Dr Garth

On the front lines of the fight against the plague, Christine was in charge of Covid testing and vaccinations at a major TO hospital. She’s on mat leave now. “Very happy to get a break from that,” the trained RN says. “Sadly, too many lives lost. I feel it every day.” She and her squeeze are also blog dogs. She writes me…

A little about us, because I want to demonstrate how much your blog has saved us. We are 31 and 32, living in Toronto. We rent a beautiful semi-detached in a great area. Our best friends rent the downstairs and we have the two top floors. We only pay $2300 a month for 4 bedrooms in our place – it’s ridiculous we won’t ever leave! The landlord even pays hydro. We have air condition, heating, two floors, a large kitchen etc.

We have over $350,000 in savings. We honestly cannot thank you enough for helping us not become house horny – we feel so lucky to live where we do, have great jobs, a combined yearly income of over $270,000.

My question for you has to do with our new baby’s RESP! We have created and invested in a family RESP account (as we hope for another child or two). It is currently in equities. Our amazing ‘challenge’ is my father-in-law has given us $25,000 for the RESP. What should we do with the money while we are waiting to deposit it yearly? We plan to deposit 10,000 this year (as we will get the $2500 grant and fill the extra room, as the grant only goes up to $36,000). When we have future children we know we can put in $5000 a year. What should we do with the current amount? Any thoughts/advice on creating a separate account and transferring it to RESP every year? Should we just put it in my partner’s TFSA and transfer it every year to the RESP? Should we put it in my RRSP, and just keep an eye on the gains and make sure we give it to him in the future?

Lots of people don’t understand how the RESP works. First, never, ever, ever succumb to one of those fixed-plan salesguys who hang around hospitals. The ‘scholarship funds’ are generally ill-invested, riddled with fees and inflexible. Way better to set up a self-directed plan with the online brokerage of your bank, or similar. Christine gets it.

Second, unlike a TFSA or an RRSP, there’s no annual contribution limit to an RESP. The max allowed is fifty grand, and you can put in as much as you want, whenever, up to the limit. The money in there will grow tax-free and can be used later by the child to finance schooling. It’s taxable in the kid’s hands when removed, but that usually means zero to pay. If the child eschews school and becomes a TikTok influenster instead, the grant portion is returned to the government and you can move up to $50,000 into an RRSP (if there’s room).

Now, what about the grant?

The feds will pony up 20% of the annual contribution to a limit of $500. So, to get that you need to plop in $2,500. There’s a lifetime grant limit of $7,200, and the rules allow you to go back one year and claim any grant portion that may have been missed. To do this, regular contributions are required so it’s probably best to stash the rest in growth-oriented ETFs inside a TFSA, then move funds over annually if the grant is important to you. No cap gains tax on tax-free account growth, of course, and the TFSA withdrawal can be made up again each calendar year. And all of the money earmarked for the child continues to grow smartly in a tax-free environment. Remember, the grant is a gift. And the easiest 20% you will ever earn.

Okay, here’s Kayla. Another Millennial. Another blog addict. Another baby. Both she and her hubs have gold-plated (crypto-plated?) defined-benefit pensions, but are joining the Great Resignation.

He’s on leave without pay starting a new chapter of life with hopes to never return. He has a little over 10 years of service. I hope to join in the next chapter as well, once our second child starts school (she’s 7 weeks old), putting me at close to 20 yrs of pensionable service once that happens. We’re interested in cashing out the transfer value of the pensions (his first, mine later of course) and investing it ourselves so it becomes our actual money. If I understand correctly, the options are something like this:

A) leave it in the fund, take it at 60 and the value it was at when we left will have grown with inflation, but nothing more. We will get a set amount each month, have no flexibility with it, and a bunch will be gone when one of us dies, and nothing left for family once we both kick the bucket.
B) take it out, take a huge tax hit now, invest it – but the value grows with the market until retirement age…. and because it’s now our money, we can take it out tax efficiently and nothing disappears when we die.

Is this accurate? Am I missing something? Seems like a no brainer for option B…we have more than 20 years for it to grow!

We’ve hit on this before, but it’s worth hitting again. Mostly because of interest rates. The lower rates are, the more a commuted pension will pay as a lump sum – and the cost of money is about to embark on a multi-year escalation. If you’ve been mulling cashing in a DB, that window of maximum opportunity is closing.

Kayla’s right. It’s a no-brainer. If you can take retirement money and control it yourself, plus have the ability to pass it on within your family, that’s a worthy move. Obviously investing correctly for growth and long-term capital preservation is key. Plus, there can be tax advantages in using the money when you need it, rather than being forced to accept a fully-taxable monthly payment starting at a fixed age.

As for the ‘huge’ tax hit on commutation, remember if the funds are left in the pension plan every single cheque is taxable. So paying upfront is more a psychological than financial hit. Besides, any unused RRSP room can be used to mitigate the tax payable on the cash portion. The rest is rolled tax-free into a locked-in retirement account (LIRA) which can be invested fully in a way tailored to meet your personal goals.

Why don’t more people do this?

Scared. They’d rather opt for a guaranteed monthly amount than face the risks of personal investing. Even when they must surrender control, face recurrent taxes and usually forfeit the pension benefit upon death, leaving no pile of cash to a spouse or kid.

Yes, it’s hard to grasp this. But then, most Canadians choose GICs and mutual funds flogged by [email protected] Yuck.

$       $       $

Well, Monday is January 17th. Betty White’s hundredth BD. I know she’s dead, but not really. Death is for regular people, not those who carry on through the inspired actions of the living. Think Terry Fox. Or, if you’re a shelter dog, Betty White.

The TV and comedic star left us with the Betty White Challenge, a virtual event asking for a $5 donation (by everyone) to local animal rescues or shelters. The woman was devoted to animal companions, endangered species and improving zoo conditions.

I will never forget the day I walked into the shelter 16 years ago and found Bandit, shaved, broken, with sores and a cone of shame. The people there had rescued him. We saved each other from dark moments.

Do it today. There are many pandemic puppies coming.

About the picture: “I am a long time reader but I have never posted or contacted you before,” writes Chris. “I look forward to your blog each day and I often enjoy the photos. I have attached a photo of my German Shepherd, Dax, just in case you ever want to use it. He is a gorgeous fella.”

104 comments ↓

#1 Cheese on 01.16.22 at 3:31 pm

Dog bless Betty White, RIP.

#2 TurnerNation on 01.16.22 at 3:34 pm

#105 DonM on 01.15.22 at 10:51 pm – they nailed it. Put it on the fridge and urge all young people to leave this country at once. Soon, Labour Supply > Demand:
https://www.centuryinitiative.ca/why-100m

–Life in Kanada. If aliens landed here and tuned into the CBC they’d get the impression nobody here has an immune system.
Think of the last time you stayed in hospital. Naturally you called CBC, and they sent a full production camera crew to crowd the hallway and your room. Whereupon, you delivered a tearful testimonial followed with a product promotion. It’s just what you do here.

— Supply Chain. What timing. The smart money is leaving.

https://www.trucknews.com/business-management/schneider-to-shutter-canadian-operations/1003156380/
“Schneider has put its Guelph, Ont., property for sale and informed associates it is closing its Canada-based operations. “Today, Jan. 14, 2022, we are announcing a change in the company’s approach to Canadian-based operations,” the company told Trucknews.com in a written statement, responding to questions about its Canadian operations.”


— For CEF. Lower car insurance rates are here good Sir, or should I say Madam??

https://www.cheknews.ca/b-c-no-longer-requires-medical-confirmation-to-update-gender-on-id-937235/
“B.C. no longer requires medical confirmation to update gender on ID”

#3 Angie on 01.16.22 at 3:43 pm

“It’s ridiculous we won’t ever leave!” Well, okay. Until landlord decides to sell. Pray these people never experience that devastating phone call.

#4 wallflower on 01.16.22 at 3:48 pm

Dax is stellar.
What a good boy!

