The choices

 

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   By Guest Blogger Tatiana Enhorning
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An ongoing conundrum for investors is deciding which types of tax-advantaged registered accounts make most sense for them. Soon adding to this confusion is the new guy: FHSA (First Home Savings Plan). So what should you choose? The short answer is – it depends. The long answer would be better illustrated in a flow chart with different scenarios and associated options and caveats. But let’s just start with the two registered accounts we know and love which have inspired the third.

TFSA:
If you are 18 years of age or older, maxing out your TFSA is a no-brainer. Although there is no tax deduction for contributing, all of the assets inside this account are tax-free upon withdrawal, including the investment growth. This is a very powerful benefit, especially if you are disciplined enough to keep this account as one of your longest-term investments and can, therefore, skew it towards higher growth investments.

Things to note:

  • Despite the name, this account is not really “tax-free” because you place after-tax dollars into it. However, any growth on the investment is tax-free.
  • TFSAs should not be used like a bank “savings account”. You have the option to withdraw freely, but there is no mercy for accidental over contributions.

RRSP:
If you are in a high tax bracket this year which you expect to maintain or decrease in subsequent years, contributing to your RRSP and claiming the tax deduction helps to reduce your taxable income. Or if you expect your tax bracket to increase but have already maxed out your TFSA, you may want to place investments into an RRSP for tax-deferred investing while waiting to claim the deduction on your taxes until a high-income year.

Things to note:

  • In an RRSP, you are investing pre-tax dollars, so you will have to pay the tax man eventually. The benefit is deferring this tax until you are retired and hopefully in a lower tax bracket.
  • If you will be in a high tax bracket in retirement (e.g., pension), you should be careful to ensure your retirement income stays tax efficient and does not push you over the limit into OAS claw back.
  • Your “contribution room” is not the same as your “deduction limit”, so ensure you do not get charged on over contributions (though there is a small buffer).
  • An RRSP account is not as liquid as a TFSA. Generally, if you invest assets in RRSPs, you should plan to keep them there until retirement. There are a few exceptions where you can withdraw while avoiding withholding tax (e.g., if you qualify under the First-Time Home Buyers’ Plan or Lifelong Learning Plan), but these withdrawals must be paid back to the RRSP.
  • Otherwise, if you withdraw from an RRSP, the amount is fully taxable as income plus 10 – 30% withholding tax, and you permanently lose that contribution room.

FHSA:
As this blog has previously stated, this is the new account the Department of Finance hopes to launch next year which is like a hybrid between the TFSA and RRSP. The First Home Savings Account is designed to help qualifying first time home buyers build up a larger down payment. Like a TFSA, you get tax-free growth by contributing the lesser of your annual limit of $8,000 and your remaining lifetime limit (maximum $40,000). Like in an RRSP, you can also claim an income tax deduction for contributions made that year, or you can carry forward the unused contribution room. As with TFSAs and RRSPs, over contributions are subject to the 1% monthly penalty.

Things to note:

  • Carry forward room only begins accumulating only once the FHSA has been opened.
  • An individual will not be permitted to make both an FHSA withdrawal and a Home Buyers’ Plan withdrawal for the same qualifying home purchase.
  • When you withdraw to purchase a qualifying home, you do not need to repay the FHSA (unlike the RRSP Home Buyers’ Plan).
  • For those who are young and trying to save for a home, focusing on TFSA and FHSA will allow them to save their RRSP room for when they are older and maintain RRSP investments until retirement.
  • An FHSA can only be open for 15 years, and an accountholder must be younger than 71.
  • Any savings not used to purchase a qualifying home by this time can be transferred, tax-free into an RRSP or RRIF, if the holder has room. But note, this would not provide a tax-deduction.
  • Otherwise, the savings would have to be withdrawn on a taxable basis.

In saying all of this, these choices are not cut-and-dry. The best options for you and your family will evolve and change with your needs over time.

Tatiana Enhorning is a Financial Advisor with Turner Investments. She builds and maintains portfolios for clients across Canada, and has been in the business as an asset manager for more than a decade.

 

105 comments ↓

#1 Luc on 08.23.22 at 2:45 pm

And isn’t the FHSA tax deductible on your income taxes? Great deal if you have a high salary?

#2 Calgary Cowboy on 08.23.22 at 2:46 pm

Great post Tatiana!

Your “contribution room” is not the same as your “deduction limit” – what is the difference?

#3 Captain Uppa on 08.23.22 at 2:47 pm

Hi Tatiana.

My wife and I make over 200K in household income a year, but I’ve been focusing solely on TFSA. The reason I do this is because my wife is 6 years younger and will likely teach for a very long time. I will retire when she is still working (presumably making 150K by that time, maybe over, who knows).

Am I right to stick with TFSA exclusively?

#4 Faron on 08.23.22 at 2:51 pm

#117 Sail Away on 08.23.22 at 2:09 pm

You’ve insulted me and numerous other commenters more times than one can count. You expressing joy in trolling and admitted that you get off on “stirring the pot”. So, yes, I am and will ever be angry at you because that’s a terrible way to treat people. Further, you get to be the stand-in for all of the people in this world who express callous disdain for other’s well being, choices, lives or livelihoods as you have. You’ve taken up that burden willingly by endlessly provoking me and others and thus shall bear it. The beatings will continue until morale improves as they say.

However, I’ve noted the smallest glimmer of something resembling humane behaviour from you lately. Maybe there’s at least some hope.

#5 Observer on 08.23.22 at 2:54 pm

“Any savings not used to purchase a qualifying home by this time can be transferred, tax-free into an RRSP or RRIF, if the holder has room.”

^^^^^^^^^^^^^^^^
Are you sure about this? I thought I read somewhere (here actually) that such FHSA transfers to RRSPs don’t affect RRSP contribution room. My apologies if I got it wrong.

#6 Sail Away on 08.23.22 at 3:05 pm

#103 Observer on 08.23.22 at 10:31 am

Yeah it is weird, and more so considering his wife is some kind of environmental scientist…

#115 Faron on 08.23.22 at 1:01 pm

As mentioned by Observer, I certainly hope your wife doesn’t hold your views. If she does she is likely acting with extreme negligence…

——–

Hey boys, you seem mighty interested in my wife. F even floats a denigratory hypothesis of her professionalism, which seems a bit offside. #shockinglymisogynistic

Maybe concentrate on the topic at hand? Thanks!

#7 Felix on 08.23.22 at 3:15 pm

There are no choices in today’s photo.

#8 Dan on 08.23.22 at 3:17 pm

Can you clarify this statement:

“Otherwise, if you withdraw from an RRSP, the amount is fully taxable as income plus 10 – 30% withholding tax, and you permanently lose that contribution room.”

The withholding tax is not on top of the income tax – it is just the amount set aside at time of withdrawal for income tax. Or do I have this wrong?

I believe the withholding tax for Quebec residents is half of the rest of the country 5-15.

#9 Sail Away on 08.23.22 at 3:20 pm

#4 Faron on 08.23.22 at 2:51 pm
#117 Sail Away on 08.23.22 at 2:09 pm

You’ve insulted me and numerous other commenters more times than one can count.

——-

I don’t recall doing that.
Please find and post.

#10 Tom from Mississauga on 08.23.22 at 3:21 pm

Is it 15 years it has to collapse after starting contributing or is that after 5 years contribution?

