We Shall Remember, Paradise Papers, Tax Cheats and #MoneyTalk #FLM2017

Tomorrow is Remembrance Day in Canada (and it is Veteran’s Day in the USA), and we should all remember the sacrifice others have made for our freedoms. The day may fall on Saturday this year, but take some time to think about those who have paid the ultimate price.

The War Memorial in Ottawa

The government has been making getting a Disability Tax Ceritificate much harder. Currently they are arguing that folks with diabetes are not actually disabled, because they have a workaround with insulin. I don’t’ agree with this statement, but I doubt that will change the CRAs minds.

Many folks with children that are on the autism spectrum are having issues getting their DTCs, as well. I have said all along this is not an easy process, and the CRA has been scrutinizing applications even more. They have been taking a very close look at applications “helped out” by certain firms, that offer their services to apply for the DTC. There are many stories of specific Doctors having all their DTC applications rejected due to their voluminous work in that area.

Why is the government doing this? More income seems to be the reason.

We now see that with the leaking of the Paradise Papers, a huge litany of Canadians who have used off shore tax havens to hide their riches. Will the CRA scrutinize these nefarious tax­ evaders? I hope they show as much vigor in following up with these folks as they have with the disabled “tax cheats” out there.

My Recent Writings

A busier week for me, where I had two different articles.ODSP and RDSP Services that Clash, came out of a presentation I attended about RDSPs. I ended up asking my PMP about how it works, and the response is fairly clear. Given how the ODSP works, I suspect I may be writing more about this topic.

Investment Risk Profiles are a real pain in my rear. I continue to wrestle with these questionnaires, and they really do just seem to be something the lawyers concocted.

Micro Blogging on Finance

Do you complain on-line using social media? I rant a lot, and end up with folks from companies confronting me, but I haven’t used social media much, yet.

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Fall Back, Farewell PC Financial, and #MoneyTalk #FLM2017

This Saturday night you will be turning your clocks back an hour, giving yourself an extra hour sleep. For me it will simply mean going to work in the dark and coming home in the dark, I could live without fall back.

Clocks Go Back

PC Financial the bank is now a thing of the past. I updated my iPhone and my PC Financial app suddenly got updated to a Simplii application. As with all new things there seem to have been a few glitches with the new system. Hopefully those will be ironed out soon. My PC Mastercard will still go on, collecting PC Points, but now my accounts are with Simplii? For now, I seem to have too many different bank accounts these days, diversity is one thing, but this is madness.

TD has had problems with their e-transfers, which they think is fixed, but their customers are not so sure. I have certainly seen messages on the TD site warning of these issues, let us hope they are all remedied soon.

My Recent Writings

Inflation continues to run at low levels, as I wrote about in Inflation Still Under 2 Pct (for now). Maybe inflation is a thing from the past? Somehow, I doubt it, but anything is possible, I suppose.

I do enjoy the series Letterkenny which you can watch on Crave, and with that in mind, I paraphrased Wayne with Who Green-Lit this Tom-Foolery ? I am using that turn of phrase more and more these days, much to the chagrin of Mrs. C8j.

Doug Hoyes kindly let me back on his Podcast (after the huge ratings of the last one), to talk about RDSPs. I enjoyed being there, but I did mis-speak on a couple of points, so I attempted to fix this with RDSP Clarifications and Podcasts. I will be writing more about the RDSP in the next few weeks.

When I wrote Movember, My Story, I wasn’t sure I was going to publish it. Frankly it shows what an idiot I am, but if it helps anyone, it has done what I hope.

Micro Blogging on Finance

While Gail Vaz-Oxlade may have stopped writing on-line her tweets are still a treat (if a bit NSFW sometimes). Good advice if your bank is giving you a hard time.

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Mortgage Tests, Thanks Gord and Bombardier and #Moneytalk

You really get the feeling the government is worried about the world of house ownership. The new rules being proposed about having new mortgage folks (in January) have to pass a “torture test” (Guideline B-20) will cause fewer mortgages to be approved (maybe). I like the rules, it makes it harder for folks to truss themselves into a financial bind. Real Estate Agents (i.e. New and Used House salesfolk) are displeased by these new rules, and it remains to be seen what interesting tactics will be used when the new rules come into place. Am I implying there will be “workarounds” for the rules put in place? Yes, that is how the system seems to work. Should be an interesting New Year in the housing world.

mortgage rules

Maintenance of the House Can Add Up Yes, these are my pipes that I had to fix (not cheap)

It was funny the first time I read the new rules I thought it was protecting the lenders (banks and such), but most pundits seem to think it is in place to protect the borrowers? I guess it protects both, however, we really won’t be able to tell for a while.

Gord Downie’s passing is a sad event. I was never a huge fan of the Tragically Hip, but I do enjoy their music. Mr. Downie’s battle against cancer was astounding to watch. He refused to give up, and simply fade away, he kept on going and for showing that kind of strength he should be admired. The world is a less interesting place with Mr. Downie’s passing.

