Coming for you

You should own a non-registered investment account. If you have a squeeze, best make it joint. For people heading into retirement, especially those with defined-benefit pensions plans (you know who you are), this only makes sense.

Registered plans, like RRSPs, are great. You get a tax break for contributing and money grows inside there free of tax. But for the DB crowd (teachers, civil servants, cops etc) understand that RRSPs eventually become taxable. Income must flow when they’re converted to RRIFs, maybe pushing you into a higher tax bracket. Bummer. And so eventually 100% of capital gains in a registered retirement get taxed.

Not so with TFSAs, but the contribution limit ($6,000) and the cap to date ($75,500) restrict the ability to fund a retirement in the next few years. Therefore widen your arsenal with a non-reg plan. Sometimes it’s called a ‘cash’ account, or ‘open’ or a ‘taxable’ one. (You may also hear the term ‘margin’ account, but this is where investors buy securities with borrowed money. You need Big Boy pants for that.)

If you use an advisor, the fees paid to run a non-registered account are 100% deductible from taxable income. (In fact with an RRSP fees coming out are not counted as income, so the government also subsidizes those. Cool.) With a non-reg portfolio income taken to finance a retirement is untaxed. You can set up for a monthly paycheque, and the funds will flow into your bank account without deduction for Justin & Chrystia. The only tax payable will be what appears on your annual reporting slips and in the case of dividends and capital gains, it’s at a lower rate than earned income.

This brings us (again) to September 20th.

What happens if T2 wins again? What if you-know-who is still the (non-financial) finance minister? Or (gulp) if Prime Minister Singh assumes office?

It’s widely expected in the canyons of finance on Bay Street that a majority Liberal government, or another minority propped up by the Dippers, will increase the capital gains inclusion rate from the current 50% to 75%. That would mean a tax hike of about a third to what is now a very sweet deal for investors. Recall that half of any capital gain is free of tax, with the other half added to taxable income in the year realized. So the max tax on a gain is 26% (and you have to earn at least $250,000 a year to pay it), while for most people it’s 15%, and they get to keep 85% of the profit.

Why would this change?

Optics. That’s it. Eat the rich, as Jagmeet says. Socialists think everyone should be on salary then eke out retirement on public pogey. Only society’s elite get to actually save money and invest it for growth. In reality increasing the capital gains tax inclusion rate will do diddly in the face of an annual deficit which hit $350 billion last year. But logic long ago left politics. This is now class warfare. So, suit up.

By the way, bear in mind that a joint non-registered account may yield some tax-saving between spouses. Also if one person passes, the remaining partner has instant access to everything. Just don’t get divorced, okay?

I see Bloomberg’s Dale Jackson had some useful things to say this week about defending yourself in case T2/Jag/Impaler inflate the cap gain pain. Meanwhile let’s acknowledge many employees have stock option plans as part of their compensation and cannot easily avoid gains when those shares vest. Others with DB pensions have lost most of their RRSP contribution room, and need non-reg accounts. Lower-income folks with little such room can also benefit by investing in a taxable account (as they will retire in a low bracket).

So whaddya do?

Earned gains can be crystallized now at the current 50% rate. Then (if you have the room) similar assets can be purchased inside an RRSP or TFSA to shield further gains. Or you can sell losing assets to trigger an allowable loss which can wipe out the tax on some winners. Of course, you can sell taxable assets and put the money into your RRSP, earning a deduction that will offset the hit. (But now the money is ultimately taxable again.)

Overall, remember two things.

First, avoiding tax is not the object of investing – that’s but a single aspect of portfolio management. Never do something that wasn’t part of your plan just because of speculation over a policy change. (Especially on a dodgy blog.)

Second, always vote in your own naked self-interest.

Oh, wait. That’s how we got into this mess.

Maybe you should just do the right thing.

About the picture: “I live in Port Moody BC and have been reading your blog since 2008,” writes Jeremy, “I really appreciate your wisdom and advice over the years. I thought the least I could do is repay with a picture of my dog, Wisky (no, not a spelling error). He’s a Vizsla, 5 soon, a loyal sweetheart, and we’re blessed to have him. He’s fearless in the trails but he’s terrified of insects that go ‘buzz’ (stung in the butt by a wasp as a young pup and will never forget). Here he is in his happy place, spotting critters. Maybe he can grace your blog one day.”

143 comments ↓

#1 Woke up this morning... on 08.23.21 at 3:02 pm

You live long enough, you realize few things are black and white. Most truth lies somewhere in the middle. And so, with those Karl Marx tinted glasses, I zoom out and look at capitalism today.

The Debt
The More-Debt
The Debt to pay off Debt
The inflation passed off as growth.
The house horniness that IS the western economies.

Is there a way back from this debt binge or is capitalism starting to crumble under its own weight?

World just took $20 trillion USD in debt on the pandemic (will you be shocked in 2022 to learn actual number is double?) and apparently people can’t find inflation!

https://fortune.com/2020/08/25/trillions-coronavirus-spending-inflation/

We’ve seen the money supply chart here few days ago. I mean…yikes! Since when is more of something worth the same?

This event has been historic for many reasons, obviously. How much time for western economies has $20T in borrowed spending bought?

How much debt is enough before we can’t handle any more debt? What is the end game? Does anyone have an actual answer?

When there is this much debt and our income is eaten up by taxation, and more taxation the more you earn – isn’t that right out of the formula communism? Driving toward evening everyone’s wages?

Is Capitalism driving toward Communism right in front of our eyes?

Just rebranded by propaganda? Heavens forbid, don’t call it propaganda – call it MARKETING! Branding is everything.

The only thing I can come up with is that we will soon need another crisis that will justify $60 trillion to be spent to prop up the previous WAVES of spending to keep propping up the illusion.

I see no other way out.

What will that next crisis be?

#2 Dolce Vita on 08.23.21 at 3:08 pm

“Trudeau to Facebook: Fix your fake news problem or face stricter regulations”
-Toronto Sun, Thu., Feb. 8, 2018

Apparently, Twitter took that to heart.

Yesterday Chrysta decides she’s going to slam Erin O’Toole For “private, for-profit healthcare”. Erin was also interviewed in her Tweet.

Image, see bottom of Tweet.
https://i.imgur.com/Mp6n2q7.png

Original Tweet (if Twitter hasn’t pulled it, again see bottom of Tweet):
https://twitter.com/cafreeland/status/1429429537012658178

In the Department of Add Insult to Injury, King Gaslighter (as another Twitter Commenter observed) not 5 hours ago decided to defend yesterday’s Liberal communiqué:

Reporter: How do you respond to Twitter flagging your doctored and manipulated video that clearly misrepresents O’Toole’s position on health care?

Trudeau: Our doctored and manipulated video clearly speaks for itself.

https://twitter.com/BryanPassifiume/status/1429799582616231941

—————–

1. Have just emailed Elections Canada to courier me, variar rapido, my Mail In Vote package and will courier it back.

2. Liberals must be feeling the heat to twice BS the Cdn public.

#3 Stormy Daniels on 08.23.21 at 3:17 pm

Ok, Ok Garth. I can read between the lines. Clever messaging, I’ll say that.

I will open up a non-registered joint investment account with both our names on it. You can even deposit deplorable Canadian dollars into it, in spite of how fragile your currency looks.

Just make sure you put in $130,000 before election day, alright? I don’t want to lose my entitlement after the post-election mess begins in Canada.

#4 crowdedelevatorfartz on 08.23.21 at 3:23 pm

Ahhhh the Non Registered “cash” account…
Love it.
Maxed on my RRSP’s
Maxed on my TFSA’s and I dump the rest of the investment cash in Non Reg.

Life is good…..

Waiting to vultch in the not too distant future if T2 and Freeland get back in power and horrify the International Markets with their “she-covery” spending….

:)
:)

#5 Linley on 08.23.21 at 3:25 pm

who the heck are we supposed to vote for .. :(

#6 Alberta Ed on 08.23.21 at 3:25 pm

I doubt Jagmeet has any plans to tax rich lawyers like himself or trust fund socialists like Justin. In the unlikely chance he sleazes into the prime minister’s chair (it happens), he’ll be real busy building all those 15,000 houses he promised.

#7 Ponzius Pilatus on 08.23.21 at 3:26 pm

There is always someone coming for you.
Don’t panic, but always be prepared.
Keep informed on World affairs and don’t assume someone will bail you out.
And always have a exit strategy.
If you don’t, you have no one else to blame, but yourself.
Don’t be an American in Afghanistan.

#8 Dolce Vita on 08.23.21 at 3:26 pm

Good advice Garth. Bookmarked today’s Blog and the Jackson article.

Thanks for that.

—————

Again, relax Canada on the Digital Green Pass.

In the height of tourist season here in Italia these were the compliance numbers, the % NOT sanctioned or reported by the Polizia or Carabinieri for Covid restrictions + Green Pass violations:

People = 99.8%
Businesses = 99.2%

The numbers from our Interior Ministry (Il Viminale):

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

Near everyone complying.

Clearly Canada, no one in Italia including tourists are having a bird about a Digital Green Pass.

Neither should you when it comes to Canada.

#9 TurnerNation on 08.23.21 at 3:27 pm

Watch the supply chain. That stupid “leaked document” said this by late Q2, Q3?

.Gillian McKeith @GillianMcKeith – twitter.
“Australia: The truck drivers of Australia are planning to shut down the country in order to bring down the dictators… They are telling you to stock up on food for a couple of weeks . Let’s see how this plays out.. #NoMoreLockdowns #AustraliaHasFallen”

— Dolce: Israel’s “Cases” reach record high. The poster child. So what’s not working here. The needle, the tests, or a bit of both?
By now ever single person will have had it.

https://imgur.com/MgUJwXP


…And, the state of Science.

https://www.propublica.org/article/the-cdc-only-tracks-a-fraction-of-breakthrough-covid-19-infections-even-as-cases-surge
“The CDC Only Tracks a Fraction of Breakthrough COVID-19 Infections, Even as Cases Surge
A May 1 decision by the CDC to only track breakthrough infections that lead to hospitalization or death has left the nation with a muddled understanding of COVID-19’s impact on the vaccinated”

— The soft sell beginning:

https://www.cbc.ca/news/health/covid19-coronavirus-vaccinated-1.6143572
“Why it’s now more likely you’ll face coronavirus — even if you’re vaccinated against COVID-19”

— Back to normal soon!? Nope. That never was the plan.

