Lent Begins, Freezing Temps, Apples and RRSP and #BestOfThisWeek
Lent began in 2015 with colder temperatures, and also it was the start of RRSP season for some folks, although they are not as in vogue.
RRSPs, Valentines, 50 Shades of Debt and #BestOfThisWeek
RRSP season is still ongoing with 16 days remaining to contribute to an RRSP account. Valentine’s Day weekend is a reminder to love without bankrupting oneself, despite pressure from the diamond industry. In light of the release of 50 Shades of Grey, the writer muses that sex toy sales could experience a significant boost. He commemorates his 2,700th post and shares his writings for the week. These include topics on Canadian part-time jobs, retirement, the concept of money being equivalent to love, and transitioning plans for a business.
Superb Decisions, Gas Going Up, Rugby and #BestThisWeek
Being a fervent football enthusiast, the game on Sunday emphasized the criticality of making prompt and confident choices, as anyone who witnessed the match can attest. Despite some justifications, it’s hard to deny that it could be one of the worst play decisions ever made, even surpassing Pickett’s Charge at Gettysburg. However, the game was entertaining, but what gave me immense pleasure is the fact that the Giants remain the only team to have defeated the Brady/Belicheck Patriots in a Super Bowl. Regarding finances, it’s imperative to remember not to count our chickens before they hatch, as one erroneous decision can wipe out all our hard-earned money in no time.
Did you realize that the man who brought us Ketchup Potato Chips died this past week? Did you know he was Canadian? Herman Neff (a German immigrant) is that man, and I for one, thank him for that forbidden snack flavor.
Gas prices in Ottawa have jumped about 15% over the past week, and look like they will not be slowing down any time soon, which will make for very interesting stats on Inflation next month. Even with Oil going up in price, the Canadian Dollar has not started to rebound, which could make for some interesting “re-thinks” on the part of the Government in terms of tax breaks and such.
The RBS 6 Nations Cup starts today, with England playing Wales, and I’ll be watching (somehow). In 1972 the (then) 5 Nations Cup ended up tied each team went 2-2, so they all shared in the championship.
My Writings for Week Ending February 6th
Back to my regular 2 a week schedule, which is interesting because right now I have about 175 unfinished articles sitting in my “drafts” folder, I should have a contest to have a lucky writer finish one of those fine topics :
- I think a financial fit bit might be a cool thing to have, or at least some kind of interface to monitor spending, that maybe shares with your spouse, you spending habits?
- Car Insurance Savings Devices is me being a paranoid consumer, but there is an excellent (and civilized I might add) discussion with “Chris” who works in the industry about how this might all work. Well worth a read.
- One of my favorite old stories is the Financial Shock Collar as a spending control device. My view is that any time I can add Star Trek (the original series) into an idea, it makes it much better.
- CLBs, Weak Loons, Tax Time, Superb Owls and #BestThisWeek
CLBs, Weak Loons, Tax Time, Superb Owls and #BestThisWeek
The predicted snowmagedon for New York didn’t really appear, however, Boston took it on the nose as did the Maritime provinces, Ottawa continues to be storm free (for now). Ottawa’s weather has been cold but lacking in precipitation, but we still have February and March to get through yet.
This week we heard about SmartSaver which looks like a good program to make sure that the folks who the CLB (Canada Learning Bond) was designed for, receive the money they deserve. I also got mentioned by Rob Carrick so lots of new eyes have been wandering across the site, let us hope a few of you have stayed around to continue visiting.
The Canadian Dollar is now below 80 cents US, and how this changes the economy remains to be seen. Imports will start getting more expensive (again), but will this help Canadian Manufacturing? It also means that there won’t be an NHL team in Quebec City for a good long time (this will hurt the Canadian NHL teams in terms of having to pay their payroll in US Funds, but earning their income in Canadian Funds).
It is also time to start thinking about your taxes, joy! You better start making a list of all the forms you will need to be able to file your return, and try to get it in as soon as possible (unless you owe money, but even then, you can file early and then only pay on the last day (on-line at your bank)).
Evidently there is a celebration of Owls this weekend, and a quest to find the one that is the most Superb? It’s called the Super Bowl? Oh, well that makes more sense then, good luck to both teams, and I hope they both lose (being a Giants fan).
My Writings for Week Ending January 30th
Something must be in the air, I wrote 5 articles this week? Haven’t done that for a good long while :
- I tried another chapter of Good Money Tweets, but only published it Sunday, I’ll see what I do this weekend
- Gas Prices Drive Down Inflation in December to 1.5%, and thanks to that we have lower interest rates and a cheap loonie, but can inflation stay down with sky rocketing prices on imports?
- The very nice folks at TurboTax want you to use their product to do your taxes, and have give me a few copies to give away and thus I wrote Tax Time! TurboTax Giveaway
- I was skeptical about the program initially but after researching things a little more I think this is a good thing, Smartsaver.org RESP: Helping Lower Income Families
- I got offered some advice from a real Financial Person, so I took Turbotax up on it, with Tax Tips for Parents with Kids with Disabilities, some useful stuff there, thanks Ms. Taub!
- Looser Money, Plummeting Loons and #BestThisWeek
Looser Money, Plummeting Loons and #BestThisWeek
The Bank of Canada threw us all a knuckleball this week when they announced a quarter point drop of their key overnight rate (on Wednesday). The rate is now at 3/4%, dropping a 1/4, and it seems the Bank assumes the economy needs even more stimulus.
The telling statement from their announcement is the final paragraph of their statement:
The oil price shock increases both downside risks to the inflation profile and financial stability risks. The Bank’s policy action is intended to provide insurance against these risks, support the sectoral adjustment needed to strengthen investment and growth, and bring the Canadian economy back to full capacity and inflation to target within the projection horizon.
This suggests that the very commodity-reliant, Canadian economy is going to take a hoof in the “lower abdomen” thanks to plummeting oil prices. Lower inflation, but higher unemployment seems to be on the event horizon.
The Canadian dollar continues to plummet, thanks to very low oil prices, which may slow down the cross-border shopping insanity that has been going on for a while. Maybe we shall see more of our American family dropping by in Canada this summer? Is this lower interest rate simply going to accelerate the drop of the Dollar’s value? Some experts feel this is going to cause a Canadian dollar back around the 70 cent level (compared to the US dollar), we shall see whether that comes to pass.
My Writings for Week Ending January 23rd
The cold of Ottawa in January constantly begs the question, why do we live here?
- I had another run at some of the Best Financial Tweets of the week. I thought I wasn’t going to be able to find many, but the real problem is, there are too many, and my Twitter feed is too large (I miss far too much).
- I did finally get my money out of the TD RESP account for my daughter, but it took longer than I wanted and I highlight the issues I created by trying to use lower MER Mutual funds with TD E-series RESP Bear Trap.
- How do you eat an elephant ? Here is an idea, don’t order the frigging elephant!!
- RESPs are too hard for Mommies? My regular readers could spot the Swerve title, but I am just not too sure why I have seen so much mainstream media (TV) pushing this Giraffe & Friends RESP thing, and yes, Mrs. C8j was really quite insulted by the pitch.
- Canadian Economy on the Edge, Frigid Temps and #BestThisWeek
