The refuge

This is exciting.

Just a dozen more sleeps ’til you can sock six grand into your spiffy tax-free investment account. In 2022, for the first time, the accumulated TFSA limit soars above the eighty thousand mark.

Regular addicts of this pathetic blog will know we dissed and trashed T2 back in 2015 for slashing the annual contribution limit by almost half, from the $10,000 that brave F, the elfin deity (recall him?), had established. Trudeau said TFSAs were for the rich and nobody could afford to deposit five thousand (the limit then) within a twelve-month period.

But he erred. Seriously. The TFSA is the most democratic tax shelter in the land. Everybody gets it. Regardless of income. Regardless of age (once you adult). Regardless of net worth. Regardless of citizenship, even, since all residents qualify.

This is in sharp contrast to the RRSP, which is 100% geared to income, meaning relatively wealthy people scoop a giant tax break while the huddled masses in the steerage section may get diddly. In fact, the annual RRSP contribution moves in 2022 north of $29,000 – and there’s no accumulated maximum. The more you’ve earned in the past, the more marbles you get.

Anyway, here we are. The skinflint Libs kept the TFSA limit at $6,000 for the new year, despite the fact it’s supposed to be inflation-adjusted, and the cost of living is the highest since T2’s dad was prime minister and his boy was ten. Also lost on the current administration (and all the moister supporters) is that the TFSA contributions are cumulative. If you’re a locked-down, Omicron-crashed barista these days and can’t save a dime, the room still grows. So when you become a $700,000-a-year tort-loving lawyer, or a govy worker with a DB pension, it will be waiting for you like a fat, warm hug.

Okay, let’s get ready. Here are some things to remember about my fav little refuge…

First, know the limit.
As mentioned above, the max contribution for ’22 is $6,000, once again. The accumulated total room since the TFSA was launched is $81,500. If you missed years, you can catch up.

Know who can have one.
First, you have to be over 18 (or local age of majority) to earn room. Second, you must live here. Citizens and permanent residents alike can open an account. And you need not be in the country for the full year.

Why it’s better than an RRSP.
The TFSA has two overriding advantages. First, you can suck money out of the account then put it back later (in the next calendar year) – that includes accumulated growth plus original contributions, plus the current one. Can’t do that with an RRSP. Second, because contributions are made with after-tax dollars, withdrawals are untaxed. So in retirement a robust TFSA can churn out monthly cash flow and payments like OAS and CPP will be completely unaffected. RRSP withdrawals are fully taxed as income.

Why it’s worse than an RRSP.
As stated, the money you chunk into a TFSA is after-tax. There is no deducting it from your annual taxable income, as you can do with an RRSP. So if you’re a high income-earner, ensure you take advantage of the traditional retirement account, claiming the deduction on the theory you will retire in a lower tax bracket.

Use the thing to split income.
There’s no rule preventing anyone from funding another person’s TFSA, and none of the investment gains within that account will be attributed back. So it’s a great tool for income-splitting where two spouses are in different tax brackets. Married tax credits are not impacted. Plus you can fund the accounts of adult children. Just know once this happens, it’s their property. Unless you’re scary.

Invest for big growth.
A no-brainer, because all gains inside the TFSA are untaxed and there should always be a long-term investment focus. Alas, the latest stats show 80% of the money in these accounts sits in brain-dead, interest-bearing stuff like GICs and HISAs. The banks are largely at fault for promoting this (to their benefit) and the thing should never have been called a ‘saving’ account. Saving is a disaster these days.

Max the TFSA, save the RRSP.
A good strategy for those expecting to make a higher income in future years is to routinely maximize TFSA contributions and starve the RRSP. That way you will continue to accumulate RRSP room which can be used later to create a larger tax deduction. Don’t waste this when income is low, or you’re just starting a career. This RRSP room can also be very handy later in life to knock down the taxable portion of a commuted pension or reduce the capital gains tax on your stash of Dogecoins.

TSFA and the gold-plated pension.
People with coveted defined-benefit pensions (like teachers) should absolutely focus on TFSA maximization and reduce RRSP exposure. That will prevent being pushed into a higher tax bracket after you hit 71 and must convert to an income-producing RRIF.

Use an RRSP to fund the TFSA.
Simple. Invest in the retirement account (or move assets into it ‘in kind’) then use the tax refund to fund the TFSA. Best of both worlds.

Use the TFSA to supplement an RESP for your kids
RESPs are great since the feds will dole out a 20% grant and money grows tax-free. But withdrawals are taxable in the hands of the child, and sometimes a uni student can be impacted. So contribute as well to their TFSA, and all withdrawals are free of tax.

Apparently we all die. Who knew?
You can pass on your TFSA to a spouse with no tax being triggered. But declare him/her as ‘successor holder’ rather than as ‘beneficiary.’ As a bene he/she gets the TFSA assets when you croak, which is good. But as SH, your spouse just takes over your TFSA, which is better. Sheltered growth assets can continue to plump. Remember, this only applies to spouses/partners. Not kids or others. They must be named as beneficiaries. In that case, TFSA income earned after you croak is taxable in their hands.

Now go. Multiply.

About the picture: “Noticing a few felines on the blog recently, here is Clint (2001-2020),” writes Susan, in Nova Scotia. “He was a very smart and social rescue cat who brought much joy and love to our home. Thought you might enjoy this holiday photo – Clint would humour us and tolerate his embarrassing festive garb, especially if some extra food was involved.  We miss him dearly. As long-time blog readers, hubby and I greatly appreciate your wisdom, perspectives, and wit!  Best of the season to you and yours.”

109 comments ↓

#1 TurnerNation on 12.23.21 at 3:12 pm

War on Small Business. 20 months later and the papers finally admit it. THIS TIME is the final shutdown and UBI time.

https://globalnews.ca/news/8469565/covid-19-restrictions-alberta-businesses/
“New COVID-19 restrictions may be ‘final nail in the coffin’ for businesses in Alberta”

—–

#85 John in Mtl on 12.22.21 at 7:36 pm

^It’s the headline in MSM. Matters not. The global reset in the Former First World Countries is well underway. Fait accompli.

https://montrealgazette.com/news/local-news/quebec-will-limit-family-gatherings-to-six-could-reinstate-curfew-reports “Quebec to impose two-week lockdown, reinstate curfew: reports”

#2 Russ on 12.23.21 at 3:14 pm

Thanks for the H-feeder detail cef.
The ol’ lady’s feeders are the ubiquitous red plastic with glass reservoir.

In honour of today’s front page pic I offer a re-post from yesterday (with cute kitty twitter link)

=======================================
crowdedelevatorfartz on 12.23.21 at 12:19 pm

The Beijing Olympics show hasn’t started yet.

