COVID and the housing market

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POWERMAN said:
And in other news....

www.theglobeandmail.com

Why are CPP premiums getting a bigger bump than planned in 2022?

Like last year, contributions are going up again by more than originally planned, and the reason lies with the unique impacts of the COVID-19 pandemic on the labour market
www.theglobeandmail.com www.theglobeandmail.com
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Shocker. CPP has always been a pretty crap investment for the average person. Given the stellar returns on some of their investments (eg 407etr) it makes me question wtf happened to have such a crap return to the members (<S&P 500). I haven't cared enough to look into it to see where the money goes (eg siphoned off or invested in (speculated in???) garbage companies at government whim).
 
CPP has always been Canada's biggest legalized Ponzi Scheme.

With an increasingly aging population, runaway inflation and wages stagnating for younger workers, I've always expected payouts to be virtually worthless when I'm eligible.

Invest and save as if the government won't take care of you.

If you're under 40 today, CPP will probably be enough to buy you a nice dinner every (other?) month when it's your turn to collect.
 
Lightcycle said:
CPP has always been Canada's biggest legalized Ponzi Scheme.

With an increasingly aging population, runaway inflation and wages stagnating for younger workers, I've always expected payouts to be virtually worthless when I'm eligible.

Invest and save as if the government won't take care of you.

If you're under 40 today, CPP will probably be enough to buy you a nice dinner every (other?) month when it's your turn to collect.
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That's my theory too. Assume it is worth zero. If it exists, it's a bonus. Likely also starting it as early as possible as although they cut a big percentage, getting money out early will probably be better for you in the long run. I doubt they will cut CPP numerically (eg less dollars per month) but have faith that they will let CPP payout increases lag far behind inflation to reduce buying power over time (while ratcheting up contributions far above inflation to prop up the ponzi scheme).

I paid $26,000 into CPP. I don't expect to pay more into it. After "investing" it for 30 years, government says that is probably good for $500/month. Assuming the 26,000 was in S&P 500 at 10.9% average annualized return over 30 years, that would be $579,000 in my investment account. Assuming you converted it to a secure investment at that point (say GIC's or cash), $6000 per year is ~1% of the investment. Even if it made no interest from that point forward, you sure as hell aren't living another 100 years to run out and your heirs get the rest of the account. CPP sucks. My Service Canada Account can give people their individual depressing numbers.
 
bastak said:
@crankcall agree - absolutely considering places like Belleville, Kingston, etc. West of London there's a fair number of openings related to the Bruce Power nuclear plant upgrades - also interesting...
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I'm up in Bruce County right now doing this. If you got any questions let me know.

mimico_polak said:
Different times for sure @nobbie48. Not sure about Bruce but apparently OPG only hired on contract now for many roles.

Have 2 buddies at one plant making 170k/Year (Union) and a third at another plant also making 170k/year (Office non Union). Called all 3 up to see what’s the chance of getting in and they all said the same thing…

You can get in, but forget full time, union, pension, or all the benefits we have.

Too bad…would’ve been nice.
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OPG is a shrinking company. Pickering has 4 years left, and most likely once defuel is done, you've got a year or two of end stating, and then no work for 30+ years. Darlington can't take all the employees they have right now, so without a doubt there will be layoffs. People think this SMR will be lots of jobs, but 99% will be contractors.

Sadly nuclear in this country is a dying industry. Lots of money to be made over the next decade but it'll come to an end.
 
My buddy that works at OPG is 40…and effectively ready to retire with a full pension as he’s been with them for 20 years or so. Got lucky with a family relative in the game, and I missed the boat by a few months. Ah well…working like a sucker for me.
 
mimico_polak said:
My buddy that works at OPG is 40…and effectively ready to retire with a full pension as he’s been with them for 20 years or so. Got lucky with a family relative in the game, and I missed the boat by a few months. Ah well…working like a sucker for me.
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Would he not be under the rule of 85? He should have another 12 or 13 years left there before he can leave and collect full pension.

Yeah hiring relatives was a big thing back in the 90's and 2000's. They really cracked down on it around 2010. Now they get so many applicants (1000's) for a lot of the entry level jobs, most of it is a lottery system.
 
48Connor said:
Would he not be under the rule of 85? He should have another 12 or 13 years left there before he can leave and collect full pension.

Yeah hiring relatives was a big thing back in the 90's and 2000's. They really cracked down on it around 2010. Now they get so many applicants (1000's) for a lot of the entry level jobs, most of it is a lottery system.
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Not sure. Last I talked to him he says it’s expected the shut down will take longer than expected and when it’s finished he’s close to retirement already.

I’d say he started around 1999-2000 or so there at OPG as Nuclear Operator. Now he’s a supervisor of something something. I tried so many times to get in. Came close once but once they realized I was an engineer they stopped me in my tracks. Turns out engineers were joining as operators and bailing at the first opportunity.
 
