(Thread IKs:
ZShakespeare)
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AegisP posted:I'm still rolling my eyes that another, time-limited, single-use TFSA was seriously put forward as a policy idea. That would certainly make it better at unnecessarily diverting government funds to wealthy individuals who need the help least. Also, in case you were wondering, RESPs apparently have some options for unused amounts, including transferring them to another RESP, or transferring them to the contributor's RRSP. I assume that will be the case for these, uh, RHSPs? if they actually happen.
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Aug 27, 2021 00:03
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| # ? Jun 6, 2024 16:10 |
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So today Otoole decided it was a good time to criticize the flags being held at half mast over the residential school graves and that if we were really proud of Canada we'd show it by flying the flags high and proving we believe in building a better country. It was also rather amusing listening to him boast about all the first nations leaders he's allegedly spoken to when I can count the number of media appearances he's made in public venues on one hand. The rest of the time he's at the Westin Hotel in Ottawa blasting his Ford Motors commercial music before speaking to an empty room. Are we sure Kenney isn't helping him run his campaign?
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Aug 27, 2021 01:08
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I don't think O'Toole really thinks the residential schools were a big deal (much like 95% of Con voters). He did have that zoom call with ryerson campus conservatives about how to own the libs on the topic, iirc. A total shithead
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Aug 27, 2021 01:32
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I'm sure he understands, he just doesn't care.
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Aug 27, 2021 02:32
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Yes, it's like a lava lamp.
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The actual advantage of that new super housing tax free account is that you will substract what you deposit in it from your yearly income, like a RRSP, but never have to add it back to said income in the following years for a HBP or retirement withdrawals if you do use it to buy that house, unlike a RRSP. It's a nice permanent tax deduction for that surely massive amount of wealthy youths, I guess. Wulf fucked around with this message at 04:37 on Aug 27, 2021 |
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Aug 27, 2021 02:37
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Lol, I didn't realize that the housing TFSA was actually RRSP+TFSA that's loving ludicrous.
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Aug 27, 2021 03:52
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They should let people pay rent out of it
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Aug 27, 2021 04:50
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Personally I'd like to know how many Canadians even know what an RRSP or TFSA is. I sure don't.
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Aug 27, 2021 05:15
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Bleck posted:Personally I'd like to know how many Canadians even know what an RRSP or TFSA is. I sure don't. They are legal ways to avoid paying taxes on money you save. e: Notice: you must have extra money to save to take advantage of them.
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Aug 27, 2021 05:25
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What the gently caress is "extra" money? That's insane.
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Aug 27, 2021 05:28
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It's the money you have left over after your mortgage, your cottage mortgage, your two car payments, your boat payment, private school tuition, summer camps, au pairs, vacations, retirement savings and dining and entertainment. I'm sure you can find some well-researched articles about typical middle class Canadians who are struggling to save more than $10,000/year once those basic expenses are covered. Also looking forward to the future when the stock bubble bursts and interest rates are still below ever-rising inflation and retirement is just going to be a breeze.
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Aug 27, 2021 05:44
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Contrary to this thread, tax shelters are for really rich people.
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Aug 27, 2021 05:55
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By the time I'm 40 I can maybe start a RRSP or TFSA. Just want to pay off student loans and credit card debt first.
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Aug 27, 2021 06:34
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Bleck posted:Personally I'd like to know how many Canadians even know what an RRSP or TFSA is. I sure don't. You'd do yourself a great favor to read up on them, as well as personal finance in general. Most Canadians have RRSPs and TFSAs (though I'm sure many don't understand how they function properly).
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Aug 27, 2021 12:49
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eXXon posted:Also looking forward to the future when the stock bubble bursts and interest rates are still below ever-rising inflation and retirement is just going to be a breeze. You mean last year? Capri Sunrise posted:You'd do yourself a great favor to read up on them, as well as personal finance in general. Most Canadians have RRSPs and TFSAs (though I'm sure many don't understand how they function properly). For sure. Obviously, it's not going to help everyone, as you need money to save to begin with. But if you're stashing money in a basic rear end savings account, you're hurting yourself financially unfortunately. And the longer you wait, the worse it gets. Gros Tarla fucked around with this message at 13:32 on Aug 27, 2021 |
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Aug 27, 2021 13:28
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Capri Sunrise posted:You'd do yourself a great favor to read up on them, as well as personal finance in general. Most Canadians have RRSPs and TFSAs (though I'm sure many don't understand how they function properly). Yes, I'm in a situation where I can easily max out both of these accounts but tax-free capital gains are helpful for anyone. Just be thorough in learning about them because there are vast amounts of misinformation out there. Mostly from the kind of people who would turn down a pay raise because it "puts them in the next tax bracket" but even from some supposed tax experts.
