Fees attached to receiving paycheques is just plain wrong

July 17, 2013 by · Leave a Comment
Filed under: Bank's Profits 

Recently in the new was an article about low-waged employees receiving their pay through debt-ladened debit cards.

Just another example of the rich standing on the financial heads of the poor.

Employees get paid by way of credit on these cards, and are then charged with every transaction. The best solution came at the end of the article, where one person figured out the lowest-impacting solution: Take it all out with one transaction, and then put it in a shoebox.

Honest to goodness … where are the governments in all of this? Technically speaking, in a democracy, community representatives are elected to represent their constituents. Instead, we have mouth-pieces (presidents and prime ministers) paid for by lobbyists, and henchmen. How did we ever get to this state?

Perhaps banks should not be allowed to be private industries. They are money printing entities, which is really business that SHOULD be the domain of governments, and in a democratic system, should be run to benefit the citizenry.


April 10, 2013 by · Leave a Comment
Filed under: Bank's Profits 

What Olga thinks of banks

Banks quarterly profits, March 2013

April 9, 2013 by · Leave a Comment
Filed under: Bank's Profits 

Royal Bank of Canada

The largest of the Big Six with a market capitalization of CAD88.37 billion

(A marketing capitalization, according to Wikipedia, is the total value of the issued shares of a publicly traded company; it is equal to the share price times the number of shares outstanding)”

  • Net income of CAD2.07 billion
  • Domestic personal and commercial banking net income a company record CAD1.12 billion
  • Wealth management net income also hit a record CAD233 million
  • Insurance net income CAD164 million
  • Capital markets net income CAD464 million

Toronto-Dominion Bank

The second-largest of Canada’s Big Six with a market cap of CAD77.99 billion

  • Domestic personal and commercial banking unit of CAD944 million
  • US personal and commercial banking operations adjusted earnings of USD387 million
  • Wholesale banking unit’s net income CAD159 million

Bank of Nova Scotia

The third-largest bank market cap is CAD71.06 billion

  • Domestic net income to CAD1.625 billion
  • International banking net income CAD466 million
  • Investment banking CAD399 million
  • Wealth management and insurance CAD310 million

Bank of Montreal

The fourth-largest with a market capitalization of CAD41.6 billion

  • Canadian personal and commercial banking net income CAD458 million
  • US personal and commercial CAD183 million
  • Private client adjusted net income CAD169 million
  • BMO Capital Markets’ net income CAD310 million

Canadian Imperial Bank of Commerce

The fifth-largest bank with a market cap of CAD33.06 billion

  • Adjusted net income of CAD895 million
  • Domestic retail and business banking posted net income of CAD611 million
  • PCLs (“provisions for credit losses”) CAD241 million
  • Wholesale banking CAD200 million

National Bank of Canada

The smallest of the Big Six in terms of market capitalization is also the most concentrated in Canada.

  • Net income for the first quarter was a bank record CAD361 million
  • Personal and commercial banking  CAD178 million
  • Wealth management CAD51 million
  • Financial markets net income CAD115 million

These numbers were stripped from http://www.investingdaily.com/16343/good-earnings-dividend-numbers-from-canadas-big-six-banks/

I honestly can’t tell you what they mean. “Dammit Jim, I’m not a banker.” All I know is that the wealth of Canadians in general is declining. We’re getting laid off in droves. Our jobs are being contracted abroad. And our debt is steadily increasing. And the banks continue to see record profits.

Can you say “Correlation?”

Is it time to re-think the entire banking paradigm?

