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  1. #61
    Join Date
    Feb 2009
    Posts
    11,025
    Quote Originally Posted by mike_noodles View Post
    Who even knows at this point. They wonít even be going through the EI stuff until next week. The mortgage deferrals havenít gone through yet and I was told they may not have them processed by the end of April.

    I also read that thereís some loopholes that have been put in place where 75% of people that are off wonít even be eligible for any of the money. Time will tell. My wife brought home a whopping $75 last pay cheque and my tenant hasnít been able to pay yet (rent due on the 20th).
    It sucks. This is supposed to be my extreme busy season right now. Instead im scraping by. Havenít touched my savings yet so thatís good, but even if everything goes well I have lost a year of saving for retirement. 1 year makes a big impact early in saving for retirement. Could force me to work 2-3 extra years because of the interest.

  2. #62
    Join Date
    Feb 2009
    Posts
    11,025
    Having seen the package the states just approved... itís surprisingly really good. Basically a loan that is very easily forgivable (have to write a letter about how you company was impacted by the uncertainty - boom loan forgiveness).

    Hope it puts extra pressure on Trudeau to step up his game.

  3. #63
    Join Date
    Dec 2005
    Location
    Rogers Centre
    Posts
    21,583
    Quote Originally Posted by mike_noodles View Post
    Who even knows at this point. They wonít even be going through the EI stuff until next week. The mortgage deferrals havenít gone through yet and I was told they may not have them processed by the end of April.

    I also read that thereís some loopholes that have been put in place where 75% of people that are off wonít even be eligible for any of the money. Time will tell. My wife brought home a whopping $75 last pay cheque and my tenant hasnít been able to pay yet (rent due on the 20th).
    I wouldn't be surprised if that turned out to be true. IIRC I read that people as young as 15 could collect the benefit as long as they have a certain amount of hours worked in 2019. It also seemed incredibly loose for independent contractors too.

    As of April 5th I'm laid off. My work is shut down but they're paying us until then. My landlord reached out to me just to see if I needed to make a plan for rent but I should be good. It's pretty sweet when you get along with your landlord and live in her basement lol.
    Quote Originally Posted by ChongInc. View Post
    Facts can be hypothetical.

  4. #64
    Join Date
    Jan 2007
    Location
    Ontario
    Posts
    13,331
    Lucky for us we got a killer tax return. So that alone will keep us afloat for a few months and Iím in essential services (research lab).

  5. #65
    Join Date
    May 2013
    Posts
    1,092
    Quote Originally Posted by R. Johnson#3 View Post
    What do you guys think about Trudeau's announcement of Canadians getting $2,000 a month for the next 4 months? It's definitely a cut but I know that I could make it work.
    I am retired, but may have to go back to work for a year or two. Due to drop in stock market. My investments have took a beating.

  6. #66
    Join Date
    Feb 2009
    Posts
    11,025
    Quote Originally Posted by Robbie View Post
    I am retired, but may have to go back to work for a year or two. Due to drop in stock market. My investments have took a beating.
    Thatís why I plan on putting my savings into Canada savings bonds once I hit my 3mil retirement goal, and living off the interest. Pretty much eliminates the market volatility, just have to make sure Canada doesnít fall apart completely.

  7. #67
    Join Date
    Sep 2007
    Location
    West Side
    Posts
    12,514
    I donít think you can purchase Canadian savings bonds. I thought they discontinued purchasing them in 2017?

  8. #68
    Join Date
    Jun 2019
    Posts
    40
    Quote Originally Posted by statquo View Post
    I donít think you can purchase Canadian savings bonds. I thought they discontinued purchasing them in 2017?
    You are correct, they stopped in 2017. If you have $3M in investments collect CPP and OAS I'm sure you'll have a very happy retirement, congrats Chong!

  9. #69
    Join Date
    Feb 2009
    Posts
    11,025
    Wtf Canada savings bonds arenít a thing anymore??? Damn there goes my plan. Ill have to reconsider. I want a really safe place to put it where I can have guaranteed interest.

  10. #70
    Join Date
    Jun 2019
    Posts
    40
    Quote Originally Posted by ChongInc. View Post
    Wtf Canada savings bonds arenít a thing anymore??? Damn there goes my plan. Ill have to reconsider. I want a really safe place to put it where I can have guaranteed interest.
    You might want to consider bank stocks as a safe haven for part of your investment portfolio. Check and see which one or two offer the best dividends and enjoy receiving income with a lower tax rate vs interest bearing investments. Good luck to you.

  11. #71
    Join Date
    Jan 2007
    Location
    Ontario
    Posts
    13,331
    .

  12. #72
    Join Date
    May 2013
    Posts
    1,092
    Quote Originally Posted by ChongInc. View Post
    Thatís why I plan on putting my savings into Canada savings bonds once I hit my 3mil retirement goal, and living off the interest. Pretty much eliminates the market volatility, just have to make sure Canada doesnít fall apart completely.
    They don't have them anymore

  13. #73
    Join Date
    Oct 2018
    Posts
    1,702
    HISA for saftey

  14. #74
    Join Date
    Feb 2009
    Posts
    11,025
    Appreciate the advice, but Iím thinking 20-25 years out. Having 3 mil saved, and then putting around 3 mil somewhere where I can live off the interest. On the 4% Canada savings bonds gives (gave) you, I could collect around 100k annually, guaranteed.

    A HISA would only give me like 40k at 1.something percent... and it would susceptible to the market. A bad year like this year could actually leave me broke for the year (or having to pull from my seed which I hope to leave for my kids).

    Keep in mind there will be 3 of us retiring together so our expenses are +1.

  15. #75
    Join Date
    Jun 2019
    Posts
    40
    Quote Originally Posted by ChongInc. View Post
    Appreciate the advice, but Iím thinking 20-25 years out. Having 3 mil saved, and then putting around 3 mil somewhere where I can live off the interest. On the 4% Canada savings bonds gives (gave) you, I could collect around 100k annually, guaranteed.

    A HISA would only give me like 40k at 1.something percent... and it would susceptible to the market. A bad year like this year could actually leave me broke for the year (or having to pull from my seed which I hope to leave for my kids).

    Keep in mind there will be 3 of us retiring together so our expenses are +1.
    That's why blue chip stocks particularly bank stocks are a safe haven. They pay dividends on a per share basis, so you have the steady income stream and the opportunity for appreciation. If they do go down temporarily you don't get an impact on your monthly/quarterly dividend income stream. Dividend income is also tax preferred, so you can earn about $60K per year tax free. Great if you and your spouse can both earn dividend income, you'll have a great income on minimal tax consequence. Good Luck!

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