Fed Issue #30 - Another broken promise: Tax cuts for the middle class

[fishermccann]

I retired 5 years ago so I guess that much has changed , but I want a nurse with a degree in surgery with me. As far a working for a third world country, that is wrong I worked for and in the City of Toronto . Ha ha I know the third world jokes that go with that admission, so don't bother I have heard-lived them.

[impact]

I retired 5 years ago so I guess that much has changed , but I want a nurse with a degree in surgery with me. As far a working for a third world country, that is wrong I worked for and in the City of Toronto . Ha ha I know the third world jokes that go with that admission, so don't bother I have heard-lived them.

To each his own! I would much rather have a person with "Practical" experience work on me than one that has practiced on a piece of paper.
See what I did there...lol

[JBen]

To each his own! I would much rather have a person with "Practical" experience work on me than one that has practiced on a piece of paper.
See what I did there...lol

Haha, welcome to "my world".
Spend years getting various qualifications ( which don't pay me 1 more cent), just something those in my field are required to do, because we "serve the public".

Have it drilled into our heads nine ways to sunday that it's about doing the best we can Johnny Q, be "professionals". It's not about anything other than helping save for retirement, or teach them about the differences between TFSAs and RSPs, or ETFs ( a Mutual fund) and Mutual Funds, and ETFs are a better choice, no MER ( Management Expense ratio aka sales commission in essence). and on and on and on and on.

Go read job postings for banks. They don't want professionals, they want fresh kids out of school without lick of real world experience and they don't care what these kids know or don't know about financial advice, don't care that they will be trying to help real people, with real life problems be it divorce, be it medical expenses/concerns, be it how the hell they can manage to squirrel 20,000 to help their kids with University, and squirrel 20,000 because their car is falling apart, and so many other things..let alone winning the game of life and one day retiring...

...they want to know you can sell them swamp land in Florida.Want to know you have proven sales records.......Oh and about all that knowledge and expertise and real "hands on experience".they say is or so important....Dont worry about it.

I go into banks sometimes ( was actually in one a couple weeks ago because my GF was wondering what to do with what little she has managed to squirrel away) and I walked her through many things and she needed to stop the automatic contributions to her RSP, and instead direct it to a TFSA ( and not invest it in MFs, but rather ETFs).
I like having a blank stare on my face when I listen to these 25-32 year olds counsel her on life.

Heres one, its not as bad as some others I've seen. and will guess/suggest it pays right around the mean. Low 40s
https://cibc.taleo.net/careersection...9&src=JB-10304

[fishermccann]

To each his own! I would much rather have a person with "Practical" experience work on me than one that has practiced on a piece of paper.
See what I did there...lol

I want a nurse with a degree AND practical experience. Rather than a nurse with a diploma and practical experience.

[fishermccann]

So according to some 40 grand a year makes them part of the have nots. Yet they are going to advise some of the haves (people with money to save-hide), what to do with their money...seems strange. LOL

[JBen]

Not sure whats "strange" about it G. Will use bullits.
~"have nots". Have you not been reading the press the past 15 years? A couple of the articles I've linked? I guess I can understand why you think it's strange, given most of the people in real need of "help", you never had to walk in their shoes. Earned more than the mean though certainly not enough to be "upper middle class". Had a tax payer funded pension. The fact you retired early, still escapes you doesn't it? See me, I don't consider it strange. Perspective. Oh and your pension?
Guess who takes of it for you, works hard so you don't have to. People like me. So whether you come "in my door" for investment advice or not, your still getting it.

Free

But theres also these days.
Tax law
Estate planning
Wealth management
Retirement planning
Real need for different kinds of Insurance especially disability/critical illness....but becareful theres also having too much Insurance......

Fact is, most FAs usually specialize in one area or another. They might be accountants with tax specializations, they might be lawyers maybe family law or insurance liscenced, or investments specialist ( IAs...Investment Advisors). But most are a little of everything. And they likely get paid less than you did and likely don't have a pension paid for by "someone else"..

Read that job posting by CIBC.....And thats just the beginning.....

How many people do you personally know who can
Talk to you about family law
Tax law, tax returns, more
Estate Planning
Retirement planning
and more.

And as Mosquito rightly pointed out, linked.
The vast majority of people don't really know. Oh they might know enough to do their own tax returns. But plan their estates. Amongst other things make sure they don't get raped by taxation?
What probate is
Capital gains taxes and taxation
RSPs, TFSAs, ETF, MFs, what risk is (what it really is)
And yes for some, how to budget to.

When was any of that taught to kids in high school.....

Back on topic which unsurprisingly has touched on a number of different things now, be it how society has placed so much emphasis on paper, its creating big problems, for lots...in different ways, but started off with a fairly straightforward the woking class is taking it on the chin, and the reality is, most can't take advantages of things....but even those who can. So yes, we have or are creating new classes if you will. or if you prefer it worded differently, we are driving the working class to their knees. But even for those somewhat better off.....

Whats the different between the way dividends are taxed, and interest is taxed....


holy crap, there are thousands and thousands and thousands of just
Tax lawyers these days. needed to unravel the thousands of pages of tax law.

[fishermccann]

Maybe JB that is why I trust my accountant about what to do with my money, rather than someone who works for the bank, and has a vested interest in what I do with that money. I am one that believes, the more education you have, the better it is for your future, so yes, some pieces of paper ( degree), are worth more than others ( diploma).

[JBen]

Well we are venturing down a related branch again


Cant say I disagree, but as Impact as rightly pointed out..Or as Werner rightly pointed with the post about what he calls "education inflation". Do you think a world where everyone is white collar and or in PS is a good thing?

There are also studies out there that are looking hard at how technology is going to have big impacts. Bigger than it already is, and more and more people out of work. Or spend years in school for worthless pieces of paper.

See the article I linked about "traditional male roles/industries".
Impacts daughter is in someways a bit of a victim. Shall we as I said, put the brakes on hiring more female RPNS/RNs because a shyte ton of men are losing jobs, and don't seem to gravitating towards more traditional "female" industries....You know, do the same kinds of things that at least in part are creating the problems......

Do note, Ms Wynne want to ensure University is free for kids whose parents gross less than 45. I got no arguments, especially having spent so much time in regent park growing up.

What about those in the middle class, helping to pay for it. And certainly don't have that much spare money laying around to send their own kids to University....and certainly don't have that much spare cash to down debt ( have you forgotten just how big that problem is) and sock money into RSPs/TFSAs......let alone the 3rd and almost always not even on the table for them

RESPs.

And lastly as I tried to say.
ok great you think thats the answer.
Funny you wouldn't talk to a 28yr old kids about your finances......yourself.....
Now imagine being a mom/dad going through divorce and all that means.
and talking to a highly "educated" kids about life.

[fishermccann]

In this day and age, my sons aged 26 and 31 know more about some things in life than I do. As far as I am concerned age, has little to do about how much you know about SOME things. Education is different, I would trust the opinion of someone with a degree over someone with similar practical experience and a diploma.

[skypilot]

intellect in no way = wisdom and therein lies much of the problem. Wisdom is not available in Colleges and Universities, quite the opposite.

Back on topic....We should not allow any elections until the days after Income Tax day Apr. 30th.

That would solve a lot of issues with electing fiscal imbeciles, tax and spend political parties and cap and trade fools.