Search found 1654 matches

by izzy
14 May 2020 13:38
Forum: Financial News, Policy and Economics
Topic: Deficit spending and money printing
Replies: 60
Views: 20213

Re: Deficit spending and money printing

Agree. We are similar. I think in my case, I might “miss out” because I’m not collecting OAS. I presume the extra gift is not subject to claw back? If you have never applied for OAS, you will miss out unless you actually apply for the $300. It is tax free, and best I can tell with no means test or claw back....which is what makes this thing so egregious. Agree it’s egregious. I won’t be applying. The problem is that government is indulging in "magical thinking",and the public are happy to buy into it.Professional magicians have made an art of misdirection and politicians now find it works for them too.Unfortunately "there ain't no Santa Claus".Our newly inflated dollars may not be worth the paper they are printed on in ...
by izzy
07 May 2020 21:54
Forum: Financial News, Policy and Economics
Topic: Massive inflation ahead ?
Replies: 66
Views: 20692

Re: Massive inflation ahead ?

A bit simplistic but I wish I could think of a more practical alternative . The gov't would also need to include a gift tax, because if my assets exceeded the threshold of the 'death tax', I'd just give away all the 'excess' before I died. I think all the top 5?% would do the same thing. IOW, if it is going to be taxed, find ways to beat the tax. I think such a gift tax would be inevitable which is just one reason why I wish there was a more practical alternative-e.g.if I want to provide for my grandchidren's future education for example it should be possible to do so-"the devil is in the details!" and "the path to hell is paved with good intentions!".But it's probably better than a massive deficit or massive inflation ...
by izzy
07 May 2020 17:03
Forum: Financial News, Policy and Economics
Topic: Massive inflation ahead ?
Replies: 66
Views: 20692

Re: Massive inflation ahead ?

One other measure to reduce inevitable inflation is to finance the pending massive deficit by introducing an inheritance tax at a high enough rate to reduce somewhat the accumulated government debt post pandemic.Main "virtue" being that it would mainly impact "windfall" unearned assets formerly owned by those who no longer "need" the money and this would especially appeal to those on the left of the political spectrum )(the majority?)who resent inherited wealth anyway and Canada is one of the few countries left who don't confiscate inherited wealth in this way. A bit simplistic but I wish I could think of a more practical alternative .
by izzy
06 Apr 2020 14:16
Forum: Financial News, Policy and Economics
Topic: Massive inflation ahead ?
Replies: 66
Views: 20692

Re: Massive inflation ahead ?

There IS a more gloomy possibility!Government is massively spending FUTURE tax revenues today! This may well eventually translate into a decision to massively increase taxation going forward. to compensate-a scenario in which tax deferral would result in a much HIGHER tax liability.Those of us still alive at such future time who are living on the revenue from property,on deferred income such as RRIFs or using deferral vehicles such as CCPCs would suffer most .A capital gain tax or inheritance tax of 80%+ on notional "gains" over a certain amount is NOT impossible once things return to "normal".The UK had such a "SUPER TAX" after world war 2 .Italy ,France and Argentina have had massive inflationCombine that wit...
by izzy
18 Mar 2020 13:24
Forum: Retirement, Pensions and Peace of Mind
Topic: self-directed RRIF withdrawal ease? are banks different?
Replies: 37
Views: 3059

Re: self-directed RRIF withdrawal ease? are banks different?

There MAY be a MARGINAL theoretical "long" term advantage for those who can draw more from non-registered savings (eg dividends from a CCPC )and reduce future drawings from their RRIF by the amount specified by Morneau today-.Of course since your portfolio has likely suffered massively from the current correction and if you are sufficiently old (e.g. I'm 78) you are more likely to succumb to the virus before you could benefit anyway! Maybe one of the math geniuses on this board could illustrate whether the "game would be worth the candle".It seems that annuitizing on reaching age 71 MIGHT have been sensible in hindsight but in the current economic climate there is no guarantee that an annuity company could meet the oblig...
by izzy
30 Apr 2019 23:34
Forum: Community Centre
Topic: Phone number spoofing
Replies: 29
Views: 5414

