RRSP season is here, but there really doesn’t seem to be the hype of previous years. There seems to be an under-current about how the RRSP isn’t all that it is cracked up to be? I don’t understand this, yes it is a before tax savings plan, but it is a savings plan. The TFSA and RRSP both have a place in your savings plans, but remember that paying off debt is more important.
Lent began on Wednesday, a new season to try to make some positive changes in your life. You don’t need to be religious or Christian to use this as a time for positive change, just decide to change.
Happy Year of the Dog , it is Chinese New Year today and it is the year of the Dog (specifically the year of the Earth Dog). Might be an omen for investing, as the market has been a bit of a bad dog so far this year. One Astrology site gives very good financial advice for the year of the Dog:
Financially take more precautions with your security and don’t overspend. Get a budget going so you can track where your money goes.
So you can’t argue with that, it’s science!
Tax season is on the go as well folks, in fact TurboTax announced they are certified by the CRA so you can use their application to submit your taxes on-line. Yes, some folks submit early, and get their money back, a better idea than procrastinating and not getting your return in on time.
My Recent Writings
Index Investing Downsides came out of an article I read using the Ottawa Public Library’s free app RBDigital (very useful and free magazines). The article kind of sat on both sides of the argument, but I am really not sold on the value espoused by active management funds and active trading. Yes, when the market tanks, the Index tanks, but do actively managed funds really save you?
Micro Blogging on Finance
Does your child have autism? Are you ready to apply for the Disability Tax Credit? T2201 guide version 4 is now released and a must read, especially for first time filers. https://t.co/X8I6XhCRYo pic.twitter.com/tBIzp5PkdX
— Milburn Drysdale (@AutismFundingBC) February 11, 2018
Financial Lent is not some excuse to use a Pay Day Loan place, or be lent any money, keep that in mind.
- Still not sure where you should be saving (pay down debt), Robb from Boomer & Echo brings us A Sensible RRSP vs TFSA Comparison, and it is sensible (but pay down debt).
- Anybody in the industry already knows this but 51 percent of financial services companies believe existing tech is holding them back, talk to anyone who works in a bank about how their central computers are dinosaurs.
- The Blunt Bean Counter has written about Wills the last little while and this week he point out, No Will? You’re in Famous Company! No, this is not a good thing, or something to be proud of, either!
- Sad to hear the voice of the Blue Jays Jerry Howarth is stepping down due to health reasons.
- Speaking of TurboTax, an interesting article out of the US about How the Maker of TurboTax Fought Free, Simple Tax Filing. Guess that might bite into their profit margins a little.
- On the topic of scammers, Global News gives us , How 5 Toronto victims lost $5.1M to telephone scammers — and how you can avoid it, yikes!
Hoyes on Payday Loans
Doug Hoyes (friend of this site), was on CBC’s On The Money, talking about Payday Loans, spoiler alert, he doesn’t like them.
Canadians are getting deeper in debt with their payday loans, and they're defaulting more often. @DougHoyes of @HoyesMichalos warns many people don't realize what they're getting into before it's too late. pic.twitter.com/hukp411VC4
— On The Money (@OnTheMoneyCBC) February 13, 2018
The New 2018 Random Thoughts
- Roller Coaster Markets , Olympics and #Moneytalk (February 9th)
- Superb Owls, RDSP Deposit and #MoneyTalk (February 2nd)
- OHIP Overload, Doomsday minus 2 minutes, and #MoneyTalk (January 26th)
- Tighter Money, Best Investment, Go North! and #MoneyTalk (January 19th)
- Paper Delivery, Bitcoin and #MoneyTalk (January 12th)
- Polar Vortexes, Minimum Wage and #MoneyTalk (January 4th)
End of 2017 Random Thoughts
- Winter, Inflation and Christmas are Here and #Moneytalk (December 22nd)
- Canadians Owe More , Polar Temps, CPP Survivor Benefits and #MoneyTalk (December 15th)
- DTC Changes, Christmas Present Ideas, Fraud and #MoneyTalk (December 8th)
- Unlocking Phones, Raiding Parents’ RRSP, Household Debt and #Moneytalk (December 1st)
- What is your price, Black Friday, Phoenix and #MoneyTalk (November 24th)
- We Shall Remember, Paradise Papers, Tax Cheats and #MoneyTalk #FLM2017 (November 10th)
- Fall Back, Farewell PC Financial, and #MoneyTalk #FLM2017 (November 3rd)
- Mortgage Tests, Thanks Gord and Bombardier and #Moneytalk (October 20th)
- Halifax Ikea, New Tax Plans, Pumpkin Spice ETFs and #MoneyTalk (September 29th)
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