I’d say most of the democracy’s are waiting til the last minute to cancel their athletes.

Nothing like “poking the Panda” in the eye to get Xi to “lose face”.
:)

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

These cancellations might give run to start a cat curling competition…

https://twitter.com/slender_sherbet/status/1451976855838396419?s=20

Cheers, R

#3 Kirk on 12.23.21 at 3:25 pm

“ People with coveted defined-benefit pensions (like teachers) should absolutely focus on TFSA maximization and reduce RRSP exposure.”

My wife and I are winners in the DB lottery. I try to explain the above point by Garth to my family and friends and they still don’t get it. “You don’t put money into RRSPs?!” … followed by fainting and convulsions.

#4 the Jaguar on 12.23.21 at 3:32 pm

No wonder he was named ‘Clint’. His expression says “Go ahead, make my day”.

No adornment required given those lovely stripes. Symmetry – the key to real beauty. Some dogs have something called ‘brindle’, but it’s not appealing. We know why. It’s best left unspoken on this blog. (Felix knows…..)

After a lovely morning the snow begins in Calgary. Temperatures will drop. Going to be a cold holiday season. Accept your fate you party animal Albertans. It’s a blessing given the current infectious environment. Stay home, snuggle up with your pets, etc and watch some good movies. “One Magic Christmas” is the Jaguar’s favourite.

#5 physicist on 12.23.21 at 3:42 pm

I believe it should be cumulative $85,500, not $85,100.

Nope. – Garth

#6 cramar on 12.23.21 at 3:46 pm

Don’t we all wish F was still around and still in charge!

The question I have re. ‘successor holder’ for TFSA is if both TFSAs are max out, does the surviving spouse now end up with one twice as big?

Speaking of TFSA… it would be real interesting if Garth did a survey asking how much people have in theirs. (Assuming anyone wishes to divulge this on a public forum.) I’m wondering if some savvy blog dogs, trading under the wire, have middle six figures or even more?

#7 Yukon Elvis on 12.23.21 at 3:48 pm

#4 the Jaguar on 12.23.21 at 3:32 pm

Stay home, snuggle up with your pets, etc and watch some good movies. “One Magic Christmas” is the Jaguar’s favourite.

++++++++++++++++++++++
My favourite Christmas movie is Die Hard. Starring Bruce Willis. His wife’s name in the movie was Holly.

#8 Paddy on 12.23.21 at 3:49 pm

In 2022, for the first time, the accumulated TFSA limit soars above the eighty thousand mark….

My TFSA has been well above 80k for a few years now…all due to good ol simple ETF investing….cheers Garth

#9 Yukon Elvis on 12.23.21 at 3:54 pm

#6 cramar on 12.23.21 at 3:46 pm

Speaking of TFSA… it would be real interesting if Garth did a survey asking how much people have in theirs. (Assuming anyone wishes to divulge this on a public forum.) I’m wondering if some savvy blog dogs, trading under the wire, have middle six figures or even more?
++++++++++++++++++++
Mine has been maxed out since day one. Doubled what I put in it but nowhere near mid six figures.

#10 Wrk.dover on 12.23.21 at 4:06 pm

#147 IHCTD9 on 12.23.21 at 2:00 pm
Or East. Very East. Glace Bay looks pretty good actually. A nice little house for 100k, lots of places to park a boat,
________________________________________

Insulated coveralls while on deck all summer, survival suit the other ten months and you’ll be just fine there!

Water up there is 3 degrees today, fall in and survive 10-15 minutes. 10 degrees in Fundy today though.

#11 Felix on 12.23.21 at 4:11 pm

Yes!

Today’s pic gives even more protection against the Omidog variant.

#12 Millennial 1%er on 12.23.21 at 4:13 pm

Wait, I thought the tax deductions you could get were limited. So you’re telling me that I can get the tax deductions on the accumulated RSSP room I have from my entire life?

#13 cuke and tomato picker on 12.23.21 at 4:13 pm

We have set up with our financial planner to have six thousand dollars go into our TFSA on an on going basis
every year on the first banking day until we reach our
expiry date. Also we like how Mr. Justin Trudeau our
Prime Minister is very decisive when asked questions
unlike Harper who would only take 5 and run off after he said nothing on the first question.

#14 Tom on 12.23.21 at 4:14 pm

You have a typo…TFSA limit is $81,500.

Also, the “advantage” of being able to more easily withdraw from a TFSA can also be a bit of a disadvantage if people withdraw for frivolous things and forego maximizing the savings potential.

#15 crowdedelevatorfartz on 12.23.21 at 4:19 pm

@#147 IHCTD9
“Or East. Very East. Glace Bay looks pretty good actually. A nice little house for 100k, lots of places to park a boat, and probably a safe distance from the demented gta lunatics.”

++++

There are some nice places back East Coast way.
But the exodus from Central and even Western Canada has driven prices uppa uppa uppa.

South of Lunenburg or the west side of southern NS below Acadia has some interesting places.
Middle of Nowhere-ville comes to mind.

One small town with “Historic” preceding the town name had some locals paint “Pre” in front of Historic to describe the local , limited, gene pool.

The locals that could read…..were not amused.

#16 uncle dave on 12.23.21 at 4:26 pm

How do you name a ‘successor holder’ is that with your bank or with your financial advisor?

Just order them to do so and sign the required document. – Garth

#17 ogdoad on 12.23.21 at 4:27 pm

I overheard my neighbor the other day. Talking loudly on her phone while puffing on goods purchased by one of the 15 or so pot shops in our town, no doubt. She was sad that she can barely even afford pasta after working a 40hr work week. Seems to me that priorities have shifted to ensuring you are nicely buzzed, car is tanked and phone data is topped before trivial stuff, like eating, is taken care of – so I gave her a jar full of croptober harvest.

you say we’ve lost our way, Garth. I don’t think we’ve had a way in which to follow…after the death of the church, that is. If you don’t have at least one of the many video streaming services that are available you have FAILED…miserably. If you can’t afford a coffee in the meta-verse you should be shunned and littered with digi-bits. If you’re not brain dead, over weight and don’t have diabetes yet you’re not working hard enough – government is giving you every opportunity.

BTW. We all die? Tell that to the people who actually have money and power (sorry, not the losers here). The greatest frontier yet to be conquered with billions in backing.

If I were to ask my neighbor whether she had TFSA or not she would laugh (in confusion) – while comparing me to the hot dudes on Netflix…then cough. Hard.

Og

#18 KrisTea on 12.23.21 at 4:44 pm

Just wishing Garth and all, a happy, safe and joyous holiday. May gratitude abound and multiply, to make your hearts feel merry and bright.

#19 Mike on 12.23.21 at 4:59 pm

Hi Garth,

Thanks for all the entertainment over the last year. I have no idea how you continue to do what you do, but I do appreciate it all.