Re: Phone number spoofing

Of course it's not legal-it's false pretenses by the very definition of the term ! Assuming someone elses identity with intent to deceive or defraud is a crime!
by izzy
27 Mar 2019 18:26
Forum: Retirement, Pensions and Peace of Mind
Topic: Annuity
Replies: 151
Views: 16438

Re: Annuity

Not much advantage for me I'm afraid since I'm already approaching 78 and my RRIF is based on my late wife's age ,she would have been 72 this year so I already have an extra 6 years deferral if I'm still around and want to use it!!
by izzy
22 Mar 2019 00:53
Forum: Financial News, Policy and Economics
Topic: Federal budget 2019
Replies: 193
Views: 21401

Re: Federal budget 2019

OK. I will do my best to stop whining about the deficit and try to focus on things that have a snowballs chance of happening or helping. Anyone have any thoughts on this new: Advanced Life Deferred Annuity . It seams like a way to defer the mandatory RRIF payments required at age 71 to around age 85, but for only 25% of the value of your registered holdings. Advisor.ca seems to have a good explanation of it. https://www.advisor.ca/tax/tax-news/federal-budget-introduces-annuities-deferred-to-age-85/ I can't really see much benefit of it. I certainly do not want to wait until 85 to see any money and then die so soon after that it evaporates in the risk sharing annuity. It appears they are not allowing any interest to be paid to your benefici...
by izzy
19 Mar 2019 19:13
Forum: Financial News, Policy and Economics
Topic: Federal budget 2019
Replies: 193
Views: 21401

Re: Federal budget 2019

https://budget.gc.ca/2019/docs/plan/chap-04-en.html#Closing-Tax-Loopholes Closing Tax Loopholes To make Canada’s tax system more fair, Budget 2019 proposes to: Prevent the use by mutual fund trusts of a method of allocating capital gains or income to their redeeming unitholders where the use of that method inappropriately defers tax or converts fully taxable ordinary income into capital gains taxed at a lower rate. Improve existing rules meant to prevent taxpayers from using derivative transactions to convert fully taxable ordinary income into capital gains taxed at a lower rat The cynic in me notes that its OK to tax Capital gains as ordinary income inside an RRSP but if you find a way of doing the opposite that is a tax loophole
by izzy
19 Mar 2019 16:39
Forum: Financial News, Policy and Economics
Topic: Federal budget 2019
Replies: 193
Views: 21401

Re: Federal budget 2019

IIRC the Aussie's have mandatory superannuation. This is really just Australia's counterpart to CPP. They have an OAS-type plan that's not based on contributions, and this plan which is based on employment. The total contribution rate is about the same, and don't get the idea that employees are getting a free ride because the full contributions are nominally paid by the employer. That gets adjusted for in the labour market. One big difference is that the employee has full control over the selected investments. You can say that the Australian super is a defined contribution version of the CPP (which is defined benefit). I don't know what Super you are referring to but it doesn't sound like the Aussie one to me.By the time Reasonable Benefit...
by izzy
18 Mar 2019 23:52
Forum: Financial News, Policy and Economics
Topic: Federal budget 2019
Replies: 193
Views: 21401

Re: Federal budget 2019

IIRC the Aussie's have mandatory superannuation. This is really just Australia's counterpart to CPP. They have an OAS-type plan that's not based on contributions, and this plan which is based on employment. The total contribution rate is about the same, and don't get the idea that employees are getting a free ride because the full contributions are nominally paid by the employer. That gets adjusted for in the labour market. Rather more generous than that,fortunately for my sister and sundry other relatives who live over here (I am currently visiting them in Sydney).I suggest further reading on the subject would be appropriate,https://en.wikipedia.org/wiki/Taxation_of_superannuation_in_Australia.The structure is different but Australian Sup...
by izzy
17 Mar 2019 17:27
Forum: Financial News, Policy and Economics
Topic: Federal budget 2019
Replies: 193
Views: 21401

