An insurance agent was convicted of felony-theft for selling a complex market-linked (indexed) annuity to an 83-year-old woman who seemed to show signs of dementia. Perhaps the test for dementia should be whether you’d be willing to buy one of these market-linked annuities where the commission to the selling agent can be up to 12% of the invested lump-sum or even higher.
A group of medical doctors is calling for higher taxes on high-income Canadians. Their definition of high income starts at only $100,000 per year.
The Motley Fool says “Ignore the experts. Index funds are for chumps.” The article writer, Rich Smith, demonstrated 20/20 hindsight in his reasoning, and he forgot to include “buy our investing newsletters” in the article’s title.
Canadian Mortgage Trends reports that ING is ending its business of mortgages that require no income confirmation. Apparently ING will still offer mortgages where people state their income and are taken at their word.
Where Does All My Money Go? has some fun looking for actors to play the roles of various politicians in a movie about the financial crisis.
Retire Happy Blog takes a look at the math of indexed annuities. The term “indexed annuity” can mean many things. In some cases it means an annuity linked to equities or to the consumer price index (CPI). In this case, it means an annuity whose monthly payments rise by a fixed percentage each year.
The Blunt Bean Counter covered 3 potentially costly topics: (1) making sure you get the right kind of electronic receipt when making a charitable donation online, (2) income tax refunds that low income people come to expect won’t be coming this year, and (3) TFSA audits.
Big Cajun Man has a good rant about all the paperwork involved with his RESPs.
Money Smarts shows how to find a lost retirement account and actually does the work to find a reader’s lost account.
Million Dollar Journey breaks down the numbers on revenues and profits for a Tim Hortons franchise.
My Own Advisor paid for some disappointing plumbing work and then discovered that he could fix the problem himself.