#11 wallflower on 08.23.22 at 3:31 pm

This post is 100 percent informative.
Pedantic and boring.
Even the dog pic is manicured.
Hhhhhhhmmmmmmm…

#12 jess on 08.23.22 at 3:32 pm

By Pam Martens and Russ Martens: August 23, 2022 ~ crypto startup called Custodia Bank, is allowed to call itself a “bank” – hugh? … Continue reading (wall street on parade)

#13 Scooby Snacks on 08.23.22 at 3:32 pm

Thanks for the post, Tatiana. I’d love to hear your thoughts on prematurely converting a RRSP to a RRIF in order to trickle out funds of the RRSP and use that to feed the TFSA or kids RESPs (I know it will take a loooong time but at least I avoid the withholding tax). I don’t plan on using the LLP or FTHB programs, nor do I plan on contributing to the RRSP any longer.
I’m in my early 40’s, no income (hubby is the bread-winner), $85k RRSP that I won’t need in my golden years.

#14 Faron on 08.23.22 at 3:35 pm

#6 Sail Away on 08.23.22 at 3:05 pm

You are calling me a misogynist!? WTF is wrong with you? Would you like to repeat that please? For asking if the person (man, woman, gender fluid, who cares) you associate with the closest might just hold some of the same incredibly poorly informed views you do? And what part of “if she does” do you not understand?

Reviewing her publications and upon reflecting on persons she and I have worked with in common, I’m guessing she’s fine. But you sure do raise questions not much differently than how Ginni Thomas raises concerns about her hubby’s ability to act professionally (you being Ginni in this case).

All of this begs the question: how does she tolerate you? I this a secret outlet of some kind for you? I mean, relationship ain’t at all contingent on sharing ideas and ideals, but it sure makes it easy when you agree on some of the basics.

Finally, your stupid behaviour, your idiocy in discussing your wife identifiably, your inability to understand basic science around climate change has shone a smidge of questioning light on your wife. A smidge. Given that she’s probably the sole stand-up person in your relationship, she needn’t worry. You>/b> need to be responsible for your failure here. You have long clamored to have us know who you are, how much you make, what cars you drive, where you live etc. etc. etc. and then get all uppity and beg for people to doxx you. And people wonder why I call you a clown…

#15 ShaunJon on 08.23.22 at 3:36 pm

The basics, not the level of article I have come to expect from this site. But I guess there are always new entrants to the world of personal finance.

At the start of my journey I used to calculate excess RRSP contributions that I could “loan” myself that could be paid back with the return.

#16 zxcvbnm on 08.23.22 at 3:41 pm

If I were a lefty-looney like Faron, I’d advocate for his removal from the comment section. Instead, I support his right to spout inane, barely sensical attacks on the peanut-gallery. Please continue, Faron!

#17 Linda on 08.23.22 at 3:41 pm

Excellent post Tatiana. Just to clarify the FHSA – the annual contribution limit will be up to $8,000 per annum. The lifetime maximum is currently set to be $40,000 so once one has contributed that amount no further contributions can be made. Correct?

#18 TurnerNation on 08.23.22 at 4:00 pm

Choices indeed. The Demand Destruction, since March 2020, continues onward:

https://angusreid.org/inflation-bank-of-canada-grocery-prices/
“Fully four-in-five say they have cut spending in recent months by either trimming their discretionary budget, delaying a major purchase, driving less, scaling back travel and charitable donations, or deferring saving for the future. This represents an increase from the three-quarters (74%) who said so in February.”

—–
— Food Supply. Seen elsewhere. . Comrade are you committing Klimate Krimes? Seen elsewhere:

https://ca.indeed.com/viewjob?jk=2368c0fde8329524
Environment and Climate Change Canada – Environmental Enforcement Directorate
…ensures that organizations and individuals respect laws administered by Environment and Climate Change Canada that protect the natural environment, its biodiversity and the health of Canadians.
Environmental Enforcement Officers are required to wear uniforms and carry officer safety equipment (such as: duty belt, body armour, hand cuffs, baton and prohibited weapons such as OC spray).

—— AHEM: the writing was on the wall years ago:

#49 TurnerNation on 09.10.19 at 8:54 pm
I beleive in my lifetime good foodstuffs will be trashed as armed men look on and people are starving. Maybe the correct karbon permit was not applied for, or the WHO claims dread disease and we comply. Trees have more rights than yourself.

#91 TurnerNation on 12.17.19 at 8:06 am
For years now I’ve stated a time will come whereby armed government men destroy perfectly good food stuffs while desperately hungry people look on. Maybe the WHO says there is a virus, or maybe the correct ‘carbon permit’ was not obtained beforehand

#19 NJ on 08.23.22 at 4:03 pm

Contribute as much as possible to RRSP and use full tax refund to contribute to TFSA…Works like a charm. TFSA doesn’t work well for a lot of people because of how easy it is to pull money from it.

#20 TaxTips on 08.23.22 at 4:03 pm

Tax Withheld is Like a Tax Instalment
The withholding tax amounts deducted from your withdrawals are only estimates of what you will owe in taxes. The amounts withheld will show on your tax return as taxes already remitted, just like an income tax instalment. The withdrawal amount will be included in your taxable income. Your total taxable income will determine the total taxes payable. This may result in more or less taxes being payable.

#21 Søren Angst on 08.23.22 at 4:06 pm

Short and to the point Tatiana.

Hope all the Kids realize how lucky they are having these 3 methods to invest and reap tax benefits along the way.

When I was a Kid only RRSPs existed.

Though we did have a 1 time $150K tax free Capital Gain allowance (which they later pulled, kept mine, Grandfather clause thing) which I easily burned thru by the early 90s.

Left $1500 of it unused for decades and for old times sake. Finally this year used it all up. Wouldn’t you know it, CRA kept the record. Could not believe it.

Grazie 🍁.

———————-

Warren & Charlie plowing a ton of cash in 4 stocks summarized as:

yeah oil
yeah oil
yeah drug runners
yeah Call of Duty

Heads up

#6 Sail Away

your man (and mine) is counting on MSFT approval by Regulators to purchase ATVI, expecting an easy nearly 30% pop in ATVI after, or so they say. If you didn’t know, now you do:

https://www.investors.com/etfs-and-funds/sectors/sp500-warren-buffett-boldly-loads-up-on-his-very-best-stocks/

No more single stock purchases for me. TWTR the Albatross down -7.3% FOR THE DAY last time I checked. Dumping it once and for all this Friday.

I give up. Uncle.

Hope Big Mouth Musk gets his come this Oct in US Court or settles before for billions.

#22 tim frymer on 08.23.22 at 4:11 pm

I think transferring from FHSA to RRSP you are not limited by RRSP contribution room.

You can apparently transfer from RRSP to FHSA also but it does not increase your RRSP contribution room by doing so.

From
https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html

Transfers
An individual could transfer funds from an FHSA to another FHSA, an RRSP or a RRIF on a tax-free basis.

Funds transferred to an RRSP or RRIF will be subject to the usual rules applicable to these accounts, including taxability upon withdrawal. These transfers would not reduce, or be limited by, an individual’s available RRSP contribution room. These transfers would not reinstate an individual’s FHSA lifetime contribution limit.