April 9, 2013 by · Leave a Comment
Filed under: Bank's Profits, taxes 

Other than the obvious (getting shot in the head by a contracted assassin hired by the banking cartel), what’s wrong with the following idea:

  • Have the Canadian government create a usable-by-the-people bank (the existing Bank of Canada currently just prints money and “sells” it to commercial banks, and even our own government borrows from the commercial banks with astronomical interest rates instead of borrowing directly from our own Bank of Canada, interest-free … it’s insane, really!)
  • Allow any Canadian citizen or resident with a loan held through the bank to get a significant (if not entire) reduction from paying taxes

The government is the only legal entity in Canada that’s TECHNICALLY allowed to print money. Though if you know anything about fractional reserve, you’ll know that banks make money out of thin air through debts. It’s a system that has enabled the 1% to grow while the other 99% fall deeper and deeper into debt.

If Canada got into the banking business:

  • We’d pay less in taxes
  • We’d continue to pay interest on loans
  • The “banking” profits from this newly structured Canada’s People’s Bank via interest payments would be channled back to the people via education, health care, social services and infrastructure
  • The banking profits (instead of taxes) could amount to $1.6 billion, per QUARTER
  • Commercial banks would shrivel up and die
  • Wealth would be once again distributed more evenly among the people, you know, the ones who are putting up all the labour that generates the creation of money.

One thing is for certain though, the government that sets something like this in motion would be one that truly represents the people, and is not caught up in a) entitlement (google Harper, Christy Clark, Adrian Dix, or … name your MP or Senator) or b) the cult-of-personality (google Justin Trudeau). To truly represent the average Canadian, MPs would need to be, um, average Canadians. The notion of having millions at your fingertips is not typically representative of the norm.

Governments need to represent people, not corporations. The idea that the benefits will “trickle down” to the people (which is the current justification of governments) is clearly not working.

BMO, as we all know, made a PROFIT of 2.07 billion in the first quarter of 2013. And instead of trickling down the profits by way of raises to their front-liners, they contract out their jobs to foreigners. Would a Canadian bank owned and run BY THE CANADIAN PEOPLE do this? Well, okay, maybe … with the current crew at the helm. But not with ethical Canadian-centric, people-centric Canadians running the show.

I think it’s a pretty good idea, but then I’m also a tad arrogant about my own smartiocity. So, I need my dear readers to ground me…. Why, pray tell, would this not work?

In declaring bankruptcy, you are robbing banks — of fake money

January 19, 2013 by · Leave a Comment
Filed under: Bank's Profits, Bankruptcy, debt relief, taxes, Videos 

Good god if a twelve year old gets it, surely the rest of us can!

When you take a loan from a bank, the banks literally invent that money. When you pay interest on that loan, banks are getting what I call sweat money (money that you have worked for) in return for their invented money.

When you can’t repay your loans, there are the loan collectors who are very good at making you feel like shit about not being able to pay back imaginary money — which, typically by the time they are knocking at your doors, is mostly interest that you are repaying. You’ve probably already paid an amount equal to the principal.

The government, probably because they know it’s a scam, has created an out, commonly known as Bankruptcy. Many people associate bankruptcy with embarrassment and shame, even though it’s quite accepted as a corporate strategy.

We’ve got to get over that. Bankruptcy is a legitimate way of making debt go away. Yes, there are costs, both monetary and lifestyle. But nothing that compares to hanging on to the debt till your dying days. With Bankruptcy, there is a definitive end to the pain. With debt repayment in full, especially when you don’t have the means to repay for whatever reason, you can live under duress for a long long time.

There are also in between ways to resolve your debt. Banks won’t tell you about these options. If you get a good consultant (such as myself) or a good Credit Counselling rep or a good Trustee, you can get all the facts.

Do yourself a favour. Get informed. It can, literally, save your life.

Scotiabank gets silly on FB

January 17, 2013 by · Leave a Comment
Filed under: Bank's Profits 
Your public is smarter than you think, Scotiabank!

Your public is smarter than you think, Scotiabank!

Not too sure if they intended this, but Scotiabank put out a question on FB that has some pretty revealing comments. Generally, I get the sense that people don’t trust the banks to secure their financial futures. Law of attraction gimmicks appear frequently (lottery tickets, multilevel marketing, hope). And sarcasm runs high.

We are smarter than we think!

