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Email this7:13 am
The benefits package, compensation and pension is platinum plated.
Then become a teacher if it's so great! 😆
12:16 pm
guest said:
HappyNewYear said:
What about Greg Habstritt's website , check it out http://www.rrspsecrets.com/live - any comments?
yeah:
#1 any website that starts with "Dear Friend" usually has "scam" written all over it.
#2 not surprisingly, there is no reference to canadian legislation or regulations that might suggest what they are proposing is actually LEGAL.
#3 who the hell is greg hasbritt?
those are my comments.
You're correct Greg Habstritt is a total scam, he's a fraud. Everything in his biography is either embellished or is an outright lie. In fact, he's not even in this business anymore, seems there's a new flavor of the day. He now, as an "expert", tells people all of his secrets of success. I say this tongue in cheek. There are 500,000 people in calgary alone who are wealthier than Greg, it's a joke.
Buyer beware before you give Greg a dime. He's a snake oil salesman.
3:12 pm
Hornswoggler said:
i'm maxing out both TFSA and RRSP though like i said, there's no telling what the value of the CAD will be decades from now when i draw the money.
where does one get 8% returns these days anyway? you gotta be a crack dealer like Roc to get those kinds of returns.
and how is it teachers get guranteed returns for their pension plans while private sector slaves who have job insecurity get the shaft?
I would suggest speaking to your employer. I'll bet my friend's entire teacher pension that you're employer is not getting the shaft. It has nothing to do with teachers but with what is offerred by the employer and what they deem more important.
7:39 pm
HappyNewYear said:
Has anyone had any experience dealing with TD Waterhouse Arms Length Mortgage package? Thanks
@Happy New Year:
Both myself and my wife have Arm Length Mortgages with TD in our SDRRSP. We both hold several second mortgages on properties in the Toronto area in our RRSPs. We charge 15% "interest only payments" and we never go higher than a 15% Loan to value (i.e. if house is appraised at $100,000 we would only lend up to 85% of the value INCLUDING any existing first mortgage.) This leaves you 15% of the home equity should you have to power of sale a property to cover legals, realtor costs, etc. As far as interest rates, you can charge what you want as long as you don't go above the legal rate allowable by the government (which is 60%..beyond that is considered a criminal offense.) Is there risk? Yes, but it is not high risk. I am having to power of sale a property right now and it is frustrating and time consuming but having used my initial metrics for the deal, I will not be losing any money when the dust settles . There is more than enough equity to cover any expenses and the return of my principal. The key is "Loan to Value". That is where you mitigate your risk. The lower the % the less risk you have. I can tell you that you are no more at risk doing this than investing in the stock market (and this comes from someone who was a strong stock market proponent in the past).
Some folks like "guest" have made some comments which may be his/her impression but they are not factual (no disrespect intended) My wife and I have been doing this for over 3 years and my only regret is not having started doing this sooner in life. I lost a lot more in the stock market than anything in this line of investing. In fact in three years I have made 15% every year and lost nothing! I work with various mortgage brokers who find the customers and line them up with investors like myself. Do your own due diligence but definitely look into it if you are interested. Start with TD Waterhouse and get some info. Download their package, read it through and then call them up if you have questions. The hard part is finding clients but that is what I use my mortgage broker contacts for. Keep in mind that banks do this every day and they make billions. Good Luck to you.
7:57 pm
November 8, 2009
Offline
and how is it teachers get guranteed returns for their pension plans while private sector slaves who have job insecurity get the shaft?
I would suggest speaking to your employer. I'll bet my friend's entire teacher pension that you're employer is not getting the shaft. It has nothing to do with teachers but with what is offerred by the employer and what they deem more important.
are you suggesting that a private sector worker can just walk up to his boss and get the same kind of pension and benefits that teachers get? The private sector is being creamed lately due to a world recession and competition from every part of the globe. Teachers have a very powerful union that politicians bow down to since the kids are used as hostages at contract time. Simple, they get what they want every time and never give anything up. All paid by the taxpayer who is going to the poor house.
5:22 am
I don't know what the future of guaranteed defined-benefit pensions is, but I do know that the unions who bargained for these pensions are getting a bit nervous. In Ontario for example, the Ontario Public Sector Employeees Union (OPSEU) has recently become very interested in wanting "all" Ontarians to have secure, defined-benefit pensions, not just their union members. It's kind of funny that this "interest" started shortly after a flurry of media articles highlighting the gold-plated compensation packages union members get and comparing/contrasting those packages with what the majority of Ontarians get in their pay packets (jobs with no security, limited or no benefits, limited or no pension plan of any kind). OPSEU has apparently decided (quite shrewdly I might add) not to go on the defensive with the usual responses ("but our members WORK HARD and EARN these benefits", blah, blah, etc... etc...) but has taken a tact that plants a seed in the minds of Ontarians that says "hey, maybe you can get a taste of what we have if you whine and complain loudly enough to the government (like we do)". Of course, the question of exactly where this guaranteed money is going to come from isn't part of the OPSEU talking point handouts. In the past governments simply borrowed money to cover the shortfall between what retired government employees were promised and what was available to actually pay them, but times are changing. The public is suddenly more aware of what can happen if countries borrow too much and live beyond their means (think Greece, Italy, Ireland, Portugal, maybe even Spain and France). Canada may not have serious fiscal problems like those european countries do, but the fact remains that Canada's public debt is ENORMOUS, and there finally appears to be some political will to curb reckless government borrowing to pay for things like guaranteed pensions. I think this will crystallize when (not if, when) Greece and other euro-zone countries default on their debt repayments,creating havok. Canadian politicians will then be able to point to those countries as examples and say "see what can happen?. I think the tide is turning.