Re: Federal budget 2019

Its no worse an idea than reverse mortgages and they endorse them
If people would want to buy the Brooklyn Bridge anything is possible :shock:
by izzy
16 Mar 2019 16:57
Forum: Financial News, Policy and Economics
Topic: Federal budget 2019
Replies: 193
Views: 21401

Re: Federal budget 2019

Not true. The gov't wants its money back from RRSP tax deductions on some sort of schedule, not just when dies. Seems perfectly reasonable to the taxpayer. Besides, some seniors might starve themselves of cash flow by not withdrawing from RRSPs and expect to be sucking the hind teat of OAS and GIS. I am an adult damnit! If I choose to behave as if I'm going to live to 120 it may be foolish (for the record I personally find the prospect of even living to 103 like my aunt and my mother in law are currently horrific) but that should be MY option-not that of some government actuary .Let me give up OAS,the age exemption and the pension deduction and give me back the same rights to regulate my income as I would have if I was under age 71.Discrim...
by izzy
16 Mar 2019 14:56
Forum: Financial News, Policy and Economics
Topic: Federal budget 2019
Replies: 193
Views: 21401

Re: Federal budget 2019

AltaRed wrote: 16 Mar 2019 13:17 Thank you very much for the ideas, but our (local) charitable donations exceed OAS receipts so that is covered. The issue has nothing to do with that. It has everything to do with current hard working taxpayers being burdened with supporting wealthy seniors.
Many of whom would would be even happier if they were just treated the same as other adults instead and allowed to continue their RRSPs etc etc -not necessarily a net benefit but at least being treated as equals!
OAS is paternalism for those seniors who are no longer allowed to bring their savings into income as THEY see fit :(
by izzy
15 Mar 2019 15:22
Forum: Financial News, Policy and Economics
Topic: Federal budget 2019
Replies: 193
Views: 21401

Re: Federal budget 2019

There are two large groups in our society who are discriminated against by our tax system-the very young and the very old.Targeted tax breaks/grants supposedly compensate.There is no real justification for FORCING seniors to access their RRIFs or for preventing them from further contributions based solely on age-after all the longer one delays taking a "pension"the more likely the money will be taxed in a higher tax bracket.Similarly why should children be barred from contribution in the admittedly unlikely event they have sufficient income? It is pure discrimination based on age!
by izzy
12 Jan 2019 14:40
Forum: Community Centre
Topic: Ancestry
Replies: 25
Views: 1412

Re: Ancestry


Ignorance is bliss. Trust me for many this is the absolutely best truth. Whenever I hear about a person finding out about something in advance of a detrimental outcome I always think back to the line that was spoken in The Bucket List: I used to think that knowing your mortality would be empowering. Turns out it isn't...
Its not just that,for example I am 77 years old,my father barely made it to 70,my brother to 60 and BOTH grandfathers to 65.Meanwhile my mother-in-law is still alive at 103 yet my wife died last year at 70.Family history is merely a guide as to likelihood even if backed up by genetics,it may help you plan your life after retirement but you cannot rely on it
by izzy
02 Jan 2019 00:20
Forum: Under the Mattress: Protecting Your Money
Topic: Bonds vs GIC vs HISA
Replies: 3
Views: 1060

Re: Bonds vs GIC vs HISA

scomac wrote: 01 Jan 2019 23:02 In a word, liquidity. A HISA is by definition liquid and a GOC bond can be sold at any time. GIC's on the other hand must be held to term. You will find that cashable GIC's will yield no better than a HISA and often times worse.
Look at Outlook Financial credit union for cashable GIC.reduced interest if you cash in prematurely but if you are reasonably certain you won't need the money for 5 years but want the option to cash out in an emergency it pays similar interest to a non-cashable if held to maturity
by izzy
30 Dec 2018 17:20
Forum: Community Centre
Topic: Good and/or Underrated Movies and TV shows
Replies: 2489
Views: 97893

Re: Good and/or Underrated Movies and TV shows

Zipper wrote: 30 Dec 2018 17:00 For you dog people "Isle of Dogs" is outstanding.
Not to be confused with the island of the same name in the UK
A good one for the grandkids this time of year :D
by izzy
21 Dec 2018 14:10
Forum: Taxing Situations
Topic: what if a ccpc doesn't have money to withhold employee CPP?
Replies: 11
Views: 2698

Re: what if a ccpc doesn't have money to withhold employee CPP?