#5 kc on 01.16.22 at 3:54 pm

DELETED

#6 Linda on 01.16.22 at 3:54 pm

Dax is indeed one handsome pup:)

About commuting a pension. While I agree fear may be why more don’t do it, there is also the possibility that the plan rules won’t allow it. Or be changed to prevent a ‘run’ on the bank, as it were.

IF one is resigning – not just thinking about it but actually doing it – then if your plan allows you to commute the funds take the money & run. It is the only way to ensure you a) get the $ & b) potentially keep the $. I say potentially since poor investment decisions or a tendency to spend $ could see that windfall quickly disappear. However, given a rather depressing litany of companies going bankrupt & workers losing any pension benefits as a result underlines that no pension plan is ‘guaranteed’ – not even the much envied government worker ones. All it would take to see that guarantee disappear is political legislation. Don’t think it can’t happen.

#7 Father’s Daughter on 01.16.22 at 3:55 pm

Done! $50 to Toronto SPCA
Thanks for the blog

#8 The real Kip (Ret) on 01.16.22 at 3:57 pm

I will donate $5.

#9 Joe on 01.16.22 at 4:00 pm

Yes gold plated DB Pensions are great only when you stay to the right Factor(years of work and age). Leaving before that leaves you with very little, its shocking how much you get when you dont stay to the end. Big mistake on their part.

#10 tbone on 01.16.22 at 4:12 pm

90 % of the workforce took the money and commuted the pension dollars when the company i worked for changed ownership .

#11 Søren Angst on 01.16.22 at 4:15 pm

2-4 weeks.

Your Omi peak then Canada, if history repeats vs. Europa. UK going down, down.
https://i.imgur.com/AwGOmVj.png

The last 5 days for Italia, down as well – daily new cases. *
https://twitter.com/bsant54/status/1482658245047197699

Me this AM CET after I ran the numbers.
https://tenor.com/view/despicable-me-minions-happy-cheer-cheering-gif-5289835

* [Italia update 2030 h CET = 149,512 new cases (a weekend count, still nearly 927.8K tests today). Down again.]

Canada Prov Gov’s ability to test exhausted, capped (e.g., BC) BUT in lieu, Canada sequencing her heine off since Jan 10.
https://i.imgur.com/zUkUZPZ.png

Spes Ultima Dea

– Latin phrase in reference to the Greek myth of the goddess Hope who remains among men, to console them, even when all the other gods leave the earth for Olympus.

——————–

Nice touch today Garth.

#12 Doctor Garth the Novac(x)...expert on 01.16.22 at 4:17 pm

DELETED (Anti-vax)

#13 Wrk.dover on 01.16.22 at 4:17 pm

Some DBP’s survivor gets 60% in continuity.

Obviously the self directed plan survivor gets 100%.

There’s that to consider.

#14 WTF on 01.16.22 at 4:18 pm

#2 Turner “B.C. no longer requires medical confirmation to update gender on ID”
—————————————————————–
Whaaaat no gender? What about species?

https://www.allsides.com/news/2022-01-16-0835/teacher-alleges-she-was-fired-not-meowing-back-student-who-identifies-cat

It’s catastrophic really……..

#15 Søren Angst on 01.16.22 at 4:36 pm

#12 Doctor Garth the Novac(x)…expert

Djokovic’s plane takes off as he is deported from Australia | AFP

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

Going home. Not to Serbia as their President requested. Rather:

To his hillside mansion in Monte Carlo, Monaco or maybe to his new £8.5m Marbella mansion.

Djokovic thinks he is better than everyone else. Gate crashed Australia suffering under Omicron that demands vaxd people come there only and he did so with a BS story their Courts saw thru.

Just a 13-yr old high school dropout, Alchemy loving jock that society has bestowed riches upon.

What a messed up World.

#16 Scott on 01.16.22 at 4:49 pm

Hey Garth I’m just wondering how much stock you put in the libs plan for the FHSA? 50% chance it happens this year? less?

Sadly (and thankfully) I’m out of tax sheltering room for 2022. I’ve got a couple little people in the family where I can contribute to their RESP. I was planning on just doing the first year to get the snow ball rolling and hopefully inspire the parents to contribute each year.
Me paying a quarter on eligible divy income is the alternative. A kid paying no tax and getting a 20% bump is much more attractive.

To make it even more complex this will probably be my only year for a while where I’m earning well. Going to take a hit for 4 years when I return to the job I was furloughed from when covid hit.

Thanks in advance Doc, if you manage to find this in the comments in between the rambling lol

#17 George S on 01.16.22 at 4:52 pm

The thing that would make me want to commute a DB pension, especially in times of inflation, is the provision that your pension that you would get at age 60 is 2% per year of service of the average of your best 5 years salary.
You could end up with a very tiny pension depending how things go in the economy.
One other thing to consider is whether your DB plan has inflation compensation, it can be worth quite a lot depending on its terms.

#18 Dave on 01.16.22 at 5:01 pm

“It’s ridiculous we won’t ever leave!”
After their landlord reads trudeau’s manifesto on “rent fairness” they will probably decide to sell. WHo in their right mind would want to be a landlord in this country, especially after the covid eviction freezes.

https://pm.gc.ca/en/mandate-letters/2021/12/16/minister-housing-and-diversity-and-inclusion-mandate-letter

#19 Popeye the Sailor Man on 01.16.22 at 5:25 pm

Made my Betty White donation, thanks for the reminder.

About Commuting the transfer value of the pension, I did this at age 47 in 2015. It is growing as projected. Back working for the same employer building a mini DBP and will be on track to have the same cash flow and over 1M in investable assets and still retire 2-3 years earlier than if I stayed fully in the DBP.

Worth looking at, even my new Transfer value is 220K “Gross” right now due to the low % rates we are at now.

Now you got me thinking about it again………………?

#20 Faron on 01.16.22 at 5:30 pm

#15 Søren Angst on 01.16.22 at 4:36 pm

#12 Doctor Garth the Novac(x)…expert

So, if the market undergoes a bit more corrective activity, what will your narrative be? Still Omicron even though the forward looking markets have a pretty good handle on it? Media always comes up with something to explain market crashes, most often the explanation has almost nothing to do with the real story.

#21 dragonfly58 on 01.16.22 at 5:33 pm

I know DB pensions are ” golden “. but there are a few ways employers have found to limit their costs over the years. The one I am most familiar with is the pensionable service figure. Most if not all rank and file Gov. jobs are working something like a 37 1/2 hour week . But pensionable service is calculated on a 40 hour work week. So a year of full time work gives slightly less than a one year credit of pensionable service. Around 5% less . A full pension is based on 35 years service , but it is going to take you something slightly over 36 years of employment to achieve that.
Quite a few people start these jobs at some point in their 20’s { after Uni. for example } rather than right out of high school so a person may be getting up there in the years by the time they qualify for the full 35 years of pensionable service. A substantial number take the penalty and go earlier.

#22 Faron on 01.16.22 at 5:35 pm

Leebow, Yukon Elvis, The Jaguar and whomever else:

You were expressing some uncertainty about events associated with Russia. Putin has little interest in being “liked” or seen in a positive light by the west. He just wants uncertainty and infighting. Just enough to give him space to do whatever he wants. Take over Crimea, Kazakhstan, snuff out a few political adversaries etc. Mission accomplished.

That said, I’m boggled and highly suspicious of anyone (The Jaguar) that paints Putin himself or his motives in any kind of good light. The Russian people? Sure. Putin hiumself? A leader who has had near dictatorial control for two decades now? No way.

#23 millmech on 01.16.22 at 5:38 pm

CMMC.TO

#24 THE DANDADA on 01.16.22 at 6:00 pm

“There are many pandemic puppies coming.”

That is very sad since we know what will happen to many of them in an overpopulated system.

Maybe we could get them to switch places with the UN-VAXED?

