Observational Personal Finance essays, stories, case studies and how to articles with a distinctly Canadian Point of View, from the Chief Kibitzer of Personal Finance. Paying it forward as best I can.
Happy New Year 2022? Can we even say that yet? After 2021, maybe let’s just say, “We hope for a Happy New Year” and leave it at that.
Over the year we have seen wave upon wave of COVID. Now we are seeing Inflation coming on strong, and natural disasters monthly. All in all a wonderful year.
I have been unable to write much due to work and family issues. I have learned a great deal about Dementia and how the Quebec Legal system works, which has been, enlightening.
Good Friday is a day of reflection. Why is it called Good Friday? (click here to find out) It is a day of endings, but of new beginnings too. If you need a milestone to start new behaviours Easter is actually better than the New Year. In the Christian perspective Easter is the New Year.
The old problem? We still have COVID, and all the associated issues. Vaccines are now deploying, but not as fast as they should. Businesses are failing, jobs are being lost and people are dying. Amazing what you get used to, I suppose. I have not been jabbed yet, even though I am over 60, but that may happen soon? Given all the vaccinations going on, why are the numbers so bad today? People are people.
How about Bitcoin? I keep getting asked about it because I am a Technology Geek and I write this, and my answer is simple, what? I have always viewed Bitcoin as currency (at best), and I have shied away from Currency Arbitrage whenever I could. I am not investing directly in Bitcoin, although the Index Funds I hold might do something with it. What about other Cryptocurrencies? What about XRP ? It is actually being used as a currency, but no one really talks about that. Axios (on HBO) episode 6 season 4 does a segment on XRP, very interesting. There are many cryptocurrencies out there.
Tax Time is here! I have already submitted my return and got my refund. I have also realized I may not have claimed something and may need to send an update. Tax Time is a wonderful time of year, so go get it done.
The good new is the Suez Canal has been cleared, so shipping can start again. The better news is the number of Memes that are created because of it. See farther down for only a few of these classics.
So, haven’t done one of these in a long while. I am reworking some of my older articles, and attempting to start writing a bit more often. Maybe I’ll try to become an #Influencer? 💩
CPP and EI for 2021, never mess with a winning topic. The deduction allowances have changed and here is where you can read about it!
A Mortgage Changes You no matter what anyone tells you. You either learn to be fiscally responsible, or you lose your home.
Chutzpah in Job Interviews a rewrite from before I got laid off, when I was interviewed by an interesting chap. I assume he was well intentioned, but still, don’t use a term when you can’t pronounce it correctly. Also, never correct someone interviewing you either.
Property Tax Alternative idea? Property taxes are becoming more and more expensive and it is mostly due to the sky-rocketing prices of homes in major Canadian cities.
Advice for New Grads? Another rewrite of some notes I made for an interview, for a magazine, that no longer exists.
Kara Duckworth from Kiplinger write Help! I’m Afraid to Retire, Even Though I Can Afford to , which rings true with me. Everyone seems hell bent on retiring the FIRE world, but are you really sure you want to? I can retire, but I am not retiring for many reasons, one is, I have no idea what I am going to do.
In previous years I have written over 200 articles in a year. In 2020, I wrote a great deal less than 200 articles. I continue to have a huge backlog of unfinished titles, but 2020 was an interesting year. Here is the entire list, missing my #MoneyTalk compilation posts.
Estimated reading time: 5 minutes
Most Popular
CPP and EI Maximums for 2020, was my most read and searched article all year. I have done these every year for a while, so not sure why it was so popular, but here it is. I have in fact already published CPP and EI for 2021 to see if it is as popular.
My CRA Account another highly searched article, outlining how to set up your on-line CRA account. You really should set that up.
When to Put Money in RRSP I created a step by step reasoning, and naturally someone complained it wasn’t a waterfall. Seems there is no pleasing some folks.
Miscellaneous
The Hidden Cost of Land Transfer Taxes is a rework of a much older article. Funny I never hear about this being part of the purchase of a home. This is not an insignificant lump of money.