.UK orders 35 million more Pfizer/BioNTech COVID vaccines (reuters)

.Massachusetts moves to impose K-12 school mask mandate this fall (boston.com)

#10 boobooyourexneighobr on 08.23.21 at 3:32 pm

I’m not an investor, really, so tend to ignore it all from a trading perspective. I let others invest for me (company plan, balanced, age-weighted, low management fees, bla bla bla.)

But, I’ve been thinking about old maxims like Don’t bet against the U.S. Nothing to add there, I tend to believe it, but I’d add Don’t bet against Canada. We accept lots of immigrants and it helps us (non-immigrants and immigrants and the vast majority related to immigrants) immensely. We’ll never be the hub of innovation the U.S. is, but we counter that we some quality of living (including high taxes). Anyway, prob just stating the obvious. But invest in Canada. Not that I do that directly.

#11 long time reader on 08.23.21 at 3:33 pm

Hi Garth, thank you very much for the great blog today.
I was wondering how to convert a non-registered, margin, account to a joint account. Do I need to sell all of my stock shares first from the non-reg account, and then buy the shares back in the joint account (thus, triggering capital gain/loss)?

#12 First to post on 08.23.21 at 3:33 pm

Be careful of attribution rules with joint accounts. Cra can come after you.

#13 Prince Polo on 08.23.21 at 3:34 pm

I hope Justin does the right thing and resigns as leader of his party. JWR as PM would give us so much more street-cred vs weak woke-cred.

#14 Sail Away on 08.23.21 at 3:39 pm

“Here [Wisky] is in his happy place, spotting critters. Maybe he can grace your blog one day.”

———

Wisky is a fine-looking pointer, and for that matter, is clearly pointing in this picture.

If you harvested the animal he is pointing, his every last earthly desire would be fulfilled. Making dreams come true!

#15 Old Stock Canadian Voter on 08.23.21 at 3:45 pm

This new Canada is where various groups are turned against each other. Rich vs. poor. Vaxed vs. unvaxed. Home owners vs. renters. Divisiveness is the new way forward.

#16 Wrk.dover on 08.23.21 at 3:46 pm

Is Wisky pointing with his tail or his nose?
____________________

#150 crowdedelevatorfartz on 08.23.21 at 8:50 am
@#148 Wrk.dvr
“T2 has made a mess, but not as bad as that of the GOP…”

+++

I think the jury is still out on just how bad Trudeau’s “Bonfire of His Vanity” will be in the decades ahead.
Billions burned in a year and still more promises to keep.
We wont see the true costs for a few years(decades?) yet.
Criminal.

The US is in the same boat but their Greenback dollar leads…all the rest follow….for now.

Chinese renminbi is a pretty red….
______________________

Sure, our deficit is a sadder mess, but I had meant all of the other dragons in the basket of broken ways. GOP obstructionism along with the GOP’s Taliban academic level VS our cancel foolishness and so on.

Will you pick a lesser of evils from those lose/lose policy bags?

I’m staying in Canada, although Sail Away has a valid point about his home land comparing to our eventual outcome here.

#17 Planetgoofy on 08.23.21 at 3:47 pm

Garth, (sorry dropped the goofy last time)
I believe T2 supporters are traitors (or are just completely ignorant) to our freedom of speech, democracy and our national security amount other things.
Things like unfettered immigration, well we have HUGE problems right here in Kanada….A housing shortage to top the list and that list that is a mile long.

I’ve read people here supporting T2….and when I read them, I think to myself….Are people REALLY that naïve!!??

“Our current government has had its share of ethics violations and scandals.
SNC Lavalin. Helicopter rides to a private island owned by the Aga Khan. We Charity. Wearing elaborately colored costumes on a trade mission to India. A finance minister who forgets he owns a villa in France or who pays for his trips. A lawsuit filed against the Speaker of the House to prevent disclosure of documents. Inviting a criminal convicted of attempted murder to a reception in New Delhi.
Why does this keep happening? Because there are no consequences. The Conflict of Interest Act is toothless. The only penalty for violating the Act is a fine up to $500.”
WOW back to no accountability right???!!!

And then there’s the Trump haters…and now they got the Mr. Joke Biden….He’s a daily disaster (Afghanistan is on off the charts mess thanks to this fool).
He’s not sure even where he is?

Under this kind of rule, these countries will CEASE to be sovereign nations.
I’m looking for a new one but I don’t wanna move. It will cost me millions.

#18 VladTor on 08.23.21 at 4:00 pm

…Second, always vote in your own naked self-interest.

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

Garth! Gold words!

To be cast in bronze and set in front of the parliament.

That what elected politians doing and that what we as electors should do now.

#19 Manopeace on 08.23.21 at 4:02 pm

I’m just waiting for Turner Nations comment….lol

#20 Red falcon on 08.23.21 at 4:02 pm

Punks will be punks. They are doing what will get them elected. And the sheeple? Will they do the right thing? No they don’t know the difference between napkins and toilet paper. Hence liberals will be elected again…. And JT socks will be shown in full glory come sept 20. So sad ….

Pink cat brown

#21 yorkville renter on 08.23.21 at 4:06 pm

I’m starting to think the calculus Trudeau made is not as accurate as he thought (or Butts or Telford thought).

People are upset… People see through the election call… The left vote may be split between NDP/Libs and have the Cons come up the middle.

If the Cons and blue Libs work together… LOOK OUT!

#22 That guy on 08.23.21 at 4:06 pm

Dear Garth and blog dogs,
Anyone care to guess how Jagmeet gets his income? He owns multiple Rolexes and drives a BMW and designer suits. When he says eat the rich he needs to look in the mirror!

#23 Habitt on 08.23.21 at 4:09 pm

Great post as usual. Thanks

#24 BlogDog123 on 08.23.21 at 4:10 pm

and don’t buy speculative things that may likely go to zero in your TFSA… all that lost room…

#25 crowdedelevatorfartz on 08.23.21 at 4:17 pm

New rules cranking up in BC for Covid .

Basically…. get vaxxed you stubborn, selfish idiots..

#26 Quintilian on 08.23.21 at 4:19 pm

“This is now class warfare.”
True, even mice will fight if cornered and abused over and over.

#27 yvr_lurker on 08.23.21 at 4:20 pm

That would mean a tax hike of about a third to what is now a very sweet deal for investors

———
Sweet deal is exactly how I would describe it in comparison to how it is for those high earners who are trying to climb the ladder starting from the basement in life (with no trust funds or family plan), and who pay a whopping 54% marginal on every raise they get. Time to level that playing field, and finally increase the capital gains tax on those who live on their passive investments. However, am sure T2 will soon see everyone making over 225K per year should be in the 60% marginal regime, while protecting those who live on capital gains and trust funds.

Sweet deal is indeed the key word here…. first time Garth has ever acknowledged a hint that this has been a long-standing sweet deal for the rich

People who earn capital gains are not rich. That comment says more about you than anything. – Garth

#28 BC Becomes Second Province In Canada to Implement Vax Passport on 08.23.21 at 4:20 pm

Fresh air has hit the interior for the only the 7th day this summer as fires stall due to vacationers starting to end Summer vacation.

The problem is the Kelowna variant is now spreading to where all of these smoke seeking vacationers came from. Alberata/Lower Mainland.

And it is the Lower Mainland that only matters in BC politics, where Covid cases are spiking.

So, now that John Horgan is back from spending the Summer in the Atlantic region, B.C. becomes second province to require proof of vaccination, starting Sept. 13.

Here is a full list of where vaccine will be required:

Indoor ticketed sporting events
Indoor concerts
Indoor theatre/dance/symphony events
Restaurants (indoor and patio dining)
Night clubs
Casinos
Movie theatres
Fitness centres/gyms (excluding youth recreational sport)
Businesses offering indoor high-intensity group exercise activities
Organized indoor events (eg. weddings, parties, conferences, meetings, workshops)
Discretionary organized indoor group recreational classes and activities

#29 XGRO and chill on 08.23.21 at 4:26 pm

Fun fact, you can do covered calls inside your TFSA.

Need even bigger boy pants for that.

#30 Woke up this morning... on 08.23.21 at 4:34 pm

#8 Dolce Vita

Again, relax Canada on the Digital Green Pass.

———————–

Dolce,

Did you catch this question from yesterday’s post? About the Euro final and the Green Pass?

>
And what about science? Science is somehow being all lost lately because it seems to be inconvenient to the story line. Science used to matter.

For example…since you are still on cloud 9 about Italia winning the Euro, tell me, how is it that everyone in the stadium was vaccinated with proof of vaccination, and yet the Euro Final was just recently declared a super spreader event?

What good are these QR codes when the science and logic appears to be in clear conflict with them? And Technology that would be ensuring our protection and privacy clearly is not being utilized? At least you Europeans have the GDPR, what do Canadians have?

#31 Ponzius Pilatus on 08.23.21 at 4:36 pm

O’toole promises 1,000 opiod treatment beds

If O’toole
moves any more to the left, his nickname may become “FIDEL”.
But CEF will be happy. He is always complaining about the opium crisis in Vancouver.

https://vancouversun.com/news/politics/election-2021/election-2021-conservative-leader-erin-otoole-pledges-1000-treatment-beds-to-fight-opioid-crisis

#32 Steven Rowlandson on 08.23.21 at 4:41 pm

Garth will gains or dividends within a TFSA be adversly affected by tax policy reform?

