An article from 2009, I had just found my new job (hadn’t started it yet) but still held some ill will to the folks who laid me off.
No Nortel on TSX
Nortel delisted in June 2009, and thus another sorry Canadian story ends with a whimper and not a bang. Nortel the company will not be back, as it was (it may return much like Mitel did, much smaller and weaker) but maybe that is a good thing. Hopefully the remaining employees will mostly keep their jobs, but for those who have had their pensions torn apart, their severance lost and their savings decimated, not much else can be said either.
Canada is Growing 33,592,686 Strong!
Stats Canada says that in the first quarter of 2009.
Canada’s population increased by 0.26% in the first quarter of 2009, the fastest first-quarter growth rate since 2001.
Cool! Ontario’s population is over 13,000,000 , which is also interested, but I am interested to see where these people moved into, large urban centers would be my guess.
With Summer coming very soon (on Sunday in fact), and Father’s Day on the same day this weekend looks to be an eventful one for us all.
Financially the week has seen the Nortel CEO Mike Z. standing in front of a group of Canadian politicians and saying, “It simply wasn’t feasible to pay severance,” , you have to respect his chutzpah, but when he started saying he might not get his sweetheart pension, I think he lost all credibility. With the CPI at 0.1% we are in interesting areas where allegedly our prices are not rising, yet the price of food is up 7.1% over 12 months, so the numbers are actually hiding a big issue (i.e. the poor and fixed income folks dealing with huge food price increases). Evidently this means our interest rates may stay as low as they are for a while longer, which is just wild (IMHO).
Financial Blogging Views
Some interesting posts from my regular reads on the Financial blogging front:
- Techcrunch talks about the new Apple iPhone 3GS which is out today, will this entice more Canadians to sign up with Fido and Rogers (and their ridiculously expensive data plans)? I’m sticking with my iPod touch, thanks.
- Ellen Roseman has a little Fun and Games with her students at U of T’s continuing ed program, with Ellen Degenerates Share Club, she wins the funniest one liner of the week.
- Michael James points out that the CRA No Longer Taxing Loyalty Programs, with a few caveats added on. I wonder if my PC Points fit this new rule?
- The Canadian Capitalist points out that ‘Simply Save’ with TD Bank might be a no-brainer to sign up for, for someone like me who already does his banking with TD.
- Preet from WhereDoesAllMyMoneyGo points out that the Ultimate W Expert Challenge (which he is a part of) starts this weekend on Sunday! Worthwhile just to see and hear what Preet sounds like (since you aren’t likely to see me on the big screen any time soon).
- Larry MacDonald points out that Ontario Savings Bonds are on Sale (for a few days more), but wonders if it might be better just to go with high yield bank accounts?
- Riscario muses about The Three Major Obstacles to Growth according to Brian Tracy, which is a very interesting read.
Stay tuned this weekend, there may not be a video interlude, but there might be something even more interesting. Enjoy the start of summer and remember to call your Dad on Father’s Day!
During a week where the federal government disclosed just how enormous the federal budget deficit will be, there were other topics written about by the Financial Blogging world, but this topic alone is a pretty hot topic.
What could that kind of “money printing” cause in the economy? Jon Chevreau points out in the U.S. it could mean Hyperinflation on the Zimbabwean scale (at least in Dr. Doom’s estimation at least).
Random Thoughts: Pensions?
Have a great weekend folks, hopefully the rain will stop, but maybe my grass needs it?
This was written in 2009 when the world was recovering. The Financial Crisis was still raging. I was still unemployed, so keep that in mind.
Larry MacDonald will be publishing a story about TFSA’s and their newfound popularity, and for some odd reason, he is quoting me, so read your Globe and Mail and send me a note when the article gets published. All I told Larry is that given that I have little or no RRSP room left thanks to my pension, the TFSA is the next logical choice for me to use as a savings vehicle. Otherwise, I get to pay the CRA more taxes on any Capital Gains or Interest I might earn on my savings/investments.
I still don’t have a definitive answer of whether you should put your money in an RRSP or a TFSA (if you have the option to choose). Still, I think if you are in a high enough Tax Bracket, it might be good to put money in your RRSP. Still, the TFSA is after-tax money and thus a valuable vehicle to use for saving for the near future (where RRSP savings is a LONG term thing in my mind (unless you are as old as me, then it is the more immediate term)).
I will attempt to stay away from my former employer after last week’s articles. A few folks have suggested that old beat down unemployed former employees might not want to come off as twisted and bitter, especially if future employers find these commentaries online. Enough said on that topic.
An excellent place to get all the ideal info on Nortel is All About Nortel, and yesterday’s post about the Private Jet made my stomach turn (whoops, bitter and twisted alert). This blogger seems pretty tightly coupled to the inside scoop on Nortel.
TGIF (actually to me this means Toes Go In First, I have it on all my socks), but this has not been a stellar week for me, and I’m glad to see the end of it. Ottawa has been in the clutches of a Transit strike and a deep freeze, I look forward to both of those issues resolving themselves (with time).
Financial Blog Roundup
This week in the financial blogs there have been some interesting postings which include:
- The Canadian Capitalist asked, When Will Your Portfolio recover? which shows that sometimes continuing to invest after losses is not a bad thing.
- Michael James wrote about a very questionable sports charity scheme that has managed to get Little League Canada’s charity designation removed. This is unfortunate, as Michael James and his wife have worked tirelessly for this worthwhile sports endeavor.
- Where Does All My Money Go has been doing a week of yearly return reporting for various investments over the past 15 years. Interesting numbers to check out.
- Canadian Tax Resource points out an interesting change to TFSA’s in TFSAs and Estate Planning, well worth reading if you are planning on using this new investment vehicle.
Have a good weekend all.