The Canadian Dollar (aka the Loonie) seems to be making a bit of a comeback from being below 70 cents U.S., however, it is not due to anything good in Canada as much as it is the U.S. economy being in the doldrums instead. It has pushed the Loonie to above 73 cents, which means for those folks heading south, your vacation might be a little bit cheaper. Gas continues to be almost 70 cents a litre in Ottawa (by late evening, not that there is any price-fixing going on), so if you are driving south, might be cheap too.
Yes, RRSP season has started, however there does not seem to be the normal push from the banks, maybe the TFSA has finally taking some of the wind out of the RRSP sails? Maybe as the month passes we will get more hype going on.
If it is RRSP season, that must mean it is also Tax Time too. This year my last pay stub was actually quite close to my T-4 so my tax planning last month was actually quite close. Already have my copy of Quicktax, but it keeps telling me not to submit yet, they haven’t got everything ready for E-filing just yet? Interesting.
This weekend there is a sporting spectacle known world-wide for great drama and excitement. I am speaking (of course) of the 6 Nations Rugby Tournament, that starts on Saturday morning. There is some other game that has something to do with Owls and such, in San Francisco on Sunday night as well, that evidently (if you are attending) you will be surveilled (very closely). Yes, I believe Mrs. C8j will simply be swapping out the newspaper around my chair, as I do not think I will be moving all weekend (except to possibly stir the chili ).
My Writings for Week Ending February 5th
With all of us old folk talking about retirement, is there any concern about thecollective knowledge of an entire generation walking out the door? In my case, think of all the Fortran, Pascal and C programming info my employer might be losing? Maybe that is why they keep asking when I am leaving?
One of the main things I learned from the original Karate Kid was the importance of balance, and if you are tired of RRSP Season (the way I am) then maybe just view it as RRSP Rebalancing Season
A Topical Tweet
A poke by Dilbert (and Scott Adams) at all my stock picking friends out there.
The Financial Days Continue to Lengthen
There is one financial word that will cause a collective sphincter tightening, and that word is Audit, and our friend the Blunt Bean Counter wants to help you with that, with CRA Audit Update for Individuals and Corporations. Mark tries to explain some of the wordsmith’ing that the CRA is now using in their correspondence with you. Blessed by the Potato is thinking about us at Tax Time too, with Guide to Canadian Taxes for Freelancers, a whole series of articles for Entrepreneurs, Contractors and the like.
If you are looking for somewhere to put your RRSP or TFSA money, Barry from Money We Have brings us a Tangerine Investment Funds Review, and the funds look interesting for someone starting out with investing. If you are looking for More ETFs and SmartFolios for your portfolio, Mark from My Own Advisor has an interesting article for you to read. It might be RRSP Rebalancing Season, however, don’t neglect your other investment accounts, and Robb from Boomer & Echo brings us Target Date Funds: A Smart Solution For Your RESP? I must admit I hadn’t heard of these before, and they sound interesting (if a little high in the MER, but they are actively managed and they aren’t as high as some funds). What the heck is a Dark Pool? Darn good question, better question why are Barclays and Credit Suisse willing to pay $70M in fines because they used them. Read this folks, especially if you think the Stock Market is completely “above-board”.
Did you realize there is a Slimy Underbelly of the Internet, in terms of making money and how sites become popular? On the sister site to this site, I outline some of the dirty tricks involved in this process. As for technology Deloitte feels Mobile payments ‘tipping point’ comes in 2015, so maybe all you will need is your phone to live? Be scared if that is the case, because your phone isn’t safe enough yet.
Given the previously mentioned surging Canadian Dollar, you might be looking for the advice from Million Dollar Journey, Low Cost Ways to Convert USD to CAD ( to lock in your profits). Sure are a lot of ways of doing that. With the Canadian Dollar going up in value will that help with the cost of Love Day, I mean Valentine’s Day? No, but here are 6 Totally Unromantic Truths about Valentine’s Day. OK that was kind of grumpy so here are 5 Valentine’s Day Ideas for Big Hearts (with humble budgets) from Kerry at Squawkfox.
In the words of Chris Rock, Insurance is for “…in case sh*t happens…”, and Michael James chimes in with his personal philosophy on how he views insurance with The Way I Think about Insurance , as usual his arguments are cogent and a little spicy too. Read the comments too, they are quite interesting too.
Mostly Money Video Podcast
Preet continues on with his Video Podcast and this week he points out Uber is still cheaper, even when it is expensive. I have mixed views on Uber, I think the Taxi business does need to clean up its collective act, however, part of the reason your fare is so expensive is due to Government regulation (and that is a sure way to kill a business).
2016 Random Thoughts
- January 7th, Market Meltdown, TFSA, WildCard Weekend and #MoneyStories
- January 14th, Cheap Oil, Cheap Dollar, Dead Folk, and #MoneyStories
- January 21st, Loose Money, High Household Debt, Weak Loons and #MoneyStories
- January 29th, Doomsday Clocks, Rogue RRSP Receipts, Cash Crops and #MoneyStories
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