sorry…. There were too many of them here so we had to light our forests on fire to force them out of the Smokanogan. We thought they would have returned home but it appears they just continued on.

*************
Fires are breaking out on the Island – the fir trees are turning red on the branch tips.

Mid to south island covered in smoke…good thing we have mast. Not exactly a vacation paradise.

We always see a lot of Albertain plates in the summer… same as usual.
*****************************************
See BC plates everywhere driving around Calgary. Difference is, we don’t obsess over it, scream and yell at them or even key their cars.

#16 NoName on 08.14.21 at 10:38 am

According to an exhaustive and robust study of over 46,850 mutual funds offered by 18 different countries, Canada ranked the highest in fees paid by mutual fund investors. -RL

You should see study for cost of cellphone plans and data… In Canada when we decide to be the best at something oone ever will ever will katchup with us.

https://www.iphoneincanada.ca/carriers/canadas-mobile-data-prices-vs-the-world-in-one-chart-pic/

#17 Yukon Elvis on 08.14.21 at 10:50 am

Retirement investors should pay close attention to the coming federal election campaign.

https://www.bnnbloomberg.ca/retirement-savings-could-be-ripe-for-the-picking-for-next-federal-regime-1.1639950

#18 DON on 08.14.21 at 11:07 am

@Russ

Are you able to walk today…that is no small bike trek. Great scenary. Did you take a dip in the lake?

I was up your way three weeks ago checked out Campbell River and took the scenic ocean route to Comox/Courtney. I saw it also…geezus.

On a side note the Saratoga Speedway has been totally re done. But the Go carts were closed due to lack of staff and Covid.

My younger sis lives in Cumberland so I get the updates.

Cheers as always. If you are into biking back country you can do the Circle route from lake cowichan to port renfrew. It is a chip paved road narrow in some parts but wide in most.

#19 Don Guillermo on 08.14.21 at 11:08 am

#6 Millennial 1%er on 08.14.21 at 9:50 am
imagine giving your hard earned cash to a guy with a few divorces & a porsche
*******************************
I’d rather give my money to a guy with one divorce and a few Porsches.

#20 IHCTD9 on 08.14.21 at 11:17 am

#13 Wrk.dover on 08.14.21 at 10:22 am
#80 IHCTD9 on 08.13.21 at 6:16 pm

I’ve given up trying to buy a diesel p/u. 10k+ for what amounts to a junk truck. I got a plan B, I think you’ll like it :)
_________________________________

The only option you have is a banged box ultra low mile Class C motorhome turned into a 9′ box stake truck downsized with a 3/4 ton rear bogey.
———-

Thinking outside the box, other options appear. Check this out:

https://ca.tdconversions.com/ford

#21 crowdedelevatorfartz on 08.14.21 at 11:23 am

662,000 Hectares burnt in BC so far this Summer
Thats 1.6 million acres.
Or 1.25 Prince Edward Islands.
The wind is picking up.
Stay tuned

#22 Alberta Ed on 08.14.21 at 11:25 am

Jettisoning IG for Turner Investments was the best investment decision we have made.

#23 IHCTD9 on 08.14.21 at 11:28 am

#14 Dharma Bum on 08.14.21 at 10:31 am

Once the cat was out of the bag, however, on how badly these retail clients were getting raped and pillaged, combined with the advent of direct online investing, fee based advisors, ETFs, and much lower fee structures, it’s astounding that so many still opt for crappy overpriced, underperforming funds sold by [email protected] and other slimy charlatans.
———

For all the bad things about the Internet, there are so many good things. There are going to be some seriously rich millennials at retirement, many have skipped [email protected] entirely. Today, all the cats are out of the bag, and gobs of investing knowledge is free for the taking via the www. Then the ease and low costs of going it alone these days on top.

My eldest has picked up the idea of saving and investing almost entirely on his own. Still a teen but with 25K+ banked already. His buds are the same all with 5 figures and plans to invest. Thanks 99% to the net (and a bit of modeling…)

#24 Craig on 08.14.21 at 11:31 am

Canadian banks have done a thorough brainwashing program of the citizens which results in the belief that only THEY are capable to manage peoples money. “Don’t even try – you will fail. We will do it for you”. Used car salesmen are pillars of society in comparison.

#25 Paddy on 08.14.21 at 11:36 am

Great article Ryan.
I always reference your articles about MERs to my friends whenever the subject comes up.
I recently switch to Turner Investments. I’ve done quite well over the last 10 years doing the self directed thing, but portfolio has grown rather large(not bragging) with multiple accounts and I felt it was time to let the pros handle it. A 1% MER is a bargain and tax deductible if you hold investments inside a non-reg account. Looking forward to the predictable, steady, non-volatile, boring 60/40, tax deductible portfolio growth.

#26 crowdedelevatorfartz on 08.14.21 at 11:36 am

Perhaps the Liberals should start their election campaign in Lethbridge and promote Multiculturalism, Law and Order, etc etc etc…

https://calgaryherald.com/news/local-news/ten-charged-in-human-trafficking-sex-crimes-that-victimized-15-13-year-old-girls

#27 Albertaguy in AB on 08.14.21 at 11:44 am

#4 28 days lockdown. Symbolism. Two 8s = 88 = double infinity.

—-

Double infinity?

…seems like overkill

#28 G on 08.14.21 at 11:45 am

Thanks Ryan, I’m sure this reminder about fees effects over time will help more than a few people that listen and hadn’t heard about this before. Some might even tell a friend or two about it.

#29 Tammy on 08.14.21 at 12:08 pm

Debt Junkies of Canada, it does really sound like socialism to me with getting close to free, cheap money, use of other people’s money at 0.25% or 2.25% in GIC’s, term deposits, other fixed rate savings investments, most are charging fees in the 1% to 2.5% annual fees in these mutual funds and other high exit fees of 3% to 6%, other charges like 2% short term trading fees. Did you ever look at their prospectus of these mutual funds, they have like 60 to 100 pages and so many fees, probably 25 to 30 fees with restrictions, limitations of withdrawals, transfers, redemptions etc.