Individuals would also be allowed to transfer funds from an RRSP to an FHSA on a tax-free basis, subject to the FHSA annual and lifetime contribution limits and the qualified investment rules. Although such transfers would be subject to FHSA contribution limits, they would not be deductible and would also not reinstate an individual’s RRSP contribution room.

#23 Ballingsford on 08.23.22 at 4:21 pm

Three lovely looking puppies! Are their names TFSA, RRSP, and FHSA?
Where is RESP?

#24 Faron on 08.23.22 at 4:36 pm

#9 Sail Away on 08.23.22 at 3:20 pm

#6 Sail Away on 08.23.22 at 3:05 pm

#shockinglymisogynistic

short term memory much?

#25 Søren Angst on 08.23.22 at 4:40 pm

Heads up for Investors with skin in the game in Europa and in light of Garth mentioning Europa not looking so good and Ryan’s prediction awhile ago Europa will be in trouble later in 2022.

So far, UK in trouble for sure, Germany not looking so good and Italia and France still holding up. GDP, Inflation Stats in the past week. GDP 2022Q2 vs. 2022Q1, Inflation 2022-07 vs 2022-06:

Italia +1.0%, +8.4% 🔽
France +0.5%, +6.8% 🔼
Germany 0.0% (2nd Qtr in a row), +8.5% 🔼
UK -0.6% (June), +10.1% (August) 🔼🔼

https://ec.europa.eu/eurostat/documents/2995521/14644653/2-29072022-BP-EN.pdf/76432e7c-62cf-653b-6998-195b19b897ee

https://ec.europa.eu/eurostat/databrowser/view/prc_hicp_manr/default/table?lang=en

https://www.ons.gov.uk/economy/grossdomesticproductgdp

https://www.bankofengland.co.uk/knowledgebank/will-inflation-in-the-uk-keep-rising

Did not include the other p!ss ant countries in Europa. If they weren’t, they’d be in the G7 but they’re not.

—————–

Bank of England figures they will top out at 13% inflation in Oct + “But we expect it to slow down next year, and be close to 2% in around two years.”

I would say Citibank disagrees, UK 18% inflation early 2023:

https://www.reuters.com/world/uk/uk-inflation-hit-18-early-2023-citi-forecasts-2022-08-22/

So they both aren’t liars, UK inflation hits 18% early 2023 then drops by 16% “in around two years” to 2% = Land for Sale in S. Florida.

As far as Nat Gas for me in Italia just got my July bill (cook every day, a lot) and total incl. taxes etc. was (after locking in lowest rate before Putin):

€16.46

for 2 Smc (std cu. m.)

yeah Italia (until we run out of nat gas this Winter?).

#26 Sail Away on 08.23.22 at 4:52 pm

One should always be cautious sharing information on public forums, as there are always #totallyunbalanced people lurking in the shadows.

@F… or, the Doxx-master… who am I? Who is my wife? And why do you think that? Go for it. Release more rage. But hope you’re right, haha.

#27 crowdedelevatorfartz on 08.23.22 at 4:56 pm

Thanks for the reminder Tatiana

I’ll definitely be talking to my financial advisor about starting an FHSA when we meet next week.

#28 Observer on 08.23.22 at 5:14 pm

#6 Sail Away on 08.23.22 at 3:05 pm
#103 Observer on 08.23.22 at 10:31 am
#115 Faron on 08.23.22 at 1:01 pm

Maybe concentrate on the topic at hand? Thanks!

^^^^^^^^^^^^

You first.

#29 KingKouros69 on 08.23.22 at 5:18 pm

What happens with the home savings account if you put $20,000 in it and then withdraw it to buy a house. Do you get to keep it open and put in another $60,000 over the next 15 years or it has to be closed immediately ?

#30 Faron on 08.23.22 at 5:21 pm

#82 Russ on 08.22.22 at 11:20 pm

Faron on 08.22.22 at 10:26 pm

#73 Russ on 08.22.22 at 9:51 pm

It looks like fun to reek havoc with them. But alas, I have yachts and motorcycles which beg for my attention and are far more enjoyable to spend time with.

I would enjoy watching you venture into that. You can always start with the radiative transfer code that describes the bulk of GHG and other constituent’s direct impacts on temperature. Can’t be that hard, right? It’s just a little quantum in a volume of sometimes well-mixed, sometimes stratified gas that may or may not have one or more liquid or solid condensed species in it that have their own intermittent impacts.

Despite all of the complexity, the modelled climate sensitivity to CO2 has hardly budged and doesn’t differ much from a simple window-grey model. Agrees well with observation to boot. Seems kind of robust actually.

If you are up for it I think we should have a beer or two in September. We really need to discuss the right temperature to distinguish an IPA. I tend to the British side and find the bilge temperature is almost perfect.

I’ll agree that IPA stands up best to bilge temperatures in these parts. A good porter or stout (Deschutes’ Obsidian Stout is a Pac NW classic) probably wouldn’t be bad either. And I’ll take beer at bilge temp over no beer at all. But, I’m privy to ice. If you are serious about having a beer, you know where to find me or can discover how with a small bit of work.

I won’t arrange anything here given that Sail Away has issued physical threats toward me and is in your region. Don’t really think he’d follow through, but better safe.

#31 Søren Angst on 08.23.22 at 5:24 pm

Last Comment on Europa.

Siding with Ryan Lewenza (and Garth) Europa will be in big trouble economically by the end of the year.

UK already in trouble and will only get worse. Germany teetering economically for 2 Qtrs (0% growth) and they will suffer nat gas cutbacks like Italia *.

Italian industry already cutting back on nat gas usage to preserve it for this Winter for us huddled masses. Means Italian GDP, which has been resilient vs. the other Europa 3 of the G7, will probably drop.

France the unknown. Slow growth, rising inflation. 78% of their electricity from nukes **.

————————-

* Small sacrifice we have to make in Italia for Ukraine. SLAVA UKRAINI. As Mario Draghi would say “Whatever it takes”. Pretty sure the rest of Europa feels the same. I know I do.

** Why you hardly see pictures of the French countryside at night since most of it glows RED for all the nuke plants they have. Je t’en prie for all you France lovers.

#32 Mattl on 08.23.22 at 5:26 pm

#4 Faron on 08.23.22 at 2:51 pm
#117 Sail Away on 08.23.22 at 2:09 pm

You’ve insulted me….

——————————————–

You seem like a smart guy, what is with your obsession with SA? You have spent countless hours responding to him trolling you. Can’t imagine how much this consumes you off this site.

Dude, this isn’t real. Move on, who effing cares what an anonymous poster on the internet thinks or says? As an outside observer your spat makes you both look ridiculous, you more so because of how personally you take it. Move on, this is clearly too an emotional place for you to play.

#33 Sail Away on 08.23.22 at 5:29 pm

“I won’t arrange anything here given that Sail Away has issued physical threats toward me and is in your region. Don’t really think he’d follow through, but better safe.”

——–

I don’t recall doing that.

Please find and post, thx. #makingstuffupagain

#34 Leichendiener on 08.23.22 at 5:34 pm

Great post Tatiana!

#35 Søren Angst on 08.23.22 at 5:39 pm

#30 Faron

Grey as you say. I think inexact.

But I do believe sea levels will rise.

As I maintain, Herculaneum, Ostia, Aquileia and 100 other places in Mare Nostrum in AD 79 (when Vesuvius blew its top) were seaside.

