My wife assigned her students a Star Wars project on May 4th.
She used Grogu (aka: Baby Yoda) as an example.
The class corrected her saying he didn’t count because he was in the Madalorian, not Star Wars.
Me from the next room: IT’S CANNON!!!!!
Kids these days 🙄
In Toronto it use to be you could tell how much someone made based on the size of their house.
Now, it’s more of an indicator of how long ago they bought their house.
Seeing too many people trapped in pre-cons whos market value is below the purchase price.
Most were planning to flip on assignment and now have to close, and it's causing all kinds of issues.
Who would have thought the agents that promised you a big return on these, who made a
Who would have thought an anti-capitalist cafe that let people pay what they wanted wouldn’t be a viable business.
I mean, except for ever economist ever 🤷♂️
Canadian tax myth
#42
Dividends from Canadian corporations are tax preferential (ie: you pay less tax than income on them).
When you take a step back and look at the full picture, they aren’t. 👇
The most popular planning question I get, by an order of magnitude, is:
"How do I get out of paying capital gains on this rental property?"
Simple answer: You pay the tax. Accept it.
Sadly we’re used to being lied to by Canadian food franchises.
- Swiss Chalet has nothing to do with Switzerland
- Boston Pizza has nothing to do with Boston
- Tim Horton’s has nothing to do with edible food
I mean was there ever even a Harvey?
Canadian Tax Myth
#227
: Investing in real estate through a corporation reduces your tax bill.
FALSE.
Sadly this is one of those that just keeps coming up.
To explain why not, a brief 🧵👇
More like CRA is no longer permitting subsidies to speculators by giving them a tax break for investing in negative cash flow properties whose prices were bid up by these very speculators, damaging affordability of everyone else.
@JohnPasalis
No it doesn’t.
Canada makes up 3% of global markets.
Also many pension funds and sovereign wealth funds exclude their home country as the pension has exposure to the risk of the home nation by way of the risk of its contributors earnings.
This had nothing to do with patriotism or
Air Canada attendant insisted I needed to check a carry on.
I begrudgingly said “fine, give me a minute to put an Airtag in it to track it”
The attended replied “you know what, don't worry about it”
🧐👀
Finally seeing the
@cbcmarketplace
hidden camera video.
Literally screaming and swearing as I watch it.
The advice being dished out at bank branches is as bad as expected, but watching these people lie to consumers is enraging.
So far,
@scoopercooper
’s book has taught me that opening a Robo-Advisor account to invest $1 today requires 1,000,000x more Anti-money laundering clearance than someone walking into a casino in BC with a $500k in $20 bills in a in a hockey bag.
🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️
If these is one lesson I have learned time and time again in finance, is that people who argue against transparency are doing so for their own benefit.
#canadare
Terrible bank branch advice story of the day.
Got a call from an advisor at the bank that holds my mortgage and HELOC.
Due to the new limits on HELOCs I am about to lose access to $7,000 in borrowing capacity.
Never mind that he called it losing equity, he suggested that if I
The news just had a guy on claiming that an interest rate increase today would have resulted in his mortgage being paid off in 20 years vs 3-4 years.
What’s more shocking than the bad math is that the producers broadcasted it!
@KimGCMoody
@cafreeland
I love how the tax effects "only a few people" and gets them to pay "just a little bit more" but somehow also simultaneously will solve a ton of social programs.
Shrodingers tax: Both a lot and a little at the same time.
12/ so instead they are all talking about “solutions” that make the problem worse.
Canadians do not need a dedicated registered account limited to housing savings designed to not solve the problem it claims to. Please pull back from this nonsense.
Canadian tax myth
#1
You can avoid paying capital gains on investments, cottages, and investment properties by selling them to your children for $1.
FALSE
And as far as tax myths go, this is probably the most ridiculous. 🤯
Quick 🧵 on why 👇
@ronmortgageguy
Yep. Every time I talk to US peers and show them charts, their jaws drop and they ask “Didn’t you people learn from what happened to us in 2008”
My response: Apparently my country is dead set on being the subject of the sequel to The Big Short.