#25 twofatcats on 01.16.22 at 6:09 pm

Jan 16 Today’s flipped ‘Principal Residences’

https://housesigma.com/web/en/house/jAXw7QwpROQYQOzg/162-JOYCE-Avenue-Welland-30786413

https://www.zolo.ca/welland-real-estate/162-joyce-avenue

https://www.zolo.ca/st-catharines-real-estate/8-glencairn-drive#sold-history

https://housesigma.com/web/en/house/JRv53KDLmDqYVPW4/21-CONCORD-Avenue-St-Catharines-40196290-X5461578

https://housesigma.com/web/en/house/LzQ1y5Eqw9dyqdeK/49-MCCRAE-Drive-Welland-40198888-40198888-X5469306

https://housesigma.com/web/en/house/eVbOYEpVE9B3x2P0/183-WELLINGTON-Street-Welland-40195291-40195291-X5457948

https://www.zolo.ca/welland-real-estate/45-poplar-crescent#sold-history

#26 twofatcats on 01.16.22 at 6:20 pm

The ‘Principal Residence’ before picture:

https://www.google.ca/maps/place/23+Cosby+Ave,+St.+Catharines,+ON+L2M+5R5/@43.1733165,-79.22373,3a,75y,236.61h,90t/data=!3m7!1e1!3m5!1sMDfDhJVLRmfIo9z-0TlwGg!2e0!6shttps:%2F%2Fstreetviewpixels-pa.googleapis.com%2Fv1%2Fthumbnail%3Fpanoid%3DMDfDhJVLRmfIo9z-0TlwGg%26cb_client%3Dsearch.gws-prod.gps%26w%3D86%26h%3D86%26yaw%3D236.6069%26pitch%3D0%26thumbfov%3D100!7i13312!8i6656!4m5!3m4!1s0x89d350f33dffa2b3:0x8267397cdd1d3758!8m2!3d43.1732467!4d-79.2239154

The ’Principal Residence’ after picture:
https://housesigma.com/web/en/house/nbq6y10EPxjYo9DA/23-COSBY-Avenue-St-Catharines-40196234-X5466171

#27 In Dog We Trust on 01.16.22 at 6:24 pm

“There are many pandemic puppies coming.” and kittens too…

#28 Flop… on 01.16.22 at 6:26 pm

“Okay, here’s Kayla. Another Millennial. Another blog addict. Another baby. Both she and her hubs have gold-plated (crypto-plated?) defined-benefit pensions, but are joining the Great Resignation”.- Thor Turner

Crypto-plated?

Possibly, they seem to have the right amount of miles on the clock if you look at this recent Visual Capitalist article showing the different blend of financial assets preferred by each age group.

Of these age groups people in there 30s had a meaningful amount of crypto for their anonymized data.

https://www.visualcapitalist.com/visualizing-americans-financial-assets-by-age/

O.k that’s the money side of things, what about pleasure?

I guess the thing I miss about my old life in 2019 B.C ( Before Covid) is travelling.

They had another article on 10 Travel Destinations for Post-Pandemic Life, so I couldn’t resist seeing what their suggestions were.

https://www.visualcapitalist.com/10-travel-destinations-for-post-pandemic-life/

Number one… France, been there, lived there, would like to go back one day.

Number two… Spain, been there 3 times, before getting married and with my wife. Nice place for a romantic holiday, I would not drag her to running with the bulls.

Number three…Been to a couple of their suggestions in Statue of Liberty and Bellagio Casino,of all things but it’s not why I go to the States.
Stopped going to to Europe around the time of the GFC as some unbelievable travel bargains started to open up as people stopped travelling, was hoping for a repeat after Covid but it doesn’t appear that’s gonna happen.

Love the National Parks.

China… number 4, never been, looked into going a few times, not recently, guess it wasn’t meant to happen.

Italy, number 5, visited 2 times, once before the Euro come along, and once for six week honeymoon, after the Euro was established, what a difference.Lived on the French/Italian border for roughly 9 months and did some day-trips across but I wouldn’t call this proper travel.
Favourite city is Florence, been from the top to the toe twice.

Turkey…number 6, spent a month in Turkey once during an overland trip from Athens, Greece to Cairo Egypt via Syria and Jordan.
I liked Turkey way more than I thought I would.
Was way cheaper and less touristy than Greece with similar weather.
Very diverse scenery, enjoyed paying respect to the troops at Gallipoli but bumming in a treehouse in Butterfly Valley was pretty relaxing too after doing Istanbul.

Mexico, number 7, I still don’t know how I haven’t visited this country.
Actually I do know why I haven’t visited Mexico, my wife and two pals went to Puerto Vallarta in the late 90s and didn’t have an enjoyable experience.

I remember when I first started taking her to Eastern Europe, she had some similar reservations but got over them, could happen in time.

Thailand, number 8, never been, my original plan was to spend 2 years in Europe, try and relocate to Perth Australia upon my return to my native land and use that city as a base for travel into Asia.

Scratching my head, between concentrating on Europe and North America I don’t have many Asian memories.
I recall fly to Seoul, South Korea on my way to London and staying for 3 days, and with the culture shock having never left Australia wondering exactly what I had gotten myself into.

Could still retire down that way due to cost of living and weather, so still time for some time in Asia.

Number 9, Germany, man, did my wife and I have a good time in Germany in the spring of 2006.
It was just before the 2006 soccer World Cup, people were keen to practice their English on us.

Started in Netherlands and after Belgium and Luxembourg, we cane in the side door and spent the next month doing the grand tour anticlockwise from Cologne right around to Hannover via Munich and. Berlin. Boat tour down the Rhine is my most cherished memory.
People were so friendly.

United Kingdom, same as France, I guess, lived and toured in England and Scotland in two separate stints.

I never bothered going to one of this articles suggestions in Stonehenge.
I put a lot of weight on living here as the diet here is not the healthiest,
Seeing David Bowie play a set at the famed Glastonbury Festival and going to a Manchester United game back when they had just won the treble were among my best travel experiences during this time.

Of this articles 30 suggestions I have seen my fair share, some of the tourist traps are not the main reasons for travel but sometimes you get curious as to see what all the fuss is about.

Enforced savings at the moment, hopefully means more travel down the road.

I know COVID has affected my brain if I start planning a trip to Toronto…

M47BC

#29 Barb on 01.16.22 at 6:26 pm

Thanks for sending that great photo of Dax, Chris. Looks to be a great and intelligent companion.

And thanks to Garth as well for featuring Betty White’s devotion to animals. I still see her radiant face on the internet story where she snuggled up to the humongous Grizzly Bear…the bear leaned in and, yes, smiled.

To honour both Garth and Betty White, I suggest we blog dogs write a cheque, payable to Garth Turner, to donate to a shelter of his…or Betty’s choice.

Our cheque is on its way to Garth tomorrow.

And Bandit will be pleased.
Betty too.

#30 crowdedelevatorfartz on 01.16.22 at 6:31 pm

@#21 dragonfly
“Quite a few people start these jobs at some point in their 20’s { after Uni. for example } rather than right out of high school so a person may be getting up there in the years by the time they qualify for the full 35 years of pensionable service.”

++++

OMG.
You mean they might actually have to work until 56? Or 60?
With a full, guaranteed govt pension?
The horror.
The horror……

#31 Penny Henny on 01.16.22 at 6:42 pm

#22 Faron on 01.16.22 at 5:35 pm
Leebow, Yukon Elvis, The Jaguar and whomever else:

You were expressing some uncertainty about events associated with Russia. Putin has little interest in being “liked” or seen in a positive light by the west. He just wants uncertainty and infighting. Just enough to give him space to do whatever he wants. Take over Crimea, Kazakhstan, snuff out a few political adversaries etc. Mission accomplished.

That said, I’m boggled and highly suspicious of anyone (The Jaguar) that paints Putin himself or his motives in any kind of good light. The Russian people? Sure. Putin hiumself? A leader who has had near dictatorial control for two decades now? No way.
////////////////

Well Faron it’s good to know that your areas of expertise knows no bounds except in areas of investing where you have documented here that you have mistake after mistake. How’s the VBAL you bought last year doing?