Today they are, give or take, +15 m above sea level and in the case of Herculaneum, 750 m from the current seashore. And the latter did NOT rise, tough to do under 20-30 m of lava rock.

Maybe a natural cycle of Mother Nature? Who knows.

One thing for sure, none of the so-called Climatologists don’t know either since they have no model that shows a mere 1,942 years ago sea levels were much, much higher. Like 15 m higher.

Hopefully that process is slower than they predict.

Humanity will adapt.

Nothing in Roman history that says they all dropped like flies due to climate change back then and all the heat (as in melted ice caps, glaciers for that much water in the oceans).

In fact, England and Scotland back then had a thriving wine industry. Supposedly agriculture flourished back then.

We’ll see and as for me, doing what I’m told to conserve and recycle per Gov Italia and then some.

#36 Steve French on 08.23.22 at 5:58 pm

Can these idiots fighting in the comment section be banned or something?

I have no idea what they are even talking about and I suspect it’s the same person using 2 or 3 computers arguing with himself.

#37 F Cook on 08.23.22 at 6:00 pm

#20 TaxTips on 08.23.22 at 4:03 pm

Thanks for the clarification! When Tatiana said “if you withdraw from an RRSP, the amount is fully taxable as income plus 10 – 30% withholding tax”, I thought it meant the withdrawn amount is taxed at my personal bracket PLUS another 10-30% will be added to my tax payable balance. It certainty reads that way to someone who is not well-versed in how withholding tax works. Gave me a fright as I plan on using my RRSP room to shield some large capital gains down the road.

#38 Tatiana Enhorning on 08.23.22 at 6:00 pm

#1 Luc:

Yes that’s correct, like RRSPs, FHSA contributions would be tax deductible, meaning that if you contributed $8,000 a year, your taxable income would decrease by the same amount. And, like the TFSA, withdrawals, including any capital gains or income earned, are also tax free, if they are used towards the purchase of a qualifying home.

#39 Faron on 08.23.22 at 6:08 pm

#26 Sail Away on 08.23.22 at 4:52 pm

the Doxx-master… who am I? Who is my wife? And why do you think that? Go for it. Release more rage. But hope you’re right, haha.

There it is again. The plea to have someone shout to the heavens who you are. Getting kinda pathetic there bud.

I would do so if it weren’t an ethical breach. But, if you want to test my knowledge, send me an e-mail with a fill-in-the-blanks form and I’ll do my best. I like quizzes and am pretty good at them. That will also side-step the posturing that you are doing right now to distract from your neanderthalic understanding of climate issues; those of public health and addiction notwithstanding. I almost forgot that last one.

Curious though, why do you think I’m wrong? Is this when we learn that you actually are a professional troll who assumed the identity of an unwitting, bad-suit wearing, small-time engineer in Nanaimo and his poor public-servant wife?

#40 Faron on 08.23.22 at 6:14 pm

#35 Søren Angst on 08.23.22 at 5:39 pm

#30 Faron

Grey as you say. I think inexact.

Sigh. Dude, the region lies on the flanks of a volcano whose elevation relative to sea level will change due to expansion/contraction of the underlying magma chambers. This is extremely well documented/studied especially so given that the volcano is in the accessible heart of a European country. JFC people.

#41 Tatiana Enhorning on 08.23.22 at 6:20 pm

#8 Dan:

Yes of course, when you withdraw funds from an RRSP, your financial institution withholds the tax. You are correct that the rates depend on your residency and the amount you withdraw.

10% (5% in Quebec) on amounts up to $5,000
20% (10% in Quebec) on amounts over $5,000 up to including $15,000
30% (15% in Quebec) on amounts over $15,000

#42 Dogman01 on 08.23.22 at 6:25 pm

Climate Change – had to weigh in:

#42 Observer on 08.22.22 at 6:51 pm
We have the brains, but not the social resolve to deal with anthropomorphic climate change.

#73 Russ on 08.22.22 at 9:51 pm
This is part of my skepticism with the current narrative. It seems the (monetizing) parties have captured the end result to achieve a goal, without the real world validation that the model actually works.

#116 pBrasseur on 08.23.22 at 1:37 pm
If it was a real “emergency” humanity could fix this in a few years by building a bunch of new nuclear plants, but I gather the current situation is not serious enough and profits too many people to expect “real” action.

————————————————–

The problem besetting “Climate Change” is that the driving force behind the Climate Change agenda is an establishment whose goal is “to wash money out of the tax base and back into the hands of their friends”. This manipulation facilitated by a religious like acceptance on the part of the population whom have adopted an ideology , if labeled “green” no scrutiny for efficacy will be applied or tolerated. A cause to gain acceptance of the transferring of money to friends of the current regime where questioning it become “apostacy”.

“We are societies of altruists governed by psychopaths, those who get into positions of power, are very often wildly different in that psychology to those whom they claim to represent.” – George Monbiot

#43 Faron on 08.23.22 at 6:30 pm

#33 Sail Away on 08.23.22 at 5:29 pm

You are lying and you know it and it’s disgusting. You’ve made references to issuing punch combinations as well as a clear reference to some strange act by inviting me, alone, on an offshore sailing trip. Gross.

Guys. Knock it off. – Garth

#44 Alex on 08.23.22 at 6:32 pm

An excellent dose of financial wisdom as always, I always enjoy reading this at the end of my work day.

One question regarding “Otherwise, if you withdraw from an RRSP, the amount is fully taxable as income plus 10 – 30% withholding tax, and you permanently lose that contribution room.”

Does the withholding tax not count towards the income tax, similar to an income tax deduction on a paycheque? The “plus 10 – 30% withholding tax” makes it sounds like the taxes are additive (though both events occur, and it balances out during tax season).

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-withdrawals/tax-rates-on-withdrawals.html

#45 crowdedelevatorfartz on 08.23.22 at 6:38 pm

@#36 Mr French
“….and I suspect it’s the same person using 2 or 3 computers arguing with himself….”

+++
THAT is a truly frightening prospect…..

#46 VanLoserRenter on 08.23.22 at 6:44 pm

“If you are 18 years of age or older, maxing out your TFSA is a no-brainer. ”

As long as you live in the right province/territory.

The age of majority is 18 in:

*Alberta
*Manitoba
*Ontario
*Prince Edward Island
*Quebec
*Saskatchewan

The age of majority is 19 in

*British Columbia
*New Brunswick
*Newfoundland and Labrador
*Northwest Territories
*Nova Scotia
*Nunavut
*Yukon

The immature ones get to carry forward their contributions for the extra year but miss out on that first year of tax free growth.

#47 Love_The_Cottage on 08.23.22 at 6:45 pm

FHSA: this is the new account the Department of Finance HOPES TO LAUNCH NEXT YEAR…
______
#27 I’ll definitely be talking to my financial advisor about starting an FHSA when we meet NEXT WEEK.
_________
Attention to Detail is the ability to accomplish/complete a task while demonstrating a thorough concern for all the areas involved, no matter how small. This means monitoring and checking work or information, while organizing time and resources efficiently

#48 Faron on 08.23.22 at 6:51 pm

#42 Dogman01 on 08.23.22 at 6:25 pm

I’ll grant you that greenwashing has become a parasite on what needs to be done to fight climate change. The only thing that will ever be truly effective is a price on carbon that reflects the externalities.

You are misled that greenwashing is at the core of the majority of motivation to slow climate change. You would be remiss to forget that vast sums of money have flowed from fossil fuel lobbies to prevent, stop or slow progress on developing and implementing lower or no carbon tech.