You could surely just lend the money to the corporation which would repay you from next years income?
by izzy
13 Nov 2018 10:13
Forum: Under the Mattress: Protecting Your Money
Topic: Zag Bank is closing
Replies: 51
Views: 5589

Re: Zag Bank is closing

AltaRed wrote: 13 Nov 2018 09:59 It appears it will be a forced redemption. But seriously, it happens so rarely, e.g. winding up of operations, there is likely higher odds of plane parts falling out of the sky and killing me.
Its interesting because generally there is only one circumstance when a depositor can force a redemption without penalty and that is death of the depositor, which is unavoidable!
Is Zag 's closing unavoidable? If not equity would suggest depositors might have grounds for a class action suit for breach of contract?
by izzy
06 Nov 2018 01:29
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: complex family housing situation.
Replies: 7
Views: 2596

Re: complex family housing situation.

I don't know whether you could set up one (or several) as a non-resident or what the US tax implications would be but maybe a Henson trust might fit the situation
https://ca.rbcwealthmanagement.com/docu ... 5da9193638 May be worth exploring the possibility anyway.
by izzy
27 Oct 2018 07:18
Forum: Retirement, Pensions and Peace of Mind
Topic: Stranded RRSP
Replies: 9
Views: 1036

Re: Stranded RRSP

Here's an update though the file is still open..... 3. Ability to transfer an RRSP into an Australian Super is available only for six months after becoming an Australian resident. 4. As Clason suggested, Australian Super taxation in mind bogglingly complex. I took two cracks at it, but my eyes quickly glazed over. In any event, my friend has always had a tax accountant prepare his returns and he now has the guy investigating how Australian Tax Office will view RRSP conversion to RRIF with investment redeployment, and subsequent RRIF withdrawals. It does seem astonishingly complex.My understanding is that unlike our RRSP Australian super is taxed on an ongoing basis albeit at a low rate in which respect it has similarities to our small busi...
by izzy
23 Oct 2018 16:12
Forum: Retirement, Pensions and Peace of Mind
Topic: RRIFmetic (FIMETRICS) by steve salter
Replies: 58
Views: 8860

Re: RRIFmetic (FIMETRICS) by steve salter

adrian2 wrote: 23 Oct 2018 12:03
OnlyMyOpinion wrote: 23 Oct 2018 11:23 Please let Steve know that FWF and CMF forum folks are thinking of him.
Also that he has established an enduring legacy. He has influenced and provided thought-provoking comments to many of us trying to understand our retirement options. Some of us might have otherwise found ourselves 'in the ditch' somewhere down the retirement road.
+1!
+2
by izzy
19 Oct 2018 14:26
Forum: Retirement, Pensions and Peace of Mind
Topic: Stranded RRSP
Replies: 9
Views: 1036

Re: Stranded RRSP

For what its worth it USED to be possible to roll an RRSP into Australian super with some tax advantages (at one time I checked it out with a view to possible retiring there where I have family) .Times and taxes change but worth checking into!
by izzy
17 Oct 2018 18:31
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Marijuana Legalization [Investment opportunities]
Replies: 79
Views: 7599

Re: Marijuana Legalization [Investment opportunities]

nisser wrote: 17 Oct 2018 17:28
optionable68 wrote: 23 Sep 2018 16:44 Looks like this sector has gone out of control
Just a matter of time before investors get burnt here.

Market cap of Tilray = 14 billion

To sell an equivalent amount of pot (i.e. P/S of 1), every single living person in Canada would have to consume 350g+ of pot per year. It's just comical.
The Romans gave the Plebs "Bread and Circuses"!
Our Canadian government gives us "Pot"!
"Plus ca change" :roll: