Search found 7719 matches

by brucecohen
15 Mar 2024 02:01
Forum: Retirement, Pensions and Peace of Mind
Topic: Social Security is the Biggest Scam of our Lifetimes?
Replies: 29
Views: 1108

Re: Social Security is the Biggest Scam of our Lifetimes?

This paper suggests that privatized Chilean system was a major improvement on its predecessor. Looks like the government imposed major (and harmful) constraints, eg by forcing investments to be exclusively within Chile. Nevertheless returns have been good. The authors are highlighting several deficiencies, focusing on population being uneducated on financial matters, inadequate information material on performance and poor coverage. https://sites.krieger.jhu.edu/iae/files/2020/03/The-Privatization-of-Social-Security-in-Chile-1.pdf This paper was written by two students of Steve Hanke, a longtime ardent advocate of privatizing Social Security. One is now a retail financial advisor while the other is a private equity analyst. Much of their in...
by brucecohen
14 Mar 2024 23:59
Forum: Retirement, Pensions and Peace of Mind
Topic: Social Security is the Biggest Scam of our Lifetimes?
Replies: 29
Views: 1108

Re: Social Security is the Biggest Scam of our Lifetimes?

AltaRed wrote: 14 Mar 2024 23:02 CPP contributions are no different than contributions to a registered pension plan from a corporate employer. It is just that an employee has no way to opt out,
Actually, I know of no corporate DB plan that allows an employee to opt out. Mandatory membership is essential for pooling. For that matter, there might be DC RPPs that allow opt-out but I don't know of any. Group RRSPs, in which the employer typically matches the employee's contributions, might effectively allow opt-out if the employee can set his contribution at $0. But that would mean leaving the company's money on the table.
by brucecohen
14 Mar 2024 23:31
Forum: Retirement, Pensions and Peace of Mind
Topic: Social Security is the Biggest Scam of our Lifetimes?
Replies: 29
Views: 1108

Re: Social Security is the Biggest Scam of our Lifetimes?

I hope someone more experienced in the topic like Bruce can watch/listen to this and provide his comments. Sorry, the Daily Wire has always upset my stomach so I avoid it. The video's presenter is Matt Walsh. Read his Wiki profile and then decide if watching it is worth your time. Right-wingers like this guy used to gush over how Chile privatized its social security system. They don't mention it anymore because it blew up. It was replaced after 41 years because benefits paid were running at just over one-third what proponents projected at the outset, 72% of pensioners were getting less than minimum wage and benefits for 25% were below the poverty line. In response to a referendum Galevston County, Texas pulled its municipal workers out of ...
by brucecohen
14 Mar 2024 22:52
Forum: Retirement, Pensions and Peace of Mind
Topic: Social Security is the Biggest Scam of our Lifetimes?
Replies: 29
Views: 1108

Re: Social Security is the Biggest Scam of our Lifetimes?

The biggest scam is for the workers who no longer settle in the North-American countries where they have contributed most of their money during their active work years. Because at retirement age, they are "required" to pay a flat "tax" rate of 20 or 25% if the decide to spend their pension money in another country. And even the greater scam is this: WHY tax the retirees AGAIN, for benefits that they are entitled to receive (as per the "social contract") and which they have ALREADY paid a tax for, during their active work years? Did it not occur to you that this money, whether in RRSP, RRIF or pension plan, had not been taxed before? It's hard to believe you're not aware that RRSP and RPP contributions are tax-...
by brucecohen
14 Mar 2024 16:50
Forum: Community Centre
Topic: Electric Cars
Replies: 601
Views: 38970

Re: Electric Cars

* Except for those poor sods who find out an upgrade to 200 amp service from 100 amp is going to cost them a small fortune. A number of such anecdotes locally where homeowners have been staggered with electrical upgrade bills. Yes. I looked at upgrading from 100 to 200 amps while considering heat pumps. The estimated cost was about $5,000. My next car, hopefully for quite a few years, might be a PHEV but I wouldn't go EV. If we moved to town, I might be more inclined to get an e-tricycle than an EV. The increasing number of people living in condos will be a huge barrier to EV adoption until public chargers are as prevalent as gas stations. FWFers have already discussed the problems facing condo unit owners and their boards. A friend who ow...
by brucecohen
14 Mar 2024 16:17
Forum: Retirement, Pensions and Peace of Mind
Topic: The government is considering changing investment objectives for CPP
Replies: 34
Views: 1079