Scotiabank asks: What changes are you making today to meet your retirement goals tomorrow?

The public answers (I have removed names, although they are commenting on a public forum):

  1. Nothing
  2. i TOOK MONEY OUT !!!
  3. Stopped eating
  4. Paying down debt (trying to)
  5. Cut my own hair and my husband’s.
  6. WEll! pay yourself first.. as little as $25 or $50.it grows fast.
  7. Still working…..at Scotiabank!!!!
  8. You’re a true banker. Love it. You go girl!bb
  9. Saving and sticking to budget.
  10. My kids will take care of me
  11. Not investing at a bank lol
  12. no i dont like scotia
  13. I want to live today
  14. mine does she is wonderful and dutch
  15. Buying real estate
  16. Ya (NO) to a financing planner!
  17. 1. Buy Real Estate…..2. Get a Union Job with a Pension Plan and Max out your voluntary contributions ….3. Max out your Tax Free Savings Acct each year. …..4. Get your wife a good job doing the same thing….. 5. Contribute to an RRSP but stop at $200K but max out your TFSA 1st each year. …6. Pay yourself first each week….worked for me but what do I know ..I’m just a retired old printer.
  18. Tax free savings accounts are very very low interest. Not worth it. Wise investments.
  19. Not listen or give my money to the bank!! Haha
  20. Deposit every cheque into retirement savings.
  21. TFSA not worth it.? its a TFSA….if you are in a 25% + tax bracket it sure is worth it. Put your $5500 in each year then do whatever you like with the money after that.
  22. None
  23. iam going to work tomorrow that is what i know to meet my retirement i have to meet 1000000 thats it
  24. What I’m doing now? Recruiting with Herbalife! Working on my residual income! You can too!
  25. none. im on OSAP and owe u guys for a $500 credit card. times is hard Mr. Todd
  26. Going to vote our that Corporate gifting Harper and get some people policy from the NDP
  27. Think and grow rich
  28. It’s to late, I’m retired already,
  29. save more money!!!
  30. Actually I retired at the age of 54, doing very well because of the way BCRail treated me when I left because of MS.
  31. Work more and have a plan
  32. My goal is living a full life, not retirement.
  33. i have postponed retirement indefinitely as I was recently informed by a medical practitioner that I am officially immortal.Should this not be the case, as these people have been known to be wrong, I am working on a seriously good reincarnation plan. The good part is that it requires no money whatsoever. Contact your local branch for details.
  34. I wold encourage all my working FB friends to take this question seriously. It is never too early to start prepping for a lifestyle in retirement instead of just planning for survival. By the way, since we are living much longer i n retirement than ever before, unless you are filthy rich, plan on doing “something” in retirement that does not feel like a “job” but brings in the extra money you need to live the lifestyle you would choose. It ain’t necessarily easy but it is worth it!
  35. Buying a lottery ticket.xxxooo
  36. Stay Home more…up my monthly contribution….look for more career oriented jobs……less Procrastination!!
  37. Saving? My retirement goals are hinging upon finding a suitcase full of money in a taxi.
  38. Start by knowing your FIN#
  39. gonna marry a politician! secure lol
  40. When I feel like buying something that isn’t a necessity, I put that amount of money into my savings.
  41. When you are Disabled there’s only one choice,survival !!!
  42. if you live in Canada, there are ways to get government money if you are disabled. The sad part is unless you are part of the system, you are not told about the different programs that available.
  43. isn’t this the bank that tells us all, that we’re “richer than we think”? Why worry about retirement if we’re richer than we think…? Lol
  44. Save more
  45. RRSP
  46. Does this mean you work at Scotiabank now?
  47. Getting my money out of the banking system and away from the ponzi stock market
  48. Why ? Do they give you the best return ?
  49. Protesting the government so our ecosystem and biodiversity is not completely ruined and there is a world for me to retire into…..
  50. writing wills will be in the near future.
  51. I`m a boomer and in Canada ..this is the best of times :>)
  52. Still working at 61 …
  53. Meeting with my financial adviser for great directions!
  54. Switching to eating beans and rice five days of the week instead of four.
  55. Visiting my favourite financial planner
  56. Now if only they could fix their online technical problems
  57. bought a 6/49 ticket
  58. bwah hahahaha retirement! I’m on the “Freedom 85” plan, myself.
  59. Emm,Emmm… Scotia Bank??? REALLY?