Leveraged whole life funded by borrowing form home equity for a 72 year old with no insurance need resulting in >100,000 in commission.
The insurance industry needs a purge so badly it’s not funny.
Today’s sign of the apocalypse:
- 1 bed + den, 1 bath
$13,500
No not monthly rent, to buy 2.5% of the condo.
People are listing fractional ownership of condos in 2.5% increments.
9/Is this net benefit of a few hundred dollars per year, AFTER everyone has saved over 110,000, to accomplish anything other than creating more work?
If 40k was really the difference the just add 40k in room to everyone's TFSA next year instead of creating a mess.
Framing the CPP start date as 65 makes taking it early at age 60 for a 36% reduction seem okay.
Frankly, I think this is a massive base rate error.
Waiting until 70 results in, on paper, 42% more than if you take it at 65.
However, when you consider that:
- The CPP max at age
The Apollo rocket was off course 93% of the time and only got to the moon thanks to constant course correction.
This is the same logic as to why financial planning is a verb and not a noun.
A plan is a snapshot.
Planning is constant course correction to hit a target.
The question all Canadians should be asking but seldom do:
Do Chalets in Switzerland specialize in rotisserie chicken?
If not, we have all been lied to.
Can someone explain the reasoning to public policy that would permit mortgages to be issued to Canadian’s that would result in them spending over 60% of their disposable income on housing?
@StephenPunwasi
@Ronmortgageguy
@ScottTerrioHMA
Given today's announcement that the government is going to move forward with the Tax-Free First Home Savings Account, let me just remind everyone how misguided this entire thing is and how it could have been more easily accomplished with existing accounts.
🧵👇
#RealEstate
When dividends are so core to your identity that they are both in your Twitter handle and you feel the need to attack anyone who provides evidence to the contrary of your investment strategy.
Seriously, get help.
You are far past needing it.
11/ their account, but that just means they will increase the demand side of the equation.
This does nothing for affordability. The only thing that does lower housing prices. But no politician wants to run on a platform of making your house cost less,
TV in 🇨🇦 is wild rn. 🤣
Don’t have enough cash to buy a house? Why not become a private lender & lend people money to buy a house. You can earn up to 20% interest. 🤷♂️
I made an obvious edit to trim the segment to fit on Twitter, but I’ll link the whole vid under.
#VanRe
#ToRe
“Despite making just $40,000 in their peak earnings, they bought at least $32 million worth of Vancouver homes. Further analysis from FINTRAC shows they moved over $100 million through Canadian banks”
Terrible
10/Then let's consider the same line I keep repeating re: the housing crisis.
Accessibility and affordability are not the same thing, but no politician wants to acknowledge this.
At best this about created marginally better accessibility for anyone who can actually max out
5/ Now the feds think that the solution to the housing crisis is to create a new account type to let people under 40 save another 40k tax-free.
Consider the issues with this.
First, anyone over 40 is left out to dry.
Americans: Hi, were thinking of moving to Canada.
Me: Really, have you looked at housing prices? Here is a link.
Response: Online equivalent of slowly backing out of the room
@StephenPunwasi
Big 5 bank just tried to poach a client by sliding account opening and transfer forms into a package they were signing for other reasons.
Called him to ask why he was leaving.
He was clueless as to what I was talking about and not pleased when I told him we received the
A few years back I made mentioned how one conference I attended started off by explaining their zero tolerance policy on sexual harassment. I thought little of it.
When I mentioned it the next week to a female colleague she shared with me all that things that had happened to
I've collected a few thoughts on the
@futureproofac
article
I'm not sure if it's my place to say anything but I want to talk not only about the concert - but something that bothered me after the conference.
Treatment of women in our industry & overall.
The CBA lawyers probably laugh every time they issue this statement.
"The examples described do not reflect the experience millions of Canadians have every day with employees at Canada's banks."
I guess they think quotas only apply every other day 🙄