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This and That: Retroactive TFSA Contribution Room, Financial Literacy and more…

July 30th, 2009 · 10 Comments

  1. In a chat with Jon Chevreau, actuary Malcolm Hamilton proposes providing retroactive TFSA room to help seniors who have lost RRSP contribution room in the current bear market. While the proposal generated overwhelming support among older Canadians nearing retirement (check out these responses on the Wealthy Boomer), the younger crowd reacts coolly to the idea as the posts on this thread on Canadian Money Forum indicate.
  2. Ellen Roseman wonders if efforts to increase financial literacy work at all. Unfortunately, financial literacy is like waging an asymmetrical war. The financial firms can simply outspend schools and non-profits.
  3. Jason Zweig warns investors not to confuse economic growth with stock market returns. History suggests the two are negatively correlated.
  4. Statistics Canada reckons that Canada’s inflation rate is negative. Rob Carrick writes that he is experiencing significant inflation on many household expenses.
  5. Four Pillars says that spending cash is the same as borrowing if you have debts.
  6. Michael James says that Malcolm Hamilton’s proposal to boost TFSA contribution room amounts to a transfer of future wealth from young to the old.
  7. Million Dollar Journey weighs in on whether to pay off the lowest balance or highest interest debt first.
  8. In the light of the Earl Jones affair, Where Does All My Money Go? reminds investors to immediately check if their advisor is registered.
  9. The Dividend Guy Blog featured a post on the importance of reinvesting dividends.
  10. Chaya Cooperberg notes that the financial behaviour of our parents has a deep influence on how we handle our finances.

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Tags: Miscellaneous

10 responses so far ↓

  • 1 Four Pillars // Jul 30, 2009 at 9:52 pm

    Thanks for the link – I agree about the retro-active TFSA issue – some groups benefit and other groups will pay for it (not that it will ever happen).

  • 2 Michael James // Jul 30, 2009 at 10:57 pm

    Thanks for the mention. I think taxes should be abolished for anyone named Michael and born before 1980. Many people in this group have been hit hard by the recession and need a boost.

  • 3 Four Pillars // Jul 30, 2009 at 11:17 pm

    I think taxes should be abolished for anyone named Michael and born before 1980.

    Lol – I second that!!

  • 4 Preet // Jul 31, 2009 at 12:27 am

    Thanks for the link CC – have a great long weekend!

    I think Indian bloggers should get the tax abolition. And it’s quite possible there are more Indian bloggers in the world than Michaels so the needs of the many outweigh the needs of the few… blah blah blah…

    lol

  • 5 Sean // Jul 31, 2009 at 8:53 am

    First of all… almost 50% of boys born in the 1980’s are named Michael, so I don’t think this will work.

    Second, I also have reservations about making TFSA contributions retoractive. I blogged a little bit about it this week too.

  • 6 Sean // Jul 31, 2009 at 8:54 am

    Oh, you said BEFORE 1980… I still say no :) sorry.

  • 7 Canadian Capitalist // Jul 31, 2009 at 10:48 am

    @Preet: If that doesn’t work, I’m legally changing my name to Michael.

    Sean’s post is available here:
    http://www.realizingretirement.ca/2009/07/jon-chevreau-talks-tfsas-with-top-pension-actuary/

  • 8 MDJ // Jul 31, 2009 at 12:06 pm

    Thanks for the link CC!

  • 9 RB @ Richby30Retireby40 // Jul 31, 2009 at 8:31 pm

    My real question is, are Canadian Capitalists better at making money or are American Capitalists? :)

    Who’s the founder of RIMM? Now that could be Canada’s biggest tech contribution to the world! Can’t live without my bberry for sure!

    Rgds,

    RB

  • 10 The Dividend Guy // Aug 1, 2009 at 4:09 am

    Thanks for the mention CC.

    I am claiming a human rights violation!

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