#49 Søren Angst on 08.23.22 at 6:53 pm

Climate Change salvo.

Histrionic MSM meme of “we’ll all be killed”.

I look at the END GAME and I don’t sweat the short strokes.

Back to AD 79 and let’s say due to all the climate change heat melting a large chunk of the polar ice caps and glaciers we get a +15 m sea level rise like we had 1,942 years ago.

What will Earth look like then?

1. Alberta, you’re safe. Probably still hewing and drawing tar sands.
2. Long Island, not so long anymore.
3. Sorry Vancouver, but no more YVR for you (or Delta).
4. Lefty’s rejoice, half of Florida gone.
5. Garth, I hope that hill your home is on ends up on one of Lunenburg’s Archipelago islands.
6. Canada to create 3 new Provinces as PEI will be in 4 pieces.
7. Me happy in Pordenone. Beach a leisurely 20 min walk away.
8. Venezia and Pisa gone. Sad day for Italia and I expect the World.

———————

Dial in 15 m.

Ignore the map at 400 m. It’s a total crock.

There isn’t that much water on Planet Earth for 400 m (e.g., Google Search “if all the ice melted in the world how much would sea level increase”):

https://www.floodmap.net/

As for the heat, new agricultural areas will open (recall UK thriving wine industry 1,942 year ago), we’ll all wear Toga’s like the Romans did that never bitched about the heat or climate change during their +2500 year history AND

we will get by us humans, we will adapt (recall, we are a part of Mother Nature)

…unless we have all turned into pussies compared to the Romans back then.

#50 ogdoad on 08.23.22 at 7:03 pm

First off, looove the name Tatiana…but where did Enhorning come from? If it came from your husband/boyfriend/wife/girlfriend or wherever i’m jealous…but your mom, by chance? In which case, what’s your favorite color, like…you know, like green…or blue? Sorry, I like to ask stuff…

Anywho, TFSA’s are the bomb! I hope I have some somewhere…I enjoy spending money on other people…like loved ones and all that…so, hopefully they’re good…

Anyway, have a great night!

Og

#51 Linda on 08.23.22 at 7:15 pm

Great Post!
Thank you for this.

Can I claim the 8000. Deduction on my 2022 tax return if the FHSA is introduced in 2023?

#52 Sail Away on 08.23.22 at 7:27 pm

#21 Søren Angst on 08.23.22 at 4:06 pm

#6 Sail Away

your man (and mine) is counting on MSFT approval by Regulators to purchase ATVI, expecting an easy nearly 30% pop in ATVI after, or so they say. If you didn’t know, now you do

——-

Thanks! Yes, I’ve been in the Activision arbitrage for quite a while now. Warren is in a little deeper than me, admittedly. It’s expected to close by June 2023 and has a 19% upside from current price to accepted offer at 95. I’m not sure why the article quotes a buyout share price of 101.74, but will look into it more.

#53 Linda on 08.23.22 at 7:28 pm

#27 ‘crowded’ – make sure you qualify to open a FHSA. IF you currently own or have a partner who owns a principle residence you can’t open a FHSA. Only those who are not yet homeowners or anyone who hasn’t owned a PR for at least 4 years qualify to open a FHSA. If you have a partner then it would presumably be 4 years from the date either of you last owned a PR, with the most recent date of ownership being the starting point. Also note that there is an age range limitation. Those under age 18 or those aged 71+ are exempt from opening a FHSA.

#54 Søren Angst on 08.23.22 at 7:32 pm

#40 Faron

Sorry, sorry dude.

Your Herculaneum study, it has been discredited. Familiar with it. In fact there is a website where they are laughed at. Find it on your own.

Then again, if true, there is always Ostia, Aquileia and a hundred other places along Mare Nostrum for you to come up with another bogus Climate Change and/or Tectonic theory for.

PS:

Well accepted rendering by actual Scientists of where the seashore was in Herculaneum:

https://www.romanoimpero.com/2020/04/villa-dei-papiri.html

and of the city itself (sans underground imaginary yet to emerge lava caverns):

https://www.romanoimpero.com/2010/02/ercolano.html

and the lava rock that supposedly sprung up out of nowhere from your subterranean caverns to lift it all up to fit a BS narrative (bottom left where the boats were and the beach, upper right where terra ferma currently is):

https://www.beniculturali.it/luogo/parco-archeologico-di-ercolano-1

I never saw any lava caverns all the times I have been there. And neither have the Archaeologists that dig there every day. All they keep finding is more of the city.

Occam’s Razor.

Common sense, not so common.

#55 Steven Rowlandson on 08.23.22 at 7:36 pm

A $40,000 lifetime limit is just enough to get some one’s foot in the door with a minimal down payment and get financially behind the eight ball due to too much debt unless of course the price of a home collapses by an extreme amount then the risk to the home buyer would be minimal. Under existing conditions there should be no contribution limit given the magnitude of home prices.

#56 Nonplused on 08.23.22 at 7:41 pm

Seems to me there is not a great deal of difference between a FHSA and a TFSA, other than the tax break on investing in a FHSA and the fact that it has to be used to buy a house or rolled into an RRSP. But since most of the people who might want a FHSA aren’t paying much in the way of taxes anyway, let’s call them the same. That’s the government for you: why have one program when you can have two?

Anyway with the “bezzle” now coming off the Canadian housing market and that likely to last a decade or more, it’s time for those who don’t own a home to open a FHSA and sock away the $40,000 and then just leave it there for 15 years and then roll it into an RRSP. No depreciating house with all the taxes and maintenance necessary. Renters win again.

And as we see with the FHSA, government solutions never work. The FHSA will be about as useful to talk about over the next ten years as talk of taxing capital gains on primary residences.

Sometimes I wonder if we would all be better off if we just paid the government to stay home. That is one sector of the economy that would probably be more efficient under some sort of permanent virus-type lockdown. Parliament anyway. I mean, don’t we already have enough laws? Do we really need more? How many laws can there be until we reach “peak law”?

#57 Matt M on 08.23.22 at 7:53 pm

I’m fairly high income, and I’m worried about my RRSP being too large in retirement. Since I live in Toronto and rent, and don’t plan to not buy a house, does it make sense to continue using my full RRSP contribution, but then fund my FHSA through in kind transfers from my RRSP?

#58 espressobob on 08.23.22 at 7:55 pm

These days for the younger set its survival of the fittest. Loading up an account like the modernized home ownership savings plan with a ceiling of 40k is laughable at best. Let’s get serious!

A TFSA has some credibility along with an RRSP for those with higher than average incomes.

We live in a different era unlike the past.

That’s the new normal.

#59 Wrk.dover on 08.23.22 at 8:02 pm

#13 Scooby Snacks on 08.23.22 at 3:32 pm
Thanks for the post, Tatiana. I’d love to hear your thoughts on prematurely converting a RRSP to a RRIF in order to trickle out funds of the RRSP
_________________________

Years ago, we simply took out up to what ever amount would keep us in the same tax bracket we were in.

No bureaucracy involved. Just a little pencil work.

The money was put in during periods of higher earnings, to claw them out of the higher bracket until lower earning years.

