Yes, it’s that magical RRSP time when your Savings Institution pressures you to top up your RRSP account so you can take full advantage of the savings on your taxes. When folks ask me, “Have you bought an RRSP yet?”, I throw up a little in my mouth, get the terms right folks, the RRSP is the program, you buy investment vehicles to put in the RRSP account you have created. Feel free to roll your eyes when any of your friends say that, you have my permission.
The winners for the Online TurboTax have all been informed and are hopefully off enjoying their free tax software. Me I went out and bought my own copy, with a disk and everything, because I am paranoid about “Cloud Computing” in general (30 years in High Tech has made me very distrustful of all shared computing systems). In the same vein the “Theo B. CajunMan” Facebook account (my pseudo Facebook account) was hacked yesterday too, so if you see that ID on line, it ain’t me, I have shut the account down (however my “THE Canadian Personal Finance” page still exists, just under different management).
Tax Time is here too! Hope you are collecting all of your receipts and remember all of your deductions too. I have created a Spreadsheet with as many of the important tax receipts I can remember. I may publish it next week in case there are other folks who forget as much crap as I do every tax year. Here is a quick tip, don’t forget your Safety Deposit Box costs, if you have one!
A fun shorter week for most of Ontario and Alberta (not for me), and for all those who were happy to hear I was working on Monday, call me on Remembrance Day, we’ll compare notes then!
My Weekly Recap
It might have been a long weekend for some, but I managed to soldier on and put out some quality work this week:
My Writings for Week Ending February 22nd
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Family Day in OntarioMostly me bitching about the fact that I didn’t get the day off, but still fun! |
In Defense of Pay Day Loans?How does anyone defend this modern day loan sharkery? Evidently the Globe and Mail thinks it’s just fine. |
Borrow to Max Out Contributions? (RDSP)It is actually obvious that I should do this, however I wanted to make sure I wasn’t missing a subtle point. |
Financial Finger WaggingIf a 7 foot tall man came over and slapped the credit card out of your hand, would you stop using it? |
Links for the Week
Some very weird stories about meteors in Russia, Oscar predictions (no not the guy in South Africa), and another pending Financial Cliff experience in the U.S., but we’ll shy away from those for now:
Top Stories of the Week of February 22nd
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Real Wealth is Built Through InnovationMichael James quotes Mark Carney’s view that innovation is the way to build the economy, not simply more work, but smarter work (or even less work for the same money?). |
Less is More When it Comes to the CRAThe BBC says that while it is important to be complete in your explanations to the CRA, don’t over do it either. Tell them what they need to do in a precise but concise fashion. |
The RRSP season is here. Know your options.Mark @ My Own Advisor gives us a run down of some important information you should be keeping in mind if you are looking at topping up your RRSP’s before March 1st. |
Why Index Mutual Funds Still Have a PlaceThe Canadian Couch Potato takes exception at Rob Carrick’s statement that ETF’s are eating the Mutual Fund industry’s lunch. TD E-series index funds are mentioned, and I still use them in my investment vehicles. |
RRSP Myth Retirement Income Has To Be Lower For RRSP BenefitMike Holman points out that RRSPs are not necessarily bad if you make more money in your retirement, or find yourself in a higher tax bracket. This is a message for we in the Shrinking Middle Classâ„¢ | IF YOU HAVE/HAD/WANT MONEY, READ POUND FOOLISHRiscario Insider was pleasantly surprised with a book that he figured would just be another cliche filled book, but it was not. |
How to Calculate Pension Maximum Transfer Value (MTV)Surprisingly I knew what this was, but only because when I left Nortel I had a defined benefit pension plan and I needed to figure out how much I could transfer into an LIRA, thanks Million Dollar Journey.
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The Pawn Shop DebacleMr. Money Mustache brings us an interesting if twisted tail about attempting to fix a broken air compressor, while doing some DIY projects at home. How does a Pawn Shop fit in this? You’ll have to read to figure that one out. |
Save The FeesGail Vaz-Oxlade goes after a favorite subject of mine, namely fees for services. Why in the heck should I pay a cancellation fee? I ask that rhetorically, since I try not to get in that situation if I can help it. |
Who Supplies Apple With All Those Parts?Where do the parts for your latest iFruit actually come from? Popular Science helps shed some light on where Apple’s parts come from (useful thing to know, if you want to “Buy American”). | Content No Longer Available
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Content No Longer Available |
Best of 2013
Some of the best of posts from 2013
- CPP Reform, Snow, Christmas, Boxing day and #FreeFormFriday Did the CPP reform of 2013 fix much? Kind of, but Christmas was coming too.
- No Verizon, Microsoft Phones, NFL Kick Off and Friday #ShoutOuts Verizon won’t enter the Canadian wireless market, meaning Mobilicity may disappear and consumers will pay ridiculous monthly charges. Learn why with this blog post!