  60. Please take these ads off Facebook or at least give us a delete key.
  61. Please take these ads off or give us a delete key.
  62. Fire Harper !
  63. have my brother dave hendsbee support me
  64. Switching to RBC
  65. Please.
  66. At the rate i am going scotiabank says i can retire at age 138 but i really need to save more or i can retire till im 200
  67. Not investing in banks that invest in big Oil
  68. Sizeup which shopping cart is the biggest to go around collecting friggin pop bottles!!
  69. LOL…. Moving to another country… $600 per month after a lifetime of work, thanks Canada!!! But any immigrant gets 1200 per month plus subsidies to “adapt”, their idea of adaptation is changing our entire society to suit them. Go shovel your security crap to a third world country that doesnt know better!
  70. Switch to bmo
  71. After 31 years of being gouged by Scotiabank I will change banks to meet my retirement goals!
  72. I think I have convinced my husband (after 4 years) that we need to rid ourselves of the ridiculously expensive television/satellite/Internet and phone bundle we have. He fought me the whole time up until last night when he opened the newest bill with higher fees.
  73. Ensuring that my card board box is corrugated as that is all I will be able to afford after the big banks screwed over the working class.
  74. I’d be able to get rid of the phone.. But need tv for hockey and NASCAR and Internet for work.. And anyone consider looking into the sun life financial retirement plan that I’ve seen on tv.. How does that work?
  75. I’m changing BANK HA! HA! HA!
  76. None
  77. Switch to rbc!
  78. Freedom 55 for me! Yaya
  79. Yes
  80. lol lol how about we charge them services charges for calling us at home trying to sell somethign because we are loyal customers lol lol
  81. Firstly move you accounts to a credit union so you can receive a share of the profits. Then you can invest your profits into RRSP. It’s a start
  82. move from banks!! I did !
  83. Talk to me…Start investing now with good rates of return… avoid those 1-2% GIC’s. I help people. Jennifer
  84. not a goddam thing,
  85. Kids
  86. Go to RBC. They have better bank machines.
  87. Getting a job lol. and cramming it all into my piggy bank (a Tax Free, RRSP, and reading up on how to make smart ventures), Then retiring off to Costa Rica, or Thailand, after the kids get their seed…
  88. No more cable tv, it’s a waste of money, enjoying the simple things in life which will better prepare our family for retirement. Oh and increasing my RSPs to make sure we have enough for later!
  89. Invest in stocks of banks and insurance companies. They are about the only publicly traded companies that are consistently making huge profits. Oh…and if hockey players ever go public I’ll be putting my money there too
  90. Low SK IF YOUR WIFE’S dad would have done that you would not have to worry about someone dating your daughter
  91. Move to the Credit Union. Less fees, I get money back every year from my shares.
  92. with our pension just remember to pay off all your debt and your life should not change……Enjoy retirement!!!!!!!!!!!!
  93. You’re richer than you think !
  94. Getting a job here, then moving to South America when I retire. Life will be heavenly & visit Canada & family 2 x year:) stay healthy.
  95. I keep nuying the lottery tickets. Its my only chance…
  96. I’m with you Stephen, how do you save when you have no disposable income? Too bad these bureaucrats don’t get it. We have seniors going to food banks and yet they throw billions of dollars in charity to foreign countries.
  97. This the worse bank Ever government should shut them down
  98. Going in to a business will continue the income to support a good life style!
  99. not giving my money to banks, or Gouv. pay less tax by working my home business and getting more precious metals in my portfolio
  100. Buy real estate that returns cash flow. Writing an offer today on a duplex
  101. I’m already retired.
  102. Looking to start a career in investment banking
  103. drinking one less beer lol . thats a lot of money at the of it .
  104. I eat a little piece of dog food each day. By the time I retire I’ll be used to the taste.
  105. Eating more no name tuna lol
  106. Stop Eating & Drinking All Together!!!
  107. Tomorrow has come and gone.
  108. stop looking for work?
  109. Hoping to die before then so I won’t be forced to live in abject poverty.
  110. I do not want to see advertising on the net
  111. I agree – no advertising please.
  112. quit eating
  113. Enjoy life one day at a time. Tomorrow has never been promised to anyone. Today has more than enough problems to deal with. strive to be happy everyday.
  114. i use to live there lol