Look at what these banks, lenders, other financial intermediaries charge us for yearly interest rates credit cards, 11% to 33% interest rates, 7 to 10 year mortgages, 4% to 5.5%, car loans at 5% to 6%, reverse mortgage rates, 4.5% to 5.5%, personal loans 5% to 8%, boat and other recreational vehicles, property 5% to 8%, small businesses loans 5% to 8%, payday loans, 500%+, subprime personal loans 30% to 42% etc.

If we were really in a capitalist system, we would have way more competition in all businesses from banking to communications to grocery stores to insurance to healthcare etc. We would not have a manipulated currency, monetary system from the Bank of Canada, Canadian policy of lower to lower, ultra cheap interest rates allowing consumers, government, corporations to borrow at 0.25% to 3.75% with high risk for future capital when inflation is 3.4% so far in Canada. It is all BS.

#30 DON on 08.14.21 at 12:11 pm

Ryan

I got a real life experience in the early 90s with mutual funds. Was in low 20s and a close relative passed away and left some money. In short it eent into a basket of mutual funds…was in uni at the timr and needed to dip in once in a while when laid off in the recessions. The fees were noticeable…I will never do that again. But my mutual fund rep was clear with me and spent time explaining everything ( small town family friend).

@Wrk.dover

Mixing cement isn’t rocket science. The prices are outrages…but no one wants to do the labour so the prices get jacked up.

@Crowded – I just finished watching the morning global vancouver news and the nice news lady anchor said the she expects Ferries to be busy (to the Island). To be busy as people are escaping the smoke… Mid to south island in smoke lock down. The smoke has lifted a bit…can’t see the sun.

#31 Dr V on 08.14.21 at 12:25 pm

Key to all this is consumer education on the types of investments and their fees, and your advisor for both qualification and how you mesh with them.

I still want to be able to have face to face contact with
my advisor at short notice, so Garth was out.

Yes, and don’t invest with Manulife, invest IN Manulife.

#32 Ponzius Pilatus on 08.14.21 at 12:31 pm

Just reading that Canadians own about 1.6 in mutual funds.
Federal debt is about 1.3T.
Americans own about 20T in mutual funds.
Federal debt is about 21T.
From that metric (if correct) Canada seems to be in a better shape than the States.

#33 Nan on 08.14.21 at 12:46 pm

Now show the difference between the mutual funds and 0.2%, which anyone can get for free.

#34 mike from mtl on 08.14.21 at 1:05 pm

#14 Dharma Bum on 08.14.21 at 10:31 am

The Canadian ranking in cost is no surprise. We are a rural provincial backwater sparsely populated by ignorant rubes who have been ripe for the picking forever.
/////////////////////////////////////////////////////////

Ouch haha.

We have ripoff monopolies on mobile phones, Internet, Banking & RE, all due to political moats.

#35 Reality is stark on 08.14.21 at 1:17 pm

Let’s see.
The socialist state allows an oligopoly to exist in the banking sector because socialist Canadians enjoy being ripped off.
So the banks rip us off.
In the short term you might feel better about our banks after a financial crisis but in the long run you lose.
And mediocre Canadians love to lose and they love 2nd best.
The government taxes bank profits so they act slowly on purpose but when they finally do get around to correcting the injustice they’ve already taken you for a ride.
The part that is most comical is when housing reverses when interest rates rise (at least in the short term) and taxes increase significantly.
Paying for this new debt will perplex the average Canadian who will eventually realize that the swamp cannot be drained. That overpaid entitled class that runs the joint has managed to transfer more of your wealth to them.
A taxpayer that cannot afford to match pension plan contributions to these thieves should be revolting.
Instead they vote themselves raises and the pacifist socialist brainwashed Canadian public pays.

#36 Ustabe on 08.14.21 at 1:22 pm

#18 DON on 08.14.21 at 11:07 am

@Russ…

Cheers as always. If you are into biking back country you can do the Circle route from lake cowichan to port renfrew. It is a chip paved road narrow in some parts but wide in most

Just last week we did a Pachina Bay-Kissenger Lake-Nixon Creek thing and even that far up from Renfrew there was a lot of Fairy Creek type disturbances. Roads blocked, well and truly, by Mosaic and lots more official vehicle presence. Even the Bamfield to Lake Cowichan route has a Mosaic blockade on it, re-routing you south and then back east on roads I’d never been on…poor signage so we wondered where we were for a bit.

They are all doing their best to keep folks out of the area, that is for sure.

#37 LeechyFruit on 08.14.21 at 1:30 pm

Financial advisors have a fiduciary duty to act in their clients’ best interests. I’m sure there are advisors who “recommend “ mutual funds for their customers, yet personally invest in ETFs.
I’m interested to know how a scenario like this would play out in court.

Not all advisors are fiduciaries. Many are salespeople. Research. – Garth

#38 Dr V on 08.14.21 at 1:30 pm

17 Yukon – yes saw that article yesterday. WRT

1) TFSA – could see this with a lifetime contribution limit in the range of $100-200k.

2) RRSP – note the article says tinkering with it is “political suicide”, though I see just a general increase in tax rates for all types of income

3) Cap gains – this one is tricky as so many boomers retiring and drawing from cap gains. While the inclusion amount has been changed in the past, I think a more politically effective approach would be a yearly
limit tax-free and allow it to accumulate to a certain
amount. This gives the appearance of protecting the small investor while nailing the big fish at full tax.

4) PR exemption – again noted as “political suicide” but I could also see a graduated rate based on gain and time owned resulting in a couple percent on expensive properties that people have owned for a long time.

