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RETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leading RRIF GUIDE: EVERYTHING YOU NEED TO KNOW ABOUT THEPENSION INCOME TAX CREDITPENSION INCOME SPLITTING Indeed, but if you die with a large RIF its all income in the year of deathso lets say 300k in the year of deathbut maybe 20k the year before that.so tax on the 300k would be at about 50% vs..take it out at 20k a year and pay only 20% on those withdrawalsso if done systematically over several years of retirement, even if you don’t need the cash flow you’d pay a lot less tax CREATING RETIREMENT INCOME WITH 3 INCOME ETFS Jim Yih is a Fee Only Advisor, Best Selling Author, and Financial Speaker on wealth, retirement and personal finance. Currently, Jim specializes in putting Financial Education programs into THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS So when I think about the “BEST ETF” for investors, I honestly struggle to think there is such a thing. So then I started thinking about what characteristics would be important to evaluate what could be the Best ETF and I came up with low fees, broad mandates and a DIVIDEND INVESTING TO RETIRE ON PASSIVE INCOME HOW TO MINIMIZE TAX ON THE ESTATE I’ve never met anyone who desires to pay more tax than they need. During tax time we think about marginal tax rates and the tax we pay year to year on our income. Tax season is a time when we think about tax planning and tax preparation.. One of the areas around tax that we do not think about enough is the area of tax and estate planning.How much tax will we have to pay when we die? RRIF MELTDOWN STRATEGY Jim Yih is a Fee Only Advisor, Best Selling Author, and Financial Speaker on wealth, retirement and personal finance. Currently, Jim specializes in putting Financial Education programs intoRRIFS VS ANNUITIES
Your choices for investments in RRIFs are wide ranging from GICs to Mutual Fund. A RRIF will require you to make ongoing decision regarding the investments. TFSA OR PAYING DOWN DEBT: WHICH IS BETTER? The Tax Free Savings Account (TFSA) is big news in the personal finance world. These new tax free accounts have brought about lots of discussions not only about the TFSA basics but also some new and interesting debates. Not too long ago, I discussed the new debate between TFSA or RRSP and came to a conclusion that both have merits.Just these past couple of weeks, I have run into three JOINT OWNERSHIP OF BANK ACCOUNTS AND INVESTMENT ACCOUNTS When it comes to bank accounts and investment accounts, some couples prefer joint ownership while others are strict about maintaining separate accounts.. Joint ownership with your spouse. There are pros and cons to joint ownership of bankRETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leading RRIF GUIDE: EVERYTHING YOU NEED TO KNOW ABOUT THEPENSION INCOME TAX CREDITPENSION INCOME SPLITTING Indeed, but if you die with a large RIF its all income in the year of deathso lets say 300k in the year of deathbut maybe 20k the year before that.so tax on the 300k would be at about 50% vs..take it out at 20k a year and pay only 20% on those withdrawalsso if done systematically over several years of retirement, even if you don’t need the cash flow you’d pay a lot less tax CREATING RETIREMENT INCOME WITH 3 INCOME ETFS Jim Yih is a Fee Only Advisor, Best Selling Author, and Financial Speaker on wealth, retirement and personal finance. Currently, Jim specializes in putting Financial Education programs into THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS So when I think about the “BEST ETF” for investors, I honestly struggle to think there is such a thing. So then I started thinking about what characteristics would be important to evaluate what could be the Best ETF and I came up with low fees, broad mandates and a DIVIDEND INVESTING TO RETIRE ON PASSIVE INCOME HOW TO MINIMIZE TAX ON THE ESTATE I’ve never met anyone who desires to pay more tax than they need. During tax time we think about marginal tax rates and the tax we pay year to year on our income. Tax season is a time when we think about tax planning and tax preparation.. One of the areas around tax that we do not think about enough is the area of tax and estate planning.How much tax will we have to pay when we die? RRIF MELTDOWN STRATEGY Jim Yih is a Fee Only Advisor, Best Selling Author, and Financial Speaker on wealth, retirement and personal finance. Currently, Jim specializes in putting Financial Education programs intoRRIFS VS ANNUITIES
Your choices for investments in RRIFs are wide ranging from GICs to Mutual Fund. A RRIF will require you to make ongoing decision regarding the investments. TFSA OR PAYING DOWN DEBT: WHICH IS BETTER? The Tax Free Savings Account (TFSA) is big news in the personal finance world. These new tax free accounts have brought about lots of discussions not only about the TFSA basics but also some new and interesting debates. Not too long ago, I discussed the new debate between TFSA or RRSP and came to a conclusion that both have merits.Just these past couple of weeks, I have run into three JOINT OWNERSHIP OF BANK ACCOUNTS AND INVESTMENT ACCOUNTS When it comes to bank accounts and investment accounts, some couples prefer joint ownership while others are strict about maintaining separate accounts.. Joint ownership with your spouse. There are pros and cons to joint ownership of bankTOP RETIREMENT TIPS
Donna McCaw is the author of It’s Your Time about the choices and decisions in preparing for retirement, a storyteller and speaker who helps people make informed and positive transitions to THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS So when I think about the “BEST ETF” for investors, I honestly struggle to think there is such a thing. So then I started thinking about what characteristics would be important to evaluate what could be the Best ETF and I came up with low fees, broad mandates and a ONLINE GUIDE TO LEVERAGE (BORROWING TO INVEST) Jim Yih is a Fee Only Advisor, Best Selling Author, and Financial Speaker on wealth, retirement and personal finance. Currently, Jim specializes in putting Financial Education programs into STORIES OF RETIREMENT: THE BEFORE AND AFTER Donna McCaw is the author of It’s Your Time about the choices and decisions in preparing for retirement, a storyteller and speaker who helps people make informed and positive transitions to UNDERSTANDING THE POWER OF TRUSTS Jim Yih is a Fee Only Advisor, Best Selling Author, and Financial Speaker on wealth, retirement and personal finance. Currently, Jim specializes in putting Financial Education programs into THE 6 BEST STRATEGIES TO MINIMIZE TAX ON YOUR RETