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314 weeks ago @ MoneySense - Is it time to break yo... · 0 replies · +2 points

Exactly Shayne.
BTW, here is one example I know of recently when an aquaintance wanted to check into breaking his mortgage. He had two years to go on a 5 year fix rate 5.79% that also had the bad idea of a cash back when he took it. To break it in favour of the 4 yr 2.99% mortgage, his penalty was $4400 of which $1400 was due to the cash back feature. I just wish to state, the bank is no friend when they suggest you get the cash back option just so you can finance your wants like new furniture for the house one is buying. It is such a bad financial idea. If my friend had shipped the cash back when he took out the mortgage($85,000) in 2009, he would have got 4.55% as the rate. Ripped off totally by a stupid decision. That's the price one pays for financial illiteracy.

319 weeks ago @ MoneySense - March 2 roundup · 0 replies · +1 points

Regarding MacDonald's article naysaying a housing bubble, here is another article in MacLeans saying the exact opposite

Who to believe?
I put my money on MacLeans

321 weeks ago @ MoneySense - How to tap your RRSP · 0 replies · +1 points

I meant to come back earlier to comment after realizing the article was written in 2010.
My bad.

321 weeks ago @ MoneySense - How to tap your RRSP · 2 replies · +3 points

The article stated: "The next is when your income reaches $67,700, because that’s when Old Age Security begins to be clawed back."
At least the author should get their numbers correct, for the tax year 2011, the clawback only begins once your income exceeds $69,562.

322 weeks ago @ MoneySense - OAS for immigrants · 0 replies · +2 points

So what does an immigrant who is brought in under the 'family unification program, who is, let's say, a parent, who is brought in at 55 and then can get the OAS after a mere 10 years, how much of the OAS pie does he/she get, 25%?

326 weeks ago @ MoneySense - How much should you in... · 0 replies · +3 points

" average return of 5% over the long-term."
That is a mirage, can't count on it in these uncertain times.
Also, those in the lowest tax bracket should forget about RRSP's.

327 weeks ago @ MoneySense - Saving money vs. every... · 0 replies · +2 points

Bah, preach all you want but most people are materialistic money morons.

376 weeks ago @ MoneySense - The downside of equality · 0 replies · +2 points

So women are bad drivers afterall. I been saying that for years. Women can't drive.
Bad enough we gave them the vote.
(heh, just funning with you)

377 weeks ago @ MoneySense - When is the best time ... · 0 replies · +1 points

@ Bill
Correction to typo, CPP will be $2/month less Dec 2011 as compared to Dec 2010.

377 weeks ago @ MoneySense - When is the best time ... · 0 replies · +2 points

@ Bill
To answer your question "if you do not work, when is it to your advantage to take CPP."
I had been following the amount I would get since I turned 60 and every month(I have a account with Service Canada and can get my monthly CPP estimate anytime on line), so every month, I noted that the monthly payment increased as planned as the discount lessened with time. When I decided to reconsider my decision to wait until 65 to start collecting, it was then during the phone conservation with Service Canada, that I realized I luckily timed my request for collecting just right. I concluded the decrease in my average pensional earnings due after 6 years crossed some line, the max pensionable earnings which is about $46,000 now. During almost all my working career, my actual earnings were well about the pensionable earnings for each year.