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Aug 27, 2021 13:54
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Just had a knock on my door, and discovered that the LPC apparently can't find somebody local to run up here in Parry Sound-Muskoka, so they're bringing in a candidate from Toronto. I mean, there's no way Parry Sound-Muskoka doesn't go CPC again, but I'm surprised they can't find somebody local to run.
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Aug 27, 2021 16:19
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RRSP/TFSA are for the middle class/rich but not 1% rich. RRSP caps when you make $150k or so, and TFSA is $6k/year or whatever, so that's really not how the megarich avoid taxes. If you don't have either (and you have some long term savings) it's generally best to start with TFSA if you're either low income or expect to make higher income in upcoming years, since you can carry forward RRSP contribution room (you can with TFSA too, but it doesn't immediately affect your taxable income). This bizarre new house saving plan is just going to exacerbate the housing crisis though, yay for even higher prices.
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Aug 27, 2021 16:20
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So I'm hearing "vote NDP" from that post, correct?
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Aug 27, 2021 16:26
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Its infuriating how no one actually wants to make housing cheaper. Lower prices? Lower rents? Not at all on the table. Its always convoluted plans to let people get into more debt, or some sort of subsidy, or a way for already rich people to save on taxes. I mean know why it is, but it's so stupid. We've had a couple generations of people feeling the highest and most sacred rights of canadians is to see real-estate appreciate far faster than inflation and a government that's absolutely based policy around making sure this is the case. Your retirement plan is almost entirely based on your house equity, or if you're even more fancy, the "passive income" from the few rental units you own. Cheaper housing is an attack on vulnerable seniors. We can't possibly just fund pensions properly, because that wouldn't be fair to the people who got 5 quasi-legal private loans to buy a house they've been putting 75% of their income towards each month and will only come out ahead in 15 years of current-rate price increases.
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Aug 27, 2021 16:28
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Baronjutter posted:Its infuriating how no one actually wants to make housing cheaper. Because our economy hinges on it not being cheaper
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Aug 27, 2021 16:30
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ZeeBoi posted:Because our economy hinges on it not being cheaper Like I get it, the Canadian economy is propped up entirely by housing at this point. But it's just such a bold faced dead rear end lie to be able to write down "now we'll let you save 40k tax free for your house!" and expect it to fly. You motherfucker 40k FROM WHERE. Not to mention I need a downpayment of 100k+ to afford a small 1 bedroom condo in most areas of metro van.
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Aug 27, 2021 16:40
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Just out of curiosity, but how exactly is it that house value is proping up the Canadian economy? Could someone give me a brief reader's digest summary of how that works?
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Aug 27, 2021 16:54
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Randalor posted:Just out of curiosity, but how exactly is it that house value is proping up the Canadian economy? Could someone give me a brief reader's digest summary of how that works? All the transactions juice the GDP numbers which drive investor confidence in related industries. The land transfer taxes are lucrative revenue for municipal and provincial governments in an era where raising taxes is political suicide. The law firms, real estate companies, commissions etc provide income that people can use to spend on other products. The banking sector, mortgage brokers etc all get to have amazing years from the banking activity that generates which means “safe” stocks like Canadian banks can post generous dividends to their shareholders which in turn helps pension funds get good rates of return for boomer retirees looking to make sure their portfolios are healthy and safe. Finally as people over leverage themselves or refinance mortgages they are spending that money on home improvement projects for their crack shack fixer uppers. This leads to more work for contractors, trades people etc. There’s entire sectors of architectural coatings that are having record years because of the work that’s going into homes now. Swimming pool order books are full up into years worth of work. All of this stops if housing crashes in value as people stop bothering with these projects and house flipping becomes unprofitable.
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Aug 27, 2021 17:00
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Randalor posted:Just out of curiosity, but how exactly is it that house value is proping up the Canadian economy? Could someone give me a brief reader's digest summary of how that works? Canadian Economy by Industry, 2020 
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Aug 27, 2021 17:01
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Randalor posted:Just out of curiosity, but how exactly is it that house value is proping up the Canadian economy? Could someone give me a brief reader's digest summary of how that works? The FIRE sector (Finance, Insurance and Real Estate) is an absurdly large fraction of the economy in basically every province (and I'm going to assume territory too). Imagine if housing prices started declining - what would happen to all the Realtors (TM), contractors/hardware stores, the ~70k new condo units being designed and built every year in the GTA (I think it's up to 20k+ per quarter), the banks lending money to finance all of this poo poo, etc. etc. Precambrian Video Games fucked around with this message at 17:04 on Aug 27, 2021 |
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Aug 27, 2021 17:02
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Oh okay, that makes sense. If the Federal and Provincial governments worked together (I know, I know) and rolled out a program to build low-cost housing for first-time home owners (and have some system in place to make sure they're first time home owners) how would that affect the economy?