#33 Planetgoofy on 08.23.21 at 4:44 pm

#2 Dolce Vita on 08.23.21 at 3:08 pm
“Trudeau to Facebook: Fix your fake news problem or face stricter regulations”
-Toronto Sun, Thu., Feb. 8, 2018
—————————————
LOL the guy that buys off CBC and says things like “now is not the time to question your government”
Really? In the middle of a crisis? So when is the appropriate time?!!
I would love to have this clown come down my driveway cameras rolling.
I gotta few questions for him…
My bullshit detector is a lot better than most and this guy has it up to his eyeballs.

#34 Ponzius Pilatus on 08.23.21 at 4:46 pm

Eat the rich.
We’re just catching up.
Xi (She) is already declaring open season on the rich in the Middle Kingdom.
My link is in Mandarin, so I won’t bother posting it, because most blogdogs speak only Cantonese.

#35 Planetgoofy on 08.23.21 at 4:48 pm

#24 crowdedelevatorfartz on 08.23.21 at 4:17 pm
New rules cranking up in BC for Covid.
Basically…. get vaxxed you stubborn, selfish idiots..
—————————————————
oh…are you coming to my house?!
Don’t bloody worry about it…..Ya Idiot
https://www.msn.com/en-us/money/other/the-vaccinated-are-worried-and-scientists-don-t-have-answers/ar-AANzgN7?ocid=uxbndlbing

#36 Ponzius Pilatus on 08.23.21 at 4:53 pm

#2 Dolce Leecha

1. Have just emailed Elections Canada to courier me, variar rapido, my Mail In Vote package and will courier it back.
———————
The nerve that guy Dolce has!

#37 Joe on 08.23.21 at 4:54 pm

well, looks like i wont be voting for T2 and im going to move all my trading accounts to the National Bank

#38 From Mississauga With Love on 08.23.21 at 4:58 pm

Garth,
a few posts ago you mentioned that the Feds might cap the non taxable growth of a TFSA.
Are they legally able to retroactively do that? In other words, if the TFSA account is already above their newly-instated limit, would that delta be taxed on the spot? and even if the securities were not liquidated?

#39 Ted Henning on 08.23.21 at 5:00 pm

“(In fact with an RRSP fees coming out are not counted as income, so the government also subsidizes those. Cool.)”

I don’t understand this sentence. Can Garth or someone explain it. I’m probably just reading it wrong.

As stated, fees paid to someone for managing an RRSP come out of that account monthly (one-twelfth of one per cent) and this is not counted as taxable income. All other RRSP redemptions are taxed (save for the homebuyer’s plan or life-long learning plan). Because you received a tax break for contributing the money but it comes out as after-tax income to pay the fees, it is in effect subsidized. – Garth

#40 alexinvestor on 08.23.21 at 5:00 pm

75% tax on capital gains is a bit of a nuclear option. Remember, corporations pay tax on earnings already, and dividends is paid post tax. So if you think of share appreciation as due to an increase in dividends, then one is getting effectively taxed at a much higher rate. I wonder if increasing capital gains tax will lead Canadian corporations to leave or adopt a more tax efficient structure (hello income trusts !).

If you think the government will go down the 75% path, better buy some RE now, because that’s where everyone will be putting their money for the best non-taxable gain in town.

#41 Dundee on 08.23.21 at 5:05 pm

Since we have some Australian readers….

What’s this nonsense with 45,000 children being taken from parents to be vaccinated in a stadium? NO PARENTS ALLOWED to accompany them?

And what is this new rule that you are NOT ALLOWED TO REMOVE MASKS to consume alcoholic beverages? Drink with mask on only!

WHAT IS GOING ON IN AUSTRALIA?

I know you’re upside down down there under there.
Thanks for confirming it.

Prison colony roots in the DNA? Sweet mercy.

#42 Unintended Concequences on 08.23.21 at 5:13 pm

I claim capital gains almost every year. Changing the inclusion from 50% to 75% on capital gains means that I currently hit the 54% tax bracket with $440k in gains, but could be under $300k next year. With $300k in cap gains that means my business income is fully taxed at 54%, starting with my very first dollar. Today I could make $140k in business income before being subject to 54% taxation. That $140k is no longer as desirable to earn next year. They may have moved my retirement up a few years. How does that benefit Canada again??

#43 FriedEggs on 08.23.21 at 5:15 pm

Their is going to be a lot of municipal jobs coming in Ontario soon this fall.

BTW – great news out of the TorontoSun this weekend for the hesitant. The Feds will cover the funeral costs if you do get killed by a vaccine.

https://torontosun.com/news/national/burial-costs-covered-for-canadians-killed-by-approved-vaccines

#44 alexinvestor on 08.23.21 at 5:16 pm

People here in Canada haven’t seen the China levels of craziness in terms of RE yet. Take away the capital gains as a source of return, and watch cookie cutter suburban houses hit the 2m+ level. It happened in China for the pretty same reasons (lack of places to put money).

#45 Unintended Concequences on 08.23.21 at 5:16 pm

Should have said $70k in business income…better but still not great.

#46 crowdedelevatorfartz on 08.23.21 at 5:23 pm

@#30 Pharma Ponzie
“CEF will be happy. He is always complaining about the opium crisis in Vancouver.”

+++

Actually I bee-yatch about Fentanyl.
A synthetic drug produced by China and shipped here.

Crack and Meth are number two on my complaint list….

Opium is boiled up in another kettle somewhere in Afghanistan….
Does anyone here even bother with heroin ?

#47 Dundee on 08.23.21 at 5:24 pm

Oh sweet cheeses…hilarious….I just noticed Anthony Cumia, who apparently goes to the gun range with his 50mm to release stress is wearing a seriously funny
t-shirt in that video.

BACK TO BACK
(American Flag)
World War
CHAMPS

That’s a new one I have never seen.

#48 Whinepegger on 08.23.21 at 5:29 pm

Question for you Garth: does it make sense to forgo CPP & OAS until the age of 70 in order to reduce the tax load while you withdraw funds from an RRSP and move them into TFSAs? Seems that CPP/OAS just serve to increase the tax load.

#49 crowdedelevatorfartz on 08.23.21 at 5:31 pm

@#3 S.t.D.

The “messages to Garth” weren’t funny the first 10 times.
Flogging a dead horse is futile.
Time for another schtick……

#50 yvr_lurker on 08.23.21 at 5:32 pm

Sweet deal is indeed the key word here…. first time Garth has ever acknowledged a hint that this has been a long-standing sweet deal for the rich

People who earn capital gains are not rich. That comment says more about you than anything. – Garth
——–

Just need a more level playing field between Taxes to be paid on income (54% marginal), versus the rather low taxes paid on capital gains and, for that matter, corporate taxes.

#51 Nonplused on 08.23.21 at 5:36 pm

“Second, always vote in your own naked self-interest.”

Actually, when it comes to voting, that should be first. It is impossible to know what is in someone else’s self interest, so leave it to them to vote for that.

Certain economists tell us that the economy is optimized when everyone acts and negotiates in their own self interest (assuming abiding by the law and good faith). Every transaction you make, even buying a trinket at a flee market, represents this optimization. The vendor wants top price, the buyer wants the lowest price. A negotiation arises whereby a price acceptable to both participants is agreed upon. Millions of such transactions structure the whole economy and provide the information signals that guide production, both quantity and product.

Unfortunately politics doesn’t work much better. Nobody really has any insight into which policies are “best”, and nobody can really predict what the unintended consequences of any particular policy will be, but unintended consequences there will be. So the politicians put up a proposal (or many) and we vote on them.

But vote on them based on your own self interest. Chances are there are a lot of other people who have the same interest, and if you think voting in someone else’s self interest is something you are capable of doing, you suffer from hubris. You don’t know. Let them vote for themselves. This is the only way to assure that government policy is directed towards the greater good.

A simple example: Student loan forgiveness. All the students think this is a great idea. But the people with the most student loans also usually go on to the most lucrative fields of employ. So why is it fair that electricians, plumbers, and fast food workers have to pay for the doctor’s and lawyer’s education? Well, it probably isn’t, at least if you ask the electricians, plumbers, and fast food workers. So we have a vote. The electricians, plumbers, and fast food workers vote “no” because they can’t see how it is in their best interest to subsidize people who need no subsidies.

(Ya, I know that example doesn’t consider all the “fine arts” students who racked up loans and then couldn’t pay them. But the electricians, plumbers, and fast food workers would then ask “what happened to personal responsibility? Why did you take that course?” The only way to settle it is to see if everyone agrees to pay for the decisions of a few. They typically don’t.)

I think this is why Trudeau is destined for another minority. He is trying to build a majority by assembling all the minorities each with their own special legislation in their own special interest. But it is an impossible task because whatever policy that advantages one certain group identifiable by superficial features invariably harms another group or groups identifiable by other superficial features. He’ll never get them all to align.

#52 Ted Hunter on 08.23.21 at 5:37 pm

So the RRSP fees (withholding taxes) taking money out of an RRSP are not considered income and thus not taxed.?

So if i take out 10,000 for the year from an RRSP , the withholding tax is 20% or $2000, not taxed?.

It is Cool.

#53 Paul on 08.23.21 at 5:38 pm

I have a sizable non reg portfolio with a large non realized capital gain. If I ad my wife to the portfolio. How are the non realized gains treated. Is the portfolio considered disposed on day account is made joint?

#54 Nothing but the trooth on 08.23.21 at 5:45 pm

#10 boobooyourexneighobr on 08.23.21 at 3:32 pm

I’m not an investor bla bla bla.)

We accept lots of immigrants and it helps us (non-immigrants and immigrants and the vast majority related to immigrants) immensely.

Anyway, prob just stating the obvious. But invest in Canada. Not that I do that directly.

———————————————————————-

All the great investing advice. From someone who is not an investor. Who thinks that Afghan immigrants are going to help Canada immensely … and then ends by telling us to invest in Canada when he doesn’t do that ….