- Mandela gone, Canada “Post”, Gail on the Shelf and #FreeFormFriday Nelson Mandela passed away on December 5, 2013, after a long illness.
- Christmas is Coming, Christmas Lay Offs, Electric Fees, Commie Pope and #FreeFormFriday Celebrate Christmas with more online shopping – BMO and many other companies announce layoffs during the Holiday season.
- Giveaways, Vacations, No Sun and Friday #ShoutOuts Win a software worth almost $100 and go on the vacation of your dreams! Enter my intelligence test and get the chance to take the trip of a lifetime. #vacation
- Stock Frauds, Senate Expenses, Twitter wrong and Friday #ShoutOuts Canadians beware of stock fraud? U.S. Justice department investigates alleged penny stock swindler. Senator Pam Wallen scrutinized for spending. Find out more about the scam!
- Black November, Bitcoins, Tablets, Unloseable Lottery and #FreeFormFriday So Black Friday is upon us, however, it seems to be losing a lot of it’s “thunder” thanks to the “sales” starting earlier.
- Mad Dog, English Men, I’m OK and #Shoutouts Maurice Mad Dog Vachon was a tough son of a gun, but did he have a financial impact too? Read on to find out.
- Toronto Circus, Prince Charles Retires, More Word Puzzles and Friday #ShoutOuts This whole Toronto thing really is just a reality TV show gone off the rails, isn’t it? The three-ring circus that is unfolding in the media
- Identifiable, the Iron Sheik, Remembrance Day, More Word Puzzles and Friday #ShoutOuts So my concerns that if I put my natural face on my Social Media accounts were just paranoia.
- Incestuous Bloggers, Word Puzzles, RDSP Menu, All Saints Day and Friday #ShoutOuts Sometimes blogs become a little closed in and don’t recognize new folks and we become incestuous bloggers.
- Senate Fun, Apocalypse Averted, Asteroids and Friday #ShoutOuts News Canadians can’t ignore: investigate the scandal and discover if the Harper Government’s demise is near!
- Kicking the Can, Throne Speech, Windows 8.1 and Friday #ShoutOuts Seems our friends down south had so much fun with almost upending the world economy, they’d like to try to do it again in January.
- Government #Defaults, Fake Reviews, Turkey Time, Fall Colours and Friday #ShoutOuts Given that for some odd reason shutting the government down wasn’t enough our friends down south are now attempting to disrupt or possibly completely f*ck the world economy by defaulting in a few days.
- Government Shutdowns, Hockey Returns, New iPhone and Friday #ShoutOuts Explore the debate surrounding the US government’s shutdown with insight into potential resolutions outside of the standard back pay for civil servants.
- Financial Bloggers, 35 Million Strong, Odd CRA Cheques and Friday #ShoutOuts I had a very good time at CPFC13 where I got to moderate a panel of Investing Smart folks, and I learned a great deal from a few outstanding presenters,
- A Better Friday and #CPFC13 Not a regular Friday after this week and my preparations for the coming weekend, I didn’t really get enough time to put together my regular Friday Random Thoughts, but here is a shortened version.
- Friday the 13th, Private Royal Mail, Canadian 1% and Friday #ShoutOuts Watch out for bad things on Fridays – it’s Friday the 13th! Don’t subscribe to the concept? Tuesday is the most evil day. September 11th was a Tuesday! Don’t forget about ladders and black cats either. UK privatizing the Royal Mail? A price tag of £3B pounds!
- King Louis, Braun Follies, Lice and Friday #ShoutOuts Greetings and Happy Birthday to Prince George Louis Alexander Windsor (and future King of Canada), welcome to the media “sh*te storm” that will be your life.
- Loose Money, Faster Sites, the Heat is On and Friday #ShoutOuts The new Bank of Canada Governor announced on Wednesday no change in the interest rates for now, with the overnight rate continuing at 1%.
- Floods, Explosions, See Thru Lu Lu’s and Friday #ShoutOuts Looks like the Engineer is now being “thrown under the train” as it were (i.e. the finger of blame is being pointed at him by his CEO).
- Egypt, July 4th, Sweltering Summer, Alfie and Friday #ShoutOuts Interesting how the Egyptian military throwing out an allegedly democratically elected President is being hailed as a great democratic change.
- Canada Day, 4th of July, Flooding and Some Random Thoughts A hard week in 2013 for my family with the passing of my Mother-in-law to Cancer. One day that disease will be done.
- Fathers, Corruption, Horton’s Hedgings and Friday #ShoutOuts Hopefully everyone enjoyed Father’s Day, I know I did, very nice day, lovely meal and some peace and quiet.
- Stanley Cup, Turbans, Car Tracking and Friday #ShoutOuts The Stanley Cup finals have started, and hopefully all the games aren’t going to go that late into the night, or I will need to start working the night shift at work.