Merry Christmas (I hope you’re allowed to still say that) to you and your family and all the best in the new year.

#20 whiterice197 on 12.23.21 at 5:03 pm

the tfsa is great for all canadians, except for those that are dual cad/us citizens.

hoping for a day when the US can recognize the tfsa and not punitively tax expat americans.

#21 Ken R on 12.23.21 at 5:05 pm

#13 cuke and tomato picker on 12.23.21 at 4:13 pm
Also we like how Mr. Justin Trudeau our
Prime Minister is very decisive when asked questions
unlike Harper who would only take 5 and run off after he said nothing on the first question.

I personally did very well during the Harper years. Did super well during the Mulroney years. I could care less if he answered a question; his management of the economy benefited my family.

#22 Linda on 12.23.21 at 5:14 pm

Clint must have been a very social kitty – let’s just say that if I tried that with one of ours the decoration would be gone in a flash. Plus the cat judge would have our transgression added to our list of faults come the day of reckoning:)

For anyone whose income is in the lower range the TFSA is the cat’s meow! That definitely includes anyone who has a workplace pension of any sort. The ‘pension adjustment’ that takes into account the contribution $ one pays into ones workplace pension plan are deducted from the RRSP contribution room. This greatly reduces the ROI when it comes to RRSP growth. However as Garth correctly points out, the TFSA contribution is the same regardless of circumstances – no pesky reductions of what one can contribute due to having a workplace pension plan. For sure those on the lower end of the earned income scale should always put whatever they can contribute into a TFSA – a balanced, diversified 60/40 portfolio style TFSA to boot. I fund my TFSA before my RRSP; having that aforesaid workplace pension plan with the attendant pension adjustment the TFSA contribution limit is usually triple what I’d be allowed to contribute to my RRSP!

#23 Sail Away on 12.23.21 at 5:17 pm

Re: TFSA

Well, Mrs. Away and I just started TFSAs this year after staying away due to possible US taxation trust designation. Partly due to recent IRS precedent ruling them similar to pension under the tax treaty and partly since we started TFSAs for the kids a few years ago with no IRS issue yet. Best case no tax either country, worst case we file taxes as trusts. No biggie either way.

So, not much beyond contributions in ours, but the kids’ returns are off the charts. My son after 3 years full contribution has $72k and daughter after 4 years has $114k. Mostly from TSLA, but also NVDA, SOM.L and INTU. Only holdings with excellent and consistent returns over a minimum of 10 years.

#24 The Great Gonzo on 12.23.21 at 5:28 pm

Garth, thanks for the regular blog, all the interesting content and contributors.

Thanks also for allowing the cacophony of posters; truly a place to encounter a variety of ideas… the way it should be.

Merry Christmas Garth et. al.

#25 Shawn Allen on 12.23.21 at 5:31 pm

Yes, you can use all your accumulated RRSP room

#12 Millennial 1%er on 12.23.21 at 4:13 pm

Wait, I thought the tax deductions you could get were limited. So you’re telling me that I can get the tax deductions on the accumulated RSSP room I have from my entire life?

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

You can use all the toom but you have to make the RSP contributions

And it will likely be better to spread it over multiple years to use it in your highest marginal tax brackets.

Here is an absolutely excellent link to the marginal tax rates by province.

https://www.taxtips.ca/marginal-tax-rates-in-canada.htm

In general only use enough RSP deduction to get you down to no lower than $50,000 taxable income.

If you are making $150k, probably only use it to go down to $100,000 taxable income as that will give you a 43.41% marginal tax rate in Ontario. Sweet deduction.

You want to contribute at the highest tax rates and not “waste” the room on a low marginal tax rate by getting you income down too low all in one year.

#26 [email protected] on 12.23.21 at 5:34 pm

Remember to keep those 0dte puts out of your TFSA you crazy kids.

#27 WTF on 12.23.21 at 5:40 pm

#13 Veg “Also we like how Mr. Justin Trudeau our
Prime Minister is very decisive when asked questions”
————————————————————–
Yes I also adore his stuttering breathy cardboard water box thingy responses to softball queries. Lots of breathless droning, but delivery? Not so good aside from pot legalization, AND Shoveling gobs of your kids/kids $ off the back of a truck.

Someone said it yesterday here and it fits perfectly for a PM wholly incapable of running a lemonade stand let alone a G7 country “puberty economics”

I struggle with great difficulty to see any reason he should be the leader of Canada. Oh wait, I didn’t have a say……never mind,

Thanks Garth for allowing dolts like me to participate in your great social experiment. Merry Xmas !!!!!

#28 Barry on 12.23.21 at 5:54 pm

The best thing Harper ever did for me. Between wife and I there is an accumulated $330,000 at market value. With the new contributions come January – I’m as excited as Garth! – the INCOME will be around 20,000 tax free at withdrawal if I so choose. But I won’t … I’ll just keep plowing it back into the same income producers and save for a rainy day. In a year and another 6 or maybe 6,500 I’ll joyously start to collect my enhanced OAS (70 years old) at $10,500. Planning is everything … and good health. Focus on both!

#29 Brian on 12.23.21 at 5:56 pm

One thing to consider in TFSA vs RRSP contributing, even if you are lower income, it may be in your benefit to contribute to the RRSP first if you have children as your CCB is calculated off your taxable income.

#30 NOSTRADAMUS on 12.23.21 at 6:00 pm

THE BIG SORRY!
Sorry, I know the following comment is off topic, and should be deleted. BUT! I can’t keep it to myself any longer. If you honestly think that the stock market has any predictive value, then what was it saying other than “All’s Well” in October-November of 2007? And what about that nice sucker rebound in April-May 2008? Meanwhile, the Fed chair, Ben Bernanke was yapping to congress there was no housing bubble to burst. Yes it’s embarrassing for sure. Sleep tight my little beauties.

#31 willworkforpickles on 12.23.21 at 6:00 pm

So you if you made use of your max allowable unused contribution room today, being all the missed years with a first time ever contribution topping it up to the total allowable limit, you’d start making about $1700.00 CAD annual interest on a fully loaded TFSA account.
Add the maximum allowable contribution each year and leave your earned interest alone without touching it earns you your compounded interest.
Its all well and good if you don’t touch it…makes you feel real good at the very least.
Then, hypothetically speaking, its all gone 6 years from now having done nothing for you by not touching it except make you feel good watching your savings grow.
Bottom line: …better do some things with the money instead of just letting it sit watching it grow.
Or it all be for naught in say…from a hypothetical perspective, we all only get to live the next 6 years of the rest of our lives and then ….then .
But for those who want to believe a system of any kind will manage to survive or even exist into the 2030’s and beyond for North Americans – just leave it sit and just watch it grow as we all grow old.
(not likely)

#32 Habitt on 12.23.21 at 6:10 pm

How many in the non tax paying bottom 40% of taxpayers have a Tfsa or an rrsp. Anyone know?