#32 Satori on 01.16.22 at 6:48 pm

I cashed out, took the pension. Invested everything with Garth, never looked back. My only regret is that I didn’t invest with Garth sooner.

Pensions disappear. The company I worked for kept spinning off and selling parts off. Then they used the pension to bail themselves out and the union had to fight to get the money back. I have zero trust in any company and these days, the government. Nothing is safe. Take your money and RUN!!

As for investing, tried to learn but realized once in a while you have to hire a professional with more knowledge + more experience and that my friends – is worth every dime!

#33 dragonfly58 on 01.16.22 at 6:49 pm

In my case it was a trade, plus 5 years uni, plus 2 BCIT, so at 62 was still 5 years short of 35 years pensionable service. I would have stayed longer but the job was rotating shiftwork. Believe it or not quite a few DB pension jobs involve 24 – 7 hours of work. Some people tolerate the body clock disruptions better than others. I was good until my early – mid 50’s after that it was clear I was doing myself damage. 62 was hard enough in my case. Others are able to do the full pull seemingly without adverse effects.
Big adjustment going from a well paying job with a significant amount of non optional overtime to a discounted pension. But looking back it was the only decision that made sense for me.

#34 mike from mtl on 01.16.22 at 7:00 pm

Commuting is the way to go, especially with a non-government/Teacher DB.

Due to a divorce, my mother had to take the commute option which actually was a positive. The Insurance corp in my option lowballed the amount however, all ended up well since it’s in her total control and actually invested properly. When the time comes she can melt it in a LIF using any Stock or ETF so long as it meets the yearly min/max.

DB sounds great, no effort cash paycheque however, there is a very real risk a DB corp gets cancelled (Nortel, Sears). Not so if commuted into a LIRA.

#35 Common Sense on 01.16.22 at 7:34 pm

Take the pension $$$ and run!

We always want to think we are going to live forever but reality can be harsh.

My grandfather had a DB pension with a survivor benefit. He died 9 years into the pension, and my grandmother another 4 years after that. Being part of the greatest generation, living through WWII, and the scarcity that came with it, they valued the security of guaranteed payments. However they certainly didn’t get out of that pension what it was “worth”.

Average ages are higher, of course, but a lot of people don’t live to the average, let alone to their 90’s.

#36 cuke and tomato picker on 01.16.22 at 7:35 pm

We have teacher’s pensions and did not commute but had a large cherry orchard and some peaches in the south Okanagan. Cherries harvested starting July first with 40 pickers and peaches were picked in August busy but very
enjoyable and our three children learned how to run a business, make a profit and meet a pay roll.

#37 crowdedelevatorfartz on 01.16.22 at 7:35 pm

@#33 dragonfly58
Fair enough.
I have a friend that works for the City of Vanc.
Long term employees are taking reduced pensions dropping like flies due to the really sh!tty work environment.
For some reason most of the “new” dept heads are from HR and they are horrible.
Now?
Vanc city has been employing “full time temps” ( full time hours but no City employee “rights” or benefits.)

Some of these “temps” have been there for 5-10 years.
Crappy shifts, treated like crap, zero loyalty given or shown.
The city is starting to scramble.
Long term experienced staff are out the door almost weekly and the temps are leaving for full time jobs elsewhere with benefits.
My buddy has less than 3 years to go and has almost 2000 hours of accumulated , unused medical leave banked.
Cant wait to pull the pin at 57.

#38 Søren Angst on 01.16.22 at 7:48 pm

#20 Faron

It’s about hope Faron. No one knows what the future will bring but today, hope, and she is on the horizon for Canada.

Be happy about that.

—————————-

#28 Flop…

Italia is more than you think or saw.

This US kids Italian pronunciation of city and town names is hideous but he is all heart.

Watch this, 47 min video and why I do not bother traveling other European countries anymore * (26 visits pre-pandemic to most of the EU + Brexit in but a few years):

https://youtu.be/02jQiIkEGh8

I have been to 1/2 of these places. He misses a few things where he visited but it’s Italia, too much to see or do in 10 lifetimes let alone 1.

My favorite is Napoli, it’s Gulf, Islands and the Amalfi Coast. Most of all, she may be dirty but she is alive because of her people.

Goethe thought so to.

* Only go to England to keep my English up.

#39 cuke and tomato picker on 01.16.22 at 7:57 pm

Breaking news just read that B.C. retired teachers will receive a 4.4 per cent increase in their pensions. However most of the raise always seems to go to INCOME TAX,EXTENDED HEALTH AND ENHANCED DENTAL but after 35 years of teaching and as of March 15th 2022 starting 21 years of pension cheques nothing to really complain about.
and CANUCKS beat ove and the capitals 4 to 2 today.

#40 Faron on 01.16.22 at 8:00 pm

#31 Penny Henny on 01.16.22 at 6:42 pm
#22 Faron on 01.16.22 at 5:35 pm

So, expressing my opinion equates to claiming expertise to you? No wonder you are so little fun to engage with here and why nobody ever does.

W/re investments, do you mean the self-managed, mostly set and forget part of my portfolio? It did an annualized 25.83% Thx. Time in cash, banks, XEQT and a very short December spell in HSU. Could I repeat that next year? Prob not. I’ll say it was luck to be generous to you.

I detailed the mistakes I made in the hedgy-timey part of my portfolio a while back and will let you look up Wealthsimple’s B+D robot’s performance for the rest.

Really, last year all anyone had to do was not be long profitless garbage or small caps (mostly profitless garbage anyhow) and you probably did okay.

#41 Garth of Izar on 01.16.22 at 8:11 pm

DELETED

#42 The joy of steerage on 01.16.22 at 8:13 pm

#39 cuke and tomato picker on 01.16.22 at 7:57 pm
Breaking news just read that B.C. retired teachers will receive a 4.4 per cent increase in their pensions. However most of the raise always seems to go to INCOME TAX,EXTENDED HEALTH AND ENHANCED DENTAL but after 35 years of teaching and as of March 15th 2022 starting 21 years of pension cheques nothing to really complain about.
and CANUCKS beat ove and the capitals 4 to 2 today.

God bless teachers….

#43 Sad state of affairs on 01.16.22 at 8:18 pm

5 years ago, we commuted both of our pensions after 15 years of service for me and probably 23 years for my wife, on my recommendation (insistence). Mine was the more lucrative pension as it was with OMERS(in the GTA). Cdn 5 year bond rates were low so the payout was stupidly high. Very few people in my wife’s company had any idea about their pensions and even the company reps had no idea about commutation.

In a few short years, we have morphed these into the equivalent of 35 year pension payouts.

Most of those 15 years were unproductive given the toxic climate and lack of leadership of where I was employed, not as a result of something I did or didn’t do. Hundreds more in similar boat. I can tell you that there are dozens of others still there… Many of whom should never have even been hired decades ago and were able to purchase Toronto real estate over the years.

Yet the taxpayer will have to pony up to cover these costs.

#44 Nutty Squirel on 01.16.22 at 8:30 pm

I think another reason a lot of people don’t commute their DB pension is because they have to quit their job when do. They force you to take it at 50 or around there. Way before you are ready to retire.

#45 Shawn on 01.16.22 at 8:33 pm

Pensions?

Most if not all rank and file Gov. jobs are working something like a 37 1/2 hour week . But pensionable service is calculated on a 40 hour work week. So a year of full time work gives slightly less than a one year credit of pensionable service. Around 5% less . A full pension is based on 35 years service , but it is going to take you something slightly over 36 years of employment to achieve that.

**************************
What province gives less than a year if you work the standard 37.5 government hours./ Sounds like you been duped to believe that.

#46 Shawn on 01.16.22 at 8:38 pm

Pensions and estates

Pensions are not for estates. Pensions are not for the brats. Be successful and leave other money for the brats.

Also the brats might be typically 60 plus at time of death of last spouse. Better to leave it to the grand-brats.

Teach your brats to make their own way. Tell them its all going to the SPCA, even if its not.

Is it not enough that you gave them down payment on a house?

