The refuge

Some weeks ago this pathetic blog provided a checklist for making the most of a tax-free savings account. It was thrilling. So let’s abandon all caution and go further.

Lots of people use January to go on diets or give up alcohol. Self-flagellation. This year, do something lasting. The real use of this month is to exact revenge on The Man by making full use of tax shelters. In a world seemingly out of control, being able to set your own financial course is an immense comfort. Seldom in our lifetimes has this been so important. You may be helpless in the face of Omicron. You are empowered, however, to confront Chrystia.

The dilemma for many is what to do about a TFSA as opposed to the RRSP. So let’s take three minutes to noodle it.

Tax-free savings accounts (seriously misnamed) now have a total contribution room of $81,500 including the 2022 allotment of six grand. RRSPs have no limit since room is based on earned income (up to 18% annually) and the cap this year is just over twenty-nine thousand. TFSA contributions are made from after-tax income while retirement plan ones are deductible. You can take money out of a TFSA, therefore, without paying tax but not so with the RRSP. Okay, we all know that.

Which is best?

Depends on you. A key point to remember is that once money comes out of an RRSP it is not only taxed but can never go in again. You must earn more room by generating income in order to do so. But TFSA withdrawals can be replaced in full the next year. Not only may past contributions be replicated, but also any and all growth in assets – plus the new annual allotment. Way more pliant.

Some financial know-it-alls say all extra money should go to the TFSA if you make $50,000 or less, and to an RRSP if you earn more. That’s simplistic, but the logic is sound. The more income earned the greater the benefit of the RRSP as a tax-saving device. So for many ‘saving’ RRSP room for later in life – when incomes are greater in the second half of a career – can make sense. The higher a marginal tax rate, the more gained.

Also understand when life events happen – job loss, sabbaticals or maybe a mat leave – the RRSP works as a tax-shifting device. You saved a bundle in tax by making contributions when working, then are able to use that money in non-working times and pay little or nothing. Conversely, going into retirement with a commuted pension plan and a big amount of unused RRSP room can be hugely beneficial in ensuring more funds are all rolled over tax-free.

When not to stuff your RRSP?

When there’s a nice gold-plated defined-benefit pension plan. All registered retirement plans must convert to a RRIF (or be cashed in) at age 71, which means a taxable income stream is generated. For those already collecting pensions, that can push them into a higher tax bracket, which sucks.

Another mistake people make is turning RRSPs into RRIFs early in their retirement years, thinking they’ll save some tax. In reality, keeping growth assets inflating in an untaxed way within a retirement plan for as long as possible is the better strategy. So when you stop working, live off a well-constructed and tax-efficient non-registered account as well as your TFSA first, then go the RRIF route.

Now, let’s remember that for a 30-year-old today there’s probably nothing more critical to future security than stuffing that TFSA with the full allowable contribution (if you can), keeping it topped up and never making a withdrawal. By age 60 the thing would be worth $1.25 million with $990,000 in untaxed growth, throwing off maybe $6,000 a month. Uncounted by the CRA. No impact on CPP or OAS or any other income stream – like a DP pension. This is why every teacher, paramedic, deputy minister and cop in the land should have a brimming TFSA.

Of course, it is possible to get RRSP money with no tax – for a home purchase (it must repaid in 15 years) or to fund higher education (the Life Long Learning Plan – also repayable). In unique circumstances a ’melt-down’ strategy can be used to flow retirement money into a non-registered account, but such conditions do not exist today.

Other points: invest in growth assets. GICs or HISAs in a tax-free or retirement account is an Act against God. That’s not why she gave them to you. Don’t borrow to invest in one, since interest is non-deductible, will probably be variable and we’re on the cusp of a tightening cycle. If buying a house don’t use TFSA money, but utilize the Home Buyer’s Plan instead. Deposit the down payment for at least 60 days before you remove it, to generate a tax credit. That way you get a free fridge. And the new FHSA could change a lot if it materializes after the federal spring budget. In fact, moving $40,000 from a TFSA to a FHSA could make that money tax-deductible and prove conclusively the feds have no idea what they’re doing.

Finally, let’s acknowledge that 80% of all TFSA funds are now in brain-dead, interest-bearing investments and a lot of it will be used to buy Fluevogs and trips to Cuba (once they resume). Also, RRSP contributions in recent years have tanked and corporate pensions plans are fading. Debt is bubbling. Everybody wants stuff they can’t afford. Now.

Sheesh, on second though maybe we should stay talking about Omicron. At least that mess will end.

About the picture: “Have noticed an uptick in feline images lately, or is it just the odd CR I’m sipping on now n then? Sending along a pic of one of our fuzzballs, seemed timely,” writes Dave. “This is Fluffbutt, of no known breed or heritage, great disposition and usually upbeat about everything. Laurie and I have had he and his brother for 10 years. I’m pretty sure he’s figured out that one should try and stay in the sunshine, and THINK BIG! Particularly in these trying time. Thanx again for the blog and forum!”

157 comments ↓

#1 Rebecca Gold on 01.13.22 at 2:32 pm

Garth,
The other day you asked for a link to show vaxxed vs. unvaxxed. Here is my favourite from Ontario Medical Association:

Covid-19 Ontario Dashboard | Tableau Public

public.tableau.com/app/profile/oma.era/viz/CovidTable/Dashboard22

Most interesting are the pie charts which show that:

Percentage of new cases of people that are unvaccinated is 13.5%
Percentage of hospital admissions that are unvaccinated is 25.2%
Percentage of ICU patients that are unvaccinated is 45.7%

They say that 79% of Ontario population have had one or more doses of the vaccine, which leaves 21% that are unvaccinated.
So 21% of the population (i.e. the unvaxxed) result in:
– 13.5% of the new infections – it is better to be unvaxxed.
– 25.2% of the hospitalizations – it is slightly better to be vaxxed.
– 45.7% of the ICU patients – which shows you are 2.18 times more likely to end up in ICU if you are unvaxxed. But the percentage of unvaxxed in ICU has steadily decreased as time has gone by. It used to be about 75% a few weeks ago. In another month this number will no doubt be much lower.

My question is – if vaccinated have a better chance of contracting Omicron, then why would anyone be REQUIRED to get vaccinated in order to go to work/restaurants/gyms/sporting events/etc.?
I really don’t understand.

#2 TurnerNation on 01.13.22 at 2:43 pm

Early blog – is our Forum Host going out bozzing? :)

-What might be next here in the Former First World -Countries? Some Blog Dogs yesterday picked up on some stuff.

– #15 SunShowers on 01.12.22 at 4:13 pm

Possibly looking at land seizure under the guise of Reconciliation (and UN edict). “You will own nothing and be happy” WEF – right?

I’d covered a while ago:
https://www.greaterfool.ca/2021/07/03/retirement-checklist/#comment-789537
“Lawyer: Large-scale transfer of Crown land to First Nations will shock B.C.’s system
Jack Woodward says the next generation will see large chunks of B.C. move to Indigenous ownership”


— #56 VladTor on 01.12.22 at 5:53 pm
/ #105 crowdedelevatorfartz on 01.12.22 at 9:34 pm

Yep the food supply is slowly being taken under control. “Climate action” and mandates will be used to bring us into a hungry submission.
A week from now when many Cross Border Truckers will be banned from delivering into the US and Canada (NOTE that mandate just was halted here, but USA has their own laws which are not going away. Same same.) what will happen? Control over our Feeding? Check.

— #104 Hindsight Is 2020 on 01.12.22 at 9:31 pm – yep you nailed it. That’s exactly what the hospitality & nightlife industry peeps I know have been posting onto social media. They have become radicalized.


— Control over travel? Of course. It will only intensify in this New System.

https://autos.yahoo.com/law-install-kill-switches-cars-170000930.html
“New Law Will Install Kill Switches In All New Cars”

#3 Lead Paint on 01.13.22 at 2:44 pm

#63 Alberta Ed on 01.12.22 at 6:17 pm
I am totally in favor of vaccines, having experienced the polio epidemic as a child. OTOH, I am opposed to know-it-all politicians dictating what people do with their own bodies. Ask, suggest, but don’t dictate — not in a free Canada.

In a public health emergency, like a pandemic, here is a role for public policy. When I received the vax for polio as a child no choice was presented. Today it is a dead disease. How is that a bad outcome? – Garth

——————————————————-

Alberta Ed is right. The polio vaccine eliminated polio but by no measure can COVID be wiped out by these new vaccines.

If the billons had been shoring up healthcare instead of increasingly ineffective vaccines and paying people not to work we could deal with the latest wave without yet another shutdown.

Politicians are vilifying a minority to distract from their incompetence. No need for esteemed blog hosts to amplify their message . We need accountability, not division.

#4 Earlybird on 01.13.22 at 2:45 pm

Perfect summary! Thank you!

#5 The West on 01.13.22 at 2:46 pm

One of your best pics yet.

LOL

#6 UCC on 01.13.22 at 2:47 pm

Now this is interesting…
it is possible to get RRSP money with no tax – for a home purchase (it must repaid in 15 years)

How would that work if you were say 65? The RRSP needs to be RIFFed at 71.

#7 Lead Paint on 01.13.22 at 2:49 pm

As of today, there are at least 517 open ICU beds available in Ontario.

COVID Patients are occupying 21% of Ontario ICU beds.

https://pbs.twimg.com/media/FI_YYm9UYAAmkKO?format=jpg&name=large

Give it up. The channel changed. – Garth

#8 Meanwhile on 01.13.22 at 2:58 pm

Over in EU-land, leading the way as usual.

https://www.schengenvisainfo.com/news/better-days-coming-for-travel-as-eu-countries-consider-treating-covid-19-like-the-flu/

#9 Soviet Capitalist on 01.13.22 at 2:59 pm

Thank you, Garth! This is very helpful.

#10 IHCTD9 on 01.13.22 at 3:02 pm

Fluffbutt casts a long diabolical shadow, kind of like Trudeau :)

#11 physicist on 01.13.22 at 3:09 pm

@ Comment 1: Rebecca Gold

Statistics can be misleading. You need to be aware of Simpson’s paradox.

Simply stated, trends that you may see in certain groups of data may disappear if the groups are combined.

One good example of this is in the early days of Covid, you could compare death rates of individuals of different age groups in Italy vs. China. Overall (for all ages) China had a lower overall death rate, but if you looked at death rate by age group, in every case Italy had a lower overall death rate. How can this be? Well, you need to take into account the age distribution of the population, China overall has a much younger population.

Similarly with your statistics, it combines overall vaccination rates (21% unvaccinated), which would include everyone age 5+ at this point. Meanwhile look at the age distribution of people in hospital or ICU. You would need to look at the percentage vaccinated by age group and those hospitalized per age group to make something of a meaningful comparison.

Hope it helps!

#12 rosie on 01.13.22 at 3:14 pm

#1 Rebecca Gold

If the numbers of unvaccinated in ICU’s is declining, which is unlikely, but you hold on to that thought tenaciously, there could be some valid reasons. The unvaccinated may be thinning out, so to speak. The unvaccinated may be limiting their activities to small protests and graffiti writing in the dark, away from spreaders. The unvaccinated may be sitting in their rooms tapping away on their Facebook page, complaining and conspiring with their shrinking cohort of like minded delusional compadres. The unvaccinated could be lying about their status, not unlike Trump supporters. They know they’re wrong but could never admit it. They don’t want to lose their rebel creds and, gasp, getting unfriended. The unvaccinated may be spending unbelievable amounts of time parsing the stats, looking for that missing piece of definitive proof that will win the day and they just don’t get out much anymore. The unvaccinated are hiding in their homes, waiting for this wave to pass, relying on sympathetic vaccinated friends to bring them what they need. There are plenty of equally valid reasons.

#13 Omicron Kenobi on 01.13.22 at 3:15 pm

Yes, just keep talking about me.

Master of the Universe.

I am in charge.

You will all be gone soon.

#14 crowdedelevatorfartz on 01.13.22 at 3:23 pm

@#180 IHCTD9
“He might then connect all this data to a “Doomsday Clock” animation that accurately counts down the minutes to Canada’s eventual financial destruction. It could then forecast what life in post-Trudeau Canada would be like for anyone rich enough to live here at that point.

I feel there will be a strong demand for something like this very soon :)”

+++

Get him to create a game linking those stats about Trudeaus deficit budgeting.
We could call it
Canada’s Cannibals”
A post apocalyptical dystopian world of the politically correct govt bureaucrats living on their Islands in the Sky while the rest of the sheeple eat each other.

#15 Chris L. on 01.13.22 at 3:24 pm

The war on the unvaccinated is just a distraction from the real magic trick which no one ever pays attention to. They want us to fight each other, then we can’t fight them. But I think the train is already full steam ahead on the tracks. They just take breaks and regroup then come back at us. If this trick fails, the next trick is just around the corner.

