Recession just around the corner?

[ABMax24]

Well the bank makes you offers of possible savings if you take a risk with a variable,then won't follow through when rates are in our favor? No real surprise though is it?

No different than gas prices, oil goes up $5 and gas goes up 5 cents the next day, oil drops 50% and it takes a month to see it at the pump.

 

[Snowdin]

Catch 22, I like it when my RRSP's that own shares in the banks make money....

I'm guessing you work in a bank.

 

[Snowdin]

I don't care how many mutual fund companies buy bank stock, the money these banks are making off the people these days is utterly ridiculous.
My RRSP's contain bank stock but every time the oil patch takes a dive the stock market takes a dive too and my portfolio just never seems to get ahead much from dive to dive. Therefore I would be further ahead if the banks would stop gouging me with there ridiculous fees.

 

[DRD]

I'm guessing you work in a bank.

Not so much, would you believe borderline alcoholic/road mechanic in the patch?

 

[adamg]

I don't care how many mutual fund companies buy bank stock, the money these banks are making off the people these days is utterly ridiculous.
My RRSP's contain bank stock but every time the oil patch takes a dive the stock market takes a dive too and my portfolio just never seems to get ahead much from dive to dive. Therefore I would be further ahead if the banks would stop gouging me with there ridiculous fees.

I'll concede that my banking needs are simpler than most, but between Tangerine (ING Direct) and PC Financial you can have a credit card, checking account, savings account, TFSA, and mortage all without paying any monthly fees, having restrictions on number of transactions, or having a minimum account balance.

 

[brutematt750]

I don't care how many mutual fund companies buy bank stock, the money these banks are making off the people these days is utterly ridiculous.
My RRSP's contain bank stock but every time the oil patch takes a dive the stock market takes a dive too and my portfolio just never seems to get ahead much from dive to dive. Therefore I would be further ahead if the banks would stop gouging me with there ridiculous fees.

I had this same thought yesterday. Last month I made .10 in interest on my savings account but paid $28 in fees on my two chequeing accounts.


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[SavageCanuck]

Me to , but IN reality , I believe the worst long term moderately safe investment I've made to date gphas been rrsp's, even considering the tax deferral at the time of purchase. conversely, the managers and salespeople involve in managing and selling and maintaining those funds have enjoyed far more of the profits the dollars have created. Looking back there are so many things I could have done that would have produced so much more long term than these. Albeit with probably more time and effort by me.

X2 RRSPs are the biggest scam turd investment the Banks ,Govnt,Mutual fund companies have laid on us.There never will be any profit on these after all the tax's and fees.After paying into these worthless investments for about 25 years I stopped about 7 years ago.I do keep my and the wifes TFSA maxed out.Thats a much better investment.I also keep a rental property and manage it myself.

 

[hevy_chevy67]

X2 RRSPs are the biggest scam turd investment the Banks ,Govnt,Mutual fund companies have laid on us.There never will be any profit on these after all the tax's and fees.After paying into these worthless investments for about 25 years I stopped about 7 years ago.I do keep my and the wifes TFSA maxed out.Thats a much better investment.I also keep a rental property and manage it myself.

You can hold the exact same investments in an RRSP as you can in a TFSA, so I wouldn't call it a complete waste compared to a TFSA. Without any tax planning I agree it can be a waste, but used properly they're great.

 

[ABMax24]

Does anyone notice how most of the environmental BS about Alberta is not on the news anymore? All they care about is how the Canadian government is going to loose a pile of money because oil prices are low.

 

[Cdnfireman]

X2 RRSPs are the biggest scam turd investment the Banks ,Govnt,Mutual fund companies have laid on us.There never will be any profit on these after all the tax's and fees.After paying into these worthless investments for about 25 years I stopped about 7 years ago.I do keep my and the wifes TFSA maxed out.Thats a much better investment.I also keep a rental property and manage it myself.

Dont ignore the tax deferral principles and tax free growth of an RRSP because of the the poor ability of so called investment advisors to do a good job. Had you bought blue chip stocks for the last 25 years and reinvested their dividends you'd be sitting pretty by now. I too was making nothing in my RRSPs until I ditched the arsehole advisors and opened a self directed account. I'm no expert by any measure but using some common sense and discipline I've managed to do quite well. In a country where most of us pay 50% tax or more, being able to defer income tax until later when we can manage our income to minimize the taxes paid as we cash in the RRSPS is an excellent means of providing retirement income with minimum tax. The downside is in RRSP managers putting their interests ahead of their clients.

 

[Cdnfireman]

Does anyone notice how most of the environmental BS about Alberta is not on the news anymore? All they care about is how the Canadian government is going to loose a pile of money because oil prices are low.

Funny isn't it!!! They all must feel guilty benefiting from the tax money alberta generates so they criticize us. When the gravy train slows down they're afraid they'll have to pay more themselves in taxes to get the same services. Friggin hypocrites!!

 

[LennyR]

Was talking to a buddy last night , has a successful smaller oilfield company with a small fleet of diesel trucks. One of our local Ford/Mercury dealers shop rate right now is $184/ hr .
Holy $hit, better get a lot accomplished in each hour . So I guess the recession isn't hitting everyone yet.

 

[DRD]

Was talking to a buddy last night , has a successful smaller oilfield company with a small fleet of diesel trucks. One of our local Ford/Mercury dealers shop rate right now is $184/ hr .
Holy $hit, better get a lot accomplished in each hour . So I guess the recession isn't hitting everyone yet.

Can' understand why they can charge that much, companies only pay around $100-150/hr to work on a piece of rotating equipment that's worth 25 million and makes a few hundred K a day plus.

 

[thegeneral]

Can' understand why they can charge that much, companies only pay around $100-150/hr to work on a piece of rotating equipment that's worth 25 million and makes a few hundred K a day plus.

They can charge it because we just shrug our shoulders and say "well it costs what it costs"

 

[ZRrrr]

Just an interesting article to add to the thread:

Edmonton home sales slide, listings soar in January

 

[DRD]

That ladies a retard if she thinks oil prices doesn't have anything to do with the market slowing


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[Summitric]

Oil up over $55/barrel today.......

 

[fredw]

Slowing down or just comming back to a normal growth level, houses still sell down here

That ladies a retard if she thinks oil prices doesn't have anything to do with the market slowing


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[DRD]

Sitting in High Level right now, never seen it so dead up here, but it has been quite some time since I've been this way though


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[ZRrrr]

WTI Spot $48 and change today. Oil, gold and dollar all down again.

Oil up over $55/barrel today.......