#47 dragonfly58 on 01.16.22 at 8:52 pm

Shawn, British Columbia. Both wife and I , two different branches of the public service. Your pension statement each year states both service years and pensionable service. Service years always goes up by one full year each year. Pensionable service is always slightly less than a full year. Over the duration of your career the difference becomes quite noticeable.

#48 TurnerNation on 01.16.22 at 8:54 pm

Alllmost back to normal guys! Our global rulers are not letting up. See, USA just began rolling out the QR codes in cities. Buying time for that:

.Biden administration extends public health emergency for Covid-19 (nbcnews.com)

— MSM no longer can ignore – permanent rolling economic lockdowns. The Toronto Sun recently opined as: “As we head into the third year of revolving government lockdowns, Canadians have every right to be furious.”


— The Future of Education. Now in Year 3 of the global rollout schools all over are still moving online, and many post-secondary facilities are locked down so hard, who would want to attend in person?

This website has tracked the education reset for years. In short it is moving into the Blockchain, with the A.I. teaching, and being monetized by the global vulture firms. Yes we are now known as Human Capital. Essentially profitable farm animals to our global rulers.

https://wrenchinthegears.com/?s=education&orderby=relevance&order=DESC
““It was Never about VPassports – it was Always about Biometric Blockchain ID for Late Stage Capitalism”
-Alison McDowell”


– Alberta? One blogger used official stats which indicate “”Almost half of all COVID hospitalizations of the newly vaccinated occurred within 14 days which means they were treated as unvaccinated in the stats.”

Screen shot from AB Govt website (I saw ’em myself. Now scrubbed away)
https://tinyurl.com/bp7fs6nv

#49 Randy Matheson on 01.16.22 at 8:56 pm

Take the pension $$ and invest it yourself or with a financial planner like Garth, Can you handle the ups and downs of the market. I took my teacher’s pension because I could not stomach the loss of my years of service to the union rather than my family. Now my family will get the proceeds of my RRSP/RRIF when I pass. I believe the biggest issue is stepping away from a position at work where you have feathered the nest (30+ years) and don’t want to give up the perks of the job and start new. I have zero regrets and have done well with the markets.

#50 Since you are.. on 01.16.22 at 8:58 pm

DELETED

#51 Faron on 01.16.22 at 8:58 pm

#38 Søren Angst on 01.16.22 at 7:48 pm
#20 Faron

There is no hope. COVID has digested my soul and left a tarry, black meconium less fungible than Alberta bitumen in its stead.

Kidding.

But, if you are one who hopes for others, aim it at the US and the unvaxxed Trumpian hordes there that Jordan Peterson pines after. Yeesh. Deplorables, but they are still humans and do not deserve suffering.

#52 the Jaguar on 01.16.22 at 8:59 pm

Garth. Clean up. Isle 41.

Now disinfected. – Garth

#53 Scooby Snacks on 01.16.22 at 8:59 pm

“It’s ridiculous we won’t ever leave!”
We also had incredibly cheap rent, then the landlord sold. Then it happened again…and again. When you have kids that are in school, stability becomes very important. We’re finally owners now (at 42) and couldn’t be happier!

#54 Interstellar Old Yeller on 01.16.22 at 9:00 pm

Donated. Thanks for using your blog to get word out about the Betty White challenge, Garth.

#55 Satori on 01.16.22 at 9:28 pm

#44 Nutty Squirel on 01.16.22 at 8:30 pm
_____
The airline was planning to replace people for minimum wage to save money. I didn’t qualify because my numbers didn’t add up. You had to be 50, you are right, but I applied anyways… and I was approved!!

Out of 1200 employees, ONLY six of us took the buy out. I was totally shocked! The buyout was immense and all my colleagues were miserable and hated their jobs but only 6 people applied.

The next year the company laid half of them off. Would have been me… after a 3 year vacation, it was on to the next pension providing job.

I would hate to be working for the airlines in this day and age. The covid stories are horrible! People refusing to wear masks, the check points, complaints, long lines and rudeness. No thanks.

#56 Satori on 01.16.22 at 9:35 pm

#37 crowdedelevatorfartz on 01.16.22 at 7:35 pm
@#33 dragonfly58
Fair enough.
I have a friend that works for the City of Vanc.
Vanc city has been employing “full time temps” ( full time hours but no City employee “rights” or benefits.)
____________________________________
I have a friend who works “full time temp” at the BC liquor store. Same thing. 6 years and no pension because to qualify for a pension she needs 1800 working hours per year… their HR keeps all the employees below the 1600 mark.
They do shift call outs. If you are at 1600, you don’t get called.
That’s seems to be how it works these days.

#57 crowdedelevatorfartz on 01.16.22 at 9:43 pm

@#39 Pickled Cukes

“However most of the raise always seems to go to INCOME TAX,EXTENDED HEALTH AND ENHANCED DENTAL but after 35 years of teaching and as of March 15th 2022 starting 21 years of pension cheques nothing to really complain about.”

++++
The govt giveth….the govt taketh away.
If you’re really hurting for extra cash.
You could always join the private sector and tutor a few days a week.
No medical or dental…. but,….its not about the money…. its for the kids.

#58 crowdedelevatorfartz on 01.16.22 at 9:49 pm

@#56 Satori
“I have a friend who works “full time temp” at the BC liquor store. Same thing. 6 years and no pension because to qualify for a pension she needs 1800 working hours per year… their HR keeps all the employees below the 1600 mark.”

++++

Yep.
It’s going to be interesting in about 10 years when the govt is paying out billions in employee pensions and there will be no “full time” employees contributing.

Oh, and the City of Van employee contracts come up for renewal this year….a municipal election year.
Nothing will be decided before the Nov election but I cant wait to hear what the union asks for right out of the gate….
Their last contract was pretty crappy and high inflation and low unemployment aren’t going to make it easy for the city to play hardball.
Even though they’re broke.

#59 DON on 01.16.22 at 10:00 pm

When it comes to Russia the JAG has a more resonable outlook. Think if you were Russian and endured multiple invasion attempts. And MAD can be disrupted by emerging technologies…hopefully everyone gets the new technology at the same time.

China just took a rate cut…to respark the economy. The Evergrandeee virus has spread to China’s largest developer. Housing market not doing so well and is said to be 20-25% of their economy…idiotic isn’t it.

#60 yvr_lurker on 01.16.22 at 10:03 pm

#58
Their last contract was pretty crappy and high inflation and low unemployment aren’t going to make it easy for the city to play hardball.
Even though they’re broke.
————

They are broke because there is no effort at restraint at the top. Furniture, chandeliers, hiring more and more people to deal with social media and ED issues, so that the people who actually do the USEFUL work (repairing potholes, seismic upgrades of bridges, sewers… etc), got short-changed last time. I support that this lot gets their fair due and that Kennedy Stewart (the worst mayor since Sam Sullivan) gets his ass handed to him in 2022.

#61 Satori on 01.16.22 at 10:11 pm

#58 crowdedelevatorfartz on 01.16.22 at 9:49 pm

One place they are looking for the cash is in these housing assessments… a house in Pr. George (old, moss on the roof, built in 1974) just was accessed double for what it was worth last year. (the building value only, the property value stayed the same??)
Apparently the city can’t keep up with the amount of appeals that are rolling in.

I’m glad I am not in a union anymore. It was a big waste of fees. The days of the strong unions are over.

#62 millmech on 01.16.22 at 10:28 pm

ERX

#63 Cici on 01.16.22 at 10:45 pm

Wonderful post tonight, Garth. And thanks for giving props to Betty White.

I can’t make a donation at this exact moment in time (Christmas debt hangover and some big family expenses to take care of this month), but will make a donation to our local SPCA as well as our bird refuge this coming Valentine’s Day. I’ve pencilled into the calendar… just need to free up some room on the credit cards ;-)

In the meantime, if anyone here thinks they can’t fall in love with a lobster, I put you to the challenge:

https://www.youtube.com/watch?v=9sI7WveN7vk

https://www.youtube.com/watch?v=EAmIEQb9QhM

and my personal favourite: https://www.youtube.com/watch?v=NPtWC6nS4Gc

Besides, how could you not love a lobster named Leon?