I knew there was a reason why I visit this blog!

#55 Screw It on 08.23.21 at 5:50 pm

Stop paying your taxes in BC and all other provinces. They can print all the money in the world why are they still charging taxes. Let society go the way of the dodo.

#56 ted hunter on 08.23.21 at 5:52 pm

“(In fact with an RRSP fees coming out are not counted as income, so the government also subsidizes those. Cool.)”

I don’t understand this sentence. Can Garth or someone explain it. I’m probably just reading it wrong.

As stated, fees paid to someone for managing an RRSP come out of that account monthly (one-twelfth of one per cent) and this is not counted as taxable income. All other RRSP redemptions are taxed (save for the homebuyer’s plan or life-long learning plan). Because you received a tax break for contributing the money but it comes out as after-tax income to pay the fees, it is in effect subsidized. – Garth

Got It, thanks.

#57 Linda on 08.23.21 at 5:55 pm

I maxed my RRSP contributions. Not that I had much room in the first place – my workplace pension plan ensured my annual RRSP contribution room was well under $3K annually. Happily, the TFSA came into being & I’ve been fortunate enough to be able to contribute. While I ‘should’ be able to count on receiving my workplace pension throughout retirement, there have been too many cases where retirees have suddenly been informed their pension benefits are being reduced or even cancelled altogether. Even much envied government pensions have seen changes or reductions. Saskatchewan changed the DB plan for provincial employees to a DC plan decades ago. COLA, medical or other retiree benefits have either been reduced or ended on many plans as well. While I don’t think this has happened in Canada as yet, a number of states & municipalities in the USA have reduced or made changes to their employee plans. Some municipalities in the USA have gone bankrupt, which had a detrimental effect on any pension benefits owed to retirees. Pension security isn’t what it used to be.

#58 NOSTRADAMUS on 08.23.21 at 5:56 pm

JUSTIN TRUDEAU. (AKA) JUST-IN-TIME.
In my opinion, to put it bluntly, Just-In-Time is not as advertised. He was supposed to bring a divided nation together. He promised to govern not with an iron fist, but with a velvet glove. Now the velvet glove has come off on too many occasions to reveal an iron fist. Just-In-Time represents himself as a serious candidate, well versed in the affairs of state. Instead we are saddled with a cipher on Parliament Hill, a compromised head of government who takes in teleprompter content through his calculating cold eyes and drones it out as if he actually believes it to be true. Fortunately for Just-In-Time his contradictions, outbursts, flubs and gaffes are rarely taken seriously any more seriously than he is. Unfortunately for Just-In-Time, his confusion and inability to deal with problems spells big trouble for Canada. Over his years in office he has come to expect immunity for misbehavior. He has grown accustomed to weaseling out of sticky situations. And lets not forget the accommodating press, who have been, true, toadie, team members for years. He has been given the leeway to point his manicured finger of blame at everyone but himself. This problem of scapegoating others for his own shortcomings I believe has badly damaged Just-In-Time. More importantly it will likely damage Canada for years to come. I look forward to the day his opponents gather on Parliament Hill, chanting in unison, JUST-IN-TIME, JUST-IN-TIME, TO THE BACK OF THE LINE. I am on my throne and I will not step down.

#59 Woke up this morning... on 08.23.21 at 6:03 pm

#1 Woke up this morning…

What will that next crisis be?

>>>>>>>

ENVIRONMENT!

Right?

Forgive that I’m answering my own question. It just came to me that no one would say anything to governments spending even a quadrillion to fight climate.

That’s what will bail out this wave. Obviously.

Although all those wasteful batteries, nuclear waste, buried wind turbines and solar panels perhaps exposed the hustle on that one? Or can it still be pulled off?

#60 Doug t on 08.23.21 at 6:05 pm

Conservative minority coming

#61 Barb on 08.23.21 at 6:29 pm

B.C. launches proof of vaccination, effective Sept. 13th

https://news.gov.bc.ca/releases/2021HLTH0053-001659

#62 Tony on 08.23.21 at 6:29 pm

I will believe the government doing right policies like these vax passes, cards when I see them fixing their economic, financial house in order.

These are the same governments who reward social benefits from welfare, workers compensation, WSIB, GST/HST credit, monthly Canada child benefits, guaranteed income supplement(GIS) etc. etc. making them all income tax free. If they were working making employment income which is 100% taxable so why is it okay that government give them free money without being charged income taxes on it.

It seems to me they are purposely dividing people to cause problems and rubbing it in people’s faces. It is such a bunch of crap.

#63 Planetgoofy on 08.23.21 at 6:37 pm

And more on what maybe the most criminal and conflict of interest PM we have ever know. A full on traitor in my view.
As we know All politician pull shit….but T2 is mind boggling. If i see him on the telly I got the remote in hand to shut it off….
https://torontosun.com/opinion/columnists/lilley-trudeau-suing-the-house-of-commons-to-keep-lab-firings-secret

Ok Garth im done ranting for a bit thanks for the space to do so…you are providing a great service to hard working Kanuckle heads…
There is a crap load of misinformation out there and that tax system is nuts…and getting worse.
Great …increasing capital gains and then what? prime residence tax? Its sickening what things have become.

#64 Oh no, Taxes! on 08.23.21 at 6:40 pm

So… Why is it actually better to tax income from employment at 100% inclusion but captial gains at less than 100%? I mean, income is earned through work, but capital gains are earned through… What virtuous and socially useful activity exactly?

#65 it does not matter on 08.23.21 at 6:42 pm

enjoy your vaccine card, vaccine passport. It does not matter. Alot of people are not going to make it. This is even if you are vaccinated. It is reality. Government makes you feel good but feelings do not cut the mustard. When your number is up it is up.

Just like they live their lives without following the rules and make you think they are for you. Good luck Canada.

#66 AM in MN on 08.23.21 at 6:43 pm

Bitcoin

Buy and Hold, keep the keys yourself, stay away from S**tcoins.

The ultimate unregistered asset. Trading at quite the premium in Afghanistan these days, Lebanon and Venezuela as well, places where there used to be a middle class.

Vax passports in BC. I explained to buddy who doesn’t normally think about politics much about where the future lies with this. The mandatory smartphone you will need to carry with you in order to conduct basic life will convey everything about you to the government.

I see a future where there isn’t much about your personal life that is not controlled by big brother. Having to report everything to buy and track everywhere you go will give the social planners a lot of tools to control you…but of course for your own good.

He even asked, “don’t we have some constitutional rights?”. I told him, not with this Supreme Court. They long ago threw out free speech and free association, and you can assume that if they did that for your own good, well…

#67 Dogman01 on 08.23.21 at 6:49 pm

Voting in your self-interest.

In Calgary the “establishment” allowed a little democracy to shine and gave us a plebiscite for a 2026 Winter Olympic Bid.

Calgarians – still maintaining common sense , voted NO Olympics.

The 2021 Tokyo Games;
– 2013: bid projected $7.4 billion of costs
– 2019: official budget of $14.6 billion
– 2020: budget revised to $15.4 billion
– 2021: government auditors project total spending will be $28 billion.

https://mobile.twitter.com/businessbarista/status/1421154233764691968?s=20

We need a better democracy, my riding will go one way, virtually 100% odds. So all whom do not vote this way this way are wasted votes. Maybe do the Senate on popular vote. No wonder our turnout is so low.

#68 My Body My Choice on 08.23.21 at 6:52 pm

The NDP are currently propping up the Liberals, so Jag is effectively the Deputy Prime Minister (along with Chrystia).

We may be in the exact same situation after the election.

#69 Dogman01 on 08.23.21 at 6:55 pm

#1 Woke up this morning… on 08.23.21 at 3:02 pm

Whom do we owe all that debt to? Aliens.

It seems obvious that China accidentally released this thing; so some justice on defaulting anything we own them.
https://www.washingtonpost.com/opinions/2021/08/02/new-report-says-covid-emerged-in-wuhan-months-earlier/

Tax the rich, how about just default on the rich’s a$$.

I do not get it.

Inflation is at 3.7%, Canada five year bond at 0.81%…once again who the heck would be lending money to Canada at those rates, Aliens?

#70 Sail Away on 08.23.21 at 6:58 pm

#52 Paul on 08.23.21 at 5:38 pm

I have a sizable non reg portfolio with a large non realized capital gain. If I ad my wife to the portfolio. How are the non realized gains treated. Is the portfolio considered disposed on day account is made joint?

——-

Keep things simple.

Don’t add her to that account. Leave the account in your name as is and start a new non-reg joint account with your wife. Deal with the cap gains in your own account yourself.

#71 Ponzius Pilatus on 08.23.21 at 7:01 pm

#171 Howard


Canada has been smashingly profitable and generous to your generation. Of course you love it. Who wouldn’t, in your shoes?
Though despite this, you seem to be trying to convince yourself it was the right move. To move from Austria, with its beautiful and accessible landscapes, rich and intellectually stimulating culture, and excellent affordability, to Canada would be a massive step down today and even 40 years ago.
———————-
You are right in some way.
But we go back to Austria every year for a month, so that at least partially satisfies my desire for “a rich and intellectually stimulating culture”.
But one has to be aware of the “the grass is greener” syndrome.
I know a few Germans who moved back and forth a few times.
And lost contacts on both sides. Not happy.
And, for me, family obligations always come first.

#72 Love_The_Cottage on 08.23.21 at 7:03 pm

#59 Doug t on 08.23.21 at 6:05 pm
Conservative minority coming
________
For a minority gov’t there needs to be another party to support the PC’s. Who?

#73 Quintilian on 08.23.21 at 7:10 pm

#56 Linda:
“Some municipalities in the USA have gone bankrupt, which had a detrimental effect on any pension benefits owed to retirees. Pension security isn’t what it used to be.”

All taxpayers and retirees deserve equal benefits.
There should be only one universal pension, why gold plated for the government workers, and tin ones for regular folk?