#60 JSquared on 08.23.22 at 8:09 pm

“Can these idiots fighting in the comment section be banned or something?”…seriously Garth, please start deleting the inane back and forth bantering between annoying posters. I’ll take the bots over these twits any day. News flash boys…NO ONE CARES!!

#61 Wrk.dover on 08.23.22 at 8:09 pm

#45 crowdedelevatorfartz on 08.23.22 at 6:38 pm
@#36 Mr French
“….and I suspect it’s the same person using 2 or 3 computers arguing with himself….”

+++
THAT is a truly frightening prospect…..
_____________________

Years ago, we had a wino living in an 8X10 aspenite shack next door. (NS zoning ya know)
He used to have three voice arguments, and throw things around in there.

To this day, I refer to that crap as Freddie Board.

He is missed!

#62 KLNR on 08.23.22 at 8:12 pm

@#43 Faron on 08.23.22 at 6:30 pm
#33 Sail Away on 08.23.22 at 5:29 pm

You are lying and you know it and it’s disgusting. You’ve made references to issuing punch combinations as well as a clear reference to some strange act by inviting me, alone, on an offshore sailing trip. Gross.

Guys. Knock it off. – Garth

Guys?
Children would be the more appropriate term.

#63 TurnerNation on 08.23.22 at 8:19 pm

Poor New Guy/Gal — with the nimrods in steerage section hanging around always. Here goes nothing…

I come here seeking alpha with zero hedge. Top schlock pick is Oil Services ETF. Unleashed:

https://finviz.com/quote.ashx?t=OIH&p=d&tas=0

And Brazil ETF, kinda oil based too:

https://finviz.com/quote.ashx?t=EWZ&ty=c&ta=1&p=d

——-
Life in our fetid, crowded “UN SMart Cities”. The trend is clear.

.There have been nearly 5,400 stolen vehicles in Toronto so far this year, according to numbers from Toronto Police Services. It marks a 50 per cent increase from all of 2021. (toronto.citynews.ca)


— Almost back to normal guys! It’s just business Comrade. Going into Year 3, I’d say this is permanent.

.Moderna to supply 12 million doses of Omicron-targeted COVID shot to Canada (reuters.com)

.University of Western Ontario to Require Booster and Masks Will Be Mandatory In Classrooms (globalnews.ca)

.Rising COVID-19 numbers could mean masking up this fall: Sask.’s top doctor. Saskatchewan (cbc.ca)

#64 the Jaguar on 08.23.22 at 8:44 pm

Reading today’s blog posts it appears Tatiana was able to sit back, put her Manolo Blahnik’s up and get an introduction to ‘crazyville’ courtesy of the resident hysteric. (Just kidding TE, I see your style as more restrained. A modern day Jackie O or Audrey H).

But seriously..’beyond the pale’. On behalf of the sensible bloggie doggies ( well, mostly), apologies. Sail Away, you have my sympathy and support.

I know as little as most about the science of climate change, though Bjorn Lomborg seems like a sensible guy, and as an observer of ‘horses out of the barn’, adaptation makes sense to me.

What is most annoying on this subject and many others is the incredible hypocrisy. I’m all for banning plastics, conserving energy wherever possible, transition to cleaner technologies, smaller footprints, less is more thinking, etc. One cannot move an inch forward or back without being ‘schooled’ on how to ‘do better’, ‘be better’, ‘it takes a village’, etc. On and on, and on and on… Bit of a crashing bore, really.

But everywhere I look the traffic is horrendous. Very few small cars like the aged fart of a VW that I drive with extremely low mileage because I walk everywhere I can and take transit a lot. Everyone is in an SUV or massive truck. Driving the kids to school when in previous years they walked and built strong bodies. No ‘one car’ families anymore. No way. Too inconvenient.
I see very little ‘real sacrifice’ behind loud platitudes and indignant responses to anybody who makes a living in an industry that actually keeps the lights on. Fossil fuels for electricity, heat and transportation. Anybody willing to give up their tech, hvac, cars, plane rides, industrial food production, etc., etc., please step forward and give us your three ‘Hail Mary’s”. Yeah…I thought so.

NonPlused has expressed it very well on many occasions. A bunch of lying hypocritical bastards.

O.K., back to the lovely Tatiana and strategic investment vehicles for tax avoidance.

#65 DON on 08.23.22 at 8:51 pm

#43 Faron on 08.23.22 at 6:30 pm
#33 Sail Away on 08.23.22 at 5:29 pm

You are lying and you know it and it’s disgusting. You’ve made references to issuing punch combinations as well as a clear reference to some strange act by inviting me, alone, on an offshore sailing trip. Gross.

Guys. Knock it off. – Garth

*********

For the love of DOG!

Meanwhile drought brings real world challenges.

#66 the Jaguar on 08.23.22 at 8:51 pm

P.S. More on the ‘Let’s throw money at the problem,

“Calgary airport receives almost $2M in federal funding to recover from pandemic”.

Lordy, if we are getting 2M, wonder how much that sh_thole of an airport Pearson is getting?

#67 Ponzius Pilatus on 08.23.22 at 8:52 pm

#27 crowdedelevatorfartz on 08.23.22 at 4:56 pm
Thanks for the reminder Tatiana

I’ll definitely be talking to my financial advisor about starting an FHSA when we meet next week.
——————-
I thought you had your money with Garth and Company.

#68 The Gold Standard on 08.23.22 at 8:56 pm

How’s this for inflation? More than an 800% increase in DCC fees in Kelowna:

https://globalnews.ca/news/9079687/kelowna-carriage-home-builders-fee-hike/

#69 Sail Away on 08.23.22 at 9:09 pm

#60 JSquared on 08.23.22 at 8:09 pm

“Can these idiots fighting in the comment section be banned or something?”…seriously Garth, please start deleting the inane back and forth bantering between annoying posters. I’ll take the bots over these twits any day. News flash boys…NO ONE CARES!!

———–

Yes, agreed. Myself included.

Once in three months I respond to the constant namecalling and insults and it turns into a total sh*tshow wordsoup rantfest. Maybe I’ll respond once more in another 3 months, but probably not. #innocentdove

#70 Faron on 08.23.22 at 9:10 pm

#49 Søren Angst on 08.23.22 at 6:53 pm

Oh buddy. Just… No.

I now have a sense of how, say, a decent singer feels at a drunken Karaoke night.

What a depressing set of exchanges. I know this cohort is fringy, but dang Garth, you attract some gems.

#71 Damifino on 08.23.22 at 9:24 pm

If you will be in a high tax bracket in retirement (e.g., pension), you should be careful to ensure your retirement income stays tax efficient and does not push you over the limit into OAS claw back.
————————————–

Agreed. Nobody wants to have a benefit they’ve become used to clawed back simply because they’ve invested wisely and are now reaping the reward.

On the other hand. They call it “Old Age Security” and not “Old Age Pension”. If it were truly a pension there would be no claw back.

But it’s a tricky thing. Somewhere, for some people at least, there’s a threshold where one must decide to forgo their OAS (or part of it) in order to make full use of their life savings, especially when they are sizeable.

There are those who wonder why the government should cut a monthly check for rich people who don’t need it. I tend to agree. Let’s face it. If you’re really loaded, why would you care about OAS?

But there is that nagging income ceiling for those who have saved well (but aren’t really that rich) causing them to always fiddle about trying to make sure benefits are maximized.

Unfortunately, any attempt to discuss that threshold would probably devolve into a religious schism akin to the “When Should One Take CPP” squabble.

