RDSP , New Mortgage Rules Hurts Economy and #MoneyTalk

This week I start with another big Thank you to Mark Goodfield for posting another helpful overview article (written by Howard Kazdan ) entitled, The Registered Disability Savings Plan – A Government-Assisted Savings Plan for Family Members that Qualify for the Disability Tax Credit . I have written a great deal about my misadventures with this program, as well as my issues with TD Direct Investing (still the best RDSP out there, unfortunately), but this overview is a good read for anyone wishing to get a few hints to help out a disabled loved one (financially). Remember to read the Henson Trust Article as well.


RDSP A Path to Savings (from another great article by Moneysense)

The 3rd US Presidential debate happened… ‘nuff said.

There are dire warnings that the new Mortgage and house buying rules are going to hinder young folks ability to purchase houses, however, as usual Michael James had an excellent tweet in response (see the financial tweet area for that chestnut). The government seems to be attempting to gently let the air out of the bubble, we shall see whether it pops in spite of the gentle treatment.

The Bank of Canada announced that it is maintaining its target for the overnight rate at 1/2 per cent, which is nothing new. The reasons why are always interesting, so let us peal that onion a bit more. Interesting that the new house buying rules are mentioned in this report as well,

…This is due in large part to slower near-term housing resale activity and a lower trajectory for exports. The federal government’s new measures to promote stability in Canada’s housing market are likely to restrain residential investment while dampening household vulnerabilities….  ”.

Interesting that the Bank is almost scolding the Government for bringing the new housing rules in place? Maybe not, scolding, but pointing an accusatory finger.

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My Writings for Week Ending October 21st

Having watched the happenings down south, I had a small epiphany about how voting and financial planning are pretty darn similar (at least how we implement them), so I wrote, We Invest the Way We Vote . I have read a few articles that simply telling to populous to vote, without telling them to make an informed vote, is at best reckless at worst dangerous, and after watching what has gone on in the Republican Party, I think the theory is valid. Become informed on the topic, before executing!

New Mortgage Rules All Bad?

I think Michael James makes an interesting point with this simple tweet.

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We Invest the Way We Vote

I am not sure if this is an expression said by someone, but this seems to be the case. I am not calling out my friends to the South either, Canadians (and everyone really) are just as guilty when it comes to “going to vote“.

Electorate Training

Some Things to Think About

What do I mean? In both cases, we make a hurried, uninformed decision after being unduly influenced by people who have their own agenda on why they want you to do it. Typically the decision may even be made at the last-minute, using your “gut” to decide.

In both instances, this is insane! If you are voting, and it is solely you going into a box, with a pencil and making a mark for someone, that someone else told you to vote for, that is not how the democratic system is supposed to work. Similarly if you go to a financial planner, who throws together a bunch of financial or investing ideas that you either don’t understand (or worse don’t want to understand) and you blindly agree to it, that is not how financial planning works!

Get educated about both topics, and make an informed choice, don’t just “do it because I need to do it”, because you will rarely make the right decision (and if you do it will have more to do with luck). Financial Literacy we are starting to talk about, Political Literacy needs to be pushed as well. Oh and the argument, there is too much information to decide, I don’t buy it.

November may be Financial Literacy month, but that does not mean you should wait until then to start educating yourself.


Henson Trusts, RDSP Gripes and #MoneyTalk

Henson Trusts

A good start explanation of Henson Trusts

For my regular readers you know I am a big fan of Mark the Blunt Bean Counter (even if he is a rabid Leafs fan), and a while back he dropped me a note that he was going to be publishing an article on a topic I had asked him about a while ago, Henson Trusts. Mark said he knew a bit about them, but didn’t feel comfortable commenting on them, but did find someone who did a great job explaining another way for families of disabled loved ones to take care of them (financially). Mark got Katy Basi to write Estate Planning for Disabled Beneficiaries – Henson Trusts , and it is a great read. Next week Mark will be touching on another important topic (near and dear to my heart) the Registered Disability Savings Plan (RDSP).