Please explore this website for detailed information on how money works, and how you can deal with debt effectively (instead of having it drag into your retirement with you).

Personal debt and government cutbacks

November 16, 2012 by · Leave a Comment
Filed under: Bank's Profits, Bankruptcy, Debt Management, debt relief, taxes 

First, let me emphasize that I am not an accountant or a financial analyst of any sort. I’m merely an individual who has gone through bankruptcy herself, and recognizes the value of the range of strategies that are individually available when it comes to debt.

Then, let me say that it makes a lot of sense to me that in times of financially difficult times (ie recessions and depressions), that government increases its spending, thereby stimulating growth in the economy. When governments spend (infrastructure development, social supports including mental health support), people have jobs. When people have jobs, they spend money. When they spend money, the economy is stimulated, more taxes are paid (and collected) and so on.

In times of financial distress, the job of government is to spend, not cut. See this short clip of Daniel Altman, a Chief Economist with Big Think, or the video by John Green that I recently blogged about.

I’ll grant that it’s not that easy. There are experts on both sides of the debate.

But this is what I see:

Governments are cutting jobs. The Canadian government recently “boasted” cuts of 11,000 through early retirement and collapsing vacant jobs. That means we are LESS millions of dollars in the economy. Mortgages haven’t collapsed, nor have university tuitions, nor has the “basket of goods” used to estimate poverty. Gas prices continue to rise. Conequently, there is increased debt.

It can be said that these debts are mini-stimuli for the economy, but personally I don’t believe that that is a burden that should fall to the individual.

I think we need NEW leadership. When governments DON’T spend during economic downturns, the financial simuli comes from increased individual debt that SOLELY benefits the banks.

Until that time comes, Canadians need to get informed of what their REAL options are when it comes to resolving their debt.

Contact me. I can give you an unbiased birds-eye view of your options.

Are we numb to banks’ profits?

August 28, 2012 by · Leave a Comment
Filed under: Bank's Profits, Bankruptcy, debt relief, Videos 

Is it just me? The “news item” is that banks are increasing their dividends (what they pay out to their investors), but the real story behind that headline is that bank profits are exploding through the roof. But it’s kind of hard to write a news article about that. When bank quarterly profits climb into the billions and then continually exceed the last quarter’s record, it really becomes incomprehensible. And when it’s incomprehensible, when it’s so out of our mental grasp, it’s really hard to care.

Mostly, the banks say that their profits are because the economy is good and very few people are defaulting on their loans. Meanwhile, Canadians are seeing the highest household debt ever.

Makes you scratch your head, don’t it?

BMO profit rises 27%

Wow. Hidden in the back links of the CBC Business section is this wee little headline that screams, “BMO profit rises 27%.” Read more

When a 12-year old understands banks, debt and taxes, perhaps there’s hope for the rest of us

From the Youtube page:

This is my daughter. She gave this speech at a businees meeting in front of 600 people. Her eyes have been opened to a scam that is being perpetrated upon Canadians and the rest of the world. I am the owner of this video. Feel free to use it freely without altering the content in a manner that would draw conclusions unintended by the speech. Read more

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