Re: The government is considering changing investment objectives for CPP

Max88, your local public library likely has, or can obtain, this book. Read it. It explains how CPP funds used to be invested entirely in Government of Canada bonds as you suggest and how this triggered tangible concern that the plan would not be able to meet to meet the benefit promise made to the boomer generation and those that followed. The book then details the heroic process in which the federal and all provincial finance ministers agreed to a massive overhauling that would create political pain for them and their governments by substantially increasing premiums to create investible surplus in return for the benefit of solidity that would be recognized/appreciated only years after they left office. Your suggestion pretty much jibes wi...
by brucecohen
14 Mar 2024 10:20
Forum: Retirement, Pensions and Peace of Mind
Topic: The government is considering changing investment objectives for CPP
Replies: 34
Views: 1079

Re: The government is considering changing investment objectives for CPP

Some time ago I helped CPPIB produce their annual reports for 5-6 years. Corporate and social interest campaigns have attempted several runs on the piggy bank since CPPIB adopted active investing in 2006. All failed. CPPIB investment strategy and allocations are developed by staff and approved by the board of directors, all of whom are required by law to be business executives or financial people. None of the directors during my time were, or had been, politicians or even political players. I think that's still the case. While the directors are all federal appointees, they are nominated by a committee with one member from each sponsoring province and one member representing the federal govt. FWIW, CPPIB's governance structure has repeatedly...
by brucecohen
13 Mar 2024 10:26
Forum: Under the Mattress: Protecting Your Money
Topic: Telephone scams
Replies: 302
Views: 48047

Re: Telephone scams

Not a telephone scam, but related. As before, "if it sounds too good to be true....." WaPo reports how fraudsters took over the Facebook page of a respected Nashville business owner and used it to bilk his friends by touting astronomical crypto trading returns. Hacking and being scammed are so common that law enforcement officials are growing just as frustrated as consumers. Last week, a bipartisan group of 41 attorneys general sent a letter to the top lawyer for Meta, the parent company of Facebook and Instagram, urging the company to take “immediate action” to address “the dramatic increase in user account takeovers” on its platforms. Help Desk, the personal technology section at The Washington Post, has received hundreds of ema...
by brucecohen
11 Mar 2024 10:36
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2221

Re: Nurse Practitioners / Physician Assistants

I learned a lot about the financial squeeze on Ontario GPs from this article that CBC published today. Too much to quote here -- scroll to the bottom half. Some points: Over the past 10 years, inflation as measured by Statistics Canada has totalled about 25 per cent. During the same period, the average family physician's yearly billings to OHIP have risen just 5.1 per cent, according to figures provided by the OMA. <snip> Barely 30 per cent of last year's grads ranked family medicine as their first choice for their specialty training, according to data from the Canadian Resident Matching Service (CaRMS). The figure was 38 per cent in 2015, and has been on the decline for years. That dwindling supply of family medicine residents in turn beco...
by brucecohen
10 Mar 2024 17:40
Forum: Retirement, Pensions and Peace of Mind
Topic: Single premium immediate annuity (SPIA)
Replies: 92
Views: 3129

Re: Single premium immediate annuity (SPIA)

Marcus Aurelius wrote: 10 Mar 2024 17:07 I have noticed that quotes for prescribed annuities are generally a little lower than for registered (RRSP/RRIF) annuities, which I assumed was because the insurance companies know that the people who buy prescribed annuities tend to live a little longer (adverse selection).
That might be due to a provision in which, as explained here, the Income Tax Act dictates that insurers creating prescribed annuities must use a standard life expectancy table from the US-based Society of Actuaries.
by brucecohen
10 Mar 2024 10:50
Forum: Retirement, Pensions and Peace of Mind
Topic: SRRSP withdrawal attribution
Replies: 1
Views: 102

Re: SRRSP withdrawal attribution

I contributed $10k to my spouse's SRRSP account in 2023, $8k more this year. 2023's already come to $20k worth (within 2023) due to investment capital gains. Say if she has the whole $28k ($20k + $8k) to holding GICs from now and no other contributions will be made thereafter, when 2026 comes, can my spouse withdraw $20k without triggering the attribution rule or must she wait until 2027 to avoid income attribution back to me? Thanks. Start of 2027 is the quick answer. The simple rule is she must wait two calendar years after the year in which the contribution is made. But in your case an ordering rule applies since you've contributed in more than one year. RBC has a good example: Attribution may apply when: ● The plan annuitant’s spouse h...
by brucecohen
07 Mar 2024 23:48
Forum: Taxing Situations
Topic: DPSP transfers, are they possible anytime?
Replies: 3
Views: 218

Re: DPSP transfers, are they possible anytime?