Moving Expenses for Students are things to remember if you have just graduated. These costs can help lower your initial tax bill.
The Financial Echo Chamber is a dangerous place. Many of us live in bubbles, that really don’t help. You need to see opposing opinions, to understand the whole picture.
Free Credit Bureau Access sounds lovely doesn’t it? Unfortunately the reasons for it, are not so lovely.
The Dangers of Automatic Reloading I have written about this before. Keep this in mind, when you automate things. The Perils of Automatic Payments is also an area you should audit regularly. If you pay bills from PayPal or a Credit Card, make sure you restrict access to only those bills you want paid.
Credit Card: One Time Services can help if you are late paying your bill. This only comes into play, if you are a customer who normally pays things off on time.
RESP – Registered Education Savings Plans
RESP withdrawals and Taxes was a guest post by a chap from UFILE, a little thin in spots, but still interesting.
RESP Only For the Rich ? There is an argument that this is how it ends up. The poor, don’t open accounts, even though they can earn money without deposit. Banks don’t market them to those with low incomes, thus, RESP’s are for the rich.
COVID-19 Are we F*cked ? really was prophetic. The pandemic has made a mess of so many financial things. Interesting to see the comments as well.
Doomsday Finances was an old article I recycled. Whenever you can talk about Star Trek and money together, you know you have a winner.
Post COVID-19 Budget ? but when will you be able to use it? Soon, is the hope, but remember, right now, your life is different. Maybe you can bring some good habits forward, but maybe not.
As I have said, don’t count on 2021 being a complete turn around year. I can be better, but it could even be worse. If anything 2020 has taught us is, you can never guess what might be coming next. If you want try some New Years Resolutions, but don’t look too far ahead, you might trip on something in front of you.
Happy New Year, and with this new year we can finally say, “Hindsight is 2020”. Sorry for the Dad Humour, but that is only way I can laugh at 2020. Truly a year that will be one we talk about for a long time.
Planning any great New Year Resolutions? I think they are for suckers, you can change any time of the year. I’ll bet the Gyms take a big beating as most are closed and all those folks who want to get in shape for the New Year can’t sign up for a year long subscription. I am not dissuading you from making a Financial Change, just be realistic. Start with small changes, they add up slowly.
Many folks think that the New Year will be a panacea for how bad 2020 was, but I am skeptical. This year has potential to be better later on in the year, but the Winter has potential to be as bad as 2020. Hope is a good thing, as I have mentioned before, but don’t get your hopes too high.
Will we all be working at home more, after things settle down? Maybe, but don’t be so sure it will continue as it did during the Pandemic. I can work remotely, but many teams cannot for many reasons. I am hoping for a hybrid solution for me. Less days in the office, would be nice, but I am not sure it will happen that way.
I turn 60 this year, so that makes me a Senior, I suppose. Given I am part of the privileged class (old white guys), I don’t feel that privileged. Must be subscribing to the wrong magazines?
As the year closes, I realize I have not driven too much this year. I will write more this coming year, but not sure on which topic. More on RDSPs, but maybe a few other topics. Maybe I’ll try to become an #Influencer? 💩
The Perils of Automatic Payments outlines why you need to audit your automatic payment situation. If you use PayPal or allow companies to take money from your bank account, you need to know who is doing it. I was astounded to see how many were set up on my PayPal.
Merry Christmas 2020 are my Christmas wishes for this year. I also linked to all my previous Holiday Wishes. I have been doing this a long time.
Weirdest Boxing Day Ever? Certainly from the retail store perspective it was. In Ottawa most stores only did curb side sales. The Costco near me was not busy at all. On-line things may have been different.
Good Bye 2020, and Good Riddance?
This belief that 2021 has to be better than 2020, is naive. For some folks 2020 was a great year (ask Jeff Bezos). It is all a question of perspectives.
2020 year-end financial clean-up, might be a little late now, but maybe something to remember for the end of 2021? The Blunt Bean Counter is a person who would know about these things.