#64 Lolo on 01.17.22 at 2:17 am

Our ‘conundrum’ was similar to Christine’s though we are older, and have 2 kids. (And we rent too!). We also intend to contribute to the RESP over the grant-matching amount, and the inlaws generously gave $25K to each kid this year. I suspect with your income, you also would have contributed to the TFSA, RRSP, and non-registered accounts anyways (as we did). I asked our advisor a similar question –how should we keep those funds dedicated to the kids– wanting to honor the intent of the inlaw’s gifts (ie. provide for their education). He gave us a couple of options, but this is what we ended up doing. We put the full $50K into hubs’ margin account. At new year came, he contributed to the RESPs (new money), 10K/kid. He has also made contributions to his RRSP and TFSA. I keep a schedule of the RESP contributions to get full amount of the grants. He will just add new money each year, and when the $50k ‘runs out’, we will just continue to contribute up to the lifetime limit. No need to have a separate account, since we planned to fund their education with our own money anyways. Also, we told the inlaws our plans, and got their ok.

#65 Summertime on 01.17.22 at 2:50 am

Hope alone is a bad strategy.

31 and 32 years old, with 370 k and no debt? Will move to Europe and US within a heartbeat. You have no chance here.

As for animal charities, sure, but it seems there are also a lot of people who need help these days, humanity applies to humans as well, even though it seems the government and BoC think otherwise. Enough of this theft, please index the government benefits accordingly.

#66 mark on 01.17.22 at 3:52 am

I just read Ryan’s post from yesterday. I’m not sure I’d be recommending Rich Dad/Poor Dad to anyone. The guy’s gone full loon and he’s a now potential gateway to doomer stupidity and financial ruin.

#67 Kevin on 01.17.22 at 6:53 am

Garth, I agree, covid and real estate conversations are driving me nuts. Stuff is going to happen and I cant worry about stuff I have no control over.
I dont worry about saving as Im done with that. Nowadays I am concerned with how to spend the pile of assets down to zero, while giving the Man as little as possible.
I want to have to borrow the price of a coffee on the day I croak.
So that means that I have to get it all out of its hidey holes, and legally blow it, down at the old folks bingo, or give it to people I like without paying people I dont like as in T2 or the provincial train robbers.
This is not as easy as one might think. Those slimy governments have there hand in everywhere. The information coming out of this blog the last few days has been helpful, but being old, I need drawings and large print.
So I guess I will have to get in touch with the guy down at the wee bank, the one in the corner office with just one window. Maybe he can help me figure how to drain the bucket and keep the governments hand out of my pockets.

#68 Elcheapo on 01.17.22 at 7:47 am

An post about personal finances and most of the comments sharing personal finance experience. What a blessed relief from $&&@@@ covid talk. Thank you EVERYONE!

#69 crowdedelevatorfartz on 01.17.22 at 8:08 am

@#61 Satori
“The days of the strong unions are over.”
+++

Not if you’re a govt employee.

@#60 yvr Lurker

While I agree that Kennedy Stewrat deserves a shellacing at the polls….has the opposition fielded a candidate yet?

#70 crowdedelevatorfartz on 01.17.22 at 8:15 am

@#59 Don
“Evergrandeee virus has spread to China’s largest developer. Housing market not doing so well and is said to be 20-25% of their economy…idiotic isn’t it.”

+++

Canada…under a different red flag.
Give it 25 years of politically correct indoctrination….you won’t be able to tell the difference.

#71 crowdedelevatorfartz on 01.17.22 at 8:19 am

@#65 Summertime
“As for animal charities, sure, but it seems there are also a lot of people who need help these days, humanity applies to humans”
+++

Humans have choices.
Animals dont.
I’d rather help an animal in distress than a lying, cheating stealing drug addict.
Sorry , but thats just me.

#72 IHCTD9 on 01.17.22 at 8:45 am

Big-time snow at the bunker complex this am. Looks like about 25-30 cm worth. Still coming down! The almighty Grizzly 700 SE (in tactical black) gets a workout when I get home tonight.

#73 Summertime on 01.17.22 at 8:48 am

#71 crowdedelevatorfartz on 01.17.22 at 8:19 am

I’d rather help an animal in distress than a lying, cheating stealing drug addict.
Sorry , but thats just me.

Agree in general.

But:

https://www.genesissuppliesinc.ca/how-many-kids-go-hungry-in-canada-every-day-see-the-facts#:~:text=Children%20under%20the%20age%20of,them%20go%20to%20bed%20hungry.

Children under the age of 18 are particularly vulnerable as it relates to child hunger in Canada. About 20 percent of children live in these conditions, though in certain areas this rate is higher

One wonders where is that economic growth, gains etc, if even with the ‘generous liberal policies, working for the Canadians’ there are many hungry kids, housing is completely out of reach, retirement is mission impossible.

#74 Penny Henny on 01.17.22 at 8:52 am

Full moon last night Faron. Did you feel it?

#75 Bezengy on 01.17.22 at 9:36 am

Listening to CBC radio yesterday. Some professor is using Dungeons and Dragons to teach kids economics. Apparently if you flood the economy with cheap money you will destroy the economy. Who knew?

https://www.cbc.ca/listen/live-radio/1-379-cost-of-living/clip/15889316-why-paid-every-two-weeks-paid-every-day

#76 Ponzius Pilatus on 01.17.22 at 9:47 am

#74 Penny Henny on 01.17.22 at 8:52 am
Full moon last night Faron. Did you feel it?
——————
Now that you mention it.
That’s why I felt like howling all night.
Beware the wolf in Ponzie!

#77 crowdedelevatorfartz on 01.17.22 at 9:49 am

@#73 Summertime

Hungry kids have parents
I have a worker who joined the $100,000 club last year with his wages and bonuses.
His wife earned slightly less.
Money BURNS a hole in their pockets.
ALL of it on Booze, cigarettes, toys and other unnecessary frivolities.
They’re always being chased by the bills.
Never get ahead.
They even go to the food bank occasionally for their kid.

Financial illiteracy is a massive problem in this ( and many other) country.
The Credit Trap is too easy to fall into.
Not so easy to get out of.

#78 IHCTD9 on 01.17.22 at 10:08 am

I get the feeling that a lot of plans to exit southern Ontario are afoot. Houses hours away from Toronto are 1+ Million now. I think the kids living in the GTA are starting to do the math. The dream is gone here. The cost of everything is going loopy, and our nose-honking PM is working OT trying to make it even worse. Nobody’s helping, not Trudeau, not the BOC, not your fellow Canucks. Not here anyway.

Listen up kids – it’s beyond fixing. It doesn’t matter who the PM is anymore. It’s every peoplekind for zimself. Bitching to Trudeau about affordability has had 7 years to produce results, but house prices have doubled instead. Fuel prices are up 40-50%, inflation soaring to multi-decade highs, federal debt up 100%, taxes simply can’t go high enough to rectify all the damage Trudeau has ushered onto the Canadian landscape.

Not a millionaire? Don’t have rich RE owning parents? It’s time to leave.

#79 Ponzius Pilatus on 01.17.22 at 10:11 am

#73 Summertime on 01.17.22 at 8:48 am
#71 crowdedelevatorfartz on 01.17.22 at 8:19 am
I’d rather help an animal in distress than a lying, cheating stealing drug addict.
Sorry , but thats just me.