Saintor wrote: 07 Mar 2024 20:38
brucecohen wrote: 07 Mar 2024 00:27 Many employers have group RRSPs funded by employee contributions and matching DPSPs funded by the employer.
I have this too, separate from my DPSP; I can move this money, right?
Probably. See if your employer has imposed any kind of lock-in until you leave your job. That's unlikely with a dual GRSP-DPSP setup since you put up all the RRSP money, but you check to make sure. Some employers who only sponsor GRSPs and match employee contributions limit with withdrawals. For many years lawyers have said those limits are likely not enforceable, but AFAIK it hasn't been worth the expense and effort for anyone to go to court.
by brucecohen
07 Mar 2024 00:27
Forum: Taxing Situations
Topic: DPSP transfers, are they possible anytime?
Replies: 3
Views: 218

Re: DPSP transfers, are they possible anytime?

You can transfer DPSP money only if:
-- you leave the company or the employer allows lump sum withdrawal for some other reason
-- you must split assets due to marital breakdown

Deferred profit sharing plans (DPSPs) are tied to the sponsoring employer, unlike RRSPs which are individually owned by employees even if administered under a group contract. DPSP contributions can be made only by employers who typically set them up to avoid having to pay payroll tax such EI and C/QPP on the money. Many employers have group RRSPs funded by employee contributions and matching DPSPs funded by the employer.
by brucecohen
06 Mar 2024 23:57
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2221

Re: Nurse Practitioners / Physician Assistants

Do these wait times include the time to see a specialist? Get an MRI? Those stats are from "decision" to surgery. "Decision" is the point at which patient and specialist decide to proceed. There are separate pages for data on the wait time between referral by GP and actually seeing the specialist. Here is a diagram. I fortunately know very little about back surgery. So I've arbitrarily checked time to see a specialist for orthopaedic spine surgery at hospitals in my region. The provincial target wait times are 182 days for priority 4 patients (low priority), 90 for priority 3 and 30 for priority 2. The provincial average for priority 4 is well below target (120 days vs 182). Priority 3 is just about target (94 vs 90) an...
by brucecohen
06 Mar 2024 18:41
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2221

Re: Nurse Practitioners / Physician Assistants

Bylo Selhi wrote: 06 Mar 2024 17:59
brucecohen wrote: 06 Mar 2024 17:31the fourth, a huge regional hospital that typically has a lot of high priority complex and trauma cases.
Markham-Stouffville OJAC?
No. Southlake Regional in Newmarket. Markham-Stouffville is a "community hospital" and parent of the "small hospital" (57 beds) near me.
by brucecohen
06 Mar 2024 17:31
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2221

Re: Nurse Practitioners / Physician Assistants

People from Toronto were coming to Calgary. They are barred from doing the surgeries in their home province so they send them to their out of province centers. This thread is supposed to be about nurse practitioners and physician assistants, neither of whom do knee or hip replacement -- I hope! I wonder how many of those "people from Toronto" bothered to check the provincial health wait times website before booking their flights and hotels. I just checked knee replacement wait times from decision to surgery at hospitals in my region just north of Toronto. The current range for lowest priority patients (#4) ranged from just over 1.5 months to just under four months. That's at five hospitals, all within 30 minutes of the city line....
by brucecohen
06 Mar 2024 11:11
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2221

Re: Nurse Practitioners / Physician Assistants

My pharmacist and GP seem to have some kind of messaging system for Rx renewals. I sign onto the pharmacist's website. It shows my drugs and I indicate if I want all or just some refilled. Before day's end I get an email from the pharmacist telling me the drugs are ready for pickup. This system might be as simple as an automated digital fax on both ends but it works superbly. I've noticed that my GP need click only a few keys on the treatment room computer to send a new or changed Rx to the pharmacy. I don't know if it's an auto-filled fax or a digital message. Once or twice the pharmacist had questions and told me he would "message" the doctor. Again, the drugs were ready for pickup before day's end. My pharmacist is an IDA-affil...
by brucecohen
06 Mar 2024 01:36
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2221

Re: Nurse Practitioners / Physician Assistants

And if we were allowed access to private medicare, those newly-qualified foreign-trained physicians would be able to provide health care services at no additional cost to the public purse ... Yes indeed. I have been saying this for decades, including to my (Liberal) MP. But, the answer always comes, that would lead to two-tier health care. The two-tier health care argument is facile but so is the belief that access to private health care would solve the problem. 1. Stats here indicate the US has about same GP shortage as Canada. My understanding -- and I stand to be corrected by the doctors here -- is that family medicine is now a very tough sell in both Canada and the US. As I related above, my family clinic offers medical students a look...
by brucecohen
04 Mar 2024 19:54
Forum: Retirement, Pensions and Peace of Mind
Topic: Single premium immediate annuity (SPIA)
Replies: 92
Views: 3129