30 DON – yeah smoke sucks. Need a ride.

#39 Lou on 08.14.21 at 2:01 pm

Ryan, why is it that Canada can’t pay higher interest rates here on GIC’s, term deposits, savings accounts etc.. In Mexico, 4.5% short term to as high as 7% to 8% on bank deposits, investment rates for fixed rates not equities is their current interest rate environment.

I am not saying Canada should be 7% or 8%, but 3.5% to 5.5% should be the norm in Canada for savings accounts, GIC’s, term deposits etc.

#40 habitt on 08.14.21 at 2:06 pm

Thank you Ryan for the awesome post. Should have listened to Mr. T years ago sigh.

#41 Sail Away on 08.14.21 at 2:06 pm

#30 DON on 08.14.21 at 12:11 pm

@Wrk.dover

Mixing cement isn’t rocket science. The prices are outrages…but no one wants to do the labour so the prices get jacked up.

———

My engineering firm has considered buying a custom yacht and naming it ‘DIY Concrete’.

#42 cuke and tomato picker on 08.14.21 at 2:28 pm

What day did Garth predict Sept.20 as election day?

#43 What? on 08.14.21 at 2:47 pm

Lou, I am from Brazil and still deal with friends in Brazil. They say that they are getting 8% to 9.5% on bank deposits, fixed rates for longer terms.

It looks to me we are the chumps here North America excluding Mexico. I see many places like Indonesia, Malaysia, Chile, Columbia, Peru, Russia, Egypt, China, Hungary, India, South Africa, Brazil, Mexico, Jordan, Kazakhstan, Kenya, Botswana, Nigeria, Pakistan, Philippines, Romania, Turkey, Uganda, Ukraine all have much higher interest rates on fixed rate deposits ranging from 3% to 15%.

#44 BobinKits on 08.14.21 at 2:51 pm

#15 Don Guillermo

See BC plates everywhere driving around Calgary. Difference is, we don’t obsess over it, scream and yell at them or even key their cars.

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

Wrong! Sorry you think this way, not just happening in BC border towns but in Calgary as well.

https://globalnews.ca/news/7822877/b-c-plates-alberta-vandalism-calgary/

#45 Barb on 08.14.21 at 3:03 pm

#22
“Jettisoning IG for Turner Investments was the best investment decision we have made.”

—————
We left the deep throat Manulife mutual funds for Turner Investments just about 2 years ago. Our only regret is not doing it sooner.

Forwarding Ryan’s post to everyone on my email list, in case they’re still into mutual funds, the poor fools.

#46 S.Bby on 08.14.21 at 3:05 pm

Never mind mutual funds; what about the billions sucked out of our pockets by realtors with their exorbitant commissions? What about excessive taxation at all levels? Excessive user fees? Canada is such a cash grab.

#47 Ponzius Pilatus on 08.14.21 at 3:14 pm

#30 DON on 08.14.21 at 12:11 pm

@Wrk.dover

Mixing cement isn’t rocket science. The prices are outrages…but no one wants to do the labour so the prices get jacked up.
—————
Not rocket science, but there is a wide range of quality.
Most of the cement out there is pretty crappy.
Walk by any construction side, and you can tell.
The old Romans were masters at cement making.
They used volcanic ash from Mt. Vesuvius.
It’s always amazing to see the over 2,000 years old aqueducts all over Europe. Some of them are still in use.
Compare that to the particle board, cookie cement/concrete houses nowadays that last 50 years max.
No pride in engineering, that’s for sure.
Older Italian brick layers and builders still have this pride, but as soon they become developers, that goes out the window.
Need money to buy a hockey team.

#48 Mutual Funds on 08.14.21 at 3:17 pm

Lou, when the interest rates on your deposited money is getting only 0.10% to maximum 2.4% very low compared to your mutual funds charging you annually 2% to 3% management expense ratios, fees, it is clear you are getting ripped off. What a screwed up world.

#49 When Will They Raise Rates? on 08.14.21 at 3:18 pm

DELETED

#50 Barb on 08.14.21 at 3:21 pm

#34
“We have ripoff monopolies on mobile phones,…”
—————————

While watching news of the Arab Spring uprising ~10 years ago, the thought occurred to me: How the heck can soooo many people, aged mostly under 30, afford cellphones “over there”?

Here it’s the old case of “whatever the market will bear.”

#51 Who's in better shape? on 08.14.21 at 3:22 pm

#32 Ponzius Pilatus on 08.14.21 at 12:31 pm

Your attempts to find something, anything to support your bias that Canada is in better shape than the USA are quite funny.

Let’s look at some meaningful data, and include our favourite social-democratic nations that lefties love to hold up as shining examples of how to run a country:

Household debt to net disposable income:

CAN: 175% USA: 105% DEN: 258% NOR: 247% SWE: 200%

Government Debt to GDP:

CAN: 88% USA: 107% DEN: 34% NOR: 37% SWE: 37%

The USA deliberately leaves money in the hands of citizens and runs up government debt. Canada and the Scandis tax like mad and let citizens run up their own debt.

Now, imagine when the SHTF, what happens in each of these countries.

USA citizens have completely comfortable levels of personal debt, dramatically lower than Canada and the Scandis. Dramatically lower.

Private citizens in the high personal debt countries will go bankrupt in massive numbers.

As for government debt, where the USA leads the pack, the Fed will simply buy all the treasuries the treasury dept issues and fund the debt, as always. A government that prints its own money without restrictions (unlike some EU members for example, hello Greece!) cannot go bankrupt as long as its debt is in its own currency, as is the case with the USA.

The universal love of the USD by people from even more poorly managed economies gives them an extra advantage.

Nobody wants or needs loonies in a financial crisis. The mighty buck is still the safe haven, at least while the panic is on. As soon as the panic subsides, the weak currencies regain their lost ground. (A pattern that can make you huge profits if you understand it)

Now, tell me again which nations are ‘in good shape’.

