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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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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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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Bye Bye CSBs, 36 Million Strong and #Moneytalk

Evidently the government is investigating whether they should abandon the Canada Savings Bonds program, and when I hear that all I could think was, What will all the Grandmas invest in now? Evidently there is about $500M worth of unclaimed CSBs out there still too? Remember the good old days when CSBs paid out

Canada Savings Bonds

CSBs Ready to Save

1980 Nov S35 11.50% 1981 Nov S36 19.50%
1982 Nov S37 12.00% 1983 Nov S38 9.25%
1984 Nov S39 11.25% 1985 Nov S40 8.50%
1986 Nov S41 7.75% 1987 Nov S42 9.00%
1988 Nov S43 9.50% 1989 Nov S44 10.50%
1990 Nov S45 10.75%

Yes, remember those heady days when CSBs paid 19.50% . I do! I also remember 15% mortgage rates. However, for all those lovers of CSBs, don’t lament, you can still buy them this year, and set up a payroll savings program too! The population of Canada is now over 36 Million according to Stats Canada. We added 139,645 from April to July of this year! Now that is an immigration boom (or one hell of a baby boom!). Funny, it doesn’t feel that crowded, but I don’t live in Toronto either.

In Ottawa, the Glebe has decided that the stores in that area can open on Thanksgiving (and on 5 other holidays as well). Do we really need that many days to shop? I remember not shopping on Sundays.

The only comment I can make about the American election is, what I have said previously, Overt Zelotry of any kind (religious, political, or any other) worries me a great deal. How is everyone so darn sure they are right?

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Stuff I wrote this week

Another fairly lazy week for me, however, I do have many more ideas percolating in my brain (including one where I am actually asking MPs questions), but this week, I wrote about the Shocking Electricity Price in August (CPI Canada). Ontario is leading the way with ludicrous price increases for electricity.

I continue to get comments and questions from my article CRA Child Disability Benefit (How To), and hopefully folks are being helped by it (it is one of my favorite articles).

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Autumn has arrived in Ottawa, which of course means that Winter is Coming, but unfortunately the financial pundits down south are also warning of Financial Winter, in the face of possible Fed Rate increases by December. If the US starts ratcheting up interest rates, Canada might follow suit, or might not, to make the dollar weaker? I can’t remember what is in vogue these days, a Weak Dollar helping trade or a Strong Dollar, helping trade?

If Financial Winter is coming, maybe it is time to think about whether you are ready or not?

Game of Thrones Financial

The White Walkers Want Your Money

The CRTC is trying to make sure our Internet Access (at home) is not only available from specific companies, however, the Monopolies (Bell, Telus, Rogers) are not playing very nice, as outlined in ‘We need to fix this’: Big telcos hoard fibre optic networks despite CRTC order. Companies like Teksavvy have been trying to compete, but continue to run into the Monopolies lack of co-operation.

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Preet and Money

We see him here, we see him there, that Preet B. is everywhere!.

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