#33 SW on 12.23.21 at 6:21 pm

For anyone needing to know how much they can contribute to their RRSP, the CRA has a helpful section of their annual Notice of Assessment.

It is called: “Available contribution room for 2021”.

If you create a CRA account online you can see a section called “TFSA contribution room” but beware, this may not include any contributions you made in the last year.

#34 Penny Henny on 12.23.21 at 6:23 pm

Forgot yesterday.
Thanks for your input Faron.

#35 Penny Henny on 12.23.21 at 6:26 pm

See, I’m not a jerk ALL the time.

#36 Garth's Son Drake on 12.23.21 at 6:45 pm

Use the TFSA to split income – how do you do that?

#37 Sail Away on 12.23.21 at 7:03 pm

#32 Habitt on 12.23.21 at 6:10 pm

How many in the non tax paying bottom 40% of taxpayers have a Tfsa or an rrsp. Anyone know?

——–

100% of my kids, nephews and nieces above the age of majority have both, so 9 in our extended family, and many more amongst friends.

The bottom 40% of earners is just a life stage. Similar to minimum wage.

#38 Drinking on 12.23.21 at 7:06 pm

Great advice today and the KEY advice as Garth posted
declare him/her as ‘successor holder’ rather than as ‘beneficiary.’

That pic just illustrates a smug feline wondering what the hell is that around my neck; you have five seconds to take it off or else I will cuddle with my favorite canine.

#39 crowdedelevatorfartz on 12.23.21 at 7:11 pm

@#13 Cucumber
“Also we like how Mr. Justin Trudeau our
Prime Minister is very decisive when asked questions…”

++++

Bwahahahaha.
Mr. “Ummm errr ahhhh, I think that ahhhh errrr ummmm ahhhhh we should ahhhhh, we should ummmm ahhhhh, get back to you, ahhhhhh ahhhhhh , on that.

Yes.
Such a good speaker.

#40 Diamond Dog on 12.23.21 at 7:30 pm

Good info on TFSA’s Garth. Passing them upon death to a spouse (and only a spouse) is good to know. Educational as usual.

Still got Omicron on the brain (good thing). I think the market is underestimating Omi, perhaps by a lot. Judging what was said in the G & M yesterday:

https://www.theglobeandmail.com/world/article-omicron-covid-19-variant-more-transmissible-but-causes-less-severe/

“The Imperial researchers estimated that someone who had no immunity would be about 10 per cent less likely to be hospitalized if they had Omicron, which suggested that it was not substantially weaker than Delta.” – G & M

This was a quote from the same Imperial College researchers of a large U.K. study that found Omi cases to be 45% less likely to be hospitalized compared to Delta. We’ve all read the same headlines, but these numbers include vaccinated and natural immunity from past infection.

Imperial college stand alone comparisons of unvaccinated immune response between Omi and Delta suggest Omi is only 10% less damaging than Delta. 10% is a difference that can be explained with a younger demographic and a professor at Imperial suggested Omi hasn’t hit the older populations equally as it has with the young.

In other words, there may not be any difference between the virility of Omi and Delta at all, only difference being Omi is far more contagious. That’s bad considering Delta was 10 to 12x more deadly than the flu.

Couple this take with the way $ media has largely spun the Imperial U.K. study as positive by cherry picking data (South Africa study 70% less deadly is also misleading as natural immunity is much higher there and the median age is much younger) and me thinks in a few days or early in the NY as case numbers increase, likely dramatically, Omi is back in the news making bad headlines.

Combine that with the news of vaccine efficacy being a potential flop with some vaccines that aren’t mrna engineered (like Pfizer/Moderna). Sinovac says 3 shots do the trick while a Hong Kong lab says Chinese vax doesn’t past muster. The results either way could be polticized and it’s early days. Obviously, time will tell:

https://www.thestar.com.my/aseanplus/aseanplus-news/2021/12/23/three-sinovac-doses-fail-to-protect-against-omicron-in-study

It would be a big deal if Chinese vaccines fell short. Some 2.7 billion doses of Cinopharm and Sinovac have reached the arms of the eastern world. If Eastern vaccines proved inferior and Omi cases continue their assent (they will), Omi may be all anyone is talking about in 2 weeks time.

Today’s case world daily confirmed case numbers are a record with 3 hours of reporting left to go, as are records being smashed across Europe. While the percentage of hospitalizations may drop significantly, there could be a much higher case load than anyone expects as Omi is proving to be far more contagious, replicating much more quickly:

https://www.worldometers.info/coronavirus/

I don’t want to sound alarmist, but media likes to get behind market rally trends and cup half full the news when there may not be any difference between the virility of Omicron and Delta when one filters out their effects on the unvaccinated and demographically, at least a trial of any size coming from the U.K. by way of the Imperial College trial suggests. And that’s bad news the markets will be forced to digest.

How contagious? Considering Delta was being compared to chicken pox and considering a study came out saying Omicron viral replication was up to 70x times higher than Delta over 24 hrs with daily records being smashed in Europe, likely by quite a bit.

#41 Drew on 12.23.21 at 8:11 pm

Whether T2 actually believes TFSAs are for the rich or not doesn’t matter, a lot of people think they are. Can’t go against the base too much.

#42 John in Mtl on 12.23.21 at 8:27 pm

@ #1 TurnerNation on 12.23.21 at 3:12 pm

You need reading glasses even if the headline is in large letters!

There is no curfew or lockdown in Quebec at this time, only capacity restrictions in certain activities and industries. Now read that again: There is no …

I don’t think I want to take Garth’s (precious) moderating time to reply to your future non-stop nonsense!

#43 mike from mtl on 12.23.21 at 8:30 pm

Yes the TFSA is definitely a good start for anyone nowadays (RSP prior was the only game in town) I find it laughable how the Libs hate it so.

80k is lunch money, so by some Christmas miracle you’ve buy and hold example AMZN in a TFSA most have rotten GICs and other near zero garbage. What is their friggin’ problem?

Yeah even 10k is not even a reno budget but we all know why, Canadians are a bunch of idiots who throw everything at ‘the house’.

#44 Sydneysider on 12.23.21 at 8:52 pm

Why would anyone ever want to take cash out of a TFSA, if they have cash invested in taxable accounts elsewhere? The money in a TFSA only becomes useful if it represents your last chunk of savings, or if you die (useful to your heirs).

#45 espressobob on 12.23.21 at 9:04 pm

TFSA is a gift I believe Garth had a hand in. Thanks.