(p.s. All of them are horrifically overspending wastelands, but that’s beside the point. This is a comparison of ‘dirty shirts. And the USA is the least dirty of the ones mentioned)

#52 Paul on 08.14.21 at 3:27 pm

Yes I know what you mean, S.Bby. You first get dinged with say a $30,000 commission and then have to pay HST on top of that, extra 13% in Ontario, which is $3,900.

Trudeau Liberals are going to raise it to 15% at first then 18% by the time he is done. This could mean another $1,500 extra again. Look at those carbon taxes the last 3 years raised, gas now $1.40 a liter in GTA, $1.70 a liter in BC. Everything is going up everywhere because of high NDP, Liberal taxes everywhere.

#53 Ponzius Pilatus on 08.14.21 at 3:28 pm

#43 What? on 08.14.21 at 2:47 pm
Lou, I am from Brazil and still deal with friends in Brazil. They say that they are getting 8% to 9.5% on bank deposits, fixed rates for longer terms.

It looks to me we are the chumps here North America excluding Mexico. I see many places like Indonesia, Malaysia, Chile, Columbia, Peru, Russia, Egypt, China, Hungary, India, South Africa, Brazil, Mexico, Jordan, Kazakhstan, Kenya, Botswana, Nigeria, Pakistan, Philippines, Romania, Turkey, Uganda, Ukraine all have much higher interest rates on fixed rate deposits ranging from 3% to 15%.
—————–
Ah, the joys of high/hyper inflation.
You forgot Venezuela.
We had that here I the early eighties ,too.
My father in law invested his Canada Savings Bonds for 5 years fixed at 15%.
Made out like a bandit.
But my mortgage went up to 20%.
Not much fun.

#54 8% rates on 08.14.21 at 3:32 pm

#39 Lou on 08.14.21 at 2:01 pm

“Ryan, why is it that Canada can’t pay higher interest rates here on GIC’s, term deposits, savings accounts etc.. In Mexico, 4.5% short term to as high as 7% to 8% on bank deposits”
********************************************

Those countries, and there are many in Latin America that pay much higher rates than that, have to pay that much to compensate for the annual 10% to 20% devaluation of the currency.

Those rates are for leaving your money in pesos, not dollars.

I tired to talk a friend who was retired in Mexico out of depositing her life savings in pesos to earn something like 16%.

She did it anyway, and suffered a massive devaluation only a few months later.

And no, there’s no way to hedge that. It costs you the same as what you earn, or more.

No such thing as a free lunch, sorry!

#55 Understated Inflation on 08.14.21 at 4:00 pm

Greaterfool posters, I doubt Canada is the same now as a highly rated debt AAA or AA. It probably has not changed but we have clearly higher inflation than 3.1%. The Bank of Canada is trying to downplay higher inflation reports by Statscan and says it is temporary.

Even if inflation moderates to 2.0% to 2.5% over the next year to 2 years. Interest rates should be at least 3.25% short term mortgage rates, 4.5% long term rates 5 year rates.

They are grossly being kept down and inflation is being created faster for all the $200 billion+ Bank of Canada is printing, buying Canada, provincial, corporate bonds.

The extra $1 trillion in debt put on Canadians backs will cause more problems from higher taxes, inflation. I would not be surprised to see a 50 to 55 cents US dollar to Canadian dollar. We don’t have hyperinflation but we have to be careful that it will become like even during the late 90’s 3%+ inflation stays in place, 7% to 8% mortgage rates.

#56 crowdedelevatorfartz on 08.14.21 at 4:22 pm

@#47 Parthenon Publicus Ponzie

“Not rocket science, but there is a wide range of quality.
Most of the cement out there is pretty crappy.”

*****

Many years ago I was talking to a Cement truck driver and he became very offended.
“I haul CONCRETE! Cement comes in BAGS!”

Well excuse me for my ignorance in the snobbery of the industry.

About a year ago I spoke with a Concrete Truck Driver and he said ” It’s READY MIX! Not Concrete!”
To which I tried explaining that “Ready Mix” was probably a registered trade name like McDonalds is to Hamburgers…
Nope.

Its READY MIX!

To which I then asked,
” How did the inventors of cement say that in Latin?”

#57 Ryan Lewenza on 08.14.21 at 4:24 pm

Alberta Ed “Jettisoning IG for Turner Investments was the best investment decision we have made.”

Well that makes us feel pretty good! I find IG to be the worst for mutual fund fees. – Ryan L

#58 crowdedelevatorfartz on 08.14.21 at 4:26 pm

For a low budget election ad…
Its actually quite funny

https://twitter.com/i/status/1426242355422765056

#59 Ryan. Lewenza on 08.14.21 at 4:27 pm

Mutual Funds “Lou, when the interest rates on your deposited money is getting only 0.10% to maximum 2.4% very low compared to your mutual funds charging you annually 2% to 3% management expense ratios, fees, it is clear you are getting ripped off. What a screwed up world.”

Exactly! With bond yields so low it’s crazy to see these high mutual fund fees with bond funds. Basically the high fees eat up most of the yield. Thanks for nothing! – Ryan L

#60 BillyBob on 08.14.21 at 4:29 pm

Meanwhile in Victoria, according to my sibling RN, DO NOT get sick, in an accident, or need to visit a hospital. The understaffing is absolutely incredible, beyond crisis levels. And not just medical staff, but roles like housekeeping. In all of Jubilee one day last week there was a grand total of TWO cleaners for the entire hospital.

She works as a clinical educator, so she’s in charge of training new nurses. Except, they’re not permitted to schedule night training shifts because the trainees might find them “too tiring”. In spite of the fact their entire career will be spent doing shift work. Not doing any favours to the Millennial meme.

Oh, so many stories about the nurse’s union. Stiff competitors with teachers for entitlement. Yes, yes I know nurses and teachers are saints and it’s a thankless job and it’s all about patient care and all about the students and blah blah blah.

Funny though how there’s no problem finding nurses to work the overtime shifts at or to do Covid vaxes. But try to get someone to answer a phone to cover the multiple shifts already short. I guess the solution is just to throw more money at them, it must be.