I’m always surprise how even very smart people never leave their own dimension to play the 3D version of the game.

If you aren’t playing the game, you are the game. Ready player one?

#16 IHCTD9 on 01.13.22 at 3:28 pm

Ms. IH and I could have done a lot better with investing. We didn’t jump on the TFSA train the minute they arrived, hence we are heavy with RRSP’s. We could have put more in as the years rolled on and the big bills receded, but we didn’t. On the flip side, with twin decent CPP’s/OAS’s plus one govy DBP, we probably won’t actually need anything from the B+D to get by in retirement.

The B+D is likely destined to be massaged mainly for passing on to the kids. We might raid it occasionally – maybe. Hopefully we’ll still be able to stuff the TFSA’s right to the end.

Oh well, 1st world problems. About all I’ll need is a decent pickup, a boat, and a SXS and I’m good. Don’t think I’ll need to raid our investments to get those. Maybe build a nice shop with room to park the toys – that’d be a nice retirement project to work on.

#17 ZigZag on 01.13.22 at 3:28 pm

#178 ValueInvestor on 01.13.22 at 1:50 pm
No hoax. Lost my father to covid. It was painful even to watch. It is very real.
Take precautions. Boost up your immune system.
Most of all, let’s not fight and biker. Let’s get through this one together.

First sorry for your loss.

Second, I hear you. Very valid point. I think the issue is forcing people into choices they don’t feel comfortable with.

Third, I have been fortunate and have not had anyone been taken out by this. Now up to 8 people who have had it. I may have too, but didn’t think it was wise to go out there with it and test. Focused on rest and recovery instead. Figured, they’re sending people home anyway, so what’s the difference.

We biker because we’re not respecting each other. We’re not respecting each others choice and autonomy.

Imagine there was a disease that certain race was more predisposed to, and then current tactics were applied to that. See the problem?

#18 jakethesnake on 01.13.22 at 3:32 pm

Garth,

No comment on Ahmed Hussen’s announcement today? A tepid $180M to fund more affordable housing across Canada. Some were expecting something a little more dramatic, but with an announcement like this (with the fanfare in the leadup to it) it seems like the feds are expressly NOT going to do anything significant to stabilize house prices for the foreseeable future.

Which is just as well. Government usually screws things up and/or exacerbates problems. The market will fix itself.

What’s your view, old Hairy Chest? (by the way, I’m a long time reader from around 2009 or so and was wondering if your chest hair has increased in density since then or has decreased. I want to know if I’ll be as masculine at your current ripe old age of 45 when I get there, myself. Thanks.)

#19 Brian on 01.13.22 at 3:37 pm

Good analysis. Only point missing is the consideration that reducing taxable income via RRSP can make a good bump in CCB for those with kids.
I am a DB’er and always went with first contributing to TFSA as noted this usually makes the most sense, but after separation and knowing I will lose 30% of my pension had to check into some options and with the bump in CCB for making the RRSP contribution it made the most sense for me.

Gotta max that free money, right? – Garth

#20 Linda on 01.13.22 at 3:40 pm

Love the TFSA. Which is NOT invested in dead end GIC’s or HISA. Though possibly if interest rates rise enough those venues might become an option.

Am interested is seeing how a FHSA will play out. The PR to date has been highly ageist & divisive. In a nation whose leader likes to promote ‘fair’, ‘inclusive’ & other such themes seems like the rules should see a serious revamp to allow said vehicle to be available to all Canadians, not just a select group.

#21 Brett in Calgary on 01.13.22 at 3:50 pm

This is easily explained Rebecca, Delta was a worse variant (larger ratio of ICU : non-ICU) and Omicron hasn’t had a chance to collect ICU beds yet. We won’t have the story for a few more weeks, but probably the trend you see will continue.
—————————————————————
#1 Rebecca Gold on 01.13.22 at 2:32 pm
– 45.7% of the ICU patients – which shows you are 2.18 times more likely to end up in ICU if you are unvaxxed. But the percentage of unvaxxed in ICU has steadily decreased as time has gone by. It used to be about 75% a few weeks ago. In another month this number will no doubt be much lower.

#22 Ponzius Pilatus on 01.13.22 at 3:51 pm

#164 Dr V on 01.13.22 at 12:46 pm
155 Ponz

“The short answer is no – new roads don’t reduce traffic congestion on their own. That is primarily thanks to Induced Demand. Induced demand refers to the idea that increasing roadway capacity encourages more people to drive, thus failing to improve congestion.”

Also known as the “rebound effect” in energy consumption ie more fuel efficient vehicles encourage more driving.
———-
Exactly.
That’s why I think EVs are not the answer.
They still clog up the roads.

#23 Brett in Calgary on 01.13.22 at 3:51 pm

And absolutely Garth, TFSAs/RESPs are game changers.

#24 Søren Angst on 01.13.22 at 3:54 pm

#13 Omicron Kenobi

Oh Omi, you poor thing, you’re starting to lose your touch in Europa:

https://ourworldindata.org/explorers/coronavirus-data-explorer?zoomToSelection=true&facet=none&pickerSort=asc&pickerMetric=location&hideControls=true&Interval=7-day+rolling+average&Relative+to+Population=true&Color+by+test+positivity=false&country=GBR~ISL&Metric=Confirmed+cases

Chocolate Europa (for now Omi)

https://twitter.com/bsant54/status/1481614388167593991/photo/1

Light chocolate countries test like Canada = Can’t Test, Couldn’t Count Way out of a Wet Paper Bag

[Poland, Romania and Hungary East]

You’re ‘goin down Omi, pack your dung…you’re ‘going away for a long, long time.

#25 Ed on 01.13.22 at 3:56 pm

I’m still a little fuzzy regarding the deposits and withdrawals for the TFSA.

Let say I contributed $50k over the years which leaves me we a contribution room of $31,500. If the initial $50K has grown to $70k and I withdrawal the full 70k in 2022 and then decided to redeposit the $70k in 2023, does that leave me with a $11,500 contribution room or do I still have the previous $31,500 room available (plus whatever the amount for 2023 would be)?

Your room is $101,500. – Garth

#26 Paddy on 01.13.22 at 3:59 pm

Topped up my TFA with Garth and the gang yesterday…I believe we purchased some US and CAN equities. Stick it to Freeland is right. Gnna stick it to my employer and those pesky Libs when I take my transfer value and deduct all those RRSP contributions over the years that I haven’t claimed yet…..

#27 Sheesh on 01.13.22 at 4:01 pm

#1 Rebecca Gold on 01.13.22 at 2:32 pm

Here is a better link.

https://covid19-sciencetable.ca/ontario-dashboard/

#28 Michael in-north-york on 01.13.22 at 4:04 pm

#1 Rebecca Gold on 01.13.22 at 2:32 pm

They say that 79% of Ontario population have had one or more doses of the vaccine, which leaves 21% that are unvaccinated.
So 21% of the population (i.e. the unvaxxed) result in:
– 13.5% of the new infections – it is better to be unvaxxed.
– 25.2% of the hospitalizations – it is slightly better to be vaxxed.
– 45.7% of the ICU patients – which shows you are 2.18 times more likely to end up in ICU if you are unvaxxed. But the percentage of unvaxxed in ICU has steadily decreased as time has gone by. It used to be about 75% a few weeks ago. In another month this number will no doubt be much lower.
===

Those conclusions are not entirely accurate. People with overall better health conditions are less willing to be vaccinated, since they rely on their natural defenses. Older people and those with chronic conditions are more willing to get vaccines.

Therefore, those 21% unvaxxed are a healthier group to begin with. They account for 13% of all new cases, but if they were healthy AND vaxxed, they would account for even less than 13%.

As a matter of individual advice, being vaccinated is still a better choice, unless you have certain medical conditions.

Government mandate is another story, I do not support that for a number of reasons.

#29 Ponzius Pilatus on 01.13.22 at 4:05 pm

#165 Immigrant man on 01.13.22 at 12:47 pm
#157 Ponzius Pilatus on 01.13.22 at 12:07 pm
If you have a Visa to go to the USA, it does not guarantee you entry.
————
Such is the case in Canada too.
——————-
My point.
Probably all countries reserve the right to refuse entry.
That why Jokowitch has no legal case.
I picked on the States, because I think the border guards are too eager in using their discretion.
“you little worm, are now entering the USA, the most powerful country in history, where freedom was borne, and where housing, dairy products and gas is cheaper”.

#30 Michael in-north-york on 01.13.22 at 4:11 pm

#11 physicist on 01.13.22 at 3:09 pm
===

Great explanation, thanks.

#31 I See You on 01.13.22 at 4:17 pm

#196 Satori on 01.12.22 at 3:53 pm
#145 I See You on 01.12.22 at 11:23 am
Anyone else find it disturbing that in Ontario and Quebec these numbers of 500 and 250 in ICU are crushing the system?

You take that into population and we’re talking about a crazy small number of 3 ICU beds per 100,000 population.
____________________________________

Take an ALREADY FULL clinical unit, and add in some Covid patients. THE ICU is NOT just covid people with the other people requiring intensive care going home to make room for the onslaught of covid patients.

_________________________

So you’re saying the 13.5 per 100,000 ICU beds number is true?

And the 3 per 100,000 Covid ICU beds are tipping us over?

Who’s taking up the 10.5 per 100,000 ICU beds?

Obese?
Smoke?
Drink?
Weed?
Impaired driving?
Old motorcyclist?
Non active?
Old?
Fragile?

And even the unvaccinated data point in ICU…we’re being so damn insensitive to that data point…accusing just unvaccinated with a broad brush.

What if those unvaccinated in the ICU have a reason to be unvaccinated due to fragility, risks, age, medication conflicts, organ failure, organ transplant, some other health reason. These aren’t crazy numbers we’re talking about. 196 in ICU are vaccinated, 165 are unvaccinated in Ontario today.

That’s like 1 out of 100,000 people in province of Ontario. Considering aging population and variety of health issues, is it out of the question that these unvaccinated ICU people getting so much hate are in good part perhaps subject to serious issues that prevent the vaccine uptake?

Devil is in the details – how many times must this be said?

And the fact that details continue to not be provided is a serious issue in anyone’s ability to truly asses the situation.

Your attempts to minimize the disease and suffering of others to support a political agenda is repulsive. – Garth

#32 XGRO and chill on 01.13.22 at 4:18 pm

So much covid discussion in the comments despite Garth’s attempt to do something unrelated and more positive, ick.

Covid is probably the most topical issue of our time.

We have vaccines, mask up, wash your hands. You are probably gonna get it and you’re probably barely going to notice. We are now addicted to covid news because people are trapped at home with nothing to do but watch the news. Awesome.

Do yourself a favour. Take a week and don’t use the C-word, and don’t read the news about it. Watch your mental health improve.

#33 Loonie Doctor on 01.13.22 at 4:20 pm

#21 Brett in Calgary on 01.13.22 at 3:50 pm
This is easily explained Rebecca, Delta was a worse variant (larger ratio of ICU : non-ICU) and Omicron hasn’t had a chance to collect ICU beds yet. We won’t have the story for a few more weeks, but probably the trend you see will continue.
—————————————————————
#1 Rebecca Gold on 01.13.22 at 2:32 pm
– 45.7% of the ICU patients – which shows you are 2.18 times more likely to end up in ICU if you are unvaxxed. But the percentage of unvaxxed in ICU has steadily decreased as time has gone by. It used to be about 75% a few weeks ago. In another month this number will no doubt be much lower.

********************************************
I work in a major Covid ICU. What I am seeing is that the vaccinated with Covid usually have an underlying immunocompromise. They are also less sick with it. High-flow oxygen or a moderate level of invasive ventilation. The unvaccinated often were previously well, but are now critically ill. A lot are relatively young – quite a few pregnant ladies and people in their 50s/60s. There is also a lot of delta variant still and that is making the unvaccinated just as sick as the last wave – proning, ECMO, death, or really long recovery if they survive. Very few centers test for Omicron vs Delta but we do and it is pretty dominant in ICU. Omicron is more dominant in the community (makes sense since it is less virulent and more contagious).

So, it is not simple, but vaccines clearly make a big difference for severity of illness prevention. There is also a big range of what critically ill is and the unvaccinated are on the bad end of that stick.
-LD

#34 espressobob on 01.13.22 at 4:22 pm

As a self employed dude with no DP anything, using the RRSP has some advantages. Piling in during hot years and withdrawing during the drought periods has tax advantages.

TFSA on the other hand is a no brainer.

