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Happy Canada Day #MoneyTalk

Happy Canada Day!

It is Canada’s Birthday, but it is an odd one with the COVID19 Pandemic going on. I live in Ottawa, but there are no outdoor celebrations here for the first time I can recall. Canada Day 2020 falling on a Wednesday makes for an odd work week as well. Is it two 2-day weeks? I 2-day week and a 5 day weekend? Chacun va choisir.

I continue to see the majority of folks I see “outside” not wearing masks, and many ignoring distancing as well. Let’s hope Canada doesn’t assume everything is fine. Life might not have returned to normal yet. I wear mine for everyone I love that I don’t want to infect, why aren’t you wearing one?

Evidently Financial Literacy is also being included in this program. This is important. However, hopefully it will be taught in a way to be inclusive. Teaching Bond Yields to a bunch of 8 year olds would be less than ideal. This is an example of how NOT to teach Financial Literacy.

An excellent Canadian Financial Quip is that Peter Jennings (a great Canadian Newsman), never purchased a new car (only used cars).

Canadian Stats or Stats Canada?

Inflation (year over year May 2020) -0.4 %
Bank of Canada Overnight Rate June 30th 0.25%
Unemployment Rate (as of May 2020)13.7%
GDP Growth (Q1 2020)-11.6%
Population of Canada (Jan 1, 2020)37.894 Million
CIBC current prime rate2.45%
BMO current prime rate2.45%
Scotiabank prime lending rate2.45%
TD prime lending rate2.45%
Tangerine prime lending rate2.45%
Some Useful Financial Data for Canadians as of June 19th

COVID-19 Data Canada

Click here to find an up to date graphic from the Government of Canada

Total Cases103,918
Total Deaths8,566
Data as of June 30th 2020 AM



Past Writings

I seem to find my writing muse last week and there were a bunch of articles written. The backlog of stories, dropped, a little.

  • Not Asking is Rejection by Default is very true. I have written about this previously, but it is still very true. You need to stand up for your self (while not being rude or mean either (which is the Canadian way)).
  • MER : A Worm in the RESP Money Tree has been a theme I have written about many times. The Registered Education Savings Plan (RESP) is a shorter term savings plan, so a high Management Cost in your account is taking a big bite out of your growth.
  • Banking Malware Be Aware is from my technical blogging and security blog, but very financially relevant. Do not click on anything sent to you from anyone, without being positive it is what you think it is.
  • RDSP : Quick Points started out as my notes for an interview I did with Tom Drake on the Registered Disability Savings Plan. The interview link is there as well, and it went well.
  • A Guide to Understanding the Tax Considerations When Cashing out an RESP is a Guest Post (I must be getting soft in my old age) about withdrawing funds (the right way) from your child's RESP.

Celebrating Canada Financially

There may not be a lot of fireworks and celebrating together, but still some great Canadian financial perspectives on Financial Literacy, and money.

  • Will the Supreme Court Decision against Uber change the Gigg Economy? I don't think as much as folks hope, but any movement towards making folks actual employees is a good thing. It is a fairly narrow decision, but maybe it is a small step forward.
  • The Globe had a round up article last week, that had a section on someone asking, "What to with an RESP for $500,000"? Kind of gives you a good perspective on who reads the Globe, don't it?
  • For those unaware Kerry from Squawkfox (a friend of this site) has been in the battle of her life, read more about it here, This could save someone's life
  • Michael James reviews yet another books for those who have issues dealing with money, Talk Money to Me, is a good book if you really do need help.
  • Mark from the Blunt Bean Counter sums up my current views about working at home. He does this nicely in, Working from Home Get Me Out of Here! I must admit that I am getting a little house happy these days, as well.

Tweets of the Week

First, a great public health message from a person of whom I am not very fond.


I keep having deep thoughts these COVIDy days. The thoughts can't be turned into an actual article, but they fit a tweet well.


I am really not sure of the validity of this set of tweets. However, reading the entire set is not surprising. More is the pity.


Videos of the Week

Think you are an expert about Money Laundering now that you have watched Ozarks, Breaking Bad and Narcos? Not so quick there slick. A real professor does some fact checking on the topic. See, you did learn something from this site.


Random Thoughts from the Past

Other Canada Days

Fourth of July

We mustn't forget our family down south.

Feel Free to Comment

  1. P.S. just came across this:

    *** as per tweet by Toronto Public Health (@TOPublicHealth) on Jun 24, 2020 at 4:24pm
    “Individuals who have died with COVID-19, but not as a result of COVID-19 are included in the case counts for COVID-19 deaths in Toronto.”

    (This has become a common practice in Canada, the US and elsewhere for COVID-19 ONLY BUT is a DEVIATION of past practices of identifying ONE root cause of death).

    So how many of the 8511 deaths are TRUE COVID-19 deaths?

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