Tag Archives: debt

Overpriced homes destroying retirement and education saving?

A few people pointed out this Rob Carrick column over at the Globe and Mail, looks like it should get front page attention here:

In February, Mr. Salvi called this client to remind her about the upcoming RRSP contribution deadline. “She said, ‘You know, I cannot put anything into my RRSP and, by the way, I need to cash it in.’”

Mr. Salvi recalls warning her about the withholding tax that applies to money withdrawn from an RRSP. Her reply was that her RRSP was her last resort. “The sad thing is that it took years to grow that RRSP, and it’s going to be used up in a few months.”

When somebody buys an overpriced house they’re giving up all the other things that money could have been used for.  It looks like those sacrifices include saving for retirement or their kids education.

Here’s the full article.

Friday Free-for-all!

Yeah, that’s right.  It’s Friday and that means it’s time for another news round-up and open topic discussion thread for the weekend.  Here are a few recent links to kick off the chat:

Canada consumer debt up 3.4% in 1 year
It’s all about the resource economy
Another woah day in sales to list
New Inventory Graph: April will see 17k
Or will it be 18k?
Richmond at inventory crash levels
Can you combat off shore ownership?
Foreigners keep NY agents busy
Ain’t no bubble, chill out.
– Japan gives Canada advice on soft landing

So what are you seeing out there?  Post your news links, thoughts and anecdotes here and have an excellent weekend!

Friday Free-for-all on the new site!

Hello everybody, it’s Friday and you know what that means.. It’s Free-for-all time, our end of the week news roundup and open topic discussion thread.

Here are a few recent stories to kick off the chat:

BOC warns of ‘debt shock’ if house prices drop
Inventory graph: growth slowing but still steep
RRSP contributions shrink to 1970s levels
Mortgage fraud blooming in Canada
Our debt vs. pre-meltdown levels in USA
Housing Collapse in mississauga. literally.
Shill article linked by Forbes gone from Vancouver Sun?
First time buyer bonus to make a difference in suburbs

If you haven’t been here for a few days you’ll notice some changes. We’ve done a full site overhaul and upgrades and that just might mean somethings aren’t fully working yet.

Please post any issues in the comment section.  We can’t promise they’ll all be addressed, but we’ve been pretty good about responding to requests so far.

A few new things of note:

Formatting Numbers:

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This new comment workaround and preview system might help when you’re posting number data.

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User Account Cleanup

We’ve had lots of spam account signups lately and we’re starting to purge the user roles for both cleanliness and security. The best way for you to confirm that you’re human is to post an on topic comment after registering for an account. If you register for an account and don’t post any comments your user account will be deleted, especially if your registration email goes to something like spammer@wowfreemoney.con

That’s about it for now, let’s get on with the conversation.

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

 

Update: Patriotz linked to this image of the Macleans March 5th cover, it’s a doozy: