Still Financially Crazy after 13 Years

In 2005 I started this site, and I am still financially crazy  after all these years. I must be crazy, I think debt is a bad thing, don’t buy individual stocks and think pay day loans are the devil’s work 

financially crazy

13 Years of Blogging Summed up Very Nicely

Over the years I have written over 3000 article, had over 1,200,000 page views, and I have some favourites.

My Favourite Financially Crazy Posts

These are the ones, I re-read and enjoy. Some of these I wonder why no one was interested in, but that really sums up my entire writing career.

Your Favourite Financially Crazy Posts

These are the ones that have had the most views

The Future?

Certainly the volume of posts has declined over the years, but I am still at this. I have had folks offer to buy the site (not going to happen), offer to Guest Post (not likely to happen) and offered to make the site more popular. We shall see what the future holds.

Sing Me Out Ray

Ray Charles sings my favorite version of Still Crazy after all these years.


More Financial Advice from a Comedian

My wife and I thoroughly enjoyed LetterKenny Live, and as part of the show is stand-up from K. Trevor Wilson. Mr. Wilson’s comedy is very topical and he had financial advice for young folks that resonated with us.

Financial Advice from a Comedian

K. Trevor Wilson

“… when you are young, eat in, but poop out…”

This is a paraphrase, I don’t remember his exact words. Don’t be too literal when reading the quote.

When you are young, eating in will save you money, and teach you how to survive in the world. It will give you culinary skills and teach you how much food costs.

When you start living by yourself, there are a lot of expenses, including toilet paper. If you can hold it, do your pooping at work or at external sites, but buy nice toilet paper for the times you can’t hold it, at home.

This is a little extreme (or esoteric) in terms of financial advice, but it was very funny (to me) and  topical. I am starting to think that comedians are better financial advisors than a great many financial folks I have met in my travels.

I would also recommend seeing Mr. Wilson’s show (or on Letterkenny) he is very funny.


Steady Interest Rates, Spring Forward and #MoneyTalk

Interest rates continue to stay at 1.25% for the overnight rate, and I suspect the way the economy is going we won’t see another rate hike for a little while. Their own statement seems to imply, they are not really sure where things might be going in the next little while.


Time to Spring Forward

Inflation is running close to the 2 per cent target and the Bank’s core measures of inflation have edged up, consistent with an economy operating near capacity. Wage growth has firmed, but remains lower than would be typical in an economy with no labour market slack. Inflation is fluctuating because of temporary factors related to gasoline, electricity, and minimum wages

This seems to point a wagging finger at Ontario’s minimum wage increase, but asks why aren’t wages normally going up given how few unemployed folks are out there? We seem to live in interesting economic times.

Belated Happy International Women’s Day! As the father of 3 wonderful women, and the proud son of a trailblazing woman (my mother had a Statistics Degree in 1951, which was a rarity), I stand in awe. Do we have wage parity? Nope. Do we have gender equality? Nope. I think we still have a lot of work to do.

It is not only Tax Season again, but it is that weekend when the clocks go forward (in most places in Canada and the US). There is talk of sticking with Daylight Savings Time, we shall see where that might leads, but if you won’t put your clocks forward you will be late all day Sunday.

My Recent Writings

Luckily I got something interesting in the mail to write about this week, with RDSP Statement of Grant Entitlement . Once you have gotten through the DTC maze, set up an RDSP and started putting money in it for your loved one, this is the most important document you will receive every year (aside from any reassessment notices from the CRA of course).

Micro Blogging on Finance

If you somehow think that the Government is going to escape the Phoenix Pay system debacle unscathed, I don’t think the media in Ottawa is going to allow that to happen.

💻 If you want more great financial stories click here 💻


RDSP Statement of Grant Entitlement

Who knew that this time of year had so many financial events? You have the RRSP deadline, tax preparation time and for some another important event. At the beginning of February I receive the Annual RDSP Statement of Grant Entitlement from my son’s RDSP.

