Topic: The money thread

[Allen]

Wholly $uck Johnny you sure like to spew allot of phychobabble 

[johngenx]

Sorry to make the discussion too complicated for you.   

[Allen]

No I get the whole income inequality scenario, I just don't need to spew pages of words to make a point, nor do I really  give a $hit about  all the economic theories we studied in university , I'm retired,  have money and I'm happy, works for me 

[ArticSteve]

Alberta has lower taxes than Ontario and yet Ontario has a higher population.  Why isn't everyone moving?

Because southern Ontario is cold enough!  Alberta has a terrible climate. 

Not a fan of Doug Ford because basically I think he's an idiot, but Ontario has gravitated to what I term "public sector socialism" that it is bankrupting the Province and killing private sector jobs.  Want to start a small business in Ontario?  Forget it.  Every business even with ONE employee needs a registered Human Rights Plan, Workmen's Comp starting at 4% for office workers .... the list is endless.  Almost impossible to start a small business.

My hope is that the Ontario Cons come in and deregulate the economy and reduce the civil service by 50%.  Perhaps Doug Ford is the kook that can make it happen.

[Allen]

I think. CRA should just put specific guidelines for TFSA.  If your profit equals more and a certain ratio of you initial investment, then anything after that would be taxable. If let’s say something like... I got 50k$ into penny stock and turn it I to 250k in the span of 1 year then and maximum allowed annual would be 200% the anything over that would be capital gain.... just an example.

then its no longer a TFSA, you can't have it both ways.... if your smart enough to make money legally then more power to you

[Firm]

I think. CRA should just put specific guidelines for TFSA.  If your profit equals more and a certain ratio of you initial investment, then anything after that would be taxable. If let’s say something like... I got 50k$ into penny stock and turn it I to 250k in the span of 1 year then and maximum allowed annual would be 200% the anything over that would be capital gain.... just an example.

then its no longer a TFSA, you can't have it both ways.... if your smart enough to make money legally then more power to you

 

[Hannibalsmith]

I think. CRA should just put specific guidelines for TFSA.  If your profit equals more and a certain ratio of you initial investment, then anything after that would be taxable. If let’s say something like... I got 50k$ into penny stock and turn it I to 250k in the span of 1 year then and maximum allowed annual would be 200% the anything over that would be capital gain.... just an example.

then its no longer a TFSA, you can't have it both ways.... if your smart enough to make money legally then more power to you

I don't follow. What would not make it a TFSA? I'm going to assume the penny stock is an allowable investment in the plan.

[tpl]

I think. CRA should just put specific guidelines for TFSA.  If your profit equals more and a certain ratio of you initial investment, then anything after that would be taxable. If let’s say something like... I got 50k$ into penny stock and turn it I to 250k in the span of 1 year then and maximum allowed annual would be 200% the anything over that would be capital gain.... just an example.

then its no longer a TFSA, you can't have it both ways.... if your smart enough to make money legally then more power to you

 

+2

[Seafoam]

I think. CRA should just put specific guidelines for TFSA.  If your profit equals more and a certain ratio of you initial investment, then anything after that would be taxable. If let’s say something like... I got 50k$ into penny stock and turn it I to 250k in the span of 1 year then and maximum allowed annual would be 200% the anything over that would be capital gain.... just an example.

then its no longer a TFSA, you can't have it both ways.... if your smart enough to make money legally then more power to you

 

+2

+3

[Barton]

RRSP is useless.  TFSA is not well thought out either.

Care to elaborate more on why you think RRSPs are useless?  What is wrong with TFSA as it is currently structured?

[Allen]

probably more than half of playing the stock market is either luck or timing

[johngenx]

RRSPs were supposed to provide a boost to corporate pensions, not be someone’s only pension. The theory was sound at the time but today isn’t benefitting the people it was supposed to.

With the loss of corporate defined benefit plans we need to rethink pensions.


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[Allen]

RRSPs were supposed to provide a boost to corporate pensions, not be someone’s only pension. The theory was sound at the time but today isn’t benefitting the people it was supposed to.

With the loss of corporate defined benefit plans we need to rethink pensions.


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Understand your sentiment,  but that doesn't mean RRSPs  are useless as a financial tool.. they have done well by me and saved me tens of thousands of dollars in taxes over the years...

[OliverD]

With the loss of corporate defined benefit plans we need to rethink pensions.

Corporate DB plans don't make much sense when people don't work for the same company for their entire career.

I think we should incentivize companies to offer RRSP matching plans. It's a great incentive for people to contribute to their RRSP on their own, and you can save a good chunk of money without a big impact on your take home pay.

[ArticSteve]

DB pensions are the purview of the Public Service.  How long will that last? 

[johngenx]

DB pensions are the purview of the Public Service.  How long will that last?

Why not have them for everyone?

Oh, right, too expensive, blah, blah, blah.  It's a good thing to spend money on.

[blur911]

DB pensions are the purview of the Public Service.  How long will that last?

Why not have them for everyone?

Oh, right, too expensive, blah, blah, blah.  It's a good thing to spend money on.

Yes, IIRC  Goodyear's CEO gave himself a $10million bonus a few years ago for getting rid of the defined pension plan for employees

[johngenx]

Yes, IIRC  Goodyear's CEO gave himself a $10million bonus a few years ago for getting rid of the defined pension plan for employees

Yup, that poor guy.  Only $10M?  Wow, hope he's okay.

[blur911]

Yes, IIRC  Goodyear's CEO gave himself a $10million bonus a few years ago for getting rid of the defined pension plan for employees

Yup, that poor guy.  Only $10M?  Wow, hope he's okay.

GT didn't do so well last year so instead of his usual year after year $20 million or so, he only took home $11 million.     Barely getting by.

[rrocket]

Yes, IIRC  Goodyear's CEO gave himself a $10million bonus a few years ago for getting rid of the defined pension plan for employees

Yup, that poor guy.  Only $10M?  Wow, hope he's okay.

GT didn't do so well last year so instead of his usual year after year $20 million or so, he only took home $11 million.     Barely getting by.

Nothing but ramen noodles for him, eh?