Another day to celebrate with the proletariat, our brothers and sisters who have thrown off the shackles of oppression, happy May Day! During the COVID19 lock down celebrating any day, is something. I think it is Friday (May 1, 2020) today?
More talk of restarting things in Ontario, which will be a slow process. In Ottawa things are very bad in our Seniors and Care Residences, and that is a concern for all of us. How to keep our Seniors and those who need our help, safe, is the most important plan.
Not sure about the wearing a mask thing. I did see that the NFL on-line store is selling NFL Team themed masks, which would be cool. Wearing a Vikings mask would be good, but I would really like to walk into a bank wearing an Las Vegas Raiders mask.
Now is the time to ask for help or lowering of fees from your Bank, Insurance Company, or Internet Provider/Phone Company. Banks have claimed they will lower rates, but I haven’t seen it (TD’s Unsecured Line of Credit is at 5.60% (their prime is 2.6%), yet my Tangerine Line of Credit is at 2.45%). Your Car Insurance should be lower, you are not driving as far, yet I didn’t get much back from my Insurance company. As for Bell, they have actually raised my rates. Yes, the answer is always NO, unless you ask. If your income is curtailed, you should ask for all the help you can get.
|Inflation (year over year February 2020)||2.2%|
|Bank of Canada Overnight Rate April 21st||0.25%|
|Unemployment Rate (as of March 2020)||7.8%|
|GDP Growth January 2019-20||1.8%|
|Population of Canada (Jan 1, 2020)||37.894 Million|
|CIBC current prime rate||2.45%|
|BMO current prime rate||2.45%|
|Scotiabank prime lending rate||2.45%|
I did an interview with Tom Drake and that seems to cause more posts on the topic of RDSPs:
- Taxes Delayed, Money Lost , remember that the filing date is June 1st for 2019 taxes, however you only have to pay on September 1st.
- Financial Echo Chamber is something we all live in. We enjoy hearing peoples opinions that are similar to ours. It is important to hear divergent ideas if only to allow you to understand the scope of your opinions.
- More RDSP Talk is me clarifying two points that I made in that interview with Tom Drake. They are important points and well worth reading (lots of interesting discussion as well).
- I played my TD money shuffle RDSP game again this week. I really wish I could deposit directly into my son’s RDSP, but TD will not fix this issue.
- I can’t believe this crap is still going on, but in ‘Urgent measures’ needed to help group RESP subscribers during pandemic, we see the smelly underbelly of the financial world.
More Financial Writings for Troubled Times
Some interesting reads for your weekend, while you are still practicing social distancing (I hope).
- The computer algorithm that was among the first to detect the coronavirus outbreak, is an interesting video which highlights Blue Dot a company that you will hear more about in terms of Pandemic Predictions.
- Quebec appeals judge invalidates $517,000 debt incurred following rock-paper-scissors games, I’ll just leave that one here for you to enjoy.
- How To Qualify for the Disability Tax Credit and RDSP, they really will let anyone onto these Podcasts on line.
- Another Emotional Reason to Take CPP Early, Michael James giving you some insightful ideas on your retirement that you should be considering, or at least reading.
- I was happy to hear that the COBOL programmers came through and fixed the Government systems that kept falling over. Remember FinTech’s Foundations COBOL, and it will continue on for a long time.
Tweet of the Week
Gail Vaz-Oxlade has been posting about her Master Money Class, and this tweet is an important thing for folks with kids with a Disability Tax Credit.
This one from the New Yorker is a bit too topical.
Video of the Week
I must admit I am a bit of a Fanboy for Stephen Fry, fairly sure I’d watch him read quietly for hours.
Preet is showing off his prowess in Financial Matters, and also his ability to grow a very bushy beard.
One more from Doug Hoyes, which really does make me sick.
Random Thoughts from the Past
- Unemployment Spikes, Easter and #MoneyTalk (April 11th)
- Covid-19, Stay Home and #MoneyTalk (March 27th)
- Dusty Typewriters and #MoneyTalk (November 8th)
- March Madness and #MoneyTalk (March 30th)
- Lent Begins and #Moneytalk (March 6th)
- Christmas Treats, RESPs, The Markets and Polkas and #MoneyTalk (December 17th)
- GM, PC M/C Changes, Podcasts and #MoneyTalk (November 30th)
- RDSP Awareness , Volatility and #MoneyTalk (October 12th)
- Tech Infiltration , NAFTA/USMCA, WiFi, Tornadoes and #MoneyTalk (October 5th)