With a few exceptions, the concept of service is absolutely dead in the public sector. Grab absolutely everything you can get and then whine for more.

Just try not to need medical services in Victoria for awhile. The wheels are pretty much off now.

#61 Ryan Lewenza on 08.14.21 at 4:30 pm

Lou “Ryan, why is it that Canada can’t pay higher interest rates here on GIC’s, term deposits, savings accounts etc.. In Mexico, 4.5% short term to as high as 7% to 8% on bank deposits, investment rates for fixed rates not equities is their current interest rate environment.

I am not saying Canada should be 7% or 8%, but 3.5% to 5.5% should be the norm in Canada for savings accounts, GIC’s, term deposits etc.”

Mexico has higher inflation levels than us so they need to keep interest rates higher than Canada/US. But your point is valid. The BoC and Fed need to get off the QE and low interest rates. – Ryan L

#62 Dr V on 08.14.21 at 4:35 pm

43 what?

Feel free to invest in those countries institutions at those rates. Just remember it is in the local currency.

Let us know how it works out for you.

#63 DON on 08.14.21 at 5:18 pm

#47 Ponzius Pilatus on 08.14.21 at 3:14 pm
#30 DON on 08.14.21 at 12:11 pm

@Wrk.dover

Mixing cement isn’t rocket science. The prices are outrages…but no one wants to do the labour so the prices get jacked up.
—————
Not rocket science, but there is a wide range of quality.
Most of the cement out there is pretty crappy.
Walk by any construction side, and you can tell.
The old Romans were masters at cement making.
They used volcanic ash from Mt. Vesuvius.
It’s always amazing to see the over 2,000 years old aqueducts all over Europe. Some of them are still in use.
Compare that to the particle board, cookie cement/concrete houses nowadays that last 50 years max.
No pride in engineering, that’s for sure.
Older Italian brick layers and builders still have this pride, but as soon they become developers, that goes out the window.
Need money to buy a hockey team.
**********

I have a bricklayer in the family …I had to mix the cement. All types of mixes. Yes child labour. But learned a lot.

#64 DON on 08.14.21 at 5:28 pm

#36 Ustabe on 08.14.21 at 1:22 pm
#18 DON on 08.14.21 at 11:07 am

@Russ…

Cheers as always. If you are into biking back country you can do the Circle route from lake cowichan to port renfrew. It is a chip paved road narrow in some parts but wide in most

Just last week we did a Pachina Bay-Kissenger Lake-Nixon Creek thing and even that far up from Renfrew there was a lot of Fairy Creek type disturbances. Roads blocked, well and truly, by Mosaic and lots more official vehicle presence. Even the Bamfield to Lake Cowichan route has a Mosaic blockade on it, re-routing you south and then back east on roads I’d never been on…poor signage so we wondered where we were for a bit.

They are all doing their best to keep folks out of the area, that is for sure

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

Good catch …i turned around just before Fairy Creek.

On the route from Lake Cowichan to Port Alberni end of July was all clear at that time…I have the back road map just in case. When at Nitinat lake I also heard of disturbances in the Carmanah Valley.

I want to go back and swim in the Nitinat river next summer. Maybe see about steal head fishing if allowed.

#65 The Woosh on 08.14.21 at 5:37 pm

#19 Don Guillermo on 08.14.21 at 11:08 am
#6 Millennial 1%er on 08.14.21 at 9:50 am
imagine giving your hard earned cash to a guy with a few divorces & a porsche
*******************************
I’d rather give my money to a guy with one divorce and a few Porsches.

——————————————

I’d rather have the porsche in the 3rd bay of my garage, thanks very much. That’s what happens when you take a minimum level of interest in your own money and save on fees. At this point, I can change it out for a new one every three months. Fees…ignorance is bliss, isn’t it?

#66 Sail Away on 08.14.21 at 5:53 pm

Concrete in its simplest form consists of the following:

1. Cement
2. Water
3. Aggregate

Cement is not concrete. Here, Bob Vila can explain:

https://www.bobvila.com/articles/cement-vs-concrete/

#67 Wrk.dover on 08.14.21 at 5:57 pm

#20 IHCTD9 on 08.14.21 at 11:17 am

That is at Northwest Fab works. I have dealt with them. Twice. Professional guy there, Chris.

Good luck fitting into a girly truck! Hint, the rear doorlatches on them seize from lack of use and are NLA.

55mpg will suit you well. Good one!

#68 Ponzius Pilatus on 08.14.21 at 6:09 pm

#60 BillyBob on 08.14.21 at 4:29 pm
Meanwhile in Victoria, according to my sibling RN, DO NOT get sick, in an accident, or need to visit a hospital. The understaffing is absolutely incredible, beyond crisis levels. And not just medical staff, but roles like housekeeping. In all of Jubilee one day last week there was a grand total of TWO cleaners for the entire hospital.
—————
Wow, only TWO cleaners for the entire hospital.
That again proves how efficient public workers are.
That’s why they make the big bucks.
My SIL works at Jubilee.
Talked to her yesterday.
No complaints.
But she says the heat wave is making it busier than usual.

#69 Wrk.dover on 08.14.21 at 6:15 pm

#47 Ponzius Pilatus on 08.14.21 at 3:14 pm
#30 DON on 08.14.21 at 12:11 pm

@Wrk.dover

Mixing cement isn’t rocket science. The prices are outrages…but no one wants to do the labour so the prices get jacked up.
____________________________

I’m not talking about mixing, just placing it. Cement is ISO 9001 burnt lime and concrete is that with aggregate from a ISO 9001 batch plant, delivered in a mixer truck.

All this money I’m talking about is for the labor to put the forms, drop some mesh, tie some rebar, set some anchor bolts holders, place the mix, and make it pretty. $1000/hour here in Armpit/Bunny Patch!!! Gravity does most of the work too! This is dental surgeon level pay for a job learned by doing it once. Wheel barrows come with two wheels now, being 68 is not a handicap for this at all.