#46 crowdedelevatorfartz on 12.23.21 at 9:06 pm

6pm Local news
Another night another similar broadcast

Omicron infections EXPLODING!
Exploding to record infection rates!
The sky is falling !

Hospital rates dropping
Death rates dropping.

Sounds to me like another bad flu season …..named Omicron.

Cut to commercial.

#47 Inadequate on 12.23.21 at 9:16 pm

Keeping my taxable income to below 150k is the priority. I poured a large sum into RRSP (lots of room from my lower income days)but will claim just enough to not exceed 150k. The disadvantage is that despite much higher income than last year, I see no significant improvement in our family cash flow other than a swelling RRSP account.

#48 Waited to long on 12.23.21 at 9:27 pm

Hey peeps….62 years old, blew all my money, divorces x3
Alcoholic, gambler & ex druggie. Got my shit together last 8 years. Got 90k saved gonna max out my tfsa so have 85k to put in my new tfsa account.. FIL says go all enbridge, boss at work says go all VFV an cousin says all Microsoft, what you peeps think?
Thanks Joe

#49 Money 4 nothing, chicks for free! on 12.23.21 at 9:54 pm

Nah … you are all doing it the hard way. Saving and investing money is just too much work. Get people to lend you the money you need.

https://www.cp24.com/news/police-looking-to-identify-suspect-who-obtained-over-5m-in-mortgages-after-posing-as-private-mortgage-broker-in-gta-1.5718411

#50 Sail Away on 12.23.21 at 10:05 pm

#48 Waited to long on 12.23.21 at 9:27 pm

Hey peeps….62 years old, blew all my money, divorces x3
Alcoholic, gambler & ex druggie. Got my shit together last 8 years. Got 90k saved gonna max out my tfsa so have 85k to put in my new tfsa account.. FIL says go all enbridge, boss at work says go all VFV an cousin says all Microsoft, what you peeps think?
Thanks Joe

———-

Why choose? All 3 are ok-ish. If you do thirds, you can tell everybody you took their advice. And hold them liable for results, of course.

#51 Wuhan We Got Y'all in Check! on 12.23.21 at 10:29 pm

if only we were as concerned with increases in our national debt as we are about covid case counts

#52 Nat on 12.23.21 at 10:38 pm

Favourite time of the year… TFSA season!

#53 Barb on 12.23.21 at 11:07 pm

#45

“TFSA is a gift I believe Garth had a hand in. ”

———————————
More than a hand in.
It was Garth Turner’s baby!

But it should’ve been called TFIA…tax-free investment account.

Merry Christmas, Garth and Dorothy, and Doug and Ryan and Sinan and staff. Best wishes to all the blog dogs.

#54 Zen on 12.23.21 at 11:37 pm

Good advice. Merry Christmas all.

#55 Faron on 12.23.21 at 11:51 pm

#48 Waited to long on 12.23.21 at 9:27 pm

Good on you for turning things around. Really. Well done.

I’d put your money in the hands of a pro like Garth. All the usual reasons for that plus one more: the stock market has addictive properties that may be best left alone for someone in recovery.

#56 Wealthtokcanada on 12.24.21 at 12:17 am

I did some math. Even if you remain in the same tax bracket, an RRSP can beat a TFSA on withdrawals from a net tax perspective.
https://vm.tiktok.com/ZM8TawHrj/

Big fan of the show, Mr Turner!

#57 Jane24 on 12.24.21 at 1:11 am

Merry Christmas from Covid riddled England. 120,000 cases yesterday and rising. But no-on cares. It’s Christmas and after last year’s lockdown we all want a proper family Christmas. Every good wish to you all for a healthy and happy 2022.

#58 R on 12.24.21 at 1:32 am

#26 [email protected] on 12.23.21 at 5:34 pm
Remember to keep those 0dte puts out of your TFSA you crazy kids.
I don’t think you can do spreads in a TFSA.You can buy options, but can’t sell them.
Thank you Garth for your good work, Merry Christmas

#59 willworkforpickles on 12.24.21 at 4:49 am

Quite the statement from the mild mannered Russian bear.
US-led aggression over the Ukraine could lead to a nuclear war.
“Everyone Will Be Turned Into Radioactive Ash”

Nuclear annihilation on NA soil is far from out of the question.
It’s only a matter of what’s to trigger it when it comes..

#60 IHCTD9 on 12.24.21 at 6:02 am

Local MLS only has 34 listings, 15 of them are vacant land, and 14 are 1 million plus. Not a single one even worth looking at.

This in an area where the average sfd went for under 250K in 2015 when Trudeau took office.

#61 IHCTD9 on 12.24.21 at 6:49 am

#47 Inadequate on 12.23.21 at 9:16 pm
Keeping my taxable income to below 150k is the priority. I poured a large sum into RRSP (lots of room from my lower income days)but will claim just enough to not exceed 150k. The disadvantage is that despite much higher income than last year, I see no significant improvement in our family cash flow other than a swelling RRSP account.
——-

I notice this too. Nothing has changed with the regular debits, but the chequing account is not floating where it normally does. Best guess as to the culprit is gasoline and food.

It sucks thinking back to ‘90’s Canada compared to Trudeau’s “New Canada” circa 2021. What a ******* disaster. I think we can stick a fork in it right about now, it’s done like dinner. Canada was great, but Trudeau wrecked it. I’ll say it again, I’m so damn glad I built a life here before Trudeau got elected. At least I’m a defined beneficiary of this buggered up dump of a country.

#62 Wrk.dover on 12.24.21 at 7:25 am

Merry Christmas; Garth, readers and commentators.

Thanks to all of you for tolerating me or not, all year.

To my young blog bro with an ego as powerful as his dozer, this gift of valuable information: -Shelburne County, NS-, the perfect match for your Griz and your family…fact, not opinion.

Look no further. The citizenry there will welcome and assimilate the likes of you with open arms. Cape Breton though, not at all. They like their come-from-aways to be demure.

Massive cultural and weather differences throughout NS.

You’ll see.

#63 crowdedelevatorfartz on 12.24.21 at 8:07 am

@#48 Waited too long

“Hey peeps….62 years old, blew all my money, divorces x3
Alcoholic, gambler & ex druggie. Got my shit together last 8 years. Got 90k saved gonna max out my tfsa so have 85k to put in my new tfsa account.. ”

++++

Well done.
You have 90k more than most of the population and the people I work with.
One is 67 and has zero saved.
The other is 55 and has zero saved.
I expect they will work until they are fired, laid off, or die.

Trudeau will look after them.