Bombardier signed a deal with Airbus that will make their new C-Series Jets “American made”, which is an interesting way to get around the 300% levy being proposed in the States. Is this going to be a good move for them? Again, only time will tell, but the markets seem to think it was good (Bombardier and Airbus stocks are both up).

Recent Writings

I do think that Pessimists Make Better Financial Planners, and the new rules for house buying seem to agree with my statement. So many folks I know are far too optimistic in their financial plans, and inevitably something derails those plans.

Happy Thanksgiving Canada shows off one of the finest turkeys with a bacon weave that you will ever see. Yes my wife cooked that turkey (a while ago), and it was delicious. The only question is how to get more bacon on the turkey?

Payroll Donations at Work came up when I tried to make my payroll donations directly to my Church and found out just how much is taken from my donations as “management overhead”. I am not trying to stop you from being charitable, just want to make sure all the money you give goes to those who need it.

Micro Blogging on Finance

Kerry at Squawkfox was on the CBC talking about the new mortgage rules. Have a look.

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Halifax IKEA, New Tax Plans, Pumpkin Spice ETFs and #MoneyTalk

Why would anyone celebrate the opening of an IKEA in Halifax? One reason is there are no IKEA stores in the Maritimes. The closest one is in Quebec, and there are companies that will charge to ship IKEA kits to folks in the Maritimes, but now that is all changed. The Halifax IKEA is now open, and now Maritimers can enjoy meatballs, hot dogs and using Allen keys to build things.  Remember to follow the instructions! Follow Squawkfox’s instructions on How to Survive a trip to IKEA. Evidently IKEA stuff is hard to put together so they bought a start up to help you ?

IKEA in Halifax

Big Crowds on Opening Day at IKEA in Halifax

Why do I know so much about IKEA and the Maritimes? I once made an IKEA run for my daughter from Ottawa to Wolfville to drop off her furniture. Would have been nice to have an IKEA closer by, back then.

President Trump unveiled his new tax plan this week, and it looks interesting, but as with all revised systems, the devil is in the details. In the USA, you can tell the former Canadians, because when an American complains about how high their taxes are, Canadian is the one that chuckles quietly in the background. The Highest tax rate in this new system will be 35% (maybe), in Canada the Federal Highest Tax Bracket is 33%, but remember we do have provincial tax to go with that. Whenever I hear tax reform is coming, I remember to hide more money in my mattress (figuratively speaking).

Pumpkin spice ETF? What is that? Well it is the only place I have not seen those descriptors used. Isn’t pumpkin spice just nutmeg?

Recent Writings

I keep hearing how advice from the past is no longer valid for investing, but I disagree. With Three Investment Credo from the Past  I point out that three good points from the past in investing are still quite valid. You can lose money with any investment, keep this in mind.

Good Money Podcasts outlines a few great Podcasts, from Canada, but also points to the Debt Free in 30 Podcast specifically. I was on with Doug Hoyes, and we talked about what happens when a 47 year old gets laid off. Which 47-year-old? Who do you think? Doug is in bankruptcy, and there is always jobs there.

Micro Blogging on Finance

I think Doug is taking a little poetic license on this one, although some say it just might be!

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Summers end, Taxes, Doomsday Insurance, Uber and #MoneyTalk

Tax discussions continue in the media with both sides of the argument claiming the other is misleading the public (on the usage of incorporation for individuals, to be specific). The tax change will not change my life, except that most of my doctors are threatening to move to the USA if it happens, but I am curious. If the law is passed, what smart accountant will find the “wrinkle” in the tax laws to allow for money sheltering? As usual I don’t feel I know enough to say if either side is “pleine de merde” or not.

Understatement

Masterful Understatement

Given all the hurricanes lately in the states, are you aware that hurricane insurance and flood insurance are two different things? I didn’t realize that, and I don’t think I need hurricane insurance in Ottawa, but do I need flood insurance? Wonder if I need thermo-nuclear attack insurance, given North Korea’s continued sabre rattling? Is that covered under some other policy?

I took my first Uber this week, didn’t seem that cheap to me, but it was during the work day, and I was going to an out-of-the-way place, but so far the hype of this outstrips my experience. Driver seemed like a nice guy, payment using my phone seemed OK too, but seemed like a Taxi to me.

The Canadian Financial Summit happened on-line and you can have a look at the talks. Some are quite interesting, oh and here is my tip (I offered to do this as a presentation):

If you spend less than you make, life is easier. Debt is bad.
My perspective on these talks is you should take all advice (including this) as a lexicon of ideas and find what works for you. Luckily no one is espousing how short-term loan companies are really our friends.

Recent Writings

I keep hearing from co-workers about how banks are forcing them to open bank accounts with them, if they have a loan with the bank, and that is where Bank Accounts and Loans came from. The Banks have the right to ask this of their customers, but their potential customers also can decline.

Micro Blogging on Finance

Boomer and Echo came up with a very powerful tweet, which I liked a great deal.

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