#74 Frank on 08.23.21 at 7:25 pm

Linda, no government worker should have a workplace pension. They should be stuck with CPP, OAS just like everyone else that does not work for the government.

Suck it up all government workers, transfer your lump sum pension money to a LIRA and get off the government’s, really taxpayer’s backs. You should be responsible for your own financial future, finances. If a person like me in the private sector, a factory, warehouse worker for 38 years now retired at 64 years old in 2019 can do it, it should be a breeze for all you over educated government workers in Canada.

I have my RRSP’s, topped up, TFSA’s topped up. My GIC’s, term deposits, non-registered money topped up the most I could. I am getting no workplace pension. I worked hard, long, over time hours and made informed, responsible decisions with my finances and life plus don’t depend on my total retirement income on a government agency and department.

My CPP, OAS which is $1,389 a month represents 29% of my total retirement. People need to be more responsible with their lives. It is amazing how government workers are so spoiled in this country and always want more and more with at least 50% of Canadian taxpayers paying for their government workplace pensions, benefits.

#75 Planetgoofy on 08.23.21 at 7:55 pm

#66 Dogman01 on 08.23.21 at 6:49 pm
Voting in your self-interest.
In Calgary the “establishment” allowed a little democracy to shine and gave us a plebiscite for a 2026 Winter Olympic Bid.
Calgarians – still maintaining common sense , voted NO Olympics.
——————————————————-
And the absolute MASSIVE carbon footprint created by these events.
The gov doesn’t give a rats ass about that….
But hell, here’s some more carbon tax for you fellow Canadians….We gotta help the planet out.
It cost to much to heat your house now you say? Oh sorry about that.
(screw the starving, homeless yadie yadie yadie) WE NEED OUR OLYMPICS!!

Their all liars padding up their own self interest and finances.
Sorry Garth….

#76 Daniel on 08.23.21 at 7:56 pm

When more than 17% of all employment in Canada is from government then the country falls apart. It is unsustainable. For every 4 workers that work in the private sector supports the other 1 government worker that is when it gets to the tipping point.

The pensions, benefits, cost of employment is getting out of hand and will soon make this country in deep, economic, financial mess. Watch over the next 5 to 10 years. Sit down, have some popcorn and watch the coming faster and faster train wreck.

#77 Shane on 08.23.21 at 8:05 pm

Look at Toronto. It is a workers paradise for public sector, government workers. Going by their policies and budgets over the last decade or so, more like should be called USST versus Toronto.

#78 Do we have all the facts on 08.23.21 at 8:05 pm

Given the fact that fixed income interest rates have tanked hundreds of thousands of Canadians with very modest investment portfolios, including senior citizens, are currently paying capital gains taxes to the government.

Any increase in the amount of capital gains to be taxed will have a severe impact on the net disposable income of modest income Canadians as prices, including groceries and affordable accommodation continue to inflate.

Proposals that might reduce investment income are counter productive to economic growth and survival in periods of high inflation. We need to focus on ways to increase production not on ways to pick the low hanging fruit.

Where has our common sense gone?

#79 ImGonnaBeSick on 08.23.21 at 8:09 pm

The nice thing about capital gains, is that I get to choose when I’m going to sell. I still have a long time until retirement.. so maybe I can wait most of it out.

The TFSA talk pisses me off… Not even going to last a generation? I’ll be extremely ticked if my kids don’t get to utilize this amazing investment vehicle.

If they are going to limit contributions, then they better allow front loading

#80 the Jaguar on 08.23.21 at 8:10 pm

Wisky seems to be in a ‘posing’ position. What great physical form. Like a model with his beautiful colouring and the green lush background. I wish I could paint him. Too bad I have no talent in this regard. Good thing I retain other more annoying qualities. Being the junkyard dog and defender of all things Albertan is challenging, but very rewarding….
Mercy.

#81 Government Knows Best on 08.23.21 at 8:19 pm

Don’t worry, there will be almost no more small businesses anymore so a vax pass, card will be too little, too late. Pretty soon you can’t even eat meat, can’t spend your own money on what you like. The government will tell you what you must eat with AI. If you complain, they will just reduce your mandated choices even more and let you see how you have no choices in the matter. Vaccines are just the test, experiment how far they can force you to get you trained.

#82 MadChild on 08.23.21 at 8:22 pm

Remember that safe re-opening bs that was supposed to happen after 70% vaccinations?

Life was supposed to get back to normal or something like that.

Instead, BC just recorded 1,711 cases and the death count is going exponential again.

People that I know working in health care are saying this is the worst that they have ever seen it.

There is no way the Fed can taper. Consumer confidence is rolling over just like air travel right now.

Canadian housing will follow lumber futures shortly.

#83 cuke and tomato picker on 08.23.21 at 8:25 pm

I would suggest a person take their CPP/OAS as soon as possible I have been collecting both for a very long time.
I believe I am way ahead of the get the game by taking
both early. I also have a good government pension with
enhanced dental, extended health care etc. My parents
forced me to go to university and it has paid off in my old age days. THANKS MOM AND DAD.

#84 Slim on 08.23.21 at 8:31 pm

Given Jason Kenney’s pandemic track record and his attack on health care workers; the federal Conservatives would be just as happy if he stayed as far away as possible from their federal election campaign.

#85 Dino on 08.23.21 at 8:39 pm

This is to Erin O’toole and Conservative Party of Canada. Give every small business owner a one time emergency $75,000 tax credit that can be applied to back as much as 10 years.

Also, to encourage savings, investments and lessen the debt junkies craze in Canada, instead of just increasing the RRSP, TFSA contribution amount, give Canadians a choice a higher RRSP, TFSA contribution amount yearly by maximum $10,000 more a year or a one time $30,000 interest credit that must stay in all accounts for at least 20 years.

Get rid of the child monthly payments and give a $3 an hour non-refundable tax credit for Canadians full-time workers, $6 an hour for part-time workers or a $3,000 a year tax credit for every modest income earning household. We need to encourage work and personal responsibility and not constant hand outs vote buying.

RESP’s should get a 50% match not 20% on all money put in the plan to current maximum lifetime contributions.

#86 TurnerNation on 08.23.21 at 8:53 pm

#81 MadChild on 08.23.21 at 8:22 pm
Did you ask anyone working here?

The largest downtown Toronto hospitals are part of this group. No info on ages given:

https://www.uhn.ca/Covid19/#
Total number of COVID-19 cases at UHN hospitals: 4
Last Updated: August 22, 2021 (8:30 am)

Another biggie:
https://unityhealth.to/patients-and-visitors/covid-19/#covid-19-cases-at-unity-health-toronto-block_60070e3f12217
Total number of COVID-19 cases at Unity Health Toronto sites: 6


— Almost over guys! Now you know why Kanada ordered tens of million of doses from Pfizer , Moderna into 2024.
I’m not saying there is a plan globally but…you get the idea.

https://www.thelocal.dk/20210823/everyone-in-denmark-will-have-a-third-vaccine-dose-health-minister/
“‘Everyone in Denmark will have a third vaccine dose’: Health Minister”


— Every news story is simply there to manufacture the consent for each next step. A Global ID card -in the Blockchain is the goal. Slowly, else we would riot.

https://apnews.com/article/coronavirus-education-fake-vaccination-cards-8c4ca2b4d54434c2fc022b34087df8cb
“Fake COVID-19 vaccination cards worry college officials”

. Australia: The first private company has received accreditation from the federal government as a digital identity provider, with legislation facilitating a significant expansion of the digital ID program set to hit Parliament soon.

https://www.innovationaus.com/govt-accredits-first-private-digital-id-provider/

…………..
What do the World Economic Forum (WEF – those guys) say. It talks about Fintech (think E-currency, like the Bank of Canada’s) and Digital identity.

https://www.docdroid.net/lcaegRL/wef-a-blueprint-for-digital-identity-4-pdf#page=15

#87 yvr_lurker on 08.23.21 at 8:53 pm

#81
Instead, BC just recorded 1,711 cases and the death count is going exponential again.

People that I know working in health care are saying this is the worst that they have ever seen it.

There is no way the Fed can taper. Consumer confidence is rolling over just like air travel right now.

——————

I said months ago when COVID was raging India that there would be many surprises ahead with this pandemic. Gov’ts should have completely shut down ALL flights in and out of India in early-mid April and not mid May to give us more of a head start to vaccinate the population. I blame T2 and his Gov’t for this latest COVID Delta mess in Canada and his refusal to do with New Zealand did and SEAL the border for long enough to get 85%+ vaxed before Delta would inevitably spread.
The BC vaccine mandate I think will help, but may be late. This fall will really be the litmus test as there is no more $$$ to throw around to people/businesses and so unlikely to have lockdowns. Delta spreading around, driven largely by the unvaxed, and then morphing into something else and breakthroughs amongst the vaxed are going to be problematic. It is clear to me that this is not over yet, and more surprises are likely in store for us. The vaccine passport is useful for the short term, but when immunity amongst the vaxed wanes (needing a booster shot) and new breakthroughs emerge it will become increasingly irrelevant. I hope I am wrong, but it may be another dark winter, this time where people have to live with the virus full on.

#88 Woke up this morning... on 08.23.21 at 8:59 pm

“ Second, always vote in your own naked self-interest.”

If that’s the case, Liberals it is again, likely majority.

Did you forget how St. Nicolas JT was on TV March and April doing giveaways on the daily?

Felt like 43 days of Christmas. Each day new gifts from the bag. “What will Justin give is today at noon?”

#89 DON on 08.23.21 at 8:59 pm

#71 Love_The_Cottage on 08.23.21 at 7:03 pm
#59 Doug t on 08.23.21 at 6:05 pm
Conservative minority coming
________
For a minority gov’t there needs to be another party to support the PC’s. Who?

*****
The NDP may not have the funds to face another snap election. The Bloc could in theory or the minority could hobble along on consensus until the minority leader thinks it is beneficial to call an election. I think more promises are on the way for our votes.