#35 Ponzius Pilatus on 01.13.22 at 4:24 pm

#170 Dr V on 01.13.22 at 1:03 pm
Dr Vs morning ramble

Thanks to all who have provided info on their retirement income strategies.
My accountant (no not Ponzie).
—————

Thank you for the compliment.
I hate doing taxes. I’ve got my own tax accountant who just likes to bury his head in volumes of tax codes.
Probably sleeps with them.
Remember, only bad lawyers represent themselves.
Don’t do bookkeeping, either.
My forte is auqisitions, due diligence, profitabity analysis, capacity calculations.
And a lot of other stuff that helps management make sound financial decisions.
Sorta like a fancy MBA.
Love my job. 
Pretty much retired now, but still get called once in a while.

#36 Nonplused on 01.13.22 at 4:24 pm

“Everybody wants stuff they can’t afford. Now.”

Well, I don’t know about that. Certainly they can’t afford it, that’s for sure. But when does a want cross into a need, meaning that everyone has some things they need and can’t afford? That’s the part that can really drive inflation. People don’t hoard things they “want”.

A bit of anecdote. As I have a young driver coming up on the most expensive to insure period of his life, I thought it might be a good idea to check into older cars to see if I could get something decent but cheap in order to lower the collision part of the insurance. I did this for my daughters with a 1999 Jeep and it paid for itself in 3 years. Then my daughter crashed it, and although I was sad to see it go nobody got hurt and financially it wasn’t a big hit.

So back to the story. I thought maybe a Tacoma might be a good idea since they don’t make Jeeps anymore. After all Toyotas last “forever”. Well, the going price for a 12 year old Tacoma with 350,000 km on it is north of $25,000. My jaw dropped. Even if Toyotas do last “forever”, I have to figure at 350,000 km they are most of the way there. It is literally the case now that used Tacomas are so expensive that the only reasonable plan is to purchase one new. But that doesn’t save anything on insurance. It’s going to be a lot of $$$$.

So I thought maybe a Ford F-150. Those are a dime a dozen, right? Wrong. Although the price is a lot lower than a used Tacoma, anything that still runs is $10,000 and has over 250,000 km on it. The “may as well buy new” incentive isn’t quite as high, but it is still there.

Throughout the existence of cars the natural order of things was that cars depreciated exponentially while they racked up the miles linearly, so the capital cost to own a used car per mile driven declined. This is no longer the case. Cars, well trucks anyway, no longer decline in price at the same rate they run up the miles. This indicates a large pool of purchasers who are desperate for the transportation but can’t afford to buy new, which per mile driven would now be cheaper.

It’s a supply – demand issue for sure, like housing. And like housing, the problem is lack of supply and runaway inflation.

———————————————

I’m betting inflation is just getting started:

https://mishtalk.com/economics/producer-prices-rise-9-7-for-2021-the-most-in-series-history

So the question is, can they really curtail a 6% CPI and 9% PPI with a couple of 0.25% rate increases? I’m thinking “no”. 4 – 1% increases might make a dent but probably still won’t get us back under 2%.

But what if, as some people argue, there is now an “upper boundary” to interest rates? We all know about the supposed “zero boundary” (which doesn’t really exist when there is inflation), but is there an upper limit created by the large amount of debt in the world? Some say yes. The argument is is that a Volker style 14% Fed rate is impossible now because much of the debt would go straight to insolvency, causing a catastrophic debt deflation. Much money would disappear back into the ether from which it came.

So if the theory is good at the extremes, what about in the middle? Is there a rate at which defaults become a problem and only get worse as rates rise? What is that rate? 2.5%? 5%? I don’t know. But it seems to me that the theory there is now an upper boundary or we see debt defaults is reasonable.

So if we assume the upper boundary does exist, the question is can rates rise enough to contain inflation before they cause a debt crisis? I bet we are going to find out.

#37 Søren Angst on 01.13.22 at 4:25 pm

One thing about the UK Omicron cases dropping is they are being pretty QUIET about it as in don’t jinx it.

During Delta they had 3 peaks (down side adulation each time thwarted) followed by exponential Omicron.

Here is BBC’s The Papers for today all Bash Boris or Andrew, little on Omicron…

https://www.bbc.com/news/topics/cpml2v678pxt

Even damn the torpedo’s The Guardian buries the case/deaths count down on their start web page with NO MENTION of a cases peak reached – which for them has to be a FIRST

https://www.theguardian.com/international

——————-

It’s gotten so good for the UK, that even France will let them travel there again come Friday.

Pariah Ban lifted.

Heck, even The Sun’s “Jabs Army” isn’t even talking about it:

https://www.thesun.co.uk/topic/sun-jabs-army/

Hope for the rest of us in Europa and GOOD the UK is being superstitious.

#38 Maths are hard on 01.13.22 at 4:34 pm

“50% of ER covid cases are among the vaccinated!”

So go the headlines.

Let’s use 80% as a rough approximation for the “double vaxxed” (two doses) crowd. It’s a bit higher in Ontario and a bit lower in Alberta but it’s a round number.

An “index” can then be calculated for the vaxxed as 5/8 or 0.5/0.8 whichever you prefer, or 0.625. The unvaxxed on the other hand have a contribution index of 5/2 or 0.5/0.2 or 2.5. 2.5/0.625 = 4. What does that mean? It means you are 4 times more likely to end up in the ER if you get covid if you are unvaxxed. The 50% number is very misleading because it does not address the fact that the vaccinated population is so much larger than the unvaxxed population at this point.

“There are three types of lies: Outright lies, damn lies, and statistics”.

We can test this model at the extremes and it holds. If and when the vaxxed population reaches 100%, 100% of all covid related ER admissions will be vaccinated people. But that doesn’t tell you anything about what admissions would have been if the population was 100% unvaxxed. The data we have, since we have both a vaxxed and an unvaxxed population, says about 4 times higher.

#39 WHO latest gospel..lmao on 01.13.22 at 4:35 pm

DELETED (Anti-vax)

#40 Sail Away on 01.13.22 at 4:35 pm

#16 IHCTD9 on 01.13.22 at 3:28 pm

About all I’ll need is a decent pickup, a boat, and a SXS and I’m good. Don’t think I’ll need to raid our investments to get those. Maybe build a nice shop with room to park the toys – that’d be a nice retirement project to work on.

——–

If you want a boat retirement project, you can’t go wrong with a Tolman skiff. The 18′ or 20′ open skiff is a fantastic boat in rough (and of course calm) conditions. I’m partial to the open walkaround model with center console and bimini hardtop with rod holders:

https://smallboatsmonthly.com/article/the-tolman-skiff/

https://strykerttops.com/gallery/review-2016-tolman-skiff

https://www.duckworksmagazine.com/01/projects/tolman/index.htm

#41 CL on 01.13.22 at 4:42 pm

#18 jakethesnake on 01.13.22 at 3:32 pm
“No comment on Ahmed Hussen’s announcement today? A tepid $180M to fund more affordable housing across Canada. Some were expecting something a little more dramatic, but with an announcement like this (with the fanfare in the leadup to it) it seems like the feds are expressly NOT going to do anything significant to stabilize house prices for the foreseeable future.”

Feds can’t really do a lot for housing. It is mainly a municipal event and with so much NIMBY I wouldn’t expect miracles on the inventory front especially high density housing. And Canada, at all levels of gov’t, move incredibly slow so developments are not completed overnight. I also suspect something along the lines of 40 year amorts to come back due to rising rates. Rent an apartment or rent money.

Even Calgary is seeing multiple bids on housing now (in January!) and inventories of every kind are depleting rapidly and the economy is not even fully open yet. Rental inventory is the same (bidding wars).

#42 Reality Check on 01.13.22 at 4:42 pm

1Rebecca Gold
My question is – if vaccinated have a better chance of contracting Omicron, then why would anyone be REQUIRED to get vaccinated in order to go to work/restaurants/gyms/sporting events/etc.?
-_________
I think the idea that the vaxxed are more susceptible to omicron is explained away by behaviour. We vaxxed get omicron at a higher rate because we are out in society interacting with others more so than the unvaxxed. More interaction means more chance of getting the highly contagious omicron. For example in the last month I have flown, been to restaurants, played group sports, seen 2 movies – been exposed to several hundreds, if not a couple thousand people Unvaxxed cannot do any of these things.

#43 Sheesh on 01.13.22 at 4:47 pm

@Neo. “Dude. Even if we just use this current pandemic. In December 2020 we peaked at just over 3,000 cases in a population where 100% wasn’t vaccinated”

…..

Dude. By December 2020 there were WAY over 3000 cases of Covid in Canada. And those were from the original variant, which was much less transmissible than what we’re dealing with now.
BTW, the 4000 cases of polio that I quoted was the total for the YEAR, not the DAILY case number.

@ 45north on 01.13.22 at 12:01 am

Yes, Polio was a big deal. Had there been more people like neo around back then, the vaccination program would have been much less successful, especially given the problems they had with the early vaccines.

#44 Ponzius Pilatus on 01.13.22 at 4:54 pm

#11 physicist on 01.13.22 at 3:09 pm
@ Comment 1: Rebecca Gold

Statistics can be misleading. You need to be aware of Simpson’s paradox.

Simply stated, trends that you may see in certain groups of data may disappear if the groups are combined.

One good example of this is in the early days of Covid, you could compare death rates of individuals of different age groups in Italy vs. China. Overall (for all ages) China had a lower overall death rate, but if you looked at death rate by age group, in every case Italy had a lower overall death rate. How can this be? Well, you need to take into account the age distribution of the population, China overall has a much younger population.

Similarly with your statistics, it combines overall vaccination rates (21% unvaccinated), which would include everyone age 5+ at this point. Meanwhile look at the age distribution of people in hospital or ICU. You would need to look at the percentage vaccinated by age group and those hospitalized per age group to make something of a meaningful comparison
Hope it helps!
——————-
My we got some smart people here today.
Simpson’s  Paradox?
Who knew?
Love the Simpsons.
I agree you gotta be careful with statistics.
Because they come out of a computer does not make them correct.
Despite AI, it’s still mostly “Garbage In, Garbage Out”.
Just want you to check your statement that “China overall has younger population”
it kinda runs against what we are hearing.
One child policy, etc.
Otherwise, good discussion.
Nice change from the  JT bashing.

#45 Faron on 01.13.22 at 4:55 pm

#32 XGRO and chill on 01.13.22 at 4:18 pm

My hopeful take is that the night is darkest just before dawn and peak tensions are close.

I’m sick of it top to bottom. From being restricted to the selfish libertardarians who just can’t get it through their heads that getting vaccinated is both a personal freedom and community well-being issue. Refuse to get vaxxed? You get a heli-drop into the deep bush with a sea-can full of food and your possessions and you have to stay there until the all-clear is passed. IHCTD9’s dream vacay really.

The July fade of the virus was too anticlimactic to have been an end. While this probably isn’t the last gasp, there’s a chance we are a big step closer to the end.

#46 an investor on 01.13.22 at 4:56 pm

Here’s your daily reminder that Rogan said Joe Biden is like a flashlight with the batteries dying … today we learned that U.S. inflation is at 7%, Biden’s approval rating is at 31%, Senator Sinema reaffirmed her filibuster support, and the U.S. Supreme Court has struck down Biden’s vaccine mandate.

It’s a great time to be alive.

#47 A confederacy of dunces on 01.13.22 at 5:00 pm

The problem has been more a small cabal of arrogant, petty, and powerful science bureaucrats who were the primary drivers of the destructive zero covid fantasy. They never deserved our trust, but they came in the name of The Science(tm) and panicked a lot of reasonable people.
Quote Tweet
ZUBY:
@ZubyMusic
· Jan 12
One of the biggest takeaways of the past 2 years for me is that humans have grown so arrogant and detached from reality, they believed they could completely stop a highly transmissible, airborne virus in its tracks via government policy.

We can’t even stop catching colds.

#48 Søren Angst on 01.13.22 at 5:04 pm

#33 Loonie Doctor

Good read.

Thank you for that.

Here in Italia almost all Omicron. ICU nowhere near capacity anywhere.

Go here:

https://lab24.ilsole24ore.com/coronavirus/

Scroll below the map to a paragraph of links (under INDICE CONTENUTI) and click on:

Saturazione terapie intensive

to view ICU saturation by Region.

For all of Italia:

1668 patients, 9244 beds. They panic at 30%. 18% now. Below that is Total Hospital Saturation. 17,648/64,139. 27.5%.

Ratio of Unvaxd getting Covid to Vaxd is 2.5 to 1 or 71%.

70% Omicron in Italia, 27% Delta, 3% Other.

CANADA:

91% Omicron
9.2% Delta

https://ourworldindata.org/explorers/coronavirus-data-explorer?zoomToSelection=true&time=2020-03-01..latest&facet=none&pickerSort=asc&pickerMetric=location&hideControls=true&Metric=Variants&Interval=Cumulative&Relative+to+Population=false&Color+by+test+positivity=false&country=ITA~CAN

HARD TO BELIEVE you that Delta in your ICU and Omicron Community.