#70 Sail Away on 08.14.21 at 6:17 pm

#47 Ponzius Pilatus on 08.14.21 at 3:14 pm

The old Romans were masters at cement making.
They used volcanic ash from Mt. Vesuvius.
It’s always amazing to see the over 2,000 years old aqueducts all over Europe. Some of them are still in use.

———-

Roman concrete was quite an achievement, yes, but it was by no means superior to current concrete tech, regardless of claims on Flapfacechatbooktwit.

#71 Habitt on 08.14.21 at 6:34 pm

Billy Bob we had a school yard adjacent to our back yard. When we left for work in the am there were no teachers yet. Ditto for when we came home. Crickets a lot of the time. As for the saintly nurses they with their union manipulate scheduling with holidays sick days et all to force the employer to pay others OT. Your post was spot on. Thanks

#72 Flop... on 08.14.21 at 6:43 pm

Yeah, I’ve noticed in recent years that my fees for my mutual funds for my Superannuation in Australia have become more reasonable.

I don’t think there was much difference between Australia and Canada but then I think the Australian government stepped in a put limits on things.

I think the official government memo went something a little like this.

We’re o.k with you ripping off our citizens, we just don’t want you to rip them off too much, although we agree they need to be punished for not investing everything in real estate, we need to leave them with enough money so we can gouge them in other aspects of their lives…

M47BC

#73 WTF on 08.14.21 at 6:59 pm

#50 “#34
“We have ripoff monopolies on mobile phones,…”
—————————

While watching news of the Arab Spring uprising ~10 years ago, the thought occurred to me: How the heck can soooo many people, aged mostly under 30, afford cellphones “over there”?

Here it’s the old case of “whatever the market will bear.”
—————————————————————
Dont forget Government regulations preventing foreign ownership.

Canukistan could be opened up to competition but the telco lobby, bloated ineffectual CRTC, and and sweet profits from spectrum auctions mean you the consumer are a minor after thought.

It’s ok, PM Wonderful feels your pain. And he’s sorry….really really sorry. Has his Industry Minister “monitoring the situation”.

If the libs could put a carbon tax on data………they would.

#74 Sail Away on 08.14.21 at 7:10 pm

If you’re not rich, it looks like you are probably just not beautiful enough. Sorry.

https://www.psypost.org/2021/08/deep-machine-learning-study-finds-that-body-shape-is-associated-with-income-61683

#75 Don Guillermo on 08.14.21 at 7:14 pm

44 BobinKits on 08.14.21 at 2:51 pm
#15 Don Guillermo

See BC plates everywhere driving around Calgary. Difference is, we don’t obsess over it, scream and yell at them or even key their cars.

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

Wrong! Sorry you think this way, not just happening in BC border towns but in Calgary as well.

https://globalnews.ca/news/7822877/b-c-plates-alberta-vandalism-calgary/
†*******
The nice Albertans made it right. Heartwarming story. Thanks for sharing.

#76 Flop... on 08.14.21 at 7:40 pm

That post talking about Australia triggered another thought that I’d been meaning to post on here.

Getting back to the old Dual Citizens are leeches thing, I never felt like I was ripping anyone off.

As people pointed out to that poster as long as you pay your taxes where you earn your income you’re doing nothing wrong.

I filed and paid my taxes in early 1999 in Australia, leaving all square, before embarking on what I thought was going to be at most a two year journey, not two decade, amble around the world.

Working in construction, people automatically think you work for cash and don’t pay your share of taxes, being a dual citizen construction worker must mean I’m the lowest of the low in some people’s eyes.

I’ve never worked for cash, some would say I’m doing it wrong, but I don’t like to live life looking over my shoulder and there was something that I did on my travels tax wise that didn’t sit particularly well with me.

Paid all my taxes in Australia, went and worked in the U.K, England then Scotland, was a long time ago don’t remember too much about the tax filings, the money was taken out at time of payment so they got theirs but there was an episode in France didn’t sit that well with me.

Disclosed a few times on here that I worked for Microsoft Billionaire Paul Allen, I was working for a British company who asked me to work on his Côte d’Azur villa, I said I couldn’t go because I wasn’t a European citizen and didn’t have work status and really didn’t want to go because the only French I knew was Bonjour and Bon Jovi.

They told me not to worry, citing bureaucracy avoidance , I would still be paid and taxed in British Pounds and no one at the airport or country would ever question what we were up to.

So I worked there without incident, paid taxes as I went, it’s just that the taxes should have gone to the French government instead of the British, where I had a valid work visa, maybe that’s what they will fight about next time they have a war.

Maybe it’s better that I paid the British, because I still don’t understand much French and I might have ended up paying close to 100% taxation that some posters on the blog seem to want…

M47BC

#77 WTF on 08.14.21 at 8:15 pm

#15 the mexican”See BC plates everywhere driving around Calgary. Difference is, we don’t obsess over it, scream and yell at them or even key their cars.”
—————————————————————
Tranquilo Senor,

We’re just passing through. Nobody from BC wants to spend too much time in a desiccated wasteland devoid of anything interesting unless listening to unemployed raging libertarians with no clue is your idea of fun.

Headed to Toontown for FUN! Yee Haw!!!!

#78 islander on 08.14.21 at 8:36 pm

https://www.theglobeandmail.com/real-estate/vancouver/article-simply-not-an-option-how-finland-is-solving-the-problem-of/

Last! – solving the problem of homelessness

#79 DON on 08.14.21 at 9:02 pm

#69 Wrk.dover on 08.14.21 at 6:15 pm

I get what you are saying all the prep work…better to save dollars. Call the truck to pour.

On Vancouver Island (name is under review) they charge you house rates to put up a shed. People pay the high rates though. Victoria contractor rates are some of the highest on the island. My wife did some major tree pruning. She called the local Yard Haulers. They quoted $1200-1600 dollars. I cut it up …one pickup truck load. It was a younger guy so I didn’t break out laughing.