Lightcycle said:
The CPP Pyramid Scheme is backasswards-top-heavy with Boomers and X-ers waiting in the wings, while a much smaller base of Millennials and Zs try desperately to shovel in enough money to feed the system.
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Ah I should stop wasting time on instagram. Seems all the “influencers”, youtubers, and younger population in general these days couldn’t care less about these types of things. More interested in the new Chanel bag to show their followers or adding another super car to the collection for views. Many young girls in Toronto are so proud of having no job. I swear their career is spending other people’s money. Posting pics of $300 dinners every other night, Rolex’s, etc. Very sad times.
 
Mikedezo44 said:
Ah I should stop wasting time on instagram. Seems all the “influencers”, youtubers, and younger population in general these days couldn’t care less about these types of things. More interested in the new Chanel bag to show their followers or adding another super car to the collection for views. Many young girls in Toronto are so proud of having no job. I swear their career is spending other people’s money. Posting pics of $300 dinners every other night, Rolex’s, etc. Very sad times.
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Non-traditional careers or contract jobs often exist outside of CPP's grasp. If CPP relies only on the percentage that have traditional employment to fund the large pool that have retired it will be really ugly. I suspect the government will have to find another way to add funding (cpp on dividends, cpp on corporate income, direct transfer from general coffers to cpp, etc).

Afaik, my low key influencer friend hasn't made money but has received many thousands in products (which I highly doubt gets recorded or taxed). She has fun doing what she wants to do and gets free stuff for it. Not a bad gig.
 
Yes a lot will go untaxed/accounted for. One Instagram girl said her first month on onlyfans covered all 3 of her breast implant surgeries lol. Doubt the government will see any of it.
 
I find it hilarious ( I’m not there market) that an influencer is an actual job . I know one , thank god her boyfriend makes actual money .
I’m not buying a watch because George clooney has one or a motorcycle because it looks like the one Brad Pitt keeps falling off .
What a world


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GreyGhost said:
Non-traditional careers or contract jobs often exist outside of CPP's grasp. If CPP relies only on the percentage that have traditional employment to fund the large pool that have retired it will be really ugly. I suspect the government will have to find another way to add funding (cpp on dividends, cpp on corporate income, direct transfer from general coffers to cpp, etc).

Afaik, my low key influencer friend hasn't made money but has received many thousands in products (which I highly doubt gets recorded or taxed). She has fun doing what she wants to do and gets free stuff for it. Not a bad gig.
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The government spending merry-go-round lost its rev limiter ages ago and the only fix is to ram a bulldozer into it.

A couple that had decent CPP covered jobs will get about $3500 a month CPP and OAS at age 65. A Toronto apartment takes over half and a car another big chunk. Their previous "Decent incomes" allowed for travel and dinners out. Post retirement will be a let down. I'm not sure where the Guaranteed Income Supplement kicks in.

The screeching halt will hit both the good and bad without consideration. The bad ones that can work the replacement system will do better and the whole thing starts over again with an evenly more heavily mortgaged merry-go-round.

I don't follow every social media venue so I'm not influenced by too many freeloaders, sorry, influencers. I even question high end influencers, the sports mega millionaires that, while they can really throw a ball, aren't barbers so why are they telling me how to shave?

If you want good advice get it from people in the market that don't get a kickback from someone else.
 
The CPP was introduced to keep people that got to the end and had no savings from being destitute. It did not keep pace with the actual cost of living . If your plan was to make ends meet of CPP you better get on a backup plan NOW.


Sent from my iPhone using GTAMotorcycle.com
 
crankcall said:
I find it hilarious ( I’m not there market) that an influencer is an actual job . I know one , thank god her boyfriend makes actual money .
I’m not buying a watch because George clooney has one or a motorcycle because it looks like the one Brad Pitt keeps falling off .
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Apt comparison.

I suspect the influencer/Tiktok/Youtube content creator is exactly like the acting profession. Lots of people trying to make it big, but only a tiny percentage of them are able to reach mega-super-stardom. The rest have to get a side job waiting tables. Or rely on their boyfriend/family money.
 
Lightcycle said:
Apt comparison.

I suspect the influencer/Tiktok/Youtube content creator is exactly like the acting profession. Lots of people trying to make it big, but only a tiny percentage of them are able to reach mega-super-stardom. The rest have to get a side job waiting tables. Or rely on their boyfriend/family money.
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Contrary to acting though, it seems to be easier for women (especially hot women) to achieve top tier compensation. I still dont understand the huge Hollywood gender pay gap.
 
GreyGhost said:
Contrary to acting though, it seems to be easier for women (especially hot women) to achieve top tier compensation. I still dont understand the huge Hollywood gender pay gap.
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Another profession where hot women make more money than men is porn.

Instagram/YouTube/TikTok is just the SFW version of Onlyfans and Patreon. There's a direct line from the subscriber, to the platform/advertiser and the content creator.

Much higher startup, production and distribution costs for Hollywood. I suspect there's an Old Boys Network, a la Harvey Weinstein - it's this layer who bankrolls the system and is toxic to women's paycheques and their treatment on and off-screen.
 
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