Someone in Canada is sequencing a lot but that info does not seem to be getting to the public domain on which variant is active. Go to GISEAD:

https://www.gisaid.org/submission-tracker-global/

Scroll down to the table, click on “Sequences shared” to sort Hi to Lo.

——————

Pity the Cdn Healthcare system does not publish in the public domain such information as you have here in Italia.

Then again, the % apparatchiks you replied to would have a field day twisting that information to their personal, bury head in sand narrative.

#49 Guy in Calgary on 01.13.22 at 5:05 pm

Interesting you say RRSP amortization is a no-go. Some planning scenarios i have run have said otherwise (depending on client of course) as it has reduced tax as well as enhanced estate. You also get the benefit of splitting the income between spouses when RRIF’ng out and getting pension credits.

Certainly not a one size fits all solution but the strategy has its place.

#50 Concerned Citizen on 01.13.22 at 5:10 pm

Hi Garth,

I have always appreciated your insight on current politics even more than economics.
I believe you still get some leaked info from your old connections in Parliament Hill (conspiracy theory?) and I greatly appreciate you share it with ordinary people.
I am double jabbed. Have not got the booster yet because of newly discovered underlying health issues.
My parents are what you call “anti-vax”.
My mom brought up 2 good points yesterday and I am scared to think that there is something there.

1. Why is the government selling vax mandates as a “health tax”?
Are these unvaxed minority somehow healthier than the rest of us and must pay a tax for the privilege of being healthy?

2. Why the government keeps going on about the sacrifices we made?
I got my shots for my health and for the good of society. That does not sound like a “sacrifice” to me.
Did we in fact sacrificed something that we are not aware of?
All other sacrifices, like having to put up with the lock-downs, stress, loss of income, were equally shared between the two tiers of society – vaxed and unvaxed.

Do you have any insight from your old connections in the government on this?

#51 Milly on 01.13.22 at 5:10 pm

Hi Garth,

Can you clarify what you mean by:

“Deposit the down payment for at least 60 days before you remove it, to generate a tax credit. That way you get a free fridge.”

Also, assuming the FSHA does not materialize, am I better off selling my non-reg assets for a downpayment or using the RRSP?

#52 VladTor on 01.13.22 at 5:14 pm

ALARM…ALARM…ALARM !!!!

Serious reason to be vaccinated IMMIDIATELLY!

For gentlemen at least…. —->

A MAN claims his penis has shrunk by an inch-and-a-half due to Covid, and doctors say it can’t be fixed.

https://www.thesun.co.uk/health/mens-health-and-fitness/17297608/mans-penis-shrinks-covid-permanent/

#53 carlo on 01.13.22 at 5:19 pm

Another mistake people make is turning RRSPs into RRIFs early in their retirement years, thinking they’ll save some tax.
————————————————————
Still, it depends. We are retiring early and we are depleting my wife’s rrsp (spousal) before she gets her federal and provincial benefits. So she can take out nearly 15000 without any taxes.

#54 Freedom First on 01.13.22 at 5:21 pm

Dawgs, you may find this interesting, Google “Jordan Peterson-time to live.”

#55 Penny Henny on 01.13.22 at 5:33 pm

My highly efficient tax reduction plan in retirement goes like this.
$15,000/yr from RRSP.
$15,000/yr from Canadian Dividend payers
$5,000-10,000/yr capital gains from the small amount of trades I do per year.
Same amounts for the wife’s account.
$70,000-$80,000 per year and total taxes are about $1500 plus $600 health premium ($300×2)

So about 3% total tax

#56 Penny Henny on 01.13.22 at 5:49 pm

I forgot to add that in 1.5- 3.5 yrs some CPP will start rolling in, total about $14,000/yr.
And 5 years after that OAS for another $14,000 or $15,000/yr.
LG
Life’s Good

#57 cramar on 01.13.22 at 5:53 pm

Just heard that JP Morgan Chase is certain that the BoC will hike interest rates at their Jan. 26 meeting. We won’t have long to wait to see if they are correct.

#58 Rod on 01.13.22 at 5:58 pm

The HBP has a limit of 35k. I guess that is not enough for a down payment to buy a house in Canada. Where the rest of the money should come from? registered or TFSA?

Seventy grand for a couple. Buys a $1.3 million house with 20x CMHC leverage. – Garth

#59 carlo on 01.13.22 at 6:04 pm

#55 Penny Henny on 01.13.22 at 5:33 pm
My highly efficient tax reduction plan in retirement goes like this.
$15,000/yr from RRSP.
$15,000/yr from Canadian Dividend payers
$5,000-10,000/yr capital gains from the small amount of trades I do per year.
Same amounts for the wife’s account.
$70,000-$80,000 per year and total taxes are about $1500 plus $600 health premium ($300×2)

So about 3% total tax
——
Same here, seems like a good plan…

#60 Sail Away on 01.13.22 at 6:11 pm

#52 VladTor on 01.13.22 at 5:14 pm

ALARM…ALARM…ALARM !!!!

Serious reason to be vaccinated IMMIDIATELLY!

For gentlemen at least…. —->

A MAN claims his penis has shrunk by an inch-and-a-half due to Covid, and doctors say it can’t be fixed.

———

Yow, he caught micro-cron.

#61 José Martí on 01.13.22 at 6:21 pm

“let’s acknowledge that 80% of all TFSA funds …will be used to buy Fluevogs and trips to Cuba (once they resume). “

Cuba is open for business. I would not recommend it though.

https://globalnews.ca/news/8505882/halifax-woman-covid-19-cuba-quarantine-hotel/

#62 Bob Marley on 01.13.22 at 6:28 pm

Exodus: movement of jah people!
Oh-oh-oh, yea-eah!

https://www.theglobeandmail.com/business/article-toronto-montreal-populations-decline-as-urban-exodus-accelerates/

#63 physicist on 01.13.22 at 6:28 pm

Hi Ponzius,

Thanks for your comment.

We can get a good clue that China’s population skews much younger than Italy by looking at median age in each country:

China median age: 38.4
Italy median age: 47.3

from:
https://www.worldometers.info/

Good question about one child policy though. Likely had some impact on median age.

#64 Measure Twice, Cut Once on 01.13.22 at 6:31 pm

#52 VladTor

He was one of those “over estimators”.

Then she put a ruler to it.

The rest is social media click bait.

#65 Lead Paint on 01.13.22 at 6:31 pm

#7 Lead Paint on 01.13.22 at 2:49 pm
As of today, there are at least 517 open ICU beds available in Ontario.

COVID Patients are occupying 21% of Ontario ICU beds.

https://pbs.twimg.com/media/FI_YYm9UYAAmkKO?format=jpg&name=large

Give it up. The channel changed. – Garth

————————————————-

Give up what exactly? Your post yesterday was about COVID and hospitalizations. Are you announcing you’re done with this topic and you won’t post further on it?

Set the rules and I’ll abide by them on your blog. But if posting factual data here earns your rebuke I’ll certainty change the channel to those with honest and open discussion.

Enough with justifying your vax decision. You’re bigger than that. – Garth

#66 crowdedelevatorfartz on 01.13.22 at 6:42 pm

@#18 Jakesnake
“What’s your view, old Hairy Chest? (by the way, I’m a long time reader from around 2009 or so and was wondering if your chest hair has increased in density since then or has decreased. ”

++++
A blogdog since 2009 and you forgot about the Amazon waxes?
Shame shame.

#67 Faron on 01.13.22 at 6:42 pm

#54 Freedom First on 01.13.22 at 5:21 pm

JP would have a chance at being useful if he used statistics to prove his point. Having failed to do that we are left with, say comparing the outcome of his proposed public health policy (zero policy) Shangri-La of Tennessee and Florida to, say, BC:

Current hospitalization rates per 100k:

Tennessee: 41
Florida: 45
BC: ~10

Overall death rates per million
Tennessee: 3103
Florida: 2937
BC: 916

So, 1/4 the current hosp and less than a 1/3 the death and dying. In TN and FL a person is far more likely to know a person or persons who have died a terrible drowning death of COVID. He’s going to have to do better to justify that than “my flight was a little delayed and I couldn’t login to my online banking”. What a whiny clown! Half of that was a listen in on a complaint line.

And thank you and best regards to the steady hands of Bonnie Henry and Dr. Fauci in the US. They are the actual heroes here.

#68 crowdedelevatorfartz on 01.13.22 at 6:46 pm

@#63 physicist
“Hi Ponzius,
Thanks for your comment.”

++++

Encouraging the Rutabaga Ruffian only causes more migraines.

#69 Lead Paint on 01.13.22 at 6:49 pm

And I do love you Garth. I just wish you were more worried about the hate and rhetoric espoused by Trudeau and the Quebec premier towards a small minority than the small minority itself .

Once the engine of the state and government can promote hate and the stripping of rights for one reason, we are at their mercy to hope it does not extend. Don’t submit to that line of thinking.

For the record, and it’s a sad state of affairs when I have to submit this, I am vaccinated.

#70 fishman on 01.13.22 at 6:49 pm

Not me! I don’t want any more stuff I can’t afford. I don’t want any more stuff I can afford. Easy for me to say since I got lotsa “stuff”. Unfortunately, “stuff” multiply’s to occupy the space available. Tough habit to break.

#71 IHCTD9 on 01.13.22 at 6:52 pm

#36 Nonplused on 01.13.22 at 4:24 pm

So back to the story. I thought maybe a Tacoma might be a good idea since they don’t make Jeeps anymore. After all Toyotas last “forever”. Well, the going price for a 12 year old Tacoma with 350,000 km on it is north of $25,000. My jaw dropped. Even if Toyotas do last “forever”, I have to figure at 350,000 km they are most of the way there. It is literally the case now that used Tacomas are so expensive that the only reasonable plan is to purchase one new.
———-

Same stuff happening here in southern Ontario, been like this for years already, Covid just turbocharged it. Nothing used worth buying at all, at least you Albertans have near rust free old trucks. You’d be shocked at what the typical 15 year old pickup looks like down here if it wasn’t oiled every year. My last two trucks I ended up buying in Quebec where the insanity seems much less.

#72 rknusa on 01.13.22 at 6:59 pm

re: Tax-free savings accounts (seriously misnamed) now have a total contribution room of $81,500

when I move back to Canada after working in US for past 20 years can I immediately deposit 81,500 in a TFSA

thanks

Your room is zero. – Garth

#73 Lead Paint on 01.13.22 at 7:01 pm

#65 Lead Paint on 01.13.22 at 6:31 pm
#7 Lead Paint on 01.13.22 at 2:49 pm
As of today, there are at least 517 open ICU beds available in Ontario.

COVID Patients are occupying 21% of Ontario ICU beds.

https://pbs.twimg.com/media/FI_YYm9UYAAmkKO?format=jpg&name=large

Give it up. The channel changed. – Garth

————————————————-

Give up what exactly? Your post yesterday was about COVID and hospitalizations. Are you announcing you’re done with this topic and you won’t post further on it?

Set the rules and I’ll abide by them on your blog. But if posting factual data here earns your rebuke I’ll certainty change the channel to those with honest and open discussion.

Enough with justifying your vax decision. You’re bigger than that. – Garth

——————————————-
I am fully vaccinated. Say the word and I’ll email you my certificate or QR code, or show up for a test. Try again.

Actually I referred to your comments days ago saying it is “immoral” to protect children with inoculations. – Garth

#74 THE DANDADA on 01.13.22 at 7:04 pm

UN-VAXED… Prepare for PAIN!!

Now’s the time to become a trucker… MEGA O.T.

https://ca.finance.yahoo.com/news/ottawa-stands-by-vaccine-mandate-for-truck-drivers-222901139.html

#75 What Now on 01.13.22 at 7:13 pm

“Another mistake people make is turning RRSPs into RRIFs early in their retirement years”

I know you indicated “thinking they’ll save some tax” however I have been advised to start using registered accounts first in retirement, followed by non-registered accounts (also while keeping an eye on tax). The reason is that the CRA will grab half of any registered investments upon your untimely death. This was a strategy to (potentially) leave a higher level of non-taxed inheritance to family.

That was sad advice. – Garth

#76 IHCTD9 on 01.13.22 at 7:15 pm

#40 Sail Away on 01.13.22 at 4:35 pm
#16 IHCTD9 on 01.13.22 at 3:28 pm

About all I’ll need is a decent pickup, a boat, and a SXS and I’m good. Don’t think I’ll need to raid our investments to get those. Maybe build a nice shop with room to park the toys – that’d be a nice retirement project to work on.

——–

If you want a boat retirement project, you can’t go wrong with a Tolman skiff. The 18′ or 20′ open skiff is a fantastic boat in rough (and of course calm) conditions. I’m partial to the open walkaround model with center console and bimini hardtop with rod holders:
———

Sweet boats those. Nice deep hulls.