#64 Victor Maitland on 12.24.21 at 8:18 am

@ #48 Waited too long,

Near-dated, out-of-the-money call options on Gamestop dude. The full 90K. Can’t miss. :)

#65 crowdedelevatorfartz on 12.24.21 at 8:22 am

People risk their lives to flee poverty, crime, oppression etc.
People risk everything in small rubber dingys’ with their families for a better life.
Child labour, oppression, floods, earthquakes, on and on….

And some people complain about virtual groping in the ether of a pretend world created by geeks….

https://nationalpost.com/news/woman-groped-by-stranger-on-metas-virtual-reality-social-media-platform

#66 James on 12.24.21 at 9:25 am

39 crowdedelevatorfartz on 12.23.21 at 7:11 pm

@#13 Cucumber
“Also we like how Mr. Justin Trudeau our
Prime Minister is very decisive when asked questions…”

++++

Bwahahahaha.
Mr. “Ummm errr ahhhh, I think that ahhhh errrr ummmm ahhhhh we should ahhhhh, we should ummmm ahhhhh, get back to you, ahhhhhh ahhhhhh , on that.

Yes.
Such a good speaker.
___________________________________________
For a Drama teacher they should have taught oration skills to him as he is NOT A WELL SPOKEN LEADER. My twelve year old daughter has better oratory skills than this putz.

#67 Get your booster now on 12.24.21 at 9:45 am

DELETED (Anti-vax)

#68 Dharma Bum on 12.24.21 at 10:07 am

TFSA is a great thing. Could be better, but, with ship for brains in charge, it ain’t gonna happen.

Either way, if one has been taking advantage of the max contribution from day one, they would have minimum double the amount in it today, happily growing tax free.

I wish they had it when I was a young punk.

#69 Don Guillermo on 12.24.21 at 10:09 am

#61 IHCTD9 on 12.24.21 at 6:49 am

It sucks thinking back to ‘90’s Canada compared to Trudeau’s “New Canada” circa 2021. What a ******* disaster. I think we can stick a fork in it right about now, it’s done like dinner. Canada was great, but Trudeau wrecked it. I’ll say it again, I’m so damn glad I built a life here before Trudeau got elected. At least I’m a defined beneficiary of this buggered up dump of a country
******************************************
Canada was incredibly great. Instead of “Build back better” it should be “Put it back the way it way you found it”!

#70 Jeff on 12.24.21 at 10:12 am

Garth – love the blog! Merry Christmas and Happy New Year!

I suggest not using the phrase “pushed into a higher tax bracket” – too many Canadians think this means that a higher tax bracket applies to all of their income, as opposed to their marginal income within the bracket.

#71 Dharma Bum on 12.24.21 at 10:13 am

Merry Christmas all ya filthy animals!

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

https://www.google.com/url?sa=i&url=https%3A%2F%2Fgiphy.com%2Fexplore%2Fbad-santa&psig=AOvVaw0vBgDVz6uiMiLoy1fnfA_0&ust=1640445136755000&source=images&cd=vfe&ved=0CAgQjRxqFwoTCNCmpb_c_PQCFQAAAAAdAAAAABAD

#72 Cici on 12.24.21 at 10:15 am

Happy Holidays Garth and Dorothy!

And to all the blog dawgs too, even the one’s I constantly nag on…

May 2022 bring a safer, happier, healthier and kinder world for everyone… and their pups and kittens.

#73 Cici on 12.24.21 at 10:34 am

#42 John in Mtl on 12.23.21 at 8:27 pm

Thanks for setting the record straight John!

I’m really just so sick of all the Québec bashing, especially since most of it is based on complete and total ignorance.

The C-21 bashing is about the worst of it too. All the fools decrying Québec’s supposed “racism” missed the memo that the need for laicity came about around the time that certain members of minority groups who had suffered inhumane treatment by certain religious leaders declared that it was painful for them to have to see religious signs in government institutions and schools, while simultaneously, more and more non-practicing parents of the Judeo-Christian majority were also pressuring governments to remove religious influences in schools. And, at the very same time, it became apparent that certain newcomers who are very moderate practitioners of certain religious faiths needed better protection and representation here against the more extreme factions that were also establishing themselves on Québec soil.

So really, the whole point of laicity was to create a safe state where people could practice their religion without being persecuted, and where citizens and children could get educated and go about their daily business without being oppressed by the influence or presence of any such religion.

#74 Daveyboy on 12.24.21 at 11:05 am

I love my roth ira, down here in the u.s. Its only 10 k between the wife and myself. However, we max out the 401k , 457k and hsa account . A grand total of 60k a year!

Thanks Garth , this blog has changed my life, Merry Christmas and have a Happy New Year.

#75 Dr V on 12.24.21 at 11:06 am

Thank you for this timely post Garth ($6k X 2 ready to go!), and the best to you and yours and all those bloggers incl. Faron, Fartz, Ponz, Sailo, Shawn, IHCTD9, Soggy, Penny, Facts, Wrk.dover and with others whom I have had enjoyable and valuable exchanges.

2 remaining bottles of Czechvar also ready.

Merry Christmas!

#76 Ponzius Pilatus on 12.24.21 at 11:15 am

It’s gonna be a White Christmas in the Lower Mainland.
First time in 43 years.

#77 TimP on 12.24.21 at 11:36 am

Thank you Garth and ‘team’ for your gift of giving advice all year long. You are our financial Santa Claus. (with beard et el you maybe Claus?)
All the best for the season.

#78 Russ on 12.24.21 at 11:46 am

Ponzius Pilatus on 12.24.21 at 11:15 am

It’s gonna be a White Christmas in the Lower Mainland.
First time in 43 years.

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

Does anyone remember the “Blizzard of ’96?”

It was bad on The Island, started on December 21…

https://www.victoriabuzz.com/2016/12/20-years-ago-today-96-photos-blizzard-1996-victoria/

Cheers, R

#79 Dogman01 on 12.24.21 at 11:53 am

#73 Cici on 12.24.21 at 10:34 am

“Freedom to Practice your religion” vs “Freedom from Religion”

Always a tough balance.

France has a unique history of religious violence and persecution and that cultural experience plays out.

“With or without religion, you would have good people doing good things and evil people doing evil things. But for good people to do evil things, that takes religion.” – Steven Weinberg

#80 Don Guillermo on 12.24.21 at 11:54 am

#76 Ponzius Pilatus on 12.24.21 at 11:15 am
It’s gonna be a White Christmas in the Lower Mainland.
First time in 43 years.
***************************
Beats the rain. Enjoy!
Merry Christmas to all!!

#81 Shawn Allen on 12.24.21 at 11:56 am

TFSA versus RRSP

#56 Wealthtokcanada on 12.24.21 at 12:17 am
I did some math. Even if you remain in the same tax bracket, an RRSP can beat a TFSA on withdrawals from a net tax perspective.

********************
No, they are precisely equal at zero tax if the marginal tax rate on deposit and withdrawal of RRSP amounts remains unchanged. We have been over this.