#72 Garrick on 08.23.22 at 9:27 pm

Please God, cut the power to Faron’s computer.

#73 Yukon Elvis on 08.23.22 at 9:39 pm

#70 Faron on 08.23.22 at 9:10 pm
#49 Søren Angst on 08.23.22 at 6:53 pm

Oh buddy. Just… No.

I now have a sense of how, say, a decent singer feels at a drunken Karaoke night.

What a depressing set of exchanges. I know this cohort is fringy, but dang Garth, you attract some gems.
++++++++++
Help is available. Counselling, meds, electroshock therapy. Exorcism. Think about it. It could help.

#74 Faron on 08.23.22 at 9:41 pm

#69 Sail Away on 08.23.22 at 9:09 pm

Can’t even leave it without lobbing a bomb and getting the last word in. Seriously?

#75 crowdedelevatorfartz on 08.23.22 at 9:45 pm

@#67 Perceptive Ponzie
“I thought you had your money with Garth and Company.”

+++
Yep.
Just not Tatiana.

#76 Airfix on 08.23.22 at 9:49 pm

#70 Faron on 08.23.22 at 9:10 pm
“Garth, you attract some gems.”

And you are the shiniest of them all, you know where the door is.

You have truly out stayed your welcome.

#77 crowdedelevatorfartz on 08.23.22 at 9:52 pm

@#61 Wrk.Dvr
“To this day, I refer to that crap as Freddie Board.”

++++
Good one.
About 35 years ago I worked as a Highrise window cleaner in Downtown Vancouver.
I was stuck working on the outside of Bentall Tower 3 with a guy that would have full on conversations, arguments, head nodding and shaking at eat comment he had with himself.
After the first few minutes of asking him “Were you saying something to me?”
And him replying,” No, just talking to myself…..”
I got used to it and we had a very productive 2 weeks.
Alas he injured himself one day when he turned and WALKED AWAY FROM HIS 8ft STEPLADDER WHILE STANDING ON THE TOP STEP…..
Shattered his leg.
WCB rehabbed him into a new career.
Nice guy.
Just crazy as a loon.

#78 Michael in-north-york on 08.23.22 at 10:05 pm

Very nice summary, thanks.

#79 Ohm on 08.23.22 at 10:12 pm

Or one can spend a few dollars and watch this incredible spectacle based out of Toronto; lol!
This country has gone nuts!!

https://www.dailymail.co.uk/news/article-11138175/Bizarre-Canadian-dance-troupe-bewilders-audiences-pretending-SHEEP-half-hour.html

#80 DON on 08.23.22 at 10:30 pm

#45 crowdedelevatorfartz on 08.23.22 at 6:38 pm
@#36 Mr French
“….and I suspect it’s the same person using 2 or 3 computers arguing with himself….”

+++
THAT is a truly frightening prospect…..

*****
I could be wrong but didn’t they both arrive at the same time a couple years back???? Couldn’t be…

#81 Hope They's a Bot on 08.24.22 at 12:13 am

#4 Faron on 08.23.22 at 2:51 pm
#117 Sail Away on 08.23.22 at 2:09 pm

You’ve insulted me and numerous other commenters more times than one can count. You expressing joy in trolling and admitted that you get off on “stirring the pot”. So, yes, I am and will ever be angry at you because that’s a terrible way to treat people. Further, you get to be the stand-in for all of the people in this world who express callous disdain for other’s well being, choices, lives or livelihoods as you have. You’ve taken up that burden willingly by endlessly provoking me and others and thus shall bear it. The beatings will continue until morale improves as they say.

However, I’ve noted the smallest glimmer of something resembling humane behaviour from you lately. Maybe there’s at least some hope.

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

Hoping this really is a troll with 2 or more screen names, if not this guy has to be the most sanctimonious POS on the web…

#82 St Brigid alumni on 08.24.22 at 12:38 am

Faron, Sail Away

Get a room! Take your petty barbs off this blog !

#83 Bezengy on 08.24.22 at 7:40 am

TFSAs …. but there is no mercy for accidental over contributions.

—————

That cost me over $1k. I blame the bank but it doesn’t matter, like the lady said, no mercy.

If someone withdrew $80k from their TFSA and redeposited it in Jan the fine would be 1 percent x 12 months, roughly 10k. Ouch!

#84 Stone on 08.24.22 at 7:59 am

#112 Penny Henny on 08.23.22 at 12:33 pm
Hey Stone, you’ve been doing a lot of tweaking to your B&D lately. Some might say your unbalanced.

———

I’d equate it to the analogy of hanging a picture frame. You adjust it and then step back to see if it looks straight. Sometimes, it takes a few adjustments to look right.

That’s all.

My hope is that it’s now ready for a while to come.

#85 Sail Away on 08.24.22 at 9:04 am

Ah, a new day and early dog run in quail country as soon as it’s light.

The quail area is fairly near town, and some homeless people camp there, so there’s always the added spice of meeting crazies. But, clearly, that can happen anywhere.

And the blackberry abundance is off the charts this year. Projecting 70-80 liters this year with 30 already processed or frozen.

#86 Dharma Bum on 08.24.22 at 9:19 am

#66 The Jaguar

Lordy, if we are getting 2M, wonder how much that sh_thole of an airport Pearson is getting?
—————————————————————————————————–

Whatever they get, it could never be enough.

I don’t know what it is about Pearson, but it is definitely one of the the most horribly managed airports I’ve ever experienced.

It is also one of the bleakest and most depressing airports in the developed world.

The people that work in that place – from the security apes to the gate agents to the coffee servers to the baggage claim neanderthals- are the creepiest form of bipeds roaming the planet.

For an airport of that size, and that handles the amount of traffic it does, it also has the most pathetic selection of amenities (shops, restaurants, coffee shops, etc.) that I’ve ever seen. And what little they do have are total crapola.

It was fun the other night waiting on the tarmac for an hour after landing for an available gate.

Stellar logistical management.

The worst.

I miss Garth.

#87 millmech on 08.24.22 at 10:04 am

I do not think it is worth it to fund anything other than the TFSA, you are producing a tax bomb in the future. There are people retiring with seven figure RRSPs who will never spend it, they would have been wiser to buy growth or dividend stocks non registered which in the end gives you better tax avoidance strategies.
Please do a post on non registered investment accounts and the many pluses to them.

#88 Jeff Savoury on 08.24.22 at 10:17 am

Lost LNG billions will cost Canadians billions more in increased taxes to maintain today’s fracturing status quo. Trudeau says there’s “never been a business case” to transport LNG globally. I guess Justin never saw any of the hundreds of applications for Nat Gas infrastructure by global companies. They must all be far less intelligent. After all Justin is an economic genius.

#89 Faron on 08.24.22 at 10:54 am

#80 DON on 08.23.22 at 10:30 pm
#45 crowdedelevatorfartz on 08.23.22 at 6:38 pm
@#36 Mr French
“….and I suspect it’s the same person using 2 or 3 computers arguing with himself….”

+++
THAT is a truly frightening prospect…..

*****
I could be wrong but didn’t they both arrive at the same time a couple years back?

He got here a couple years before I did. He was arguing with other people, defending Trump (now proven to be indefensible trash) etc.

#90 Observer on 08.24.22 at 10:59 am

#85 Sail Away on 08.24.22 at 9:04 am
Ah, a new day and early dog run in quail country as soon as it’s light.