Re: Single premium immediate annuity (SPIA)

Clueless_Expat wrote: 04 Mar 2024 17:50 Perfectly understandable. Just remember that SPIAs are commodity products, so the quotes should be roughly equal for the two providers that you end up choosing.
Here's a tip I read long ago that Optsy might be able to confirm. For various reasons an insurer might not want to sell any more life annuities for a while. But rather than pull out of the market, it just provides lousy quotes.
by brucecohen
04 Mar 2024 17:27
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2221

Re: Nurse Practitioners / Physician Assistants

This model is common today - confirmed by my sister just a couple of days ago. My GP is in a group practice under a compensation model that Ontario introduced years ago, but then closed to new entrants, I think. Each doctor is paid a flat annual fee adjusted for age and medical conditions. Thus there is extra focus on preventive medicine. Each doctor must have a minimum and maximum number of patients. The clinic is required to provide GP availability during the day and evening Mon-Fri and at least a half-day on weekends. Records are digital and there's a computer in each treatment room so a doctor filling in for mine can easily access my history and leave a note for my GP. My GP is in the office four days a week and takes normal vacation(s...
by brucecohen
04 Mar 2024 16:59
Forum: Retirement, Pensions and Peace of Mind
Topic: Single premium immediate annuity (SPIA)
Replies: 92
Views: 3129

Re: Single premium immediate annuity (SPIA)

Jase wrote: 04 Mar 2024 16:33 Since I don't really see a downside to having two sources (other than the initial setup) it will help me sleep better at night.
You might get a better quote on one big purchase as opposed to two half ones. Compare the monthly income per $1,000 of purchase.
by brucecohen
02 Mar 2024 00:29
Forum: Financial Planning and Building Portfolios
Topic: CDIC Money protection
Replies: 4
Views: 536

Re: CDIC Money protection

CDIC insures DEPOSITS up to $100,000 per "person" per member institution. That's a legal person, not a human one. RRSP is one person. RRIF is another. etc, etc. The big banks have multiple CDIC memberships. So a term deposit issued by TD Bank is insured separately from a GIC issued by TD Mortgage Corp. CDIC's website lists all of the members.

Mutual funds like Mawer's and ETFs are not insured and don't need it because each fund is a trust that directly holds securities which are held separately from the fund sponsor. So in the unlikely event that Mawer goes bankrupt, the securities held by each Mawer fund would still be there and belong to the fund's unitholders, not Mawer's creditors.
by brucecohen
28 Feb 2024 13:44
Forum: Taxing Situations
Topic: Tax attribution rules
Replies: 21
Views: 753

Re: Tax attribution rules

When I look around and see a MD couple writing down 100% of one of their vehicles and claiming that this is possible because they occasionally do some work from home (though they do not see any patients in their home) so they can include commuting to where they do 98% of their work... I probably could have been far more aggressive in minimizing tax. That is not something worth emulating. There is plenty of material out there to get a very clear idea how CRA views business vehicle use. Indeed. I don't see how this couple is doing it legally. If you buy a vehicle, tax rules limit how much you can depreciate each year. (I forget the rules for leasing). You can write off operating expenses like fuel and maintenance only if you keep a log showi...
by brucecohen
27 Feb 2024 21:54
Forum: Taxing Situations
Topic: Are MERs tax deductible expenses?
Replies: 16
Views: 889

Re: Are MERs tax deductible expenses?

MERs are not tax-deductible for you. They are deductible by the mutual fund trust which actually pays them so you get an indirect benefit. If you pay an advisor a separate fee for advice on unregistered funds, you can claim a deduction for that.

more info here
by brucecohen
26 Feb 2024 23:39
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2221

Re: Bad Customer Service

What's the difference between PAs in the US and NPs in Canada? This compares PAs and NPs in Canada. NPs have more training because they first become RNs. I was surprised by LTR's comment above. I've never encountered a PA in Canada and didn't find many, relatively speaking, when I looked up the stats a couple of years ago. I also recall that most Canadian PAs were then commuting to the US. The Wikipedia writeup on PAs in the US says they can prescribe drugs, but that was not my wife's experience at a Rhode Island walk-in. The PA diagnosed her but had to get the on-duty MD to write the scrip. US friends and relatives tell me their GPs all have PAs who do the initial interview and handle all routine cases. One friend hasn't seen his GP in ye...