TFSA money can be withdrawn before retirement. Advantage for some. Huge disadvantage for many as they will never put the money back in.

RRSP money is usually considered untouchable until retirement or even age 71 and so it grows and grows.

But both plans are great. Use both.

#82 bdwy on 12.24.21 at 12:18 pm

Omicron vaccine spreading like wildfire in vangroovy. Esp in the double jabbed and passported. My wife went to a party last weekend 8/9 attendees so far now possess omicron-immunity.

Best part is no testing for travelling back from the usa for something like 6 months!

none of the attendees is obese, very old, or immune comprmised ergo nobody gets sick so bring it on.

only downside is grandma cant come for xmas dinner. why didnt we do this 2 years ago?

#83 Habitt on 12.24.21 at 12:21 pm

#37 sail away thank you for the response but didn’t answer the question

#84 TurnerNation on 12.24.21 at 12:21 pm

If there’s a virus going around well sorry I just have not noticed it in 2020, 2021. Maybe in 2022.
All I see is control over our Travel/Movements, Breeding, and Feeding. And a general Economic Reset.

Click here for today’s new CV Rules:
https://koronawirus.lol/en/

#85 Shawn Allen on 12.24.21 at 12:27 pm

When Shopping Local…

Consider using debit card which costs the Merchant a flat 10 cents in most cases versus your gold credit card which costs the merchant more like 2.5%.

Local merchants are glad for your business either way. But they are even happier when you use your debit card.

Debit is even better than paper cash unless we are talking underground economy.

#86 Satori on 12.24.21 at 12:28 pm

#76 Ponzius Pilatus on 12.24.21 at 11:15 am

It’s gonna be a White Christmas in the Lower Mainland.
First time in 43 years
_________________________

And all the people who never drove in snow will be out there, with their bald summer tires, driving like its just another day in the rain.

#87 IHCTD9 on 12.24.21 at 12:41 pm

#62 Wrk.dover on 12.24.21 at 7:25 am
Merry Christmas; Garth, readers and commentators.

Thanks to all of you for tolerating me or not, all year.

To my young blog bro with an ego as powerful as his dozer, this gift of valuable information: -Shelburne County, NS-, the perfect match for your Griz and your family…fact, not opinion.

Look no further. The citizenry there will welcome and assimilate the likes of you with open arms. Cape Breton though, not at all. They like their come-from-aways to be demure.

Massive cultural and weather differences throughout NS.

You’ll see.
————-

My main track layer only makes 30 hp, 2 more than my lawnmower :). My ego in real life is not so stunning as it is here in print. Fact is, I’m a fan of mixing and fitting in.

That said, I checked out Shelburne, it looks good on the MLS. Might even be a little south of where I live now. If I ever escape to NS it’ll be sans Griz, and I’ll be getting a boat instead. Hell, maybe both if they got decent trails out there. Culturally, I’d fit in good with the rural crowd, it’s a universal way of living no matter where you’re from.

You have a good Christmas Wrk’d, thanks for the tip.

#88 @Get your booster now on 12.24.21 at 9:45 am on 12.24.21 at 12:47 pm

DELETED (Anti-vax)

#89 Shawn Allen on 12.24.21 at 12:50 pm

Low debit cards fees in Canada

In Canada the debit card has always had a flat rate of around 10 cents. (Except if you use it online and it has a VISA symbol then it’s probably back to 2% or more.)

This has to do with debit being introduced in Canada by Interac which I believe was originally a non-profit joint venture of the big banks.

In any case it seems to be some kind of accident of history that Merchants face only 10 cents on a debit purchase no matter the amount.

In contrast credit cards cost them minimum 1% and as much as around 3.5% and merchants are paying for all those reward points you get. (Well, passed along in prices in most cases.)

A lot of players profit from those lucrative merchant discounts fees. The big credit card companies, the bank issuers, and entities like Moneris that “acquire” merchants and provide the terminals. Merchants pay for all this.

These fees could have been vastly lower and still quite profitable for the banks but the regulators have been weak.

VISA and MasterCard are basically monopolies (Most merchants have no real choice but to accept both). Yet they are largely unregulated as to fees charged. This is weak on the part of government.

Why can’t you use a non-Visa debit card for online shopping and the merchant would face 10 cents? Where is the competition Bureau on this? Weak!

#90 IHCTD9 on 12.24.21 at 12:53 pm

#75 Dr V on 12.24.21 at 11:06 am
Thank you for this timely post Garth ($6k X 2 ready to go!), and the best to you and yours and all those bloggers incl. Faron, Fartz, Ponz, Sailo, Shawn, IHCTD9, Soggy, Penny, Facts, Wrk.dover and with others whom I have had enjoyable and valuable exchanges.

2 remaining bottles of Czechvar also ready.

Merry Christmas!
—— –

You too Doc, you’re one of the few who seems to get along with all those crusty buggers you mentioned, no matter the slant.

Are you Czech? I think I’ve seen those Czechvar’s in the LCBO.

#91 Sail Away on 12.24.21 at 1:05 pm

#76 Ponzius Pilatus on 12.24.21 at 11:15 am

It’s gonna be a White Christmas in the Lower Mainland.
First time in 43 years.

———

Climate change

#92 IHCTD9 on 12.24.21 at 1:21 pm

#69 Don Guillermo on 12.24.21 at 10:09 am

Canada was incredibly great. Instead of “Build back better” it should be “Put it back the way it way you found it”!
—————-

Wish it could happen, but can’t see it post-Trudeau. Now it don’t matter who runs the show. Too many Canucks with skin in the game, voting from here on in will have zip to do with the future of the country. The big urban centres will vote in the most RE friendly schmuck PM possible until things blow up. Hopefully (for the sake of youth) it blows soon.

If not, fine. I’ll sell and move to an area where lunatics don’t run the show. I’ll bring a big stack of cash with me. Then, I will laugh, and fish.

#93 Pro-vaxxed, yes and no minister on 12.24.21 at 1:27 pm

DELETED (Anti-vax)

#94 Sail Away on 12.24.21 at 2:01 pm

Good news: the luxury tax is not going into effect as planned. A new Tesla Plaid for 2022?!?

https://canada.autonews.com/retail/federal-luxury-tax-wont-be-implemented-jan-1-originally-planned

#95 crowdedelevatorfartz on 12.24.21 at 2:08 pm

Merry Christmas blog dogs and dogettes.
Enjoy the food and booze extravaganza.

https://www.youtube.com/watch?v=w9QLn7gM-hY

#96 Albertaguy in AB on 12.24.21 at 2:12 pm

Snowy in YYC – almost fired up the snowblower last night but did it old school…scotch now to take care of the back.

