Happy Halloween, Income Splitting and #BestThisWeek

in Best of

Halloween is here, along with all of the money that is now associated with it. Gone are the days where a simple Jack-O-Lantern would suffice, if you don’t have a scene from a Vincent Price movie on your front lawn, you are a failure in the eyes of your neighbours. I will be out trick or treating with L’il C8j, but as usual he won’t be eating any of the candy (he likes a few things, but not a lot), that is left to me and Mrs. C8j to gorge ourselves silly. Just make sure you don’t end up with any Financial Skeletons in Your Closet after setting up your Halloween Horror House.

Scary Jack o Lantern

That Sure looks scary kids!

Word has it that the upcoming Budget may allow income splitting for families with children under the age of 18 (hopefully with a dispensation for those with disabled children, maybe allowing for this ability after the child reaches the age of 18). The splitting will really mean an ability to transfer up to $50K from one spouse to another (maximum benefit of $2000), but still will help single income families (or families where one spouse makes much less than the other). I started a discussion on reddit about this as well, drop by and be heard.

This is all due to the Government “balancing” the budget (note I put that in quotes), what “balanced” means is simply the Government is simply spending all the money that they earn (while paying maintenance on the existing National Debt). I do not suggest this as a good plan for anyone trying to lower their debt level (i.e. cutting your income).

If Halloween is here, that must mean only one thing (aside from my Daughter’s birthday of course) and that is to not forget to put your clocks back this weekend as well. Yes, it is Fall Back time, where we get an extra hour of sleep and those of us who go into work early in the morning will still get no glimpse of sunlight.

 

My Writings for Week Ending October 31st

The days are getting shorter and of course this weekend, the clocks go back, so we all have an extra hour of sleep, so more time to read my writings, and luckily it was a sparse week for me, with only two new articles written.

  • I was very happy to hear from a Twitter follower that TD Waterhouse has updated their RDSP, and I wrote about that with TD Waterhouse RDSP, a step in the right direction.
  • You do realize that it is 85 years since the great stock market crash of 1929, don’t you? This begs the important question When is the Next Big Stock Market Crash? The answer might surprise you, but some interesting data about the crash, worth looking at as well.
  • Maybe we need to make sure we Define What Debt Free Means ? I think we do, because banks think Debt-Free means you don’t owe on your credit cards.

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This Week’s Finest

Cat Slide

This is How Life Feels at Times

This week we had a uniquely Canadian headline with, “Man caught while trying to escape in a canoe”, we are a unique nation:


Deep Thoughts

This is some very deep stuff here, but it is very money related too (and Kangaroos can’t jump backwards):


Remember my RSS feed is available too, and I have added an RSS Comment Feed as well. Have a look at my micro-blog on Twitter, where you can see a whole plethora of good articles and pithy comments by me as well.

My Twitter feed is where I re-tweet many great articles by some of my featured writers (and make the occasional odd or off colour commentary on life (in 140 characters or less)). I am also on reddit, Tumblr, Pinterest and other Social Media sites (look for the BigCajunMan userid) as well. If you have social media accounts, don’t forget to vote for my posts (see the nifty dashboard on the bottom of each article, where you can cast your votes).As they say in Quebec, vote early and vote often!

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{ 6 comments }

  • Jonny November 3, 2014, 1:52 PM

    I don’t have any children and won’t qualify for the income splitting, but I’m still not sure how I feel about it. The greatest benefit is directed towards families with one very high income earner, however, I’m happy overall with families in general benefiting. It will interesting to see how long this initiative lasts.
    I have some small business and personal tax clients, so this is certain to spurn a lot of questions next April!

    Reply
  • My Own Advisor November 2, 2014, 7:51 AM

    Thanks for the mention!

    Hope you’re having a great weekend, beautiful Sunday morning today, and an extra hour too! 🙂

    Mark

    Reply
  • Michael James October 31, 2014, 10:01 AM

    I’ll be sure to let your neighbours know that they shouldn’t bother giving you any candy 🙂 Actually, while I can’t rule out changes to my portfolio allocation completely, I think it is generally a bad idea to keep refining your plan because most people use this as an excuse to avoid rebalancing and put more money into whatever performed best in the recent past. Thanks for the mention.

    Reply
    • bigcajunman October 31, 2014, 10:20 AM

      Yes, I think I was clumsy in my analysis of your statements, apologies, all plans need to be checked, but simply changing for the sake of changing is not the right idea either.

      Reply
  • Barry @ Moneywehave October 31, 2014, 9:50 AM

    Thanks for the shout out BCM. New grads have a lot of stuff going on so and usually the only thing they think about their money is how to make it or how to spend it. Saving is not really a goal but by knowing their options with a TFSA they can at least make an informed decision

    Reply
    • bigcajunman October 31, 2014, 9:54 AM

      Starting on a path for saving is always a good idea.

      Reply

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