I really like the small pilot house aluminum boats like this:

https://www.silverstreakboats.com/boats/18-race-rocks-hard-top/

Not too big, can do Great Lakes or small water, and good protection if the weather gets ugly.

#77 ogdoad on 01.13.22 at 7:17 pm

Garth et. All: Where do you find the energy to post useful information day after day? I’m not tootin’ your horns by any means (haha – lie) but, dudes…what is the driving force? What percentage of people do you think you’re reaching?

We’re in a time of inaction. A time of maybe’s. 99% of people who want to act won’t. Transfer of $$$ remains the same. The art of persuasion grows deeeeeep.

If anything, you must be learning something. To what ends will hopefully be explained…but I doubt it :)

Og

#78 VladTor on 01.13.22 at 7:33 pm

Garth….By age 60 the thing would be worth $1.25 million with $990,000 in untaxed growth

***********
Garth, I don’t understand how? You mean in case if I invest all TFSA? What should be return in that case?

#79 willworkforpickles on 01.13.22 at 7:36 pm

#67 Faron

“And thank you and best regards to the steady hands of Bonnie Henry and Dr. Fauci in the US. They are the actual heroes here.”
…………………………………………………………………………………………………..

Hero’s?

“Based on a preponderance of evidence, COVID-19 was made in a laboratory in China as part of a biowarfare program, which was facilitated by U.S. government officials and U.S.-based scientists, who then tried to cover up their complicity and implemented flawed public health policies, all of which likely led to the unnecessary deaths of hundreds of thousands of Americans.”

A just-released memorandum written on August 21, 2021, by U.S. Marine Major Joseph Murphy to the Inspector General of the U.S. Department of Defense (DoD) is highly revealing, both for what it says and for what it doesn’t say.
Major Murphy’s analysis is based on a $14.2 million research grant application “Project DEFUSE: Defusing the Threat of Bat-borne Coronaviruses”
The DEFUSE team writes about introducing “human specific” structures, like furin polybasic cleavage sites, where they do not occur naturally, highly indicative of bioweapon development and consistent with the Chinese military’s joint pathogen development/vaccine production program.

The DEFUSE proposal read like a recipe for COVID-19.

Ultimately, the Daszak DEFUSE proposal was rejected because it included such dangerous “gain of function” research, the product of which also having dual use capability as a bioweapon.

Nevertheless, the money kept flowing from Anthony Fauci’s National Institute of Allergy and Infectious Diseases, through Peter Daszak, to China.

2. Without providing the evidence upon which his conclusion is based, Major Murphy stated that an incomplete precursor virus was released, presumably through a laboratory accident, in August 2019 and thereafter, again presumably, circulating and mutating within the Chinese population until reaching an epidemic-producing state in November-December 2019.

I guess we’ll have to wait and see what more comes out of this.

#80 IHCTD9 on 01.13.22 at 7:51 pm

69 fishman on 01.13.22 at 6:49 pm
Not me! I don’t want any more stuff I can’t afford. I don’t want any more stuff I can afford. Easy for me to say since I got lotsa “stuff”. Unfortunately, “stuff” multiply’s to occupy the space available. Tough habit to break.
———-

You just need to pass thru the event horizon into the black hole where your stuff starts crushing you. I’m unloading almost all of it.

Then I will carefully and very sparingly restock :D

#81 Lead Paint on 01.13.22 at 7:55 pm

#67 Faron on 01.13.22 at 6:42 pm

So even if we take your stats at face value (source?) you propose school closures and economic shutdowns don’t have downstream and immediate health consequences? And I’m pretty sure the the average age of the a Floridian has significantly higher than someone in BC , not to mention obesity and other comorbidities.

Fauci financed gain of function research that quite possibly lead to this pandemic, it to mention torture of beagles (which ought to be of concern to a blog obsessed with dogs). Some hero. Actually that explains a lot about you.

I assume you have a secure job that can be done from home? Perhaps some government funding involved?

JP is double vaccinated and well aware of what authoritarian power can do, and is wise to be afraid of it. You clearly have smarts but lack wisdom. And he uses statistics and data all the time, what exactly has he said that you are disputing, or are you just attacking someone superior to you?

#82 Wrk.dover on 01.13.22 at 8:10 pm

#16 IHCTD9 on 01.13.22 at 3:28 pm
Ms. IH and I could have done a lot better with investing. We didn’t jump on the TFSA train the minute they arrived, hence we are heavy with RRSP’s. We could have put more in as the years rolled on and the big bills receded, but we didn’t. On the flip side, with twin decent CPP’s/OAS’s plus one govy DBP, we probably won’t actually need anything from the B+D to get by in retirement.

The B+D is likely destined to be massaged mainly for passing on to the kids. We might raid it occasionally – maybe. Hopefully we’ll still be able to stuff the TFSA’s right to the end.
___________________________________

Now there is a life plan people!

Work extra years at your prime to leave your kids money so they can live large vicariously for you later, rather than YOLO now on FIRE.

Time for some serious spread sheet work Mang!

As the govy wrker your wife should be enjoying deferred salary leaves every fourth year, and you should be cashing down RRSP’s as your sole income now.

That program wrked for us, and yes we still stuff TSFA’s 15 years since she retired at 55.

Plus, aside from the TSFA’s, the Jamaica trips we didn’t take last month and later this month, bought enough RY TSE last month to gain on paper in a month enough to cover a 10KW dual fuel electric start gen set tomorrow, coming from the float. The Ry is a keeper.

There is life beyond very early retirement for a debt free home owning. one DBP/couple.

#83 Lead Paint on 01.13.22 at 8:12 pm

#73 Lead Paint on 01.13.22 at 7:01 pm

#65 Lead Paint on 01.13.22 at 6:31 pm
#7 Lead Paint on 01.13.22 at 2:49 pm
As of today, there are at least 517 open ICU beds available in Ontario.

COVID Patients are occupying 21% of Ontario ICU beds.

https://pbs.twimg.com/media/FI_YYm9UYAAmkKO?format=jpg&name=large

Give it up. The channel changed. – Garth

————————————————-

Give up what exactly? Your post yesterday was about COVID and hospitalizations. Are you announcing you’re done with this topic and you won’t post further on it?

Set the rules and I’ll abide by them on your blog. But if posting factual data here earns your rebuke I’ll certainty change the channel to those with honest and open discussion.

Enough with justifying your vax decision. You’re bigger than that. – Garth

——————————————-
I am fully vaccinated. Say the word and I’ll email you my certificate or QR code, or show up for a test. Try again.

Actually I referred to your comments days ago saying it is “immoral” to protect children with inoculations. – Garth

Here is my statement:

Forcing 5 year olds to risk themselves to protect seniors is immoral.

I welcome you to agree that I did not state what you suggested I have, publicly. I think of you as an honest person. Attack my actual points of view or arguments, not something that misrepresents what I have written.

I’m open to a debate that it’s better for kids to get multiple COVID vaccinations, that the risk/benefit analysis is in their best interests (not yours), but I hope you will bring data to that, not slander.

#84 Dr V on 01.13.22 at 8:48 pm

55 Penny – Awesome! Life IS good.

Didnt take long to go thru comments today if you skipped
all the vax.

#85 DON on 01.13.22 at 8:50 pm

When asked about inflation Jimmy Pattison said costs will be passed onto the customers which makes sense. He has food, lumber and car businesses that will be affected.

When comparing inflation 40 years ago in the US.

“I think we probably are going to have to get used to it. There’s always trends of up and down but this is a little bit deeper than we’ve ever seen before,” Pattison said.

BNN Bloomberg

#86 Ronaldo on 01.13.22 at 8:50 pm

#80 IHCTD9 on 01.13.22 at 7:51 pm
69 fishman on 01.13.22 at 6:49 pm
Not me! I don’t want any more stuff I can’t afford. I don’t want any more stuff I can afford. Easy for me to say since I got lotsa “stuff”. Unfortunately, “stuff” multiply’s to occupy the space available. Tough habit to break.
———-

You just need to pass thru the event horizon into the black hole where your stuff starts crushing you. I’m unloading almost all of it.

Then I will carefully and very sparingly restock :D
——————————————————————
George had it figured out:

https://www.youtube.com/watch?v=MvgN5gCuLac

#87 Cici on 01.13.22 at 8:55 pm

Anyone? UCC asked this question and even though it doesn’t apply to me, I want to know the answer too:

#6 UCC on 01.13.22 at 2:47 pm
Now this is interesting…
it is possible to get RRSP money with no tax – for a home purchase (it must repaid in 15 years)

How would that work if you were say 65? The RRSP needs to be RIFFed at 71.

Repayment must still occur or the annual sum outstanding is added to taxable income.
– Garth

#88 Sail Away on 01.13.22 at 8:57 pm

#76 IHCTD9 on 01.13.22 at 7:15 pm

Sweet boats those. Nice deep hulls.

I really like the small pilot house aluminum boats like this:

https://www.silverstreakboats.com/boats/18-race-rocks-hard-top/

Not too big, can do Great Lakes or small water, and good protection if the weather gets ugly.

——–

Yes, Silver Streak are nice. You might want to do it before the luxury tax kicks in…

#89 Dr V on 01.13.22 at 9:01 pm

36 Non-plused – yeah I hear ya.

Got my 2012 F150 in 2019 for just under $20k incl taxes.

Wife sees a 2013 on the ‘net today at another dealership. Same body style (ext cab), about 10k less
km than when I got mine. Has a 5L (mine is the
“egoboost”). Given both those and the current market
I guessed $23,500. Try $28900. Sorry – reduced to
$27900. Ponz would look good in it.

It. is. nuts. So glad they let me keep mine when I retired.

#90 Observer on 01.13.22 at 9:04 pm

#21 Brett In Calgary

” But the percentage of unvaxxed in ICU has steadily decreased as time has gone by. It used to be about 75% a few weeks ago. In another month this number will no doubt be much lower. ”

And it will continue to get lower the more people are vaxxed. If everyone was vaccinated the percentage of unvaxxed in ICU would be 0.

#91 Rebecca Gold on 01.13.22 at 9:09 pm

#11 Physicist
Interesting point, and valid if I was concerned about my personal chances of getting Omicron. Then I would have to look at my age, gender, physical fitness, underlying illnesses etc. and compare to similar demographics. But the government has imposed vaccine mandates on the entire population, so looking at the entire population is valid in this case.

#12 rosie
Thanks for the input. But my experience is that the unvaxxed are breaking curfews, ignoring public health guidance and walking around without a mask.

#21 Brett in Calgary
Yes, I think in a few weeks we will see a true reflection of the effectiveness of the vaccine regarding ICU numbers. I think the mandates are now unnecessary.

#28 Michael-in-north –york
Interesting points, but some would say you could argue the opposite. Some people who are healthy are the first in line to get the vaccines because they care about their health. Older people have been vaccinated almost entirely so that part is definitely true. But under 5’s haven’t been vaccinated at all, and under 12’s are less vaccinated so that may balance it out.

#33 Looney Doctor
I love real life examples to give us guidance. Can I assume that most of your patients that are unvaccinated and in the ICU are suffering from Delta and not Omicron?
From this point forward, I will assume that if I catch Covid, it will be Omicron, so I have focused more on the outcomes due to Omicron.

#38 Maths are hard
I follow your math, and we come to relatively the same number (2.17 vs. your 2.5), except you then divide the chance of unvaxxed/chance of vaxxed and come up with 4. The way I see it, the final step is not right. There are only two possible choices, either vaxxed or unvaxxed. If 21% of ICU cases are unvaxxed and 21% of the population is unvaxxed, that means that 79% of the population is vaxxed and 79% of the ICU cases are vaxxed. In this case, the vax has had no effect. If 21% of the population is unvaxxed and 45.7% of the ICU patients are unvaxxed, then 45.7/21 = 2.18 times more likely you will be in ICU if you are unvaxxed. (The vaxxed ICU numbers are 25.2/79 = 0.32, so you are 1/3rd less likely to go to ICU if you are vaxxed)

#42 Reality Check
Yes, I get that you think that the vaxxed are more susceptible to Omicron because they are out and about more. The reason I first looked into this specific stat is because in November I was in South Africa for almost a month. I was mostly in Gauteng which is where the Omicron variant was first identified and left just one day before WHO announced the variant. When I was at the PCR testing centre they said that they had seen a spike of cases, just runny noses really, and ALL were double vaxxed. At that time, only about 30% of the population was double vaxxed so it was weird that 100% of those testing positive were double vaxxed. In South Africa, although there are supposed to be distancing and masking, believe me, there was very little of it. There were no shutdowns that I was aware of, and now the cases have come way back down. Hopefully that bodes well for us here too.