Garth, Dorothy and new pup (princess diva?) merry merry and best of the holidays!

Thank you for your blog and the TFSA.

https://www.rateinflation.com/inflation-rate/canada-historical-inflation-rate/

My calculations / crystal ball.

TFSA last increased to 6000 in 2019

Inflation 2019 1.9% x 6000 = 6114
Inflation 2020 0.7% x 6114 = 6157
Inflation 2021 3.3%* x 6157 = 6359 (*estimated )
Inflation 2022 3.0%* x 6500 = 6695 (*estimated )
Inflation 2023 2.5%* x 6695 =6862 (*estimated )

So we should see a bump to 6500 for 2023 and probably again to 7000 in 2024.

#97 Faron on 12.24.21 at 2:16 pm

#76 Ponzius Pilatus on 12.24.21 at 11:15 am

It’s gonna be a White Christmas in the Lower Mainland.
First time in 43 years.

Don’t pull a BillyBob. Check your stats on that Ponz.

#98 Sail Away on 12.24.21 at 2:33 pm

#75 Dr V on 12.24.21 at 11:06 am

Thank you for this timely post Garth ($6k X 2 ready to go!), and the best to you and yours and all those bloggers incl. Faron, Fartz, Ponz, Sailo, Shawn, IHCTD9, Soggy, Penny, Facts, Wrk.dover and with others whom I have had enjoyable and valuable exchanges.

2 remaining bottles of Czechvar also ready.

Merry Christmas!

——–

Thanks DV! Merry Christmas to you and yours.

And likewise to our host, his team and blogdogs. Enjoy the holiday chicken milk (lait de poule)!

#99 Faron on 12.24.21 at 2:38 pm

#34 Penny Henny on 12.23.21 at 6:23 pm

Forgot yesterday.
Thanks for your input Faron.
#35 Penny Henny on 12.23.21 at 6:26 pm

See, I’m not a jerk ALL the time.

You are welcome.

#100 Faron on 12.24.21 at 2:39 pm

#91 Sail Away on 12.24.21 at 1:05 pm

Climate change

Don’t pull a BillyBob. Check your stats on that Ponz Sail Away.

#101 Albertaguy in AB on 12.24.21 at 3:12 pm

#78 Russ Does anyone remember the “Blizzard of ’96?”

——-

Went to visit my new girlfriends parents for early Christmas dinner…started snowing and by morning my car was buried up the door handles… couldn’t leave for 5 days…ran out of booze on day 3…mint schnapps was the last to go….trial by fire

#102 Cowtown Cowboy on 12.24.21 at 3:35 pm

Merry Christmas Garth et al,

After more then a decade of consulting I’m making the move back to Full-time employee..looking forward to riding out the next 7yrs or so until retirement in relative security. Fact is I’m getting tired, and the 8+ weeks of vacay will help me rest up, even get a little pension, the DC kind of course..

#103 DON on 12.24.21 at 3:54 pm

#78 Russ on 12.24.21 at 11:46 am
Ponzius Pilatus on 12.24.21 at 11:15 am

It’s gonna be a White Christmas in the Lower Mainland.
First time in 43 years.

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

Does anyone remember the “Blizzard of ’96?”

It was bad on The Island, started on December 21…

https://www.victoriabuzz.com/2016/12/20-years-ago-today-96-photos-blizzard-1996-victoria/

Cheers, R

**********
I remember that one. Digging out was fun…spent 7 days pulling abandoned cars out of the snow drifts on the inland highway…family member had a tow company Qual/Parksville and I was home visiting for the holidays. All you could make out were big lumps of snow on the side of the highway preventing the plows from plowing, compounding problems. As well they had limited places to dump the excess snow. The snow came in a flurry caught most Islanders off guard.

It was quiet…no one about…even the four wheels were having problems getting out of their drive ways. Had no where to put all the cars.

Are we in for a repeat? Faron?

#104 Dimaond Dog on 12.24.21 at 4:03 pm

More information out on Omicron:

https://www.youtube.com/watch?v=wBQWNbJG1q8

Omicron appears to be spreading faster than the common cold. Looks like most of us will get Omi but it’s not a killer. The symptoms are fewer and less severe, recovery is quicker, it’s all positive news except for the fact that most of us will be exposed to or contract it at some point and it looks to be more serious than the common cold but by how much, is unknown.

Considering the speed of transmission, Omi is the perfect example of going viral. Omicron probably didn’t even exist 2 months ago and look at where it is now. Cases soaring to close to a million confirmed cases world wide last night, but death rate falling.

I thought the holidays might delay reporting of fatalities but this may not factor in much. The delay from infection to hospital to fatality was generally two weeks with Delta and previous variants, but the incubation and recovery period is shorter with Omicron, perhaps by as much as half. Couple this with vaccine and natural herd immunity plus a much better idea of how to handle Covid19 in general in the health care industry and the markets guessed right days ago. Maybe. Time tells all.

#105 BC_DD on 12.24.21 at 4:33 pm

https://www6.royalbank.com/en/di/reference/article/tfsa-annual-limits/jx0r1yov

Total Contribution Room for 2009-2021: $75,500

Plus $6,000. – Garth

#106 Daniel Bouchard on 12.24.21 at 5:14 pm

Finally an end to this discriminatory practice of “Canis familiaris” postings only” Yeh! for the coming reign of the Felis catus! Happy Holidays to your team from a happy customer.

#107 Linda on 12.24.21 at 5:46 pm

#31 ‘will’ – just in case you missed it, the TFSA isn’t ‘just’ for savings – in fact, the way to use that vehicle is to load it up with stocks, bonds etc. in a B&D 60/40 portfolio as touted by this blog. That is where the true value of the TFSA shines. Not in cash sitting in a GIC or HISA at the truly pitiful rates of interest paid by banks for the use of your funds. By investing the funds within a TFSA one can certainly earn one heck of a lot more than $1,700 interest you mention.

#108 BillyBob on 12.24.21 at 5:48 pm

Tsk tsk. All these folks criticizing Canada, and on Christmas Eve, no less. Where is Faron to scold them that the country is “not crap”?

Incidentally, I never said Canada is crap. I said it’s a joke.

You’d think a pedant posing as a scientist would know the value of accurate attribution, but ah well.

Been an incredible comeback year, eagerly looking forward to the next. Merry Christmas to all! Even my balding angry little buddy, Faron. Here’s hoping 2022 is the year you Win The Internet! :-)

#109 willworkforpickles on 12.24.21 at 6:37 pm

#107 Linda
I have never made use of a TFSA. Just making the first year interest calculation from dropping the allowable max one time first time ever total of $85000.00 CAD into one.
I prefer to hold first mortgages on choice properties and pay the taxes for better returns. I do a little trading as well.