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boring budget

Ho Hum Budget, Brackets Busted and #MoneyTalk

A very ho hum budget from our government this time with a few more tax tweaks  (where tweak always ends up acting like a tax increase, due to the loss of yet another deduction).

Estimated reading time: 4 minutes

Table of contents

The big ones for someone like me end up being:

ho hum budget
Ho Hum Indeed

Image courtesy of Ambro at FreeDigitalPhotos.net
  • Disappearance of the Mass Transit usage tax deduction. Evidently it didn’t cause more folks to take the bus? Guess I can throw out my bus pants. I have taken the bus in the past.
  • If I take an Uber, I will have to pay HST on it. It was surprising to me,  that was not the case, no big deal in my book, I take the bus, no wait.
  • I was sad to read about the death of Canada Savings Bonds. I remember when I had CSBs that paid 19% a year! Those were the days.
  • For RDSP and RESP the rules for what you can invest in, have been tightened. The interesting part is that it is in the section, Closing Tax Loopholes Doesn’t really change anything in my portfolios, but it is sad when loopholes close (usually they make knots then). Nice to hear that they at least know the RDSP exists.

    Extend to Registered Education Savings Plans and Registered Disability Savings Plans anti-avoidance rules similar to the ones applicable in connection with Tax-Free Savings Accounts and Registered Retirement Savings Plans.

  • For Disability Tax Credit (DTC) Eligibility Certification, Nurse Practitioners are proposed to be added to the list of folks eligible to fill in the forms for you. This is really good news, and should make it easier to do the DTC paperwork yourself.
  • Booze and Smokes are more expensive thanks to higher taxes too.
  • Lots of promises for other folks, but nothing else that changes my life.

The good news is that the Capital Gains taxes and Pension Income Splitting haven’t been touched.

March Madness continues this weekend, and Formula 1 racing begins again as well. Yes that audible sigh you hear is Mrs. C8j realizing I will be a true Couch Potato this weekend. March Madness bracket picking is similar to stock picking in my books (i.e. I stink at both of them).

My Writings for Week Ending March 24th

Spring, sprang here in Ottawa, there is still snow on the ground and we had -25C temperatures, but it was Spring! I also wrote about Spring Financial Cleaning (revisited), and some of the things to do this spring.

A Money Thought

More disturbing comics from Dilbert, especially about investing.

Read More »Ho Hum Budget, Brackets Busted and #MoneyTalk
Spring Financial Cleaning

Spring Financial Cleaning (revisited)

Today is the first day of Spring in the Northern Hemisphere. Spring is a time of renewal and new beginnings, for your finances as well. The first financial quarter of the year is almost over.… Read More »Spring Financial Cleaning (revisited)

high cost of active kids

Naughty Banks, March Madness, Big Snow and #MoneyTalk

I understand you’re aware of the profit-driven approach taken by banks, and the recent CBC coverage on this topic. It’s important to recognize that banks are not your friend, but rather they are businesses focused on generating profits for their shareholders. As a customer, you are simply an income stream that banks can exploit to meet their financial goals. We need to remember that our relationship with banks is purely a business one, and it’s up to us to be vigilant and protect our interests. The onus is on us to take charge of our finances and not rely on our banks to have our best interests at heart. Oh those naughty banks.

Naughty Banks
V is not for Victory ?

Remember those thoughts the next time you think your bank is helping you out, by allowing you to have a new service. The only reason they let you have it, was to make them money.

March Madness has begun, I am cheering for Deep State to take the whole thing. Curious stat I found that this time of year is when the most vasectomies occur (and around time for the Masters), so the patient can “recover” at home and watch the games in peace. Seems a little extreme just to have the family leave you alone, but, to each his own. One day I will write about my two vasectomies. Might this be March Vasness ?

Have I mentioned how much I dislike finding snakes in my car? As Bugs Bunny said, “Good Bye Florida!”.

It snowed, in Ottawa, too much. That is all.

Snow in Ottawa
It Snowed, Again

My Writings for Week Ending March 17th

I took a week off, given it is March Break. Stay tuned we will be celebrating my 12th year of being the “Cranky old man of Personal Finance”, next week!

A Money Thought

Stan Buell has the correct view on the whole, “The Banks are out to get us” statement.

Read More »Naughty Banks, March Madness, Big Snow and #MoneyTalk
Clock

Teller Upselling, Auto-filling Taxes, Spring Forward and #MoneyTalk

Upselling Teller
Spring Forward This Weekend (but it isn’t Spring quite yet)

The CBC had a report this week from a TD Teller, who says that he or she is expected to reach goals selling (sometimes unwanted) customer services. This teller stated,  ‘I will do anything I can to make my goal‘. Am I surprised by teller up selling ? Absolutely not, every teller I have dealt with lately has engaged me about new services at the bank. I get harder sells at my bank than I have at car dealerships.  As Michael James has said, Canadian Banks are losing income streams, so they must work hard to get new income streams. Expect teller up selling , just have a polite (but firm) negative response ready.

I am not sure how to politely tell the teller, Sod off, I don’t need credit insurance!, or “No I don’t want to get another credit card“.

Auto-filling has come to the world of Canadian Income Taxes, isn’t it great! I did get a cautionary comment from a reader, to be very careful and make sure the CRA has all of your tax slips before you auto-file. Strangely you can’t blame the CRA for not having all your forms ready.

How goes your Lenten Financial journey? Mine so far is stinking it up big time, but there is time to adjust and fix my plans. Remember it is a journey, not a true false test.

My Writings for the Week Ending March 10th

A quieter week than last week with only 1 article, but an important reminder that it is Tax season with, Tax Tips to Remember 2017 (which is for tax year 2016). Lots of new wrinkles in the system, make sure you get back all the money you are owed. I have had discussions with other financial writers about the TFSA being misnamed. The TFSA makes people think it is a Tax Free Banking Account , which it can be, but not necessarily. Is it just semantics? Not if you are trying to save money.

A Money Thought

An excellent Dilbert cartoon about your level of Risk Tolerance

Read More »Teller Upselling, Auto-filling Taxes, Spring Forward and #MoneyTalk
Tax Free Banking Accounts

Tax Free Banking Account ?

Is the TFSA really just a Tax Free Banking Account , as many institutions seem to sell their customers? No, but many folks seem to think this is the case.

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