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.
The 3rd US Presidential debate happened… ‘nuff said.
There are dire warnings that the new Mortgage 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.
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.
A lot of talk about new mortgage rules hurting 1st time buyers. Maybe new rules will save some from biggest financial mistake of their lives
— Michael James (@MJonMoney) October 19, 2016
Money Stories from this week
- Paul Attfield at the Globe and Mail wrote an article about the costs of University across Canada (pay wall), that is well worth reading. The more information you have about this topic the more likely you are to either open an RESP for your child, or tell them, they are on their own.
- Mark from 2nd Career Search continues to educate folks thinking about what they might do on November 9th, if they live in the USA, so he wrote What I Learned Moving Back to Canada from USA. If you are thinking about immigrating, read this (before we put up our own wall).
- I am very old school when it comes to “multi-tasking” and frankly think it is a load of BS, concentrate on what you are doing, don’t try to do 10 things (badly) at once, and I found an article that echoes the same sentiments, All That Multitasking is Harming, Not Helping Your Productivity. Here’s Why.
- I really enjoy the series Ballers (although some of the “financial advice” given is a bit suspect), but Barry from Money We Have talks about it in, Pay Attention to Your Money!
- Eric Ravenscraft points out something that a lot of financial writers (including myself) forget, that is You Probably Don’t Need More Financial Advice, Just Make a Change. Make 1 change and start there.
- Robb from Boomer and Echo seems a bit annoyed at the new RRSP’s are not cool, view on investing, so he wrote, RRSPs Are Not A Scam: A Guide For The Anti-RRSP Crowd . RRSPs can work, in a lot of situations, especially if you won’t have a pension. I don’t think RRSPs are done, it is now another financial tool.
- Not many prognosticators are willing to look back on their predictions, but Mark from My Own Advisor is, and he gives us his update in, 2016 Predictions October Update .
- Michael James examines yet another interesting Retirement Money strategy in Prime Harvesting in Retirement, he goes into a lot of detail on this, so get a coffee, sit down and read it, you need to understand this stuff! MJ does enjoy looking at strategies espoused in books, which is good, because I hate reading those books!
How to Split a Bill
Preet explains to folks who can’t do arithmetic how to split a bill when you are out in a group at a restaurant? I have to admit I have been out with folks who are either dumb, or skeezy when it comes to splitting a check. The dumb ones can’t do arithmetic, and the skeezy ones either try to collect up all the cash, “put it on their card” and then leave either no tip or a bad one. Not fool folks.
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 People’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
- July 15,Brexit Hurts, Loose Money, Postal Strikes, Recounts and #Moneytalks
- July 22,More Pensions, New CTC, and #MoneyTalk
- July 31, Unknown Long Weekend, Windows 10 and #MoneyTalk
- August 5, The Olympics, Topless Spelunkers, and #MoneyTalk
- August 12, Women Rule, Less Jobs and #MoneyTalk
- August 19, Obnoxious 30 Year Old Retirees, Olympics and #MoneyTalk
- August 26,Farewell, EpiPens, Ombudsman Report and #MoneyTalk
- September 9,iPhone 7, High Tuition, Loose Money & #MoneyTalk
- September 16, Unemployment Up, On the Money, Debt and #MoneyTalk
- September 23, Rate Rises, Winter is Coming, Access Neutrality and #MoneyTalk
- September 30, Bye Bye CSBs, 36 Million Strong and #Moneytalk
- October 7, Thanksgiving, Knuckleheads, Debt & the Buddha & #Moneytalk
- October 14, Henson Trusts, RDSP Gripes and #MoneyTalk
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