Speaking of RDSPs, this week I wrote about another annoying session with TD Direct Investing attempting to put money into my son’s RDSP, and naturally I wrote about it in, TD Investments RDSP Continues to Annoy. I am just flabbergasted by how the system works, and as Michael James pointed out (in an April Fool’s article) this may actually be a Deposit-Only Bank Account (i.e. I will never be able to get the money out of the darn thing). The added annoyance from previous posts about the account I only learned about because the young lady I was speaking with said, “Oh, I remember, with that type of account I have to…”, read the article to find out what the “…” entailed.

The only comment I can make about the fiasco that is the US Election is,“… people in glass houses shouldn’t throw stones …” . That’s enough on that topic, let us hope it is over very soon, or that there are more Blue Jays games to watch instead!

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A Money Tweet

To paraphrase the Princess Bride, I don’t think that means what you think it does…

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TD Investments RDSP Continues to Annoy

It is that time of year again, for me to go through the odd set of steps to move money into my son’s TD Direct Investing RDSP account. First let me point out that the TD Direct Investment RDSP is the best one that I can find on the market (do not be confused TD has a  TD Mutual Fund version, you should ignore), in terms of its ability to allow me to invest in what I want, and  receive the correct Government grants.

Now that I have said this is the best, allow me to now clarify that to actually put money into this account is the most convoluted, horse manure interface that could be concocted by a set of Lawyers and Accountants (and possibly throwing in a Modern Dance Choreographer). I have written previously about the steps I must take to put money into this account, however, this last time I got a glimpse at the end of the deposit part of the process.

Previously I pointed out that the steps were:

RDSP Money Path

RDSP Money Path (using Easyline over phone)

So note that I cannot do this on-line. I can put money into my trading account using a normal automatic transfer mechanism (step 2), so some of it is automated. I dutifully every pay cheque transfer an amount into my trading account to build up the money for the RDSP account.

What I found out from this last session on the phone was that step 3 is not actually a straight forward transfer, it is actually an E-mail sent from the lucky phone representative who I talk to on the phone, to some magical over-lord who does the actual transfer. Read that sentence again, the RDSP program at TD is so convoluted that their own representatives are not allowed to do a simple transfer, they must ask someone else to do it? #Seriously?!?

I am staring to wonder just how exciting will it be to withdraw money from this system?



This weekend we celebrate the harvest in Canada, with our version of Thanksgiving. At this time, we need to remember the turkey, and the contribution it makes to our festive tables. Traditionally for Canadians this weekend is a time for families and friends to get together (nothing compared to our raucous neighbours Thanksgiving in November, however) and remember that charity at this time of plenty is important as well.

Beer Throwing Incident

There is no call for this, no matter how drunk (or stupid) you might be.

The ugly side of sports showed itself as a Blue Jay fan chucked a beer can (and almost hit) an unsuspecting Orioles player. As a lifetime Expos fan, I am unimpressed, and if I saw anyone do that at a ball game I’d point them out to authorities. C’mon Torontonians figure out who the culprit is and do the right thing. The only Knucklehead at the Jays game should be R.A. Dickey!

It is also Oktoberfest in my old stomping grounds of Kitchener/Waterloo (and Germany) (a good use of beer, as well). Another wonderful fall tradition that starts (officially) on the Thanksgiving weekend. Allegedly the PM himself will be tapping the first keg.

The big financial news for the week was Minister Morneau Announces Preventative Measures for a Healthy, Competitive and Stable Housing Market, which we shall see how it impacts the bubbling house markets in some cities in Canada.

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Stuff I wrote this week

I had grandiose plans of writing a bunch of stuff this week, but life does sometimes get in the way of my best laid plans. “It’s not quite what I had in mind” (Financially) outlines how some folks settle for bad service, with their money, and they should not. You worked hard to make that money, fight to make it do the most for you.

I keep asking the same question on Social Media, but I never get an answer, RDSP: Question for Canadian Big Banks, asks why is the RDSP such a piss poor program at most banks? I have yet to have anyone from a bank respond to it.

Deep Financial Tweets

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