What is the RDSP Statement of Grant Entitlement ? It is the yearly statement from the Government that states the maximum grant available for the year and the amount I need to deposit in my son’s account to receive the grant.

If you receive this you will see the following box that explains all things in terms of contributions and grants.

RDSP Statement of Grant Entitlement

RDSP Statement of Grant Entitlement for my Son

From this simple table we can deduce so much information about the RDSP grant program.

  • My son is receiving the minimum grant for this year of $1000. This is due to my family income being at the top of their scale (but not that high in my scale). In the future it will be based on my son’s income (after he turns 18). If the Max Grant available was $0 (Zero) it would usually mean the holder is no longer eligible for grants.
  • The maximum grant he could receive this year would be $10,500, which might be possible after his income is the trigger for grants.
  • We need only contribute $1000 to my son’s RDSP to receive the $1000 grant (thus a 100% grant).

The income level that the grant is based on uses the previous years CRA submission.  My son’s income level won’t be used until he turns 19, but then his grant potential will increase notably.

What isn’t mentioned is the the limit of $70,000 in grants over the lifetime of the RDSP holder. This suggests (for me) a strategy of waiting until my son turns 19 before making large additions to the RDSP. This strategy should allow him to receive the maximum grant level.

Also not mentioned is Grants are paid into the RDSP until the end of the year my son turns 49 years of age.

The maximum contributions for the lifetime of the RDSP is $200,000 overall contribution.

Finally the Canada Disability Savings Bond is also not mentioned, because of my family income. For those with lower incomes, this is a reason to open an RDSP even if you don’t have much money to put into it.

Remember my son’s RDSP is currently being held in a TD Direct Investment RDSP.

Please Come Back

As part of my infamous back-log of unfinished essays, I have many more on this subject and other RDSP related topics, so please come back soon.

The Government Web-site on the topic: InfoCapsule 12: Carry forward of grant and bond entitlements.


Budgets, Phoenix Death, Inflation and #MoneyTalk

How does a system named Phoenix go down in flames? The $1B payroll system, will be repaired enough to work (at much further cost), and then it will be replaced by something else? It was obvious that the current Government wanted this albatross from around their neck, but is this enough? We shall see if this helps or hinders them.

An interesting budget. It’s interesting that fiscal conservatism (note the small C) has gone right out the window in North America as a whole. Balanced budgets are a thing of the past, I suppose? There is an extension of the RDSP qualifying plan holders program, which will help families still trying to figure out the RDSP Statutory Guardian world (it is really not easy, and it is expensive too).

Last week Stats Canada published the January Consumer Price Index numbers, and as usual they are interesting.

The Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in January, following a 1.9% increase in December. Excluding energy, the CPI increased 1.7%, matching the gain in December.

Interesting that energy did not cause issues this month.

CPI Inflation Phoenix

CPI by category compared to last month

Looking with a little more detailed eye we can see year over year:

Main upward contributors:

  • Gasoline (+7.8%)
  • Food purchased from restaurants (+3.7%)
  • Homeowners’ replacement cost (+3.5%)
  • Air transportation (+12.2%)
  • Purchase of passenger vehicles (+1.4%)

Main downward contributors:

  • Electricity (-5.0%)
  • Travel tours (-2.5%)
  • Digital computing equipment and devices (-4.9%)
  • Video equipment (-10.0%)
  • Natural gas (-3.0%)

Gas is really up year over year, but not really month over month. Eating out continues to rise in cost too.

My Recent Writings

I found something in my backlog of over 300 unfinished titles, with, Credit is the Lubricant for the Wheels of Business, which really should have been title Credit is the Opiate of the Consumer. Banks, and stores want you to use credit but trussing yourself up with easy credit is a dangerous game to play.

Micro Blogging on Finance

Will Payday loans go away? Not likely, according to Hoyes Michalos.

💻 If you want more great financial stories click here 💻


%d bloggers like this: