RDSP , New Mortgage Rules Hurts Economy and #MoneyTalk

in Best of, Random Thoughts

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.

RDSP

RDSP A Path to Savings (from another great article by Moneysense)

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.

RESP Questrade Banner

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.

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

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