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Aug 27, 2021 17:21
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eXXon posted:The FIRE sector (Finance, Insurance and Real Estate) is an absurdly large fraction of the economy in basically every province (and I'm going to assume territory too). Note that Thatcher was able to get a huge grip on power with promises like turning council estate renters into homeowners. Imagine multiple generations of transient renters suddenly being given easy ways to secure permanent property that can accrue in value indefinitely as you make renovations. It’s how real estate blew up in the UK and led to their FIRE sector boom. People want to be homeowners. That’s the lie. You get told you can build equity and become a millionaire just for living in your house. Home is now a commodity investment rather than basic shelter and an expense. Everything you spend to make it prettier is now an “investment” into a forever appreciating asset. That’s why the debt doesn’t matter. If your interest rates are so low that you’re gaining 40,000+ per year in home equity then you’re only profiting. Anyway you can’t fix it because everyone who buys into this system has staked their livelihoods on this and therefore has a selfish interest in perpetuating the scheme until they benefit from the bubble. If there truly is a time limit before these houses crash in value, nobody wants to be caught out when the music stops. So the answer is to keep the music playing forever. We’ve bribed the voters with cheap credit and financialized home ownership in a way that it’s become a component of how people save for cushy retirements. This is the biggest Ponzi scheme in Canadian history. And the worst part is all the “solutions” are just more people trying to get in on the action. I can’t in my right mind justify participating in this right now. So I’m still bearish on real estate. I have a friend who is trying to convince me to get my parents to HELOC their house so I can buy a cheap condo in Jane and Finch and rent it out as a slumlord while I profit from rising home equity. That’s a loving bubble. That’s the shoe shine giving Joe Kennedy stock tips before the depression. Kraftwerk fucked around with this message at 17:28 on Aug 27, 2021 |
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Aug 27, 2021 17:25
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I was looking at the covid data on the Alberta website and noticed they're still using country names for variants. Gotta get that xenophobia in there somewhere, eh? It also shows the current wave tending down when all the other data sets I've looked at show it trending up.
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Aug 27, 2021 17:28
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they'll change their tune once there is an alberta variant
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Aug 27, 2021 17:28
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Kraftwerk posted:We’ve bribed the voters with cheap credit and financialized home ownership in a way that it’s become a component of how people save for cushy retirements. You can't get a penny of retirement money out of your house without borrowing against it or selling it. When the people they're selling to don't have the wages to buy all of these houses for what they're nominally worth (and we do have to face the fact that the Canadian workforce, collectively, doesn't actually have the purchasing power to do so), a lot of sellers will not get the money they've been expecting. Banks will eventually figure this out and stop issuing HELOCs against value that isn't really there. I don't think anyone would advise you to risk half your retirement fund on what is essentially a roll of the dice, but that's effectively what's going on here.
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Aug 27, 2021 17:30
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Housing can either be affordable or it can be a good investment, it fundamentally cannot be both.
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Aug 27, 2021 17:33
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An unwinnable riding no matter who runs posted:We are excited and honoured to announce Lyse-Pascale Inamuco has been nominated as the NDP candidate for Ottawa-Vanier! Local Dipper candidate status: Good but it doesn't matter because she's not winning.
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Aug 27, 2021 17:52
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Congrats to Mona Fortier for her win in Ottawa Vanier.
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Aug 27, 2021 17:55
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tagesschau posted:You can't get a penny of retirement money out of your house without borrowing against it or selling it. When the people they're selling to don't have the wages to buy all of these houses for what they're nominally worth (and we do have to face the fact that the Canadian workforce, collectively, doesn't actually have the purchasing power to do so), a lot of sellers will not get the money they've been expecting. Banks will eventually figure this out and stop issuing HELOCs against value that isn't really there. Jokes on you I'm gonna sell my house for a million bucks to a REIT getting into the rental market or someone looking to launder some cash and move to a gated community or some poo poo.
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Aug 27, 2021 18:02
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flakeloaf posted:Local Dipper candidate status: Good but it doesn't matter because she's not winning. Finally have a bio on my NDP candidate, and... same, honestly. https://juanestevezmoreno.ndp.ca/
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Aug 27, 2021 18:05
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PT6A posted:Finally have a bio on my NDP candidate, and... same, honestly. Why does he look like a Young Conservative?
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Aug 27, 2021 18:09
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Unless a political party is willing to bring back crown corporations in full they are part of the problem, imo. Nothing will fundamentally change no matter the party. It's just degrees of change towards the same result. I'll still vote but I have no illusion that we will ever see the real change we need.
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Aug 27, 2021 18:10
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Tippecanoe posted:Why does he look like a Young Conservative? He's a young-ish man wearing a smart jacket? I mean, apart from that I don't see it. What should he look like?
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Aug 27, 2021 18:15
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Albertans look like Albertans regardless of party affiliation?
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Aug 27, 2021 18:17
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