#44 Ponzius Pilatus
I agree statistics can be very misleading. I was doing a major in statistics until I found out that you can make the curve bend any way you want and still think it is truthful.

#92 Rebecca Gold on 01.13.22 at 9:27 pm

#90 Observer
The percentage of unvaxxed in the population has remained fairly stable for the last few months, and yet the percentage of unvaxxed in ICU has come down from about 75% to 45.7%. I expect as the lower ratios of unvaxxed (13.5% of new infections) slowly make their way through hospitalization and into the ICU, then the ratio of unvaxxed in the ICU will reflect this lower percentage. (i.e. lower than the percentage of unvaxxed in the general population)

#93 bdwy on 01.13.22 at 9:36 pm

Not Summed;
I thought maybe a Tacoma might be a good idea since they don’t make Jeeps anymore. After all Toyotas last “forever”. Well, the going price for a 12 year old Tacoma with 350,000 km on it is north of $25,000

Toyotas are for those who can’t turn a wrench.

2008 Chevrolet Tahoe PPV – $6,800 (North Vancouver)
ex cop truck, super nice shape

2003 Chevrolet Tahoe – $2,800 (North Vancouver)
more value, rougher – 310k (100k left?)

Reliable, solid unglamorous but insanely comfortable and roomy, esp if you are tall/large

old pickups are double the price of suv’s. it’s 15/day for a uhaul trailer if you need the space of a pickup.

100l gas tank would much easier to fill in AB vs BC. (1.76 here now)

#94 Faron on 01.13.22 at 9:36 pm

#79 willworkforpickles on 01.13.22 at 7:36 pm
#83 Lead Paint on 01.13.22 at 8:12 pm
#73 Lead Paint on 01.13.22 at 7:01 pm
#65 Lead Paint on 01.13.22 at 6:31 pm
#7 Lead Paint on 01.13.22 at 2:49 pm
#81 Lead Paint on 01.13.22 at 7:55 pm

Hard pass on engaging with the nutbar factory over here. It’s no wonder Dr. Fauci has a security detail.

#95 Ustabe on 01.13.22 at 9:38 pm

#71 IHCTD9 on 01.13.22 at 6:52 pm


You’d be shocked at what the typical 15 year old pickup looks like down here if it wasn’t oiled every year.

I drive a 17 year old Nissan SUV, the X Trail. 300,000 kms. Surprisingly competent medium sized SUV. They sell the to this day in Australia, Russia, etc but the Rogue replaced it in North America.

Anyway yearly in mid fall it goes up on the hoist and is hosed down with Fluid Film. In and out. A minor job of the same in spring and we have zero rust any where.

I bought the applicators, the first 5 gallon pail of Fluid Film and now my mechanic keeps that full, does other vehicles. I get fluid and hoist time on Sundays free.

Fluid Film is thixotropic, and will get heavier upon sitting. Shake the business out of it and you can get away with a high pressure airless paint sprayer.

https://www.amazon.ca/Fluid-Ffprogun-Spray-Applicator-Extension/dp/B0070WTGZG

I swear by this stuff, if its metal and you want to keep it use FF I always say.

#96 westcdn on 01.13.22 at 9:39 pm

Uh oh. My mother would call me by my full name when she was angry or disappointed. David Gerald Paquette. Gerald was my father’s name. I knew I was in trouble. She wanted to talk to me. I faced her because she loved me. I did what she said and am glad for it – life lessons.

Funny about life – I got beat up by bullies in high school. They would team up on me. Kids can be cruel. They got the gals. Revenge is best served cold – I took their faces. They took advantage of my small size at the time – then I grew. My doctor put fat into reverse. Call me Groot but smarter. I have no love for small male minds. In fact, I am now the bully when I want to be.

People say you cant riches with you. Let me give it a try. I have daughters and grandchildren that will I happy to leave it. Life is what it is and fear does not count for me. I have made my choice.

#97 willworkforpickles on 01.13.22 at 9:47 pm

#94 Faron

Brainless comeback…Fauci is a liar.

#98 Lead Paint on 01.13.22 at 9:56 pm

#94 Faron on 01.13.22 at 9:36 pm

More facts, less distraction and slander please.

You seem to be very articulate when debating those with weak arguments, step it up a notch. Please point out the ‘nutbar’ points I’ve made. Please justify calling them ‘nutbar’ (not just ‘misinformed’ or ‘incorrect’).

I’m asking you nicely to justify your slander. Don’t worry, you won’t hurt my feelings, and you may just gain some credibility, which you seem to hunger for on this blog.

I suspect that Sail Away is correct when he suggests you resort to ad hominem attacks rather than admit you are wrong. The problem is you are quite sanctimonious towards those that don’t agree with you on climate change, of which you claim to be an expert. I share your concerns on climate change, but expose yourself to be a dishonest shill when you attack people on spurious grounds on arenas outside your expertise.

Integrity is important. Please prove that my writing is ‘nutbar’ to retain credibility. Otherwise, I don’t see how anyone can take anything you write seriously.

#99 Repurchase Disagreement on 01.13.22 at 9:56 pm

Good summary. While I agree that it’s good to avoid planning RRSP/RIFF withdrawal schedules that avoid bumps up into higher brackets/clawbacks, the reality is that with the current and growing National Debt, we may be faced with changes. That could work against current assumptions.

What if OAS clawback thresholds drop. Or drop significantly. Or they try CPP clawback thresholds too. Or if bracket indexing significantly lags inflation (not many young’uns remember the days of Bracket Creep), or whatever T2/his successor may dream up.

I think one would rather have more than less in both the RRSP/RIFF and TSFA, just in case the landscape changes. I’m sure a million dollar RRSP really isn’t that bad of a problem to have.

#100 crowdedelevatorfartz on 01.13.22 at 9:56 pm

@#93 bdwy
“Toyotas are for those who can’t turn a wrench.”

+++

I beg to differ.
But owning a Toyota Tacoma means….I don’t need to turn a wrench.
I have a 2014. New when I bought it.
My last Toyota truck was new when I bought it in 1986.
It NEVER let me down in 20+ years of driving.
Sold it to a kid in 2010….it’s still on the road.

As for the used vehicles……anything American with over 300k….avoid with a barge pole unless you want to be small repaired to death.

#101 Doug t on 01.13.22 at 9:59 pm

GIMME GIMME and damn the future – instant gratification culture unleashed – and well why not right, since you now have realized that you only have a finite amount of time on this rock – THIS is the new culture get use to it

#102 IHCTD9 on 01.13.22 at 10:05 pm

#84 Sail Away on 01.13.22 at 8:57 pm
#76 IHCTD9 on 01.13.22 at 7:15 pm

Sweet boats those. Nice deep hulls.

I really like the small pilot house aluminum boats like this:

https://www.silverstreakboats.com/boats/18-race-rocks-hard-top/

Not too big, can do Great Lakes or small water, and good protection if the weather gets ugly.

——–

Yes, Silver Streak are nice. You might want to do it before the luxury tax kicks in…

—— –

Boats like that just don’t exist around here, open or cuddy – that’s it. I’d pretty much have to add the pilot house to an existing hull myself if I was set on that style of boat. Guys have boats like the StarCraft Islander for Great Lakes fishing around here:

https://shop.boat.com/new-models/2008-starcraft-islander-221-ob-7215537b

They’re a bit big for my liking though. But, if I feel like a road trip, I’d go for a used but like new SS to dodge the wealth tax:

https://www.boatdealers.ca/boats-for-sale/492309/silver-streak-18-0-race-rocks-nanaimo-british-columbia

Man those are sweet boats. YAMAHA power too! The whole thing just oozes quality.

#103 stage1dave on 01.13.22 at 10:17 pm

#10 IHCTD9

I think he’s OK with the “long diabolical shadow” part (he is a cat, after all) but I’ll hold off letting him know about the Trudeau part…haha…don’t wanna get scratched!

I’ve also noticed he’s been waltzing around pretty damned cocky ever since tonites blog got posted…hmm…

#104 David on 01.13.22 at 10:21 pm

Rebecca,

You need to analyze individual age brackets 0-10, 10-20 etc, otherwise you will run into “the simpsons”

bottom line with 90% vaccination rate and a 50/50 ICU split it’s a 9-1 ratio when age adjusted.

Not to mention the average age of a vaccinated ICU patient is 8 years higher.

#105 Cici on 01.13.22 at 10:26 pm

Thanks for the response, Garth!

______________________________________________

Repayment must still occur or the annual sum outstanding is added to taxable income.
– Garth

#106 Sail Away on 01.13.22 at 10:31 pm

#100 crowdedelevatorfartz on 01.13.22 at 9:56 pm
@#93 bdwy

“Toyotas are for those who can’t turn a wrench.”

——–

I beg to differ.

But owning a Toyota Tacoma means….I don’t need to turn a wrench.

———

What? You wouldn’t buy a truck with the slogan: ‘Hope you can turn a wrench’.

??

#107 IHCTD9 on 01.13.22 at 10:34 pm

#95 Ustabe on 01.13.22 at 9:38 pm
#71 IHCTD9 on 01.13.22 at 6:52 pm


You’d be shocked at what the typical 15 year old pickup looks like down here if it wasn’t oiled every year.

I drive a 17 year old Nissan SUV, the X Trail. 300,000 kms. Surprisingly competent medium sized SUV. They sell the to this day in Australia, Russia, etc but the Rogue replaced it in North America.

Anyway yearly in mid fall it goes up on the hoist and is hosed down with Fluid Film. In and out. A minor job of the same in spring and we have zero rust any where.

I bought the applicators, the first 5 gallon pail of Fluid Film and now my mechanic keeps that full, does other vehicles. I get fluid and hoist time on Sundays free.

Fluid Film is thixotropic, and will get heavier upon sitting. Shake the business out of it and you can get away with a high pressure airless paint sprayer.

https://www.amazon.ca/Fluid-Ffprogun-Spray-Applicator-Extension/dp/B0070WTGZG

I swear by this stuff, if its metal and you want to keep it use FF I always say.
———

Yep, it’s the only way to save them. I take my Sierra in to a place that oils them. They drill holes allowing access to spray inside the rockers, cab corners, and inside the tailgate and doors too. Plugs go in till next fall. The entire bottom of the truck gets hosed. You drive home in a cloud of smoke :). The truck is 19 years old and is in outstanding condition thanks to the previous owners diligence in oiling every year.

Same with the ‘91 Sierra I just bought. It does have 2 rust spots that require patches, but the rockers, floor, frame, tailgate and cab corners are mint. Pretty incredible for a 31 year old truck. There’s no doubt the stuff works!

#108 Faron on 01.13.22 at 10:42 pm

#98 Lead Paint on 01.13.22 at 9:56 pm

#94 Faron on 01.13.22 at 9:36 pm

don’t agree with you on climate change

Cause it’s Not! A! Matter! Of! Agreement! on climate change or the vaccine stats because facts are facts. Evidence is evidence. If I put five loonies on the table between us there’s no “agreement” needed. It just is.

And it’s not my effing job to prove that you are wrong just because you ask me to when all of the information is there for you to pour through and be convinced by. It’s all there. Every single publication that adds up, brick by brick, to the conclusion that climate change has been and is being greatly increased by anthro emissions and activities; that masks work well and N95s are better; that the vaxx is safe and effective for all age groups that it has been given emergency use authorization for.

It’s not my job to grab you by the earlobe and drag you through the obscenely large haystacks of information and data that support these views well and above whatever out of context junk people like you cherry pick out of some morass and then put all of your weight into like a toddler in a pool with its water wings. You aren’t some magical contrarian genius for being skeptical. No, you are just being an indolent child dragging your feet and wasting everyone’s and your own time.

You will only ever get virtriol from me because engaging in debate with people like yourself is like trying to put out a tire fire with a can of Molson: disgusting and pointless. You get vitriol because people like me are extremely tired of wasting our time being asked to debate scientifically illiterate, non-experts who think they magically know better because they read a dumb blog post or see something on zerohedge for pete’s sake.

Finally, take the hint man. Garth dressed you down and here you are yapping disgustingly back at him as if he has any obligation to prove anything to you. What a piece of crap.

#109 Extended Logic on 01.13.22 at 10:49 pm

#104 David on 01.13.22 at 10:21 pm
Rebecca,

You need to analyze individual age brackets 0-10, 10-20 etc, otherwise you will run into “the simpsons”

bottom line with 90% vaccination rate and a 50/50 ICU split it’s a 9-1 ratio when age adjusted.

Not to mention the average age of a vaccinated ICU patient is 8 years higher.

—-

Which is why scientifically, medically, logically – we must vaccinate the under 18 year olds, and also everyone under 65 who’s healthy and tries to take care of themselves diet wise, not drink, not smoke, not weed, etc.

#110 Questions on 01.13.22 at 10:51 pm

Hey, one more in addition to below questions…

Who thinks that the actions our governments took only prolonged the whole thing? And will continue to prolong it.