- Baseball “Cheats”, D-Day, Fun with Fiji and Friday #ShoutOuts It seems baseball is embroiled with yet another “performance enhancing drugs” scandal with a few very well-known names being implicated by yet another “wellness clinic”. Are the accusations true?
- Obliterating Rock, Floods, Senators and Friday #ShoutOuts If you are reading this after 4:35 PM May 31, 2013 I guess we survived another close fly by of a “Civilization Killer” lump of Rock.
- Senators, Twisters, Water and Friday #ShoutOuts To say the entire Senators Expenses Event is more ridiculous than a Christmas Panto (usually an excuse for men to dress up as women
- Mothers, Hab Nots, Trains, and Friday #ShoutOuts What does a Walrus, Model Trains and Mother’s Day have to do with each other? Not that much but more financial stories too.
- Taxes Done, Drones, Playoffs and Friday #ShoutOuts Hope your taxes were in on Tuesday, because if not, you might be in trouble (especially if you are part of the $29 Billion dollars still owed to the government in Taxes).
- Disk Crashes, Daffodils, Password Trappers and Friday #ShoutOuts High Tech always proves that it is much like Mother Nature, in that, you should never ignore it or take it for granted, because things can change very quickly at the most inopportune times.
- Loose Money, Trudeau-mania II, Nut Bags and Friday #ShoutOuts If you missed it on Wednesday the Bank of Canada continued to keep their key overnight rate at 1%.
- Snowmaegedon, the Masters, Windows and Friday #ShoutOuts Today, we are experiencing a late version of winter, with a nasty snow/ice/rain storm that proves that just when you think it is Spring, you might be mistaken.
- Final Four, Dark Matter, Tax Time and Friday #ShoutOuts The NCAA Men’s basketball Final Four is this weekend, and my bracket is completely shot.
- Budgets, Dark Side of the Moon, Eight Years Later, Palm Sunday and Friday #ShoutOuts Minister Flaherty gave us a very vague budget (2013) yesterday. For Hockey Moms, reasons to rejoice, given tarifs on Hockey equipment, Golf Clubs, Baby Clothes and a few other things are now gone.
- Pope Picked, Pi Day, St. Patty’s Day and Phriday #ShoutOuts Seems our Catholic brethren have chosen a new Pope (Francis) this week, thus ending one of the greatest talent hunts of the year.
- Thanks Stompin Tom, Loose Money Continues, Tax Time, Pope Picking and Friday #Shoutouts Stompin’ Tom Connors a true Canadian treasure has left us, and I for one am sad to hear it.
- St David’s Day, Snow, RRSP Season Over, Tax Time and Friday #Shoutouts Happy Saint David’s Day to all my Welsh brethren today.
- RRSP Time, Winners, Tax Time, Short Weeks and Friday #Shoutouts Yes, it’s that magical time when your Savings Institution pressures you to top up your RRSP account so you can take full advantage of the savings on your taxes.
- Lent , Pope Out, the Senate, RRSP Time and Friday #Shoutouts Lent is finally upon us, have you started making your plans? No? Me neither, I just haven’t had a heck of a lot of time to think about this kind of stuff.
- Lent , Pancake Tuesday, and Love Day Soon and Friday #Shoutouts For those of you unaware, Lent begins next Wednesday (Ash Wednesday) February 13th, so here is yet another chance to restart (or start) your financial plans for the coming year.
- Groundhog Day, Farewell Penny, No Vine and Friday #Shoutouts Tomorrow is Groundhog Day, so then we shall see how well a ground hog can prognosticate the weather (about as well as I can prognosticate financial stuff is my guess).
- Loose Money Continues, Polar Temps, More Info Lost and Friday #Shoutouts Wednesday our friends from the Bank of Canada kept their loose money policies in place.
- Hockey, Armstrong, Idle Folk, Lost Loans and Friday #ShoutOuts What happened the week of January 18th in 2013? Some NHL stuff, but a lot of interesting financial stuff too!
- Drop the Puck, Death Pills, Strikes and Friday #Shoutouts For those die hard NHL fans (like me) there will be hockey soon.
- Bye and Thanks for all the Fish, CBC Questions, Holiday Hours and Friday #Shoutouts Well it has been fun, but I guess it all had to end some time, it’s been a good run.
Thanks for the mention BCM.
Enjoy the rest of your weekend!
Mark
RRSP season used to be crazy for all the advertising by banks. This seems to be blunted somewhat now, maybe because of the TFSA. Thanks for the mention.
BCM, thx for link. How come I see you as a finger wager and am not surprised Dikembe was one of your favs?
The best part was when the NBA banned him from doing it, that was the ultimate “No Fun” move by the NBA. I actually was a George Muresan fan too!