#90 ImGonnaBeSick on 08.23.21 at 8:59 pm

#75 Daniel on 08.23.21 at 7:56 pm
When more than 17% of all employment in Canada is from government then the country falls apart. It is unsustainable. For every 4 workers that work in the private sector supports the other 1 government worker that is when it gets to the tipping point.

The pensions, benefits, cost of employment is getting out of hand and will soon make this country in deep, economic, financial mess. Watch over the next 5 to 10 years. Sit down, have some popcorn and watch the coming faster and faster train wreck

—–

Especially when they make more than the private sector. It used to be a trade off, work for public sector = less salary/wage but pension, same job for life versus private = higher salary/wages…

How can private sector compete with public where there is no need for profit margin?

Public sector needs to be limited.. government should always seek to push services into private sector and reduce government… something needs to be implemented to put checks on this…

#91 Sanga on 08.23.21 at 9:01 pm

I’d be ok with increasing the inclusion rate to 100% on real estate holdings (excluding primary residences). Maybe that would encourage people to invest in the financial markets, and stop buying houses they don’t live in. It should increase the supply of houses, and reduce the prices.

#92 Dr V on 08.23.21 at 9:32 pm

26 49 YVR lurker

Obviously you have neither investments or a corporation.

And quit lurking at the airport. it’s creepy.

#93 Planetgoofy on 08.23.21 at 9:34 pm

#90 Sanga on 08.23.21 at 9:01 pm
I’d be ok with increasing the inclusion rate to 100% on real estate holdings (excluding primary residences). Maybe that would encourage people to invest in the financial markets, and stop buying houses they don’t live in. It should increase the supply of houses, and reduce the prices.
——————————–
Thats far from the problem. Your so off base you might as well be on Pluto. You think theres piles of empty houses out there people are sitting on? Lol.
Both markets are overprice due to monitary policy.
I don’t think you understand the implications of what you are suggesting. The stock markets over priced by all metrics.
Fyi There ALOT of RE in financial instruments.
How about stop increasing taxes and just manage better? How about less government and bureaucracy?
That will save a ton.
Speaking of beaucracy now I gotta pay my lawyer $3000 to register my commercial properties into a new system to prove Im not a money launder (BC). The Gov is out of control and Im REAL sick of those losers. In you face and in your walet Gov.

#94 KLNR on 08.23.21 at 9:45 pm

@#34 goof on 08.23.21 at 4:48 pm
#24 crowdedelevatorfartz on 08.23.21 at 4:17 pm
New rules cranking up in BC for Covid.
Basically…. get vaxxed you stubborn, selfish idiots..
—————————————————
oh…are you coming to my house?!
Don’t bloody worry about it…..Ya Idiot
https://www.msn.com/en-us/money/other/the-vaccinated-are-worried-and-scientists-don-t-have-answers/ar-AANzgN7?ocid=uxbndlbing

are you Fn dumb?

#95 Dr V on 08.23.21 at 9:46 pm

47 Whinipegger

“does it make sense to forgo CPP & OAS until the age of 70 in order to reduce the tax load while you withdraw funds from an RRSP and move them into TFSAs?”

A lot of the literature advises doing this. Generally, garth does not, and my advisor has run the numbers and found drawing down the RRSP quickly wasn’t the
best plan. But that was for my situation.

One disadvantage I see for couples is should one spouse pass by their early seventies, any RRSP remaining goes to the survivor. If that is already gone,
maybe not so good. With the govt pensions, OAS for one is also gone, as well as part (or possibly all) of the CPP.

#96 Mad People on 08.23.21 at 9:54 pm

#81 MadChild

“Instead, BC just recorded 1,711 cases and the death count is going exponential again.

People that I know working in health care are saying this is the worst that they have ever seen it.”
———————————————————-

Deaths in BC have gone from 0 to 3 per day.

There are 133 people in hospital with Covid in the entire province.

You picked an apt name. You are mad. And hysterical. (British usage)

#97 Doug in London on 08.23.21 at 9:56 pm

So if the Liberals or NDP increase the capital gains on stocks or other investments fine, so be it. But to make it fair make the inclusion rate 60% and also tax capital gains on sale of a principal residence. That’s where the money is.

#98 Rudy on 08.23.21 at 9:58 pm

#73 Frank

Linda, no government worker should have a workplace pension. They should be stuck with CPP, OAS just like everyone else that does not work for the government….blah, blah, blah….

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Oh, Frank.

Duhhhhhhhhhh…….

Your comments echo the typical financial illiteracy of government-worker bashers here.

The vast majority of government pension plans are negotiated by unions with smart financial planners on behalf of the workers.

This usually leads to less direct pay, compared to similar private sector jobs, but much of this pay reduction is made up through employer pension contributions every pay day. (Not unlike an employer contribution to your RRSP, which many private sector workers use to get topped up, as Garth has recommended)

Employees in government are still putting in half of what goes into their own pension plan. In some cases more, as they can sometimes buy back service that was not credited, for example if they worked part-time before. But that’s not cheap.

Most well-performing public sector pension plans are outsourced to third parties for management.

**Most bring absolutely no future liability to the government or taxpayers – if the funds drop in value, the workers and the plan administrators have to make up for it. Adjustments made by employers may happen but these are always get balanced against wages in updated contracts.

**There is no recourse to ask the government employer to raise taxes to cover shortfalls in the vast majority of these plans.

Instead of gambling on individual stocks, Forex, high MER mutual funds etc…, these plans take a balanced, long term approach. There’s a fellow here named Garth who recommends exactly this sort of financial planning.

They don’t rip off workers, as has happened too often in failed private sector pensions where employers don’t even keep contributions up to date.

Do you even understand the nature of negotiated legal agreements between workers, unions and employers?

Or are you just a completely jealous, finger-pointing twit?

If so, you have lots of company in this comments section, sadly.

#99 WTF on 08.23.21 at 10:00 pm

#34 GOOFYPLANET”
oh…are you coming to my house?!
Don’t bloody worry about it…..Ya Idiot
https://www.msn.com/en-us/money/other/the-vaccinated-are-worried-and-scientists-don-t-have-answers/ar-AANzgN7?ocid=uxbndlbing?

————————————————————–

Another proud candidate for the Darwin awards?

From your link.

“All that said, some facts are well established at this point. Vaccinated people infected with the virus are much less likely to need to go to the hospital, much less likely to need intubation and much less likely to die from the illness. There’s no doubt that vaccines provide significant protection.”

#100 Planetgoofy on 08.23.21 at 10:06 pm

I saw this and confirms my suspicions.
For all the silly’s that take things for face value you should re-think you ways of believing everything you see and hear without critical thinking. The news is so sensational its bizzare!

Mr TikTok
Jagmeet Singh Shows He’s UNFIT to be Opposition Leader, Let Alone PM ( No SH!T!)
http://harveyoberfeld.ca/blog/jagmeet-singh-shows-hes-unfit-to-be-even-opposition-leader-let-alone-pm/

#101 yvr_lurker on 08.23.21 at 10:38 pm

Dr. V

26 49 YVR lurker

Obviously you have neither investments or a corporation.

And quit lurking at the airport. it’s creepy.
————

No corporation, but very ample investments. Just accomplished in a way that does use tax loopholes such as hiring family members to perform bogus tasks for the personal corporation of one individual that doctors take advantage of, even with their uber-high pay. Would vote for those who will curtail this.

#102 Henry on 08.23.21 at 10:51 pm

Rudy, government unionized workers got to go with the pensions, high pay and many other benefits you all get. I don’t get a 50% contribution to my retirement. I am on my own and many more majority of private sector workers in Canada.

You don’t have to let others gamble on stocks, mutual funds etc. you mentioned with your money. Why can’t you tell your union to back off. It is because you guys are getting a really good deal and paying only 50% of the cost. You can simply use RRSP’s to buy a long term certain annuity 25 to 30 years with your RRSP instead of having a pension plan with the government. It is your union and government’s fault if things go bad.

My cousin worked over 40 years in private garage as a mechanic and built up his RRSP to a good amount. He did not want to deal with all the investing, portfolio’s so he bought 2, 30 year fixed term certain annuities back in 2018 getting a total $2,900 a month until 2048 plus his CPP, OAS $1,489 a month and lives quite well no debts, mortgage etc.

He is solely responsible for his RRSP’s then now 2 fixed term certain annuities. Government workers in Canada got it really good and what you are saying is most likely an isolated case and not the majority of government workers in Canada.

#103 Ponzius Pilatus on 08.23.21 at 11:17 pm

Is it just me, or is the Goofy Planet, just a dummer version of Sailo?

#104 Planetgoofy on 08.23.21 at 11:27 pm

#98 WTF on 08.23.21 at 10:00 pm

I never said that the VAX was not efective.
Ive got my own bubble shale do what I want.
It sure aint no solid fix.
Ive never had a flue shot and had the flu once in 35 years.
Sure if you risk profiles high by all means.
Their coming out with more boosters. How many will you need?

#93 KLNR on 08.23.21 at 9:45 pm
I guess you got yours. They will be another as well.
If you got yours….why worry if its so effective?
If you stay off my property you wont have a problem.
My neighbour a scientist and my best buddies a Dr.
If they dont have a problem….. What the hell business is it of yours?

Heres anther pro VAX Doc.
https://articles.mercola.com/sites/articles/archive/2021/08/22/microbiologist-explains-covid-jab-effects.aspx

#105 Nonplused on 08.23.21 at 11:41 pm

#84 Dino on 08.23.21 at 8:39 pm

This is to Erin O’toole and Conservative Party of Canada. Give every small business owner a one time emergency $75,000 tax credit that can be applied to back as much as 10 years.

Also, to encourage savings, investments and lessen the debt junkies craze in Canada, instead of just increasing the RRSP, TFSA contribution amount, give Canadians a choice a higher RRSP, TFSA contribution amount yearly by maximum $10,000 more a year or a one time $30,000 interest credit that must stay in all accounts for at least 20 years.

