The Bank of Canada’s opinion is that Brexit is going to hurt the Canadian Economy (and its possible recovery) this year, which isn’t really news, but it is an interesting observation. This and a bunch of other information was reported by the Bank of Canada, when they reported they will not be doing anything to their key overnight rate. The Canadian economy continues to be in a very fragile state, and raising interest rates is unnecessary (or ill-advised, depending on how you read the report) at the moment. There exact statement was:
Inflation in Canada is on track to return to 2 per cent in 2017 as the complex adjustment underway in Canadaâ€™s economy proceeds. The fundamentals remain in place for a pickup in growth over the projection horizon, albeit in a climate of heightened uncertainty.
We do seem to be living in very uncertain times.
So far we have no lock out or Postal Strike, while they keep talking, but should you really be waiting for the fat to hit the fire? Remember to sign up for Direct Deposit with the Government (although allegedly those cheques will keep going?). Get your bills delivered by E-mail as well (most of your major bills will do that). For your packages, well that might be an issue.
As a practicing Anglican, I was appalled to see that when a motion at Synod (think of Church Parliament) is either defeated or passed by a single vote, there is not an automatic recount. While Anglicans are nice folk (in general), we do seem to have some very odd ways of dealing with issues.
What will Oktoberfest do now? Evidently Polka King Walter Ostanek won a lottery grand prize of $1M, who will be playing Roll out the Barrel or Too Fat Polka in Kitchener in October? Someone call Uncle Franz! Ach, du lieber Gott in Himmel !
My Writings for Week Ending July 15th
I am slowly getting through my archive of nearly started articles (still over 220) and My Four Best Investments was written on the way back from my daughter’s graduation from Trent University. This isn’t meant as a jab at those who choose not to subsidize their kids post-secondary education, just that if I hadn’t invested in my kids’ education, I most likely would have blown it on something else.
0% Financing On Cars, That’s Good, Right?
Preet has been busy this week and he has a new white board session outlining why 0% financing on your car might not be your best deal. I buy used cars, and you never get 0% financing on those.
More Money Talk for the Week
The new Phoenix payroll system continues to have its challenges with a Single Mom going without pay for more than 2 months (according to CBC). Teething pains are a problem with all systems, but this is getting quite serious.
Marie from Boomer and Echo brings us 5 Rules Of Thumb That Need An Update, and that is important since a lot of the older ideas about money really need to be modernized (or adjusted). A lot of folks get hung up on Net worth but Mark from My Own Advisor warns Stop obsessing over net worth, you are worth a lot (even if it isn’t monetary).
I really hate bank fees and Barry from Money We Have wants to help with a very irritating fee taking your money out of a machine! In How to avoid ATM fees he wants to help not pay that fee. A way to save taxes is trying the Smith Manoeuvre (which I do not recommend) but Frugal Trader brings us Smith Manoeuvre Questions â€“ Capitalizing the Interest and Tax Deductibility. Speaking of taxes the Canadian Couch Potato brings us the highly anticipated Foreign Withholding Taxes Revisited, for those who invest in foreign countries.
Do you have Home-Buying Dreams ? Michael James tries to explain that the old models of buying a home may not work in today’s economic world (and also given the ludicrously over-priced houses in some cities in Canada).
Preet returns to explain to Canadian investors why they will be seeing two new mandatory reports (one on COST and one on PERFORMANCE) from their financial institutions starting July 15th, 2016.
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
- February 4th Bouncing Loonies, RRSP Season, Superb Owls and #MoneyStories
- February 12th Lent is Here, Bricked iPhones, Love Day and #MoneyStories
- February 19th Digging Out, Ransomware, RRSP Time and #MoneyStories
- February 26th RRSP Time and #MoneyStories
- March 4th Welcome Americans and #MoneyStories
- March 11th Bank Rate Stays Put, Spring Forward and #MoneyStories
- March 18th Financial March Madness, Budgets and #MoneyStories
- March 25th, Easter is Here and some #MoneyStories
- April 1, Money Fools, Ronnie, and #MoneyStories
- April 8, Tax Time, Spring Delayed, Panama Papers and #MoneyStories
- April 15,Loose Money, Free Stuff, Hockey and #MoneyStories
- April 22,Disabilities, Tax Time, The Queen and #MoneyStories
- April 29,Pitter Patter Tax Time, RESPs are For Rich Folk and #MoneyStories
- May 6, Fort Mac, Mothers and #MoneyTalk
- May 13, Panama Papers, Google & PayDay Loans, Full Moons and #MoneyTalk
- May 20, Victoria Day, The Peopleâ€™s Elbow, Haircuts and #MoneyTalk
- May 27, Loose Money and #MoneyTalk
- June 3, CRA Itunes Pmts, RESP Scams and #MoneyTalk
- June 10, Portal to Hell Opens in Ottawa, BoC FSR and #MoneyTalk
- June 17, Fathers Day, Trump Housing Bubble, and #MoneyTalk
- June 24, Brexit, Fete National, Enhanced CPP and #MoneyTalk
- July 1, Happy Canada Day and Best Mid-Year Financial Stories
- July 8, Brexit Market Mayhem, Millenial Bashing and #MoneyTalk
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