8:54 am
Canada actually does have serious fiscal problems, at least looking in the context of Ontario and Quebec. Take their provincial debt and add in their share of the federal debt, and you have debt to GDP ratios that are starting to creep up near European levels.
3:20 pm
November 8, 2009
Offline
Jim said:
Canada actually does have serious fiscal problems, at least looking in the context of Ontario and Quebec. Take their provincial debt and add in their share of the federal debt, and you have debt to GDP ratios that are starting to creep up near European levels.
with Ontario debt rising at 685 dollars a second we may be nearing some kind of wall just like what Greece ran into. I have no problem with unions negotiating well for members but in times of economic stress they cant always advance at the expense of the average person. This includes the CEO,s of all the provincial organizations. There has to be some kind of formula to adjust for tougher times. Paying 28.2 million a day in interest is no way to run Ontario.
7:17 am
Joe said:
guest said:
HappyNewYear said:
What about Greg Habstritt's website , check it out http://www.rrspsecrets.com/live - any comments?
yeah:
#1 any website that starts with "Dear Friend" usually has "scam" written all over it.
#2 not surprisingly, there is no reference to canadian legislation or regulations that might suggest what they are proposing is actually LEGAL.
#3 who the hell is greg hasbritt?
those are my comments.You're correct Greg Habstritt is a total scam, he's a fraud. Everything in his biography is either embellished or is an outright lie. In fact, he's not even in this business anymore, seems there's a new flavor of the day. He now, as an "expert", tells people all of his secrets of success. I say this tongue in cheek. There are 500,000 people in calgary alone who are wealthier than Greg, it's a joke.
Buyer beware before you give Greg a dime. He's a snake oil salesman.
Do you know greg and can you back any of this up or are you just jealous?
1:32 pm
didn't think so. guess you're off to disparage the next person you've never met, and don't know anything about.
8:32 am
Peter said:
Hi There,
As far as RRSP's a concerned, I believe they are a complete rip-off. There are a coupe reasons.
I asked a number of seniors who are already retired a very simple question. I ask them, without wanting to know any specific numbers, "Have they ever earned more money in their working career, then they are currently claiming on their current tax return. The answer was always the same. They all had higher incomes in retirement, than any other preiod in their life. So, what they were doing, was making contributions in lower tax brackets, then their current tax brackets. The, as mentioned here before, they end up paying much more tax, as well as getting claw backs on OAS. I know this is true, becasue as a stupid young man, I was told by almost everyone I spoke to, make you RRSP contribution. I was only making 18,000 a year, and I was in the lowest tax bracet possible, and still the matra was - Make the contribution. It's crazy!! But guess who wants you to make the contribution the most! The Banks, who want to loan you the money to make the contribution, and then charge a fee to manage the RRSP, or even worse, would like you to put it into one of their managed funds or mutual fiunds, scraping more creems off the top for themselves!! This crazyness has to stop
A second reason is Didivends, which are distributions to shareholders, after tax is paid, where shareholders are suppose to get a Tax Dividend credit, don't get that credit in a RRSP, and when those dividends are taken out of the RRSP, the government taxes then as income, not dividends
Do yourself a favour, and start a TFSA
I have been retired for a few years and have not begun to use my RRSP's. There are some good pros and cons here!!
Too much in RRSP can affect Canada Government Pensions and it can affect any other "Income Tested" option that you may be entitled to.
Mutual Funds: To many fingers in the pie.
I recommend to anyone today that is putting away money for retirement to fully use their TFSA entitlement as they are exempt from "Income Tested" options. If you have more funds to invest and like the RRSP tax deduction today and hopefully be taxed at a lower rate when you need the $'s, go for it..there are lots of investments like GIC's, Bonds, Mutual Funds, etc. I am planning to begin removing small amounts of RRSP savings on an annual basis and begin to invest those dollars into a TFSA. My adviser did the math and after taxes paid on the RRSP withdrawal and investing the $ in a TFSA you are in a break even situation in 5 years (the con here is that you lose 5 years of growth, if any, in the RRSP).
9:56 am
August 9, 2011
Offline
investorinsight said:
didn't think so. guess you're off to disparage the next person you've never met, and don't know anything about.
lol, disparaging a person you never met for disparaging what you assume to be a person he/she has never met. Nice.
8:24 pm
Yea, the only difference is that I didn't accuse a real person of criminal acts, attack him personally, or slander him. It's easy to attack someone like a coward from behind an anonymous handle like this guy on a discussion forum. If he wants to reveal his real identity, then that puts him on even ground....but we all know he's too much of a coward to do that.
9:31 pm
August 9, 2011
Offline
investorinsight said:
Yea, the only difference is that I didn't accuse a real person of criminal acts, attack him personally, or slander him. It's easy to attack someone like a coward from behind an anonymous handle like this guy on a discussion forum. If he wants to reveal his real identity, then that puts him on even ground....but we all know he's too much of a coward to do that.
So what is your angle on all of this? Are you an investor looking into Greg Habstritt's programs, are you an investor following his advice, are you one of his business partners? Do you have any insights to share on this discussion topic, maybe about the Arms Length Mortgage that brought Greg Habstritt's name up?
Please write your comments in the forum.