Get rid of the child monthly payments and give a $3 an hour non-refundable tax credit for Canadians full-time workers, $6 an hour for part-time workers or a $3,000 a year tax credit for every modest income earning household. We need to encourage work and personal responsibility and not constant hand outs vote buying.

RESP’s should get a 50% match not 20% on all money put in the plan to current maximum lifetime contributions.

———————————–

Are you any good at darts?

#106 Nonplused on 08.23.21 at 11:47 pm

#63 Oh no, Taxes! on 08.23.21 at 6:40 pm
So… Why is it actually better to tax income from employment at 100% inclusion but captial gains at less than 100%? I mean, income is earned through work, but capital gains are earned through… What virtuous and socially useful activity exactly?

——————————–

A lot of it is just inflation. Houses don’t breed like cattle so there is no actual gain. A house is just a house is a house is a house. Stocks do gain if the company is successful and growing, but part of the gain is just inflation too. That is why the inclusion rate is not 100%, among other reasons.

#107 Russ on 08.23.21 at 11:55 pm

Mad People on 08.23.21 at 9:54 pm

#81 MadChild

“Instead, BC just recorded 1,711 cases and the death count is going exponential again.

People that I know working in health care are saying this is the worst that they have ever seen it.”
———————————————————-

Deaths in BC have gone from 0 to 3 per day.

There are 133 people in hospital with Covid in the entire province.

You picked an apt name. You are mad. And hysterical. (British usage)
======================================================

In the first half of this year, before the Indian variant wave hit, BC was at 5 deaths per day due to illicit drugs.
https://www2.gov.bc.ca/assets/gov/birth-adoption-death-marriage-and-divorce/deaths/coroners-service/statistical/illicit-drug.pdf
No worries.

Now the sky is falling due to a few Covid deaths and we need new draconian measures. A good question from a sharp journalist might be, “Are there comorbidity in these recent cases?”

Nope. Crickets.

Give me a friggin break on this media hype.

#108 Miss Boomer on 08.24.21 at 5:23 am

Second week of the Liberal Campaign and no platform release? What’s going on? Is Trudeau that arrogant? Are Canadian leftists that naive? “Vote for me”? Seriously? Vote for what? Is Trudeau running on his record? There are people in prison with better records.

#109 Prince Polo on 08.24.21 at 7:20 am

Bank of Nova’sBNS-T +0.38%increase
third-quarter profit was larger than analysts expected, driven by lower provisions for losses on loans and improving earnings from retail banking in Canada and Latin America.

The country’s third-largest bank was the first major lender to report earnings for the quarter that ended July 31. Scotiabank earned $2.54-billion, or $1.99 per share, compared with $1.3-billion, or $1.04 per share, in the same quarter a year ago.

Adjusted to exclude certain items, Scotiabank said it earned $2.01 per share, well ahead of the consensus estimate among analysts of $1.90 per share.

Revenue was up 1 per cent to $7.76-billion and expenses also increased 1 per cent to $4.1-billion.

Looks like another gangbusters earnings season for the big-5. Almost firin’ on all cylinders…any insight into when OSFI will let the big-5 fire-up their stock buyback & dividend increase machine?

https://www.theglobeandmail.com/business/article-scotiabank-beats-forecasts-on-lower-loan-loss-provisions-gains-in/

#110 the Jaguar on 08.24.21 at 7:29 am

Rex Murphy, NP Excerpt: (well said, Rex)

“When you waste your time with foolishness, irrational fads and pseudo-causes, when you continually diagnose your own country as a cauldron of racism and colonialism, tear down the statues of heroes and founders, virtue-signal at volume ten over your feminism, deride blue-collar workers, hail your greatest industry as a “planet destroyer,” it comes as no surprise that you pile on just one more silly, vain pretence, i.e., that suddenly everyone in Canada wants an election called in mid-august. During the very period, no less, when every citizen in the country has a stockpile of mouth-and-nose guards and are standing six-feet apart every time they go out to buy a loaf of bread and toilet tissue.”

#111 Dharma Bum on 08.24.21 at 7:55 am

#107 Miss Boomer

There are people in prison with better records.
————————————————————————————

Milli Vanilli had better records.

https://www.biography.com/news/milli-vanilli-lip-sync-scandal

#112 Dr. Goebbels on 08.24.21 at 8:23 am

@98 WTF

Another proud candidate for the Darwin awards?

From your link.

“All that said, some facts are well established at this point. Vaccinated people infected with the virus are much less likely to need to go to the hospital, much less likely to need intubation and much less likely to die from the illness. There’s no doubt that vaccines provide significant protection.”

Also from the same article:

“(Updates second paragraph to emphasize that vaccines offer strong protection)”

¯\_(ツ)_/¯

#113 crowdedelevatorfartz on 08.24.21 at 8:49 am

@#103 GoofyPlanet

“Don’t bloody worry about it…..Ya Idiot”

+++

Have you tried the de-worming “cure” yet?
I heard about it on a Fox Channel.
So, it must be true…..

https://www.theguardian.com/us-news/2021/aug/23/fda-horse-message-ivermectin-covid-coronavirus

#114 KLNR on 08.24.21 at 9:09 am

@#103 Planetgoofy on 08.23.21 at 11:27 pm
#98 WTF on 08.23.21 at 10:00 pm

I never said that the VAX was not efective.
Ive got my own bubble shale do what I want.
It sure aint no solid fix.
Ive never had a flue shot and had the flu once in 35 years.
Sure if you risk profiles high by all means.
Their coming out with more boosters. How many will you need?

#93 KLNR on 08.23.21 at 9:45 pm
I guess you got yours. They will be another as well.
If you got yours….why worry if its so effective?
If you stay off my property you wont have a problem.
My neighbour a scientist and my best buddies a Dr.
If they dont have a problem….. What the hell business is it of yours?

Heres anther pro VAX Doc.
https://articles.mercola.com/sites/articles/archive/2021/08/22/microbiologist-explains-covid-jab-effects.aspx

thx for the confirmation [email protected]

#115 Sail Away on 08.24.21 at 9:23 am

#110 Dharma Bum on 08.24.21 at 7:55 am
#107 Miss Boomer

There are people in prison with better records.

———-

Milli Vanilli had better records.

———-

Bernie Madoff had a better record

#116 Bezengy on 08.24.21 at 10:05 am

Question? How much revenue is lost through the “capital gain exemption” in Canada each year? It would be interesting to know how much revenue could be raised if the CRA cancelled the small business lifetime capital gain exemption of $866k, and the principal residence exemption.

#117 Ponzius Pilatus on 08.24.21 at 10:32 am

#115 Bezengy on 08.24.21 at 10:05 am
Question? How much revenue is lost through the “capital gain exemption” in Canada each year? It would be interesting to know how much revenue could be raised if the CRA cancelled the small business lifetime capital gain exemption of $866k, and the principal residence exemption.
————————
Gadzillions.
That’s why JT is not worried about the deficit.
Any of those taps could be opened at any time.

#118 Dr V on 08.24.21 at 10:48 am

100 yvr lurker – CRA came down hard on the income splitting/sprinkling you speak of several years back.
The other option is to pay dividends, but this is taxed first at the corporate level, then personally so the total tax is similar to a wage. It’s rigged that way. Best I can say is the corp lets me smooth out some income and tax, and let’s the owner deal with large business investments more tax effectively. Yeah and have fun winding them down unless you can sell the whole thing.

We want to encourage people to have and grow small businesses. And big ones too.

Cap gains comprise a component of inflation, as well as a risk factor. There are many retirees who use them as part of an overall tax plan. Hardly rich, as Garth has
noted. If people want to tax gains more, I suggest a lifetime exemption for a modest amount, or an allowed annual amount.

#119 ImGonnaBeSick on 08.24.21 at 10:49 am

“A good tax system should meet five basic conditions: fairness, adequacy, simplicity, transparency, and administrative ease. Although opinions about what makes a good tax system will vary, there is general consensus that these five basic conditions should be maximized to the greatest extent possible.”

https://okpolicy.org/resources/online-budget-guide/revenues/an-overview-of-our-tax-system/characteristics-of-an-effective-tax-system/

Our system doesn’t adhere to any of these.

Wouldn’t it be nice if we could just do away with all this “cancel this exemption, increase this tax” bs and just go to something simple like Estonia’s tax system;

“According to Tax foundation, Estonia’s top score in 2020 is driven mainly by four positive features of its tax code:

It has a 20 per cent tax rate on corporate income (reduced to 14 per cent in case of regular dividends) that is only applied to distributed profits. This means that Estonia’s corporate income tax system allows companies to reinvest their profits tax-free.

It has a flat 20 percent tax on individual income. The tax is not applied in case of distributed dividends that have already been taxed with a corporate income tax (see above).

Its property tax applies only to the value of land, rather than to the value of real property or capital.

It has a territorial tax system that exempts 100 percent of foreign profits earned by domestic corporations from domestic taxation, with few restrictions.”

https://investinestonia.com/tax-competitiveness/#:~:text=Invest%20in%20Estonia-,Tax%20Competitiveness%20Index%202020%3A%20Estonia%20has%20the%20world's%20best%20tax,published%20Tax%20Competitiveness%20Index%202020.

#120 Brett in Calgary on 08.24.21 at 10:49 am

#49 yvr_lurker on 08.23.21 at 5:32 pm
Sweet deal is indeed the key word here…. first time Garth has ever acknowledged a hint that this has been a long-standing sweet deal for the rich

People who earn capital gains are not rich. That comment says more about you than anything. – Garth
——–

Just need a more level playing field between Taxes to be paid on income (54% marginal), versus the rather low taxes paid on capital gains and, for that matter, corporate taxes.

—-
That juicy 0% tax paid on primary residence is still the elephant in the room. Especially when folks hop from primary residence to primary residence to…

#121 Slim on 08.24.21 at 11:10 am

There is a rumor(or should I say a foreboding) that Ontario MP Derek Sloan who was dumped by the Cons wants to run in Alberta.