#117 poll on 01.10.22 at 9:45 pm
How about a poll Garth? But one that the MSM is afraid to ask.

Questions like:

Do you believe vaccines will be the solution out of this?

How many boosters will be enough? (give few choices like 6, 8, 10, 12, more)

What year do you think you’ll have to stop getting vaccinated?

Do you trust our health officials?

Do you trust our politicians?

Do you think the restrictions and powers they have granted themselves will be rolled back?

Do you believe they are slowly rising the heat under the pot and transitioning from a free democracy into…something backwards?

Do you believe divide and conquer is being used on the mass populations?

Do you believe you’re being tracked more than ever?

Do you believe information about vaccines is being suppressed?

…you know…real questions that people would want to see answers to.

#111 IHCTD9 on 01.13.22 at 11:06 pm

#82 Wrk.dover on 01.13.22 at 8:10 pm

Now there is a life plan people!

Work extra years at your prime to leave your kids money so they can live large vicariously for you later, rather than YOLO now on FIRE.

Time for some serious spread sheet work Mang!

As the govy wrker your wife should be enjoying deferred salary leaves every fourth year, and you should be cashing down RRSP’s as your sole income now.

That program wrked for us, and yes we still stuff TSFA’s 15 years since she retired at 55.

Plus, aside from the TSFA’s, the Jamaica trips we didn’t take last month and later this month, bought enough RY TSE last month to gain on paper in a month enough to cover a 10KW dual fuel electric start gen set tomorrow, coming from the float. The Ry is a keeper.

There is life beyond very early retirement for a debt free home owning. one DBP/couple.
—————-

What am I gonna spend it on? I don’t have a baller bone in my body. Truck, boat, SXS, nice garage/shop and I’ve got it all. COL well under half of what CPP/OAS/DBP would pay out.

As for bailing out at 55, not likely going to happen. I can live cheap, but I have my limits.

#112 Timid Lady on 01.13.22 at 11:14 pm

Hi Garth, love your blog and advice. The other day, you advised safe stuff in a rrsp portfolio. I have about 20% in a global balanced fund and the rest in Gics. Should I switch to balanced fund? Worried about sequence of returns if the market takes a deep correction. Retired and turning 65 this year. Waiting until 71 before withdrawals begin. Thank so much for your sage advice and sharp humour. Otherwise, I would still be 100% Gics.

#113 Ronaldo on 01.13.22 at 11:15 pm

#99 Repurchase Disagreement on 01.13.22 at 9:56 pm

I think one would rather have more than less in both the RRSP/RIFF and TSFA, just in case the landscape changes. I’m sure a million dollar RRSP really isn’t that bad of a problem to have.
—————————————————————–
Like divorce where 50% of 1st marriages fail and higher for 2nd and 3rd. By the time the third comes around, you’d be pretty much cleaned out. So, those with a million dollar RSP, you are likely a good candidate for that. Just saying.

#114 kommykim on 01.13.22 at 11:18 pm

RE: #1 Rebecca Gold on 01.13.22 at 2:32 pm
– 45.7% of the ICU patients – which shows you are 2.18 times more likely to end up in ICU if you are unvaxxed. But the percentage of unvaxxed in ICU has steadily decreased as time has gone by. It used to be about 75% a few weeks ago. In another month this number will no doubt be much lower.

My question is – if vaccinated have a better chance of contracting Omicron, then why would anyone be REQUIRED to get vaccinated in order to go to work/restaurants/gyms/sporting events/etc.?
I really don’t understand.

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

If the unvaxxed get infected they are 2.18x as likely to end up clogging up the ICU so when that pileup on the 401 happens, more people die because the ICU is full, and the nurses doctors surgeons etc, are all sick/burned out and not at the top of their game.

#115 Bronze Bullet on 01.13.22 at 11:22 pm

Trying to beat the inflation with investing, interesting.

Normally stock markets compensate for 70-80 % of inflation, not at these peak level that are coming though with rates stuck at zero or 1-2 % and strongly negative real rates at 10 % – double digits/and this will not change.

1 million in TFSA with a house worth potentially 10 millions? Failing to understand how that will solve any life affordability issues.

And the bold folks thinking that the peanuts from CPP and OAS will help in retirement… pathetic.

We face long time with high inflation, low rates and close to zero indexing of pensions.

The fancy socks clown with a single digit IQ keeps talking on how he has ‘programs to help Canadians’, scary times.

#116 IHCTD9 on 01.13.22 at 11:24 pm

#103 stage1dave on 01.13.22 at 10:17 pm
#10 IHCTD9

I think he’s OK with the “long diabolical shadow” part (he is a cat, after all) but I’ll hold off letting him know about the Trudeau part…haha…don’t wanna get scratched!

I’ve also noticed he’s been waltzing around pretty damned cocky ever since tonites blog got posted…hmm…
———

He’s a famous kitty now! That shadow looks like Batman just showed up. Yeah, better not let him know about that Trudeau comment.

#117 DON on 01.13.22 at 11:34 pm

#107 IHCTD9 on 01.13.22 at 10:34 pm

Those 90 model Sierra’s are easy to work on and parts are reasonable. Have a 95. Gokd work truck.

#118 IHCTD9 on 01.13.22 at 11:37 pm

#86 Ronaldo on 01.13.22 at 8:50 pm

George had it figured out:

https://www.youtube.com/watch?v=MvgN5gCuLac
————-

That made me want to place a few more for sale ads on Kijiji!

#119 short horses on 01.14.22 at 12:50 am

In May 2020, I sold half my TFSA assets and bought ARK funds. Despite waiting to act until two months after the market bottom I still did incredibly well, with my portfolio significantly outperforming major market indices. In hindsight I realize my returns benefited from the inflows of millions of amateur investors who should have been playing The Loser’s Game, but I confused my hubris for genius and believed I could read the market. So I sold the ARK funds in January 2021 to buy Chinese “value” assets.

A few weeks or perhaps days later Xi Jinping declared some of those assets could no longer operate on a for-profit basis; I’m still not sure if it’s hubris or genius to bet against the CCP nationalizing the entire Chinese tech sector.

#120 Karl hungus on 01.14.22 at 12:56 am

What about the benefit of income splitting with a RRIF early in retirement? Can’t do that with an RRSP

#121 Maths are hard on 01.14.22 at 1:08 am

#91 Rebecca Gold on 01.13.22 at 9:09 pm

When the ratio is 50/50, the math can be simplified by just comparing the percent vaxxed to unvaxxed. So 80/20 gives a ratio of 4. You are 4 times more likely to end up in the ER from covid if you are unvaxxed.

This compares the total population, both with covid and without. What the ratio would be of only covid positive individuals I do not know as I have not seen that data.

The form that I used would work for any ratio of vaxxed vs. unvaxxed in the general population, but also in the ER. The ratio doesn’t have to be 50/50. It breaks down at 0% and 100% vaccinated though. But the question is also irrelevant at 0% or 100%.

#122 Jen on 01.14.22 at 1:12 am

“Deposit the down payment for at least 60 days before you remove it, to generate a tax credit. ”

As a current renter and wannabe future homeowner, can you clarify the above statement? If this is the first time homebuyer’s tax credit, I can’t find any resources that say anything about a 60 day stipulation for the down payment. How exactly does this work/what is the 60 day requirement? Thanks!

#123 Waystar Royco Shareholder on 01.14.22 at 1:50 am

The HBP has a limit of 35k. I guess that is not enough for a down payment to buy a house in Canada. Where the rest of the money should come from? registered or TFSA?

Seventy grand for a couple. Buys a $1.3 million house with 20x CMHC leverage. – Garth

‐–‐————‐———————————————————
Garth, the minimum DP rules are 5% on the first $500k and 10% of the balance up to $1M

Anything over $1M requires a 20% DP (until the libs raise it to $1.25M)

So a $1.3M house requires a DP of $260k

$70k gets you a $950k house

Quite so, but don’t forgot about T2’s proposed CMHC lending cap increase. – Garth

#124 Bileth on 01.14.22 at 2:05 am

What about those households that have DBPPs and maxed TFSAs? Max out RRSPs and draw them down for an early retirement? Have a brimming non-reg too.

#125 Oboh Sendaka on 01.14.22 at 4:42 am

#18 Jake,

Hussen has allocated 180 million to build housing in Somalia. Where did you get the idea that the Liberal Party was investing in Canada?

#126 crowdedelevatorfartz on 01.14.22 at 7:20 am

@#106 Sail Away
“What? You wouldn’t buy a truck with the slogan: ‘Hope you can turn a wrench’.”

++++
The same reason I would never own a Harley.

“Loud and slow, like their owners.
When they actually work.”

haiku over.

#127 crowdedelevatorfartz on 01.14.22 at 7:23 am

@#123 Bile
“What about those households that have DBPPs and maxed TFSAs? Max out RRSPs and draw them down for an early retirement? Have a brimming non-reg too.”

++++
The solution.
Keep “working” and paying into that Defined Benefit Pension Plan into your 70’s….
You can never have enough taxpayer subsidized, guaranteed money.

#128 Wrk.dover on 01.14.22 at 7:25 am

#111 IHCTD9 on 01.13.22 at 11:06 pm
What am I gonna spend it on? I don’t have a baller bone in my body. Truck, boat, SXS, nice garage/shop and I’ve got it all. COL well under half of what CPP/OAS/DBP would pay out.

As for bailing out at 55, not likely going to happen. I can live cheap, but I have my limits.
___________________________________________

You have it, you can spent it on retirement from now till CPP at 60, to answer your “what can I spend it on?”.

My wife signed up for deferred salary leave, three years of contributing 23%, and took the fourth year off. Because of lower tax bracketry, it set her back $100/wk, over the whole four year period.

We got back from our five month drive and I axed my business at 35, took a 19 week temp gig followed by max pogey. Meanwhile she had started a work 2 year for 1 off deferral. After the ensuing nine month drive, I drew down RRSP dough while she did a 1.5 year for .5 off deferral.

Then she worked a final year, reached 55, and I slowly vaporized the RRSP.

It was a little lean for me until OAS because my CPP started at $97, so I “borrowed” from our float. It’s all paid back now, the TSFA’s have been maxxed, all along.
In hind sight, I should have deferred starting CPP, because we had the $6000 I collected from 60-65 in total just laying around anyhow.

If you can’t do this with the much more you have to start with than we had Country Boy, it’s only because you are too stubborn to do the spread sheet math.

#129 IHCTD9 on 01.14.22 at 8:20 am

#117 DON on 01.13.22 at 11:34 pm
#107 IHCTD9 on 01.13.22 at 10:34 pm

Those 90 model Sierra’s are easy to work on and parts are reasonable. Have a 95. Gokd work truck.
___

That is exactly what I was after, simple, cheap, reliable, and fuel efficient (mine is a 6.2 diesel/700R4). I actually wanted a pre-87, but the prices for those were just ridiculous.

#130 TurnerNation on 01.14.22 at 8:51 am

On the Economic Shutdowns. Our rulers are just playing with us at this point. Like a cat with a mouse.
For our health guys! 3rd year of this scheduled rollout get ready for shortages.

.Ottawa to go ahead with trucker vaccine mandate after stating it would scrap it (cp24.com)

–Dunno that silly ‘leaked email’ claimed supply chain issues, and UBI (if you agree to a lifetime of jabs. (Handily T2 bought 100s of millions of doses; Modern-RNA is building a plant here).
Learn from history. All famines are man-made (government-made). I’m Still predicting a Consumer-led recession 2023-24.

— Our elite rulers will find every atom of CV in our bodies in the years to come.

.Biden directs U.S. to procure 500 million more COVID tests to meet demand (reuters.com)


— Would Loonie Doctor as a Doctor and Financial guy tell us, is this an Epidemic or a Pandemic. Was it ever any of these things? And, into our 3rd year, is it or was it ever worth the ongoing destruction of people’s life and small business, Children’s schooling.

#131 crowdedelevatorfartz on 01.14.22 at 9:12 am

Gee.
Just when you thought the govt bureaucrats couldn’t get any stupider.

https://nationalpost.com/news/politics/in-for-a-rough-winter-ottawa-clears-up-confusion-on-trucker-vaccinations-but-shortages-loom

Lets make it even more difficult for imported goods like fresh fruits and veggies to get to Canada.

Not like the idiots in charge couldnt have given importers and exporters a bit of notice to “stock up”.
Nah common sense is in short supply when you have a bullet proof govt job for life.

This is huge.

New Rules

ALL truckers “essential service” exemption for cross border travel over the last two years ….is now toast.

Any trucker crossing the border will be tested.
Any found with covid will be Quarantined for 10 days.
Nothing like closing the barn door 2 years after it was left open.