Agree in general.
But:
https://www.genesissuppliesinc.ca/how-many-kids-go-hungry-in-canada-every-day-see-the-facts#:~:text=Children%20under%20the%20age%20of,them%20go%20to%20bed%20hungry.
Children under the age of 18 are particularly vulnerable as it relates to child hunger in Canada. About 20 percent of children live in these conditions, though in certain areas this rate is higher

One wonders where is that economic growth, gains etc, if even with the ‘generous liberal policies, working for the Canadians’ there are many hungry kids, housing is completely out of reach, retirement is mission impossible.
————————

From: The Guardian
World’s 10 richest men see their wealth double during Covid pandemic
Oxfam calls for windfall tax as 99% of world population takes a pay cut while top 10 incomes grow by $1bn a day

#80 ogdoad on 01.17.22 at 10:16 am

My advice: Work and invest until 40, take 20 years off living – you are lying if you work 5 days a week and can boast about some semblance of life…if you can? You’ve been DUPED…I can help. It all starts with a hug.

In the meantime, golf claps all around!

To all you lucky richies that have to shovel today – lots’a breaks. Can’t brood over your riches while receiving mouth to mouth from your neighbor.

Og

#81 crowdedelevatorfartz on 01.17.22 at 10:28 am

@#79 Ponzie the Paragon of Propriety
“World’s 10 richest men see their wealth double during Covid pandemic”

+++

Well.
I’m not in the billionaires club so I wont have to worry about the “torches and pitchfork” mob coming for my head.
As for the millions upon millions of refugees with children….
Birth control has its place.

Speaking of population overgrowth.
China has offered free daycare and nicer homes to parents with lots of kids…due to dramatically falling birthrates.

https://www.scmp.com/economy/economic-indicators/article/3163617/china-population-increases-14126-billion-2021-births

Seems the ladies are voting with their birth control pills.

China will be hitting a wall with elderly retirees vs decreasing workers very very soon.

A meat grinding world war over Taiwan might not be their best bet.

But they can brag about one thing.
They burned more coal last year than any other country.

#82 Yukon Elvis on 01.17.22 at 11:00 am

#81 crowdedelevatorfartz on 01.17.22 at 10:28 am

Speaking of population overgrowth.
China has offered free daycare and nicer homes to parents with lots of kids…due to dramatically falling birthrates.

https://www.scmp.com/economy/economic-indicators/article/3163617/china-population-increases-14126-billion-2021-births

Seems the ladies are voting with their birth control pills.

China will be hitting a wall with elderly retirees vs decreasing workers very very soon.

A meat grinding world war over Taiwan might not be their best bet.

But they can brag about one thing.
They burned more coal last year than any other country.
+++++++++++++++++++++++++++
China’s three decade one child policy is costing them dearly now. The population is shrinking. China does not have the social programs or incomes like we have and the one child is expected to support his parents and grandparents in their old age. Housing is expensive there, same as here, and it is hard to launch a family. Imagine the chaos if the one child was being slaughtered by the tens of thousands crossing the wide open hundred mile wide Taiwan Strait.

#83 For all the Canadian lemmings on 01.17.22 at 11:27 am

DELETED

#84 Dharma Bum on 01.17.22 at 11:28 am

Dax Shepherd – Dax Shepard

Nice dog – Nice guy

https://www.imdb.com/name/nm1009277/

#85 Satori on 01.17.22 at 11:30 am

#71 crowdedelevatorfartz on 01.17.22 at 8:19 am
Humans have choices.
Animals dont.
I’d rather help an animal in distress than a lying, cheating stealing drug addict.
Sorry , but thats just me.
______________________________
Me too. 100% if, and I hope I die broke, but if I die with money it goes straight to the SPCA or animal shelters.

The problem is in our education system. Kids aren’t getting that memo “Don’t Do Drugs”.

Kids aren’t learning about ‘signs of abuse’ and what to do if they are depressed and what are the signs of mental illness. Wonder WHY? cause all the money goes into helping adults who are so far gone, they will never be the same, even if they ‘recover’…. yet we still throw every $ at them to “help them” and it’s not helping.

The number of drug addicts is increasing. I work in the industry. For every drug death, five new people are lined up for it and yes, at one time they had a ‘choice’ but they did it anyways.

#86 IHCTD9 on 01.17.22 at 11:30 am

#81 crowdedelevatorfartz on 01.17.22 at 10:28 am
@#79 Ponzie the Paragon of Propriety

Speaking of population overgrowth.
China has offered free daycare and nicer homes to parents with lots of kids…due to dramatically falling birthrates.

https://www.scmp.com/economy/economic-indicators/article/3163617/china-population-increases-14126-billion-2021-births

Seems the ladies are voting with their birth control pills.

China will be hitting a wall with elderly retirees vs decreasing workers very very soon.
_____

Yep. China really has a lot of problems coming their way. On top of the aging demographics, they also have a very lopsided one with way too many males compared to females (for some reason…) that also surely reduces their fertility rates even further. The Chinese ladies are spoiled for choice, and they’re being picky and taking their sweet time – because they can.

This is all on top of the steady degradation of the benefit of cheap labour, rising cost of doing business, lack of innovation on the consumer front, and the new real estate crises that seems to increase in seriousness every week.

My bet is, Chinese folks will see more of the strong clamp downs by their Communist Government that we’ve been witnessing over the last couple years. As things fall apart, the fist will grip tighter.

#87 IHCTD9 on 01.17.22 at 11:34 am

#82 Yukon Elvis on 01.17.22 at 11:00 am

China’s three decade one child policy is costing them dearly now. The population is shrinking. China does not have the social programs or incomes like we have and the one child is expected to support his parents and grandparents in their old age. Housing is expensive there, same as here, and it is hard to launch a family. Imagine the chaos if the one child was being slaughtered by the tens of thousands crossing the wide open hundred mile wide Taiwan Strait.
____

It wouldn’t surprise me one bit if the Chinese find themselves having to stand in front of tanks again. Hong Kongers might have some insight to offer on that point.

#88 Satori on 01.17.22 at 11:43 am

Kid miss the ‘Don’t Do Drugs’ memo because Trudeau legalized it.

You can’t walk one block downtown without smelling skunk weed. Everyone is out and about doing it.

I get the medicinal piece but miss the days where all you could smell was fresh air, because the pot smokers considered others.

#89 yvr_lurker on 01.17.22 at 12:26 pm

@#60 yvr Lurker

While I agree that Kennedy Stewrat deserves a shellacing at the polls….has the opposition fielded a candidate yet?
———
I like Ken Sim and met him with a friend a few weeks ago at Breka. He is a pragmatic fellow who has done well (Nurse Next Door, Rosemary Rocksalt), but came from an immigrant family with no resources. He lost to Stewart last time, but it was close. I, unfortunately, voted for Stewart and the Greens in 2018, but absolutely no way will I do it again.

#90 Mehling on 01.17.22 at 12:32 pm

“One-bedroom apartment rents jump more in Vancouver than any other major Canadian city”

https://vancouversun.com/news/local-news/one-bedroom-apartment-rents-jump-more-in-vancouver-than-any-other-major-canadian-city

Inflation in residential rent – landlords passing on increased costs.

#91 Shawn on 01.17.22 at 12:57 pm

#47 dragonfly58 on 01.16.22 at 8:52 pm

Shawn, British Columbia. Both wife and I , two different branches of the public service. Your pension statement each year states both service years and pensionable service. Service years always goes up by one full year each year. Pensionable service is always slightly less than a full year. Over the duration of your career the difference becomes quite noticeable.

************************
I stand corrected. Strange system. If they still have “magic numbers” (age plus years of service) to retire before 65, those lost bits of pensionable service could matter a lot.

#92 Ponzius Pilatus on 01.17.22 at 1:19 pm

#88 Satori on 01.17.22 at 11:43 am
Kid miss the ‘Don’t Do Drugs’ memo because Trudeau legalized it.

You can’t walk one block downtown without smelling skunk weed. Everyone is out and about doing it.

I get the medicinal piece but miss the days where all you could smell was fresh air, because the pot smokers considered others.
——————-
Satori
If you live in Vancouver, you and CEF could go out and get drunk together.
And then rant about the potheads and the drug addicts.

#93 Don Guillermo on 01.17.22 at 1:24 pm

#38 Søren Angst on 01.16.22 at 7:48 pm

#28 Flop…

Italia is more than you think or saw.

This US kids Italian pronunciation of city and town names is hideous but he is all heart.