CPP Timing: A Case Study is Michael James doing what he does best, which is crunching those numbers for you. You don’t want to do it, but he has done it for you!
Password Security
PC Magazine published a list of the most common passwords. I have written previously about insecure pins, but these are wild. Take advantage of the year end to update your passwords!
Canadians continue to get gouged for their Internet
Dancing Robots?
Great now even Robots dance better than me?
It's pretty awesome how dancing makes robots less intimidating. Looking forward to seeing more nontrivial Machine Learning on these robots. Credit: Boston Dynamics. pic.twitter.com/wnB2i9qhdQ
I must have had an inkling about 2020, as I didn’t wish you a Happy New Year to start things. Hopefully with this post I have helped make the year better?
Belated Happy and Prosperous New Year was how 2008 started, the economy was booming, employment was high, but there were hints of the systemic failure that was coming soon.
Good Bye 2008, outlined the eventful year that it was for me. Things got better, but a lot didn’t go right that year.
Looks like we have a vaccine story, so I guess the answer to “COVID are we f*cked?“, is, “Not so much, but not great yet“. There are multiple vaccines, and as usual some interesting issues. The reactions from allergic folks shouldn’t be too surprising. Does this mean the end is near? Not quite yet, my guess is we have a pretty dire Winter ahead, but things are looking better.
How can the government afford all this spending? Old folks like me quibble about the National Debt, but evidently Modern Monetary Theory suggests, Government Debt doesn’t matter. I don’t agree, but we shall see, maybe I am wrong (again).
Nice to see the prime rates at the banks are steady, however, given their “High Interest Savings Accounts” are mostly pay 0.1% or lower, doesn’t mean much to me. EQ bank seems to be paying a bit more, at 1.5% currently (see ads on this site).
Here comes Christmas at a break neck pace. Going to be a very different celebration, given the lockdowns going on. Haven’t done one of these posts in a while, it seems:
I got absolutely no comments on I Likes My Coffees Like I Likes My Money, which leaves me scratching my head. I figured someone would post a snarky comment or something, or rail at me about my last comment about women, but nothing. Maybe all my “readers” are actually just me?
When to Put Money in RRSP is a very good question, luckily I created a diagram, that a bunch of trolls said, “That is not a waterfall”. You get what I mean though.
Free Credit Bureau Access sounds like a great deal, however, as before free comes with costs. Thanks to having Desjardins accounts, I am now worse for wear. I NEED credit bureau access (for 5 years no less).
The Hidden Cost of Land Transfer Taxes I wrote about this before, but somehow managed to resurrect the topic again. Land transfer taxes are rarely mentioned as part of your Real Estate costs, but they do add up.
How to Open a Kids Bank Account in the time of COVID is more complicated than you might think. It worked, but I wish I’d been able to use one of the on-line banks. Kids accounts are not usually part of their portfolio.
Specified Disability Savings Plan – SDSP – How Does it Work ? This is an important way that someone who is going to die in the next 5 years can take money out of their RDSP. Yes, the RDSP is complicated, but still a great very long-term savings option, for the disabled.
If you make a credit card payment late, there is a Credit Card: One Time Services that you can ask for. You can’t do it very often, and you better have been paying off your cards regularly.
The Government has finally gotten around to cleaning up the question RDSP after DTC Lost question. Naturally the response is complicated, but the account no longer needs to be collapsed within a year of losing the DTC. The assumption is that the person with the disability most likely will get their Disability Tax Credit back (in time).
Christmas is coming, but do we care?
Given many parts of Canada are going to be under lockdown over Christmas, how will we celebrate? Hopefully in a more sedate fashion? I ask that you follow your local authorities rules about congregating together.
What do you do with a 3 stories tall Grinch? Save Christmas, that is for sure!
The #GrowYourHart fund keeps growing with another busy weekend for Hartlepool’s very own famous Grinch!Stay tuned for a fundraising update this week and you can also hear more about what’s happening on BBC Tees on Monday morning, around 7:50. https://t.co/6tpXElTUVa@JBRecyclingpic.twitter.com/g7qZ3nzDA0
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