This onerous quarantine legislation will achieve two things.
Fewer Canadian and American truckers willing to cross the border.
Fewer people willing to drive big rigs for a living.
Hello Amazon delivery.

Think food prices are high now?

Just wait.

As for all the other boring stuff like cars, parts, tv’s, washers , furniture, etc.
Well you’ll just have to wait for that too.
Or pay big big bucks.

Well done Trudeau…welllll done.

:)

#132 Chimingin on 01.14.22 at 9:26 am

#108 – Hey Faron, I wouldn’t get too worked up about this Lead Paint guy…I think his user name is the same as what he likes to have for lunch…

#133 willworkforpickles on 01.14.22 at 9:54 am

Garth…I have a question for you with regard to poster #110 Questions.
How is it you allow this poster to ask the number of questions, the kind of questions he did, and then you flag those who take the challenge to answer those questions as i did and submitted twice… both flagged.

There was absolutely nothing anti-vax about my answers to those questions and I’ve been vaxed twice myself.

If you wish to trash society, find another site. – Garth

#134 IHCTD9 on 01.14.22 at 10:04 am

#131 crowdedelevatorfartz on 01.14.22 at 9:12 am
Gee.
Just when you thought the govt bureaucrats couldn’t get any stupider.

https://nationalpost.com/news/politics/in-for-a-rough-winter-ottawa-clears-up-confusion-on-trucker-vaccinations-but-shortages-loom

Lets make it even more difficult for imported goods like fresh fruits and veggies to get to Canada.
____

Trudeau is going to make all the doomsday preppers right if he keeps it up.

#135 Gerald Butts on 01.14.22 at 10:25 am

DELETED

#136 physicist on 01.14.22 at 10:27 am

At @91

Actually my point has nothing to do with your own personal risk per se.

Simpson’s paradox teaches us that anyone looking to interpret statistics needs to think carefully about grouping data.
Conclusions/trends can change, or even reverse, depending on how data is grouped.

In your own personal example, you have interpreted based on a certain data grouping that being unvaccinated gives you a lower chance of catching omicron. If you look at things at a less coarse grouping, I believe you will come to the opposite conclusion.

#137 IHCTD9 on 01.14.22 at 10:32 am

#128 Wrk.dover on 01.14.22 at 7:25 am

You have it, you can spent it on retirement from now till CPP at 60, to answer your “what can I spend it on?”.

My wife signed up for deferred salary leave, three years of contributing 23%, and took the fourth year off. Because of lower tax bracketry, it set her back $100/wk, over the whole four year period.

We got back from our five month drive and I axed my business at 35, took a 19 week temp gig followed by max pogey. Meanwhile she had started a work 2 year for 1 off deferral. After the ensuing nine month drive, I drew down RRSP dough while she did a 1.5 year for .5 off deferral.

Then she worked a final year, reached 55, and I slowly vaporized the RRSP.

It was a little lean for me until OAS because my CPP started at $97, so I “borrowed” from our float. It’s all paid back now, the TSFA’s have been maxxed, all along.
In hind sight, I should have deferred starting CPP, because we had the $6000 I collected from 60-65 in total just laying around anyhow.

If you can’t do this with the much more you have to start with than we had Country Boy, it’s only because you are too stubborn to do the spread sheet math.
_____

Oh I’ve done the math, and it says if we both retire at 55 we’d be broke till 60 while destroying the most valuable decade of our investing career. We’ve been at it since our mid-20’s and we’re definitely not going to napalm our efforts now – we just don’t hate working that much. Also, look at what Trudeau is doing to this country, we’re all going to need to be millionaires to retire here if he keeps trying to help. I wish he’d retire early.

I have more, but I also have bills you don’t have – ie. 8-10 years of Uni tuition support. Kids might also need some $$ help in the future, who knows what – but I want the means to help if so. IIRC, you don’t have kids, but trust me – they play a big role in the decisions you make.

Could we figure out a way to go at 55? Probably, but in our case it would be an utterly stupid thing to do given the balls we have in the air. The only thing that would have me rethinking the math on this, is if I get that severance and build next door.

#138 bguy1 on 01.14.22 at 10:45 am

What is your view on exhausting the money in the RRSP 1st, before turning 65, and then drawing on the TFSA and non-reg in order to maximize the opportunity for GIS?

If you need GIS you have failed financially. – Garth

#139 willworkforpickles on 01.14.22 at 10:46 am

#133

“If you wish to trash society, find another site. – Garth”
…………………………………..
There was nothing untruthful in the post i submitted that you had flagged…but that’s ok, forget it…life goes on

I do suggest though this blog stick mainly to routine RRSP and TFSA talk.
There is little to no truth much displayed on any other subject outside of the usual small talk here.

#140 Horseses on 01.14.22 at 10:56 am

#45 Faron
I’m sick of it top to bottom. From being restricted to the selfish libertardarians who just can’t get it through their heads that getting vaccinated is both a personal freedom and community well-being issue.

You know what’s selfish?? People expecting others to surrender their liberties so they can enjoy a FALSE SENSE OF SECURITY

#141 Don Guillermo on 01.14.22 at 11:07 am

#76 IHCTD9 on 01.13.22 at 7:15 pm
#40 Sail Away on 01.13.22 at 4:35 pm
#16 IHCTD9 on 01.13.22 at 3:28 pm

About all I’ll need is a decent pickup, a boat, and a SXS and I’m good. Don’t think I’ll need to raid our investments to get those. Maybe build a nice shop with room to park the toys – that’d be a nice retirement project to work on.

——–

If you want a boat retirement project, you can’t go wrong with a Tolman skiff. The 18′ or 20′ open skiff is a fantastic boat in rough (and of course calm) conditions. I’m partial to the open walkaround model with center console and bimini hardtop with rod holders:
———

Sweet boats those. Nice deep hulls.

I really like the small pilot house aluminum boats like this:

https://www.silverstreakboats.com/boats/18-race-rocks-hard-top/

Not too big, can do Great Lakes or small water, and good protection if the weather gets ugly.
***************************
I think ou guys would enjoy this tune.

“Buy me Boat” – Chris Janson

https://www.youtube.com/watch?v=RdyAZZfhH0Q

#142 Don Guillermo on 01.14.22 at 11:13 am

Sorry, that last link didn’t work. This one should

“Buy me Boat” – Chris Janson

https://www.youtube.com/watch?v=A7Q9CckWiuA

#143 Dharma Bum on 01.14.22 at 11:18 am

#133 willworkforpickles

There was absolutely nothing anti-vax about my answers to those questions and I’ve been vaxed twice myself.
———————————————————————————————————-

So you’re saying that you are part of the “unvaxxed”?

Get with the program dude….you’re only half way there!

I just completed the authorization form for my mom’s 4th shot.

Keep ’em coming.

5 Shots by May!

#144 millmech on 01.14.22 at 11:27 am

#106
GXE.TO started buying at .51, still buying every two weeks
BTE.TO got in at .70 and bought until $3, holding
MEGEF, bought at $4, holding

#145 DON on 01.14.22 at 11:54 am

#129 IHCTD9 on 01.14.22 at 8:20 am
#117 DON on 01.13.22 at 11:34 pm
#107 IHCTD9 on 01.13.22 at 10:34 pm

Those 90 model Sierra’s are easy to work on and parts are reasonable. Have a 95. Gokd work truck.
___

That is exactly what I was after, simple, cheap, reliable, and fuel efficient (mine is a 6.2 diesel/700R4). I actually wanted a pre-87, but the prices for those were just ridiculous.

*****
Good purchase…

Mine is a 5.7 liter gasoline…so only use when needed. May get collector plates. lol

#146 Russ on 01.14.22 at 12:13 pm

physicist on 01.14.22 at 10:27 am

At @91

Simpson’s paradox teaches us that anyone looking to interpret statistics needs to think carefully about grouping data.
Conclusions/trends can change, or even reverse, depending on how data is grouped.

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

Oh, that Simpson’s Paradox!

I thought yuse guys were talking about Homer Simpson. Seems to fit anyway.

Cheers, Russ

#147 Satori on 01.14.22 at 12:13 pm

Hospitals are no longer moving covid patients. They come in and they stay where they are. Prior to that they were moved onto other units for care. This should give you an idea about just how contagious this is.
Infection Control just sent out this new mandate to try and reduce the increasing numbers.

#148 Shawn on 01.14.22 at 12:36 pm

Manipulating income to Collect GIS?

#138 bguy1 on 01.14.22 at 10:45 am
What is your view on exhausting the money in the RRSP 1st, before turning 65, and then drawing on the TFSA and non-reg in order to maximize the opportunity for GIS?

If you need GIS you have failed financially. – Garth

************************
I totally agree with Garth on this. Welfare by any other name smells just as bad.

I’d put UBI in the same category unless seriously disabled and unable to work.

A stretch goal for many of the apparently wealthy investors on this site would be to have ALL of their old age security clawed back. Or at least a good hunk of it.

Also overly aggressive income tax avoidance is not something that impresses me. Pay your share people. Someone has to.

#149 Sail Away on 01.14.22 at 12:36 pm

I’m pleased to report I have now had Covid as has my wife. Done and done. Let’s get on with life.

Similar to a 24-hr flu for us. All appendages seem about the same as before.

#150 bguy1 on 01.14.22 at 12:56 pm

Not needing GIS, just maximizing income

Then why would you give up years of tax-free growth in an RSP to collect a pittance in government pogey? – Garth

#151 IHCTD9 on 01.14.22 at 1:40 pm

#142 Don Guillermo on 01.14.22 at 11:13 am
Sorry, that last link didn’t work. This one should

“Buy me Boat” – Chris Janson

https://www.youtube.com/watch?v=A7Q9CckWiuA
———-

“They call me redneck, white trash and blue collar
But I could change all that if I had a couple million dollars”

Ha! Good tune. I’d still be a redneck with a couple Mil though :)

#152 Shawn on 01.14.22 at 1:52 pm

Don’t Melt the RRSP

Then why would you give up years of tax-free growth in an RSP to collect a pittance in government pogey? – Garth

********************
Agreed.

And I also don’t think it is smart to remove money from an RRSP before it is needed just to avoid moving up a tax bracket. A higher tax bracket of course only applies to incremental income. Moving up a tax bracket of course does not affect tax on income below the threshold for a given tax bracket.

The bottom line overall on these things is as Garth said “it depends”. To each his own depending on circumstances. But be careful with blanket ideas that melting an RRSP is usually a good idea. I would say definitly usually not.

#153 bguy1 on 01.14.22 at 1:55 pm

Because then you would get years of tax free growth inside of a TFSA

#154 Dr V on 01.14.22 at 2:07 pm

148 Shawn

“I’d put UBI in the same category unless seriously disabled and unable to work.”

Good morning (here) Shawn.

The “U” in UBI stands for universal. You receive it regardless of employment status, income or wealth. It
is added to your total income, so for most people, it will be paid back through taxes. Some will benefit, others will pay back more than their “fair” share.

#155 Carbon Tax on 01.14.22 at 2:34 pm

Yup , Trudeau is going to save the world!

https://gcaptain.com/indonesia-allows-37-ships-to-leave-as-export-ban-eased/

#156 bdwy on 01.14.22 at 3:32 pm

Is GIS welfare?

If one spouse of a couple is truly low/0 income and has been forever, but is asset rich’ish’ is it wrong to claim it?

*google sez…GIS is not asset tested
So, compare two people, one owns a $100,000 house and the other has $100,000 in an RRSP. The homeowner is in a better position because their house does not affect their GIS. The person with the RRSP will have their GIS reduced by RRSP withdrawals.*
(i’m still young;)
….

Also overly aggressive income tax avoidance is not something that impresses me. Pay your share people. Someone has to
….
Liberal voters!!!!

Because trudeau needs to fund more genderfree intersectional social ‘science’ victimhood focus groups while billions more go straight into the furnace?

Letter of the law works both ways, shouldn’t it?
The rules are laid out clearly.

Share paid?
A lifetime of virtually 100% employment income was taxed fully. No where to hide if you don’t own a company. Every pay, every week never missed once!.
No 50%cap gains, no div tax credit, no breaks but rrsp. Missed out on the spousal rrsp, came here too late!

I’ll donate extra thru the govt when sensible spending returns. Helping out a neighbour/school/good cause/good business directly saves the 85% overhead of ottawa.

#157 mattbg on 01.15.22 at 5:14 pm

I like the advice on not over-filling your RRSP if you have a defined benefit pension plan, however wouldn’t it make sense to do it anyway to some extent?

1. If you are in your 30s and lose a job with a DB pension (or just don’t want to work there anymore), the chances of your next job having a DB pension are not that great. The DB pension amount is great as long as you stay with that employer until retirement.

2. The risk that the DB pension fund collapses or is not properly funded by the time you retire.

Does that make sense?