I found Nova Scotia to be much like Vanouver Island. DIY.

#80 Shawn Allen on 08.14.21 at 9:04 pm

Best Response to high Mutual Fun Fees in Canada?

1. Use ETFs
2. Buy big 5 Bank shares (they dominate the mutual fund industry)
3. Complain
4. All of the above

#81 Wilhelm Pieke's Oversized Homburg on 08.14.21 at 9:41 pm

LTCs, fund fees on retirement planning. Cell plans. Mortgages with no tax write off. A protected banking & insurance industry. 6 months of lousy climate. Too many senators & Lieutenant-Govenors at the trough.
What else’s not to love about the place?

Topple the statues ignore the flag.

#82 IHCTD9 on 08.14.21 at 10:20 pm

#67 Wrk.dover on 08.14.21 at 5:57 pm
#20 IHCTD9 on 08.14.21 at 11:17 am

That is at Northwest Fab works. I have dealt with them. Twice. Professional guy there, Chris.

Good luck fitting into a girly truck! Hint, the rear doorlatches on them seize from lack of use and are NLA.

55mpg will suit you well. Good one!
—- –

They have a good rep, and it’s nice that they are fellow Canucks. If I go ahead with this I’d be doing a regular cab so rear latches would be absent.

Most rcsb 2wd ranger TDI swaps don’t get much better than 41mpg, but that is still outstanding – even for a “girly truck” :)

#83 Planetgoofy on 08.14.21 at 10:35 pm

#61 Ryan Lewenza on 08.14.21 at 4:30 pm
The BoC and Fed need to get off the QE and low interest rates. – Ryan L
—–
For sure Ryan, But…. they cant as they pushed an anvil onto the debt gas pedal.
They seem to see no long term consequences of their actions or even think for a seconded that the market may push rates up via perceived risk, inflation ect. T2 is a rocking IDOT. lol
Cheers

#84 That’s it on 08.14.21 at 11:02 pm

#27 Albertaguy in AB on 08.14.21 at 11:44 am
#4 28 days lockdown. Symbolism. Two 8s = 88 = double infinity.

—-

Double infinity?

…seems like overkill

—————

I’ve been trying to put my finger on why that double infinity nonsense sounded so stupid, and that’s it. One infinity should be plenty.

#85 BobinKits on 08.15.21 at 12:32 am

44 BobinKits on 08.14.21 at 2:51 pm
#15 Don Guillermo

See BC plates everywhere driving around Calgary. Difference is, we don’t obsess over it, scream and yell at them or even key their cars.

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

Wrong! Sorry you think this way, not just happening in BC border towns but in Calgary as well.

https://globalnews.ca/news/7822877/b-c-plates-alberta-vandalism-calgary/
†*******
The nice Albertans made it right. Heartwarming story. Thanks for sharing.
****************************
You are welcome. The point is there are idiots everywhere, the vandalism should never of happened in BC.,Alta or any other of the provinces.

#86 westcdn on 08.15.21 at 12:33 am

I walked away from mutuals and tried my hand at DIY – I have not regretted but I have suffered some painful experiences. I tend to lead with my chin which is tough.

The upcoming election has me bothered. I won’t vote for T2 but Erin doesn’t aspire me nor do the chosen reps. I will be voting to defeat T2 but southern Ontario matters more than me. Quebec is a write-off but maybe it serves my interests.

#87 Karen on 08.15.21 at 3:10 am

“Always invest in bank stocks” ? I thought buying individual stocks was Garths biggest ‘poo poo’? Aren’t stocks toxic and bad? Mind……Blown.

Fees can also be understood using the ” Rule of 72″. Fees chew a huge hole in returns over the long term. Ex: If BCE pays a 6 + % dividend and no ongoing fee, why would you pay an ongoing fee year after year?

#88 Triplenet on 08.15.21 at 4:54 am

Don, Sailaway ……
This may help you out in your discussion-

The terms asphalt (or asphaltic) concrete, bituminous asphalt concrete, and bituminous mixture are typically used only in engineering and construction documents, which define concrete as any composite material composed of mineral aggregate adhered with a binder. The abbreviation, AC, is sometimes used for asphalt concrete but can also denote asphalt content or asphalt cement, referring to the liquid asphalt portion of the composite material.
……and that’s only half of it.

#89 Ryan Lewenza on 08.15.21 at 8:28 am

Karen “ Always invest in bank stocks” ? I thought buying individual stocks was Garths biggest ‘poo poo’? Aren’t stocks toxic and bad? Mind……Blown”

We buy bank stocks through an ETF. I see Canadian banks as a core long-term holding and we get that exposure through a broad based ETF that invests in banks and other higher yielding equities. – Ryan L

#90 Todd on 08.15.21 at 9:00 am

Planetgoofy, maybe this is why they will be all digital money, programmable money that they tell you what you can buy and they want to go social credit score system like communist China.

Some guy on coast to coast said there will be no more fiat money system by 2032 and no more commercial banks anymore. It will all be done through the Federal Reserve, central banks, as this guy said, a command type system.

Maybe that is why in the movie Demolition Man produced in 1993 they use credits no more cash in the future of 2032 and it is in San Angeles, was Los Angeles USA.

#91 Don Guillermo on 08.15.21 at 10:18 am

85 BobinKits on 08.15.21 at 12:32 am
44 BobinKits on 08.14.21 at 2:51 pm
#15 Don Guillermo

See BC plates everywhere driving around Calgary. Difference is, we don’t obsess over it, scream and yell at them or even key their cars.