Watch this, 47 min video and why I do not bother traveling other European countries anymore * (26 visits pre-pandemic to most of the EU + Brexit in but a few years):

https://youtu.be/02jQiIkEGh8

I have been to 1/2 of these places. He misses a few things where he visited but it’s Italia, too much to see or do in 10 lifetimes let alone 1.

My favorite is Napoli, it’s Gulf, Islands and the Amalfi Coast. Most of all, she may be dirty but she is alive because of her people.
********************************
Italy is amazing. Sports car heaven. Great video of the different regions. Most enjoyable with sound muted.

#94 Shawn on 01.17.22 at 1:32 pm

Do Pension PLUS Invest on your own

You can receive your pension AND you can invest on your own.

And, if you have not built up a fair sized pot of money and learned to invest by retirement age then you should not be trusted to commute. You have already proven you are not an investor.

Those who know how to invest can have Stability and peace of mind of the pension plus have your own investments.

Spouse is protected with a decent, possibly even 100%, pension survivor benefit depending what you choose.

This balance. This is diversification.

Now your goal is to live to 100 to maximize the pension. Ontario Teachers pension has hundreds or more centenarians because retired teachers given brains and a decent income live way longer than average.

To each their own but married people in particular have to consider risk of their spouse running out of money if they commute a pension. (They remarry a crook or more likely an idiot for example or just ges a horrible financial advisor)

#95 Mattl on 01.17.22 at 1:38 pm

That couple that makes 270k would be 500K farther ahead if they had been house horny. Not sure sharing a house with your friends and paying the equivalent rent of a 500K mortgage – and missing out on 500k in RE equity – is a win in my books. When the dude downstairs farts in the bathtub do they high five?

Kind of like bragging that you were able to resist buying Tesla at 200 bucks, not exactly a financial success story even if you made 30% on TD.

They are happy, free and liquid. So mind your own business. – Garth

#96 Shawn on 01.17.22 at 1:41 pm

#39 cuke and tomato picker on 01.16.22 at 7:57 pm noted:

Breaking news just read that B.C. retired teachers will receive a 4.4 per cent increase in their pensions. However most of the raise always seems to go to INCOME TAX,EXTENDED HEALTH AND ENHANCED DENTAL

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4.4% is a nice bump. Shows the value of indexed pensions.

The tax complaint is unfair sour grapes. Its taxable income and its probably 4.4% on the after tax amount too despite the tax.

If health and dental costs rose as they do tend to do, well that happens with or without a pension increase.

God, what do pensioners want, a raise over and above inflation? And if this is only partly indexed it’s still better than no index.

4.4% is a nice bump, more than many who still work are getting. Pension indexation especially pensions with full indexation (CPP, Old age pension, GIS and federal public servants) will really show their value if inflation stays high. No it won’t be a REAL raise and might lag your personal inflation but it’s a LOT better than no indexation.

#97 bdwy on 01.17.22 at 2:05 pm

#88 Satori on 01.17.22 at 11:43 am

You can’t walk one block downtown without smelling skunk weed. Everyone is out and about doing it.

I get the medicinal piece but miss the days where all you could smell was fresh air, because the pot smokers considered others.
….

in daytime downtown is rather crowded, often it’s v hard to find a 100′ clear downwind path, not intentional in many cases. Penthouse balcony, Offshore breeze at a beach sure… otherwise someone, somewhere else will smell it for a second or 2.
It will blow away. It wont last longer than a couple minutes then stop entirely.

Assoles dont care and some do smoke pot unfortunately.

Personally i move fast if a kid/s or very elderly come toward my ‘exhaust’ (better than cef!) zone, they dont need to smell it at all. Regular adults will survive a whiff or 2 from 40′ away for a second. Ever live near a brewery?

Another other reason for a detached just outside of DT!

#98 dragonfly58 on 01.17.22 at 2:09 pm

The ” magic number ” system is slowly being eliminated. And in itself is a bit deceptive. It qualifies you for a bridge benefit, that is an additional sum added to your ” reduced ” pension monthly amount you receive if you have less than 35 pensionable service years. But that bridge payment only lasts until you are 65, after that you return to whatever pension amount your working; best 5 year average , figure pension figure is , minus your penalty for having less than 35 years pensionable service. 2% per year you are short.
Other than a temporary assist to promote early retirement the magic number does not mean much. It’s your pensionable service years that will determine the sum per month you will receive for the years after age 65.
The thinking is at 65 you will be able to draw CPP and OAS and that money will replace what you are getting each month with the bridge. Generally this holds true.
But most of the Gov. plans in BC are moving to a new formula and I don’t know anything about the details.

#99 dragonfly58 on 01.17.22 at 2:26 pm

Also many Gov. jobs involve overtime. Positions like mine had a substantial amount of ” scheduled overtime ” that was part of the normal work, a 7 1/2 hour contract day, but my department worked a 24 / 7 job so 3 x 8 hour shifts. Also a bunch of non sked overtime but that is besides the point. All the overtime is non pensionable , even the hours that are part of you normal scheduled work day. So you are getting a haircut on your pension based on your normal, scheduled working hours.

#100 Dr V on 01.17.22 at 2:30 pm

33 dragonfly – a good cautionary tale for all under 50. I noticed with others that accidents or serious illness after that time can age you a large amount in a very
short time. And that can repeat and compound over the years. I’ve managed to avoid the shock events, but do now notice the gradual slide in overall energy and skills. Though I may still be more productive than many,
mistakes happen more often and you have to take more breaks.

My BIL had to give up his monkey wrenching career after knee and neck bangups. He can still fix things but
now refers to it as yoga.

Never had to do shiftwork, just early shift in the woods in high fire risk season. Funny thing I did notice even then was I was fine with getting up anytime after 4 AM.
But 345 AM and I was tired and grouchy for a bit.

I’m only seeing 91 comments. The RESP topic doesnt seem to generate much turmoil, though it is “Blue Monday”

#101 Sail Away on 01.17.22 at 2:33 pm

#95 Mattl on 01.17.22 at 1:38 pm

Kind of like bragging that you were able to resist buying Tesla at 200 bucks, not exactly a financial success story even if you made 30% on TD.

——-

No need to bring Faron into this.

#102 IHCTD9 on 01.17.22 at 2:48 pm

#80 ogdoad on 01.17.22 at 10:16 am

To all you lucky richies that have to shovel today – lots’a breaks. Can’t brood over your riches while receiving mouth to mouth from your neighbor.
————

I actually knew a guy who died of a heart attack while shovelling his driveway. That’s why I use a sweet Grizzly 700 SE and a WARN plow for shovelling. It had trouble this aft though, normally plowing takes 15 minutes, today it took over an hour. Over a foot deep, dense heavy stiff snow. Had the front diff locked up the whole time and still had to cut twice. Ate 1/4 tank of fuel.

I’m gonna miss it when I sell it off this spring, but a big walk behind blower will be in house by next winter. Today, a blower would have actually been a better tool for the job. The Griz took some Grade A abuse this aft – but it got the job done, because YAMAHA.

#103 Faron on 01.17.22 at 2:55 pm

#101 Sail Away on 01.17.22 at 2:33 pm

#95 Mattl on 01.17.22 at 1:38 pm

Kind of like bragging that you were able to resist buying Tesla at 200 bucks, not exactly a financial success story even if you made 30% on TD.

——-

No need to bring Faron into this.

I know, right? Somehow I managed to miss buying Theranos, ENRON and Nortel too.

I’m such a looser.

#104 Dr V on 01.17.22 at 3:22 pm

99 Dragonfly

“All the overtime is non pensionable , even the hours that are part of you normal scheduled work day.”
——————

Hmmm. Wouldnt this increase the allowable contribution room on your RRSP? 18% of the OT earnings should be allowed as well as whatever is
leftover after the pension adjustment.

While RRSP may not be the ideal vehicle with the govt pension (possible higher tax rate in retirement), it would allow for that diversification as noted by Shawn
@94.