We’ve already gone over our share of right-wing nut-jobs from Ontario, thank you very much.

Again, what’s the definition of insanity.

#122 A new TFSA for houses! on 08.24.21 at 11:13 am

Garth’s head just exploded….

https://www.theglobeandmail.com/politics/article-liberals-vow-new-tax-free-savings-account-for-first-time-homebuyers/

#123 crowdedelevatorfartz on 08.24.21 at 11:13 am

@#107 Miss Boomer
“Second week of the Liberal Campaign and no platform release? What’s going on? Is Trudeau that arrogant?”

++++

Nah.
Just no new ideas.

But I’m sure he’ll invent some new gender specific words to give comedians from coast to coast more material to work with……

#124 Barb on 08.24.21 at 11:18 am

I sure hope Garth is going to be Mr. O’Toole’s advisor.

#125 Chapel Litterall on 08.24.21 at 11:22 am

Well Garth, Trudeau says it’s foreign buyers are beating out first time buyers at Vancouver bidding wars. What say you?

https://financialpost.com/news/election-2021/trudeau-housing-plan-foreign-homebuyers-blind-bidding-ban-reelected

Want to be elected? Tell them what they wish to hear. – Garth

#126 Russ on 08.24.21 at 11:38 am

Bezengy on 08.24.21 at 10:05 am

Question? How much revenue is lost through the “capital gain exemption” in Canada each year? It would be interesting to know how much revenue could be raised if the CRA cancelled the small business lifetime capital gain exemption of $866k, and the principal residence exemption.

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

Hey Bez,

I don’t have the answer to your question but I opine it be not much on a percentage basis.

It seems to me the government has a spending problem not a revenue problem.
I would like to know why government expenditures are not widely discussed in the public domain.

Years ago when I was interested in the Federal budget there was a tidbit that 80% of the Indian Affairs budget went to administration. Read that as lawyers, bureaucrats & other mainstream white privilege.

Did we really need a new Ministry of Middle Class Peoples? How much does this cost each year and which metrics are used to evaluate the performance. This should be asked of every department.

Cheers, R

#127 Don Guillermo on 08.24.21 at 11:43 am

#121 crowdedelevatorfartz on 08.24.21 at 11:13 am
@#107 Miss Boomer
“Second week of the Liberal Campaign and no platform release? What’s going on? Is Trudeau that arrogant?”

++++

Nah.
Just no new ideas.

But I’m sure he’ll invent some new gender specific words to give comedians from coast to coast more material to work with……
*************************************
Comedians in the US are enjoying his material as well.

#128 Sail Away on 08.24.21 at 11:48 am

Yowza, miners are up around 5% since last Thursday’s entry.

Hey F, the USD did not fall off a cliff and miners all went up anyway. I will file your comment under ‘badly wrong… as usual’

#129 Planetgoofy on 08.24.21 at 11:58 am

#113 KLNR on 08.24.21 at 9:09 am
——————————————
Your welcome.
And guys like you are the reason the divide is here.
Let me know when your on the sunshine coast? Ill give you my addy.

#130 Planetgoofy on 08.24.21 at 12:08 pm

#113 KLNR on 08.24.21 at 9:09 am
—————————————
Yes… Come on out to the farm. We can have a hay bail stacking contest with us dumbass’s.
That would be peachy!

#131 KLNR on 08.24.21 at 12:10 pm

have to say, I really like what O’toole is doing to the conservative party.

#132 Don Guillermo on 08.24.21 at 12:14 pm

#122 Barb on 08.24.21 at 11:18 am
I sure hope Garth is going to be Mr. O’Toole’s advisor.
**********************************
Pierre Poilevre will help keep him between the political buoys. Imagine having PP on the adult team as apposed to the head nodding Freelands, O’Regans etc.!

#133 Bubble Boy on 08.24.21 at 12:15 pm

#120 A new TFSA for houses!

Garth’s head just exploded….

https://www.theglobeandmail.com/politics/article-liberals-vow-new-tax-free-savings-account-for-first-time-homebuyers/

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

How much more do you need to see to know that the PM is the Head Realtor, Freeland is the CFO and Media Communications Head and the corporate…excuse me…government mandate is increase in value perception this thing so we can TAX TAX TAX and report economic growth.

#134 Faron on 08.24.21 at 12:18 pm

#106 Russ on 08.23.21 at 11:55 pm
#124 Russ on 08.24.21 at 11:38 am

Hey Russ. I knoticed some tiepographical errors in yer resent posts. Would you like me to return the favor nad highlight them 4 U? Do frend a solid?

#135 Quintilian on 08.24.21 at 12:30 pm

#120 A new TFSA for houses!

“Garth’s head just exploded…”

Beautiful, this will soak up any morsel of demand left.

And when the inevitable crash happens, there will less pent up demand for the market to recover.

You would think a cockamany idea like this would have been hatched by the hillbilly conservatives.

As they usually pander to the less informed when shopping for votes.

#136 Planetgoofy on 08.24.21 at 12:31 pm

#113 KLNR on 08.24.21 at 9:09 am
——————————————-
Here ya go….lets see you call the farm boys Dumbass’s to their faces. That oughta be good for a laugh.
[email protected]

#137 crowdedelevatorfartz on 08.24.21 at 12:52 pm

@#123 Literal

“Well Garth, Trudeau says it’s foreign buyers are beating out first time buyers at Vancouver bidding wars.”

+++
Pfft.

It will be interesting to see if any of the spineless gastropods in the media will ask Trudeau about his intention ( after the election naturally) to ramp up the immigration numbers to approx 1,000,000 in one year to catch up for the two missed years of 300,000 per year during the Covid border shut down.?

Think its hard to find a place now?
In 2022-23
Just wait.

#138 Capital Gains Should be Inflation Adjusted on 08.24.21 at 12:58 pm

I don’t know if this went through but here it is. I think the best way to address capital gains tax rates is to do what England does and have a yearly inflation indexation of all real estate, properties, stocks, appreciating assets.

Really, the taxes should be charged on real capital gains net of inflation, so capital gains taxes can be more accurately reflected on the real profit one makes and not being looked at being a big windfall. This is true as a house in the GTA might be worth $900,000 but really after inflation is truly reflected, it is worth only $500,000 of what it could really purchase in Canadian devalued Canadian dollars.

Also, once you have no more tax free primary residence capital gains anymore, you have to take into account the real estate commissions, HST/GST, lawyer fees, other closing costs renovation costs and many other costs, expenses that increase your original cost/ACB that capital gains taxes can be charged on. This makes the big capital gain even much smaller and reflects the true value of your capital gains made over decades.

Financial and economic illiteracy is the main problem today with Canadians not understanding what someone’s assets are really worth in 2021. We are not in 1981 anymore and a car does not cost $7,000 and gas is not 20 cents a liter anymore.

#139 crowdedelevatorfartz on 08.24.21 at 1:31 pm

@#128 Goofy Planet

What kind of farm do you have on the Sunshine Coast?
Pot? Shrooms?

Are you planning on hunkering down now that the Provincial govt has slammed the door on the unvaxxed?

Amazon delivers food to the Sunshine coast?
Or do you “grow your own” on the farm?

#140 Sail Away on 08.24.21 at 2:01 pm

#132 Faron on 08.24.21 at 12:18 pm
#106 Russ on 08.23.21 at 11:55 pm
#124 Russ on 08.24.21 at 11:38 am

Hey Russ. I knoticed some tiepographical errors in yer resent posts. Would you like me to return the favor nad highlight them 4 U? Do frend a solid?

———

Could you please identify these errors you mention for my edification?

I read both of Russ’s comments three times and didn’t see any errors. Please shine the light.

Thanks!

#141 Planetgoofy on 08.24.21 at 3:40 pm

DELETED
All posts deliberately misspelling or mocking a leader’s name will be deleted. Grow up. – Garth

#142 Linda on 08.24.21 at 7:01 pm

#97 ‘Rudy’ – you said it well. A lot of folks automatically equate government worker with ‘gold plated pension’. First off, it isn’t the government worker pension that is gold plated. It is the one the politicians voted to give themselves that is gold plated. As per the ‘gold plated’ pension website for my pension, the average pension paid is a mighty $18,000 (before tax) per year. If one qualifies for maximum CPP at age 65 one receives $14,000 (before tax) per year. I can testify that the pension deductions for my ‘gold plated’ plan are at least triple what is deducted for CPP.

As for those like #73 ‘Frank’, who say no government worker should have a pension plan, hate to break it to you Frank but your CPP IS a ‘government’ pension plan. Your employer contributed half of the amount paid in all those years you worked. BTW, OAS is 100% paid for by taxpayer dollars. Don’t believe me? Better read up on how CPP/OAS works on the government website. Guess we should take that CPP/OAS away from you. Oh, that isn’t fair because you paid into ‘your’ pension plan? So too do those government workers you so malign. Meanwhile, whatever is paid by those government workers into their pension plan is deducted from their allowed RRSP contribution. That is called the ‘pension adjustment’.

#72 ‘Quin’ – I agree there should be a single, universal DB pension plan (there already is – it is called CPP). However the contributions to said plan should be quadrupled in order to ensure that retirees have enough for a comfortable retirement. Pension envy solved!

#143 SoggyShorts on 08.24.21 at 10:52 pm

#52 Paul on 08.23.21 at 5:38 pm

I have a sizable non reg portfolio with a large non realized capital gain. If I ad my wife to the portfolio. How are the non realized gains treated. Is the portfolio considered disposed on day account is made joint?

*************************
If you have a long horizon and plan to add more for many years then you can fix it all by having a joint bank account where all money goes in and all bills + investments go out of.

There’s no way to quantify who’s paycheck goes towards rent and the car vs whos money is going into the non-reg.

After a few decades of marriage, it’s all one pot and I can’t imagine the CRA wasting time trying to prove who’s is what.