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

Wrong! Sorry you think this way, not just happening in BC border towns but in Calgary as well.

https://globalnews.ca/news/7822877/b-c-plates-alberta-vandalism-calgary/
†*******
The nice Albertans made it right. Heartwarming story. Thanks for sharing.
****************************
You are welcome. The point is there are idiots everywhere, the vandalism should never of happened in BC.,Alta or any other of the provinces

***********
You are absolutely correct. It shouldn’t happen anywhere. My point is that many commentators on this blog are overly obsessed with Alberta plates in BC.

#92 Sail Away on 08.15.21 at 10:26 am

#88 Triplenet on 08.15.21 at 4:54 am

Don, Sailaway ……
This may help you out in your discussion-

The terms asphalt (or asphaltic) concrete, bituminous asphalt concrete, and bituminous mixture are typically used only in engineering and construction documents, which define concrete as any composite material composed of mineral aggregate adhered with a binder. The abbreviation, AC, is sometimes used for asphalt concrete but can also denote asphalt content or asphalt cement, referring to the liquid asphalt portion of the composite material.

……and that’s only half of it.

———-

Haha. And then there’s asbestos cement (AC) pipe to further muddy the waters:

https://esemag.com/infrastructure/monitor-condition-aging-asbestos-cement-watermains/

#93 Prince Polo on 08.15.21 at 10:29 am

#5 crowdedelevatorfartz on 08.14.21 at 9:46 am
@#133 Prince Polo
“The poll by Nanos Research, completed Friday, shows the Liberals with only 33.4-per-cent voter support, a drop of 5.9 percentage points from four weeks ago when the party appeared headed for a majority government.”

+++

Well.
The ONLY good thing about Trudeau calling an expensive ($610 million dollar estimate), unwanted, unnecessary, election that he may remain in a Minority Govt.

The knives will be out and he may have to take “a walk in the snow…..”

$610 million dollars to rid our selves of the Trillion Dollar Debt Baby seems like a fair deal.

Fair point. $610M seems like quite a deal to prevent another $380B of federal red ink, but I don’t know if anybody in the Liberals caucus even knows what black ink looks like or where to find some.

#94 Albertaguy in AB on 08.15.21 at 10:30 am

Ryan, hope you don’t mind me flagging this to the dogs…

Catherine Murray In Conversation With Ryan Lewenza

https://podcasts.apple.com/us/podcast/catherine-murray-in-conversation-with-ryan-lewenza/id1554518134?i=1000531995763

#95 crowdedelevatorfartz on 08.15.21 at 11:29 am

@#66 Sail Away
“Concrete in its simplest form consists of the following:
1. Cement
2. Water
3. Aggregate”

++++

Ok.
But before the Ready Mix Truckers get their knickers in a twist…
Ready Mix is ..

Cement
Aggregate.
Concrete
Aggregate.
And?

#96 the Jaguar on 08.15.21 at 11:52 am

Well, his ‘Glibness’ is on the radio telling us Canadians we “deserve to have our say”.
No doubt. I’m going to go out on a limb ( where I pretty much live) and predict he is going to be handed his ass. If he thinks for one minute that people have forgotten his government’s monumental reckless spending he is in for a surprise.

Listening to his comments it seems pretty clear the Liberals intend to make the vaccination issue key in the campaign. If I have to hear ‘build back better’ for the next 30 days I may need to carry my smelling salts on my person. Mercy.

I bought a small box of peaches grown in the Okanagan yesterday. In the spirit of good relations and neighbouring provinces supporting one another, of course. Seems to me they are smaller than the ones I used to enjoy years ago when visiting my grandparents in Kelowna and also Penticton. I don’t remember any talk about license plates in those days. The main bone of contention and debate in those days was whether the Ogopogo was real or fantasy. With every bone in my body I wanted him to be real. I still feel that way.

#97 garyw. on 08.15.21 at 11:53 am

“Firsts”

Liberals

#98 Planetgoofy on 08.15.21 at 12:48 pm

#90 Todd on 08.15.21 at 9:00 am
—————
I totally agree….fiat is going to be over.
They can print like crazy now and its just a number. They are not concerned at all about who is going to pay off the debt.
Maybe at some point they just just anounce it dont mater, the debts zeroed, fiat is dead and here’s the new system. Its already being worked on i think.
Then they can controll tax at will and see everything you do.
Just like CRA deposits and removes money for my corp accounts now. I just got a $75,000 tax bill. I won a law suit from a tenant that skipped…they get over 1/2 for their trouble. If i lost i lose the $130k rent and the $36k lawyer bill. They dont want part of that!

Its a big piece of your privacy and freadom soin to be dead.
The ultimate control.
They dont want to pull off the scheme to fast though! The frog might jump out of the pot.

#99 Ponzius Pilatus on 08.15.21 at 1:53 pm

#96 Jag like the NDP leader, haha
Yep the peaches are definitely smaller this year.
So are the plums.
Most likely the heat.
And they spoil fast, so eat them fast, I like it when the juices are running down the cheek. messy.
As for the Ogopogo.
It is as real as you want it to be.
Just like Loch Ness.
I paid good money not to see it.
And it did not regret it.
It’s the story, that matters.

#100 Ponzius Pilatus on 08.15.21 at 1:55 pm

Here we go:
100th

#101 Bezengy on 08.15.21 at 3:01 pm

First order of business after today’s announcement is packing up the boat and heading to Lady Evelyn lake where there is no cell phone reception or tv for a few days. Mind you back packing camping fees have gone from $6.00 to $32.00 per day here in Ontario this year but it’s still worth putting up with over 500 percent inflation just to not have listen to Trudeau or the like.

#102 Frank on 08.16.21 at 11:03 am

There will be no more savings, investments, property ownership anymore. Your digital, electronic money will expire in a time period set by them. A so called secondary, quicker inflation like your food spoiling. They were never capitalist, just communists all along. Justw ait and see how bad it gets.

#103 glad I am old on 08.16.21 at 12:00 pm

Planetgoofy, this is hwy I always resisted having computers in my home. No smart phone here either because I knew they wanted to make us more slaves with little physical work, effort.