The quail area is fairly near town, and some homeless people camp there, so there’s always the added spice of meeting crazies. But, clearly, that can happen anywhere.

And the blackberry abundance is off the charts this year. Projecting 70-80 liters this year with 30 already processed or frozen.

^^^^^^^^^^^^^^
What happened to: #6 Sail Away on 08.23.22 at 3:05
“Maybe concentrate on the topic at hand? Thanks!” ?

#91 Tony on 08.24.22 at 10:59 am

Re: #5 Observer on 08.23.22 at 2:54 pm

From what I’ve read I believe you’re correct. I have no RRSP contribution room or working income ever so 40 G’s plus anything made would hammer me for the OAS clawback in the year I turn 71 if Garth is correct. The odds of me buying a home before age 71 is very unlikely unless it all goes down in China and contagion spreads to Ontario.

#92 Tony on 08.24.22 at 11:12 am

Re: #83 Bezengy on 08.24.22 at 7:40 am

A class action lawsuit should be brought against Revenue Canada as they are the ones in error. They in turn blame it on the banks, credit unions or trust companies not reporting the transactions so the lag period of time always seems to reach upwards of a year. Technically Revenue Canada says you can withdrawn TFSA money and pay it back next calendar year but its lies and Revenue Canada goes after the taxpayer when they’re the ones in error and they subsequently blame it on the banks, trust companies and credit unions tardy reporting to them (Revenue Canada) This is happened to me and I told them its their fault not my fault as they say you can withdraw TFSA money and pay it back in the next calendar year. Revenue Canada always lags at least 6 to 8 months behind. Something should really be done about this at. Somehow none of this ever makes its way to Justin Trudeau and how Revenue Canada is ripping off the taxpayers charging them interest for their own mistakes which they in turn blame on the banks, trust companies and credits unions taking so long to report the transactions to them.

#93 Faron on 08.24.22 at 11:21 am

Oops, Fraser River Sockeye come in 56% of expected.

https://vancouversun.com/news/local-news/high-hopes-for-fraser-river-sockeye-dashed-by-precipitous-returns

I’m not saying this is or is not climate change, but it shows why cherry picking of data is clownish.

#94 Tony on 08.24.22 at 11:33 am

Re: #58 espressobob on 08.23.22 at 7:55 pm

I saw at least 3 dozen resale apartments sell for less than 40 thousand dollars in Edmonton last year. No co-ops or leasebacks.

#95 Drill Baby Drill on 08.24.22 at 11:41 am

Intelligence and beauty all in one package on this dog of a blog “finally”.

#96 ImGonnaBeSick on 08.24.22 at 11:48 am

#4 Faron on 08.23.22 at 2:51 pm

You’re a broken record… of a baby crying…

Toughen up already… you’re just as guilty and the constant whining is embarrassing

#97 DON on 08.24.22 at 11:50 am

#89 Faron on 08.24.22 at 10:54 am
#80 DON on 08.23.22 at 10:30 pm
#45 crowdedelevatorfartz on 08.23.22 at 6:38 pm
@#36 Mr French
“….and I suspect it’s the same person using 2 or 3 computers arguing with himself….”

+++
THAT is a truly frightening prospect…..

*****
I could be wrong but didn’t they both arrive at the same time a couple years back?

He got here a couple years before I did. He was arguing with other people, defending Trump (now proven to be indefensible trash) etc.

*********

I am glad I am wrong…it would be scary otherwise.

cheers

#98 DON on 08.24.22 at 11:58 am

How does gas spike 10 cents over night when oil inflation has decreased. Refineries down for maintenance or is it the Iran deal gone sideways or OPEC+ resolve to cut oil ouput if Iran oil comes back on line or is it the fact US strategic reserves were plundered for midterm election appearances or a combo of all factors.

#99 IHCTD9 on 08.24.22 at 12:17 pm

#63 TurnerNation on 08.23.22 at 8:19 pm

— Almost back to normal guys! It’s just business Comrade. Going into Year 3, I’d say this is permanent.
—————-

I’ve been reading about the North American fur trade lately, and came across this quote that had your name on it:

“I would warmly recommend to your notice the Canadians; these people I believe, are the best voyageurs in the world; they are spirited, enterprising, & extremely fond of the Country; they are easily commanded; never will you have any difficulty in setting a place with them Men; however dismal the prospect is for subsistence, they follow their Master wherever he goes.“

– Colin Robertson, 1810

#100 Faron on 08.24.22 at 12:38 pm

#54 Søren Angst on 08.23.22 at 7:32 pm

#40 Faron

I never saw any lava caverns all the times I have been there. And neither have the Archaeologists that dig there every day. All they keep finding is more of the city.

Occam’s Razor.

Common sense, not so common.

Oh my god. Wait, you think magma chambers are things you could dig a hole to find and then walk through?

Please go back and take geology 101. Also, the Med is connected to the global ocean. If there was a 15m highstand in sea level 2000 years ago, that would be recorded elsewhere and would be widely known. There is no such record. It would also imply loss of the Greenland ice sheet and a big chunk of the Antarctic. Ice core records from greenland are continuous through the last glacial and through the last million years in Antarcica.

This ranks up there with your failure at basic financial calculations previously. Sorry bud. Common sense not so common indeed.

#101 Faron on 08.24.22 at 1:04 pm

#90 Observer on 08.24.22 at 10:59 am

#85 Sail Away on 08.24.22 at 9:04 am

What happened to: #6 Sail Away on 08.23.22 at 3:05
“Maybe concentrate on the topic at hand? Thanks!” ?

I know, right? He didn’t even have the common decency to report his weight, SpO2 nor his light-in-loafers dietary predilections.

#102 Shawn on 08.24.22 at 2:48 pm

Inflation / deflation watch

Back in Alberta… Watermelons at Safeway $9.99. Putting these at the front door is like a warning “This is an expensive grocery store”. The solution is to shop around and buy what’s on sale. Competition can’t work its magic is people don’t shop around.

BUT milk was $5.79 for four liters. That’s pretty cheap. Despite all the hate for dairy marketing boards, milk is one of the best values in the grocery store and eggs are another one. I understand however that the grocery stores take a loss on the milk to attract customers. (Then they “get” them on the watermelons it seems).

#103 Shawn on 08.24.22 at 3:03 pm

Grocery Price Watch

I bought 2kg or 5 pounds of refined while sugar to $2.79.

Amazing that sugar is one of the very cheapest products in the grocery store. Must be a conspiracy to keep most people fat and lazy?

More likely it’s in large part because white sugar is a pure commodity. Few people really care what brand they buy. Competition and efficiency must have worked its magic on sugar production and distribution.

#104 Matt Foley on 08.24.22 at 3:47 pm

Thanks for the post, Tatiana. I’d love to hear your thoughts on prematurely converting a RRSP to a RRIF in order to trickle out funds of the RRSP and use that to feed the TFSA

Also, please tell us about your turn-ons and what you are looking for in a partner and let us know if someone who lives in a van down by the river a deal breaker for you.

#105 Dwilly on 08.24.22 at 5:38 pm

Geez. Maybe I have been doing it wrong, but I always take some time to get to know new hires personally. Have coffee or lunch.

I’ve not thought I was being emotive, hand-holding, or filling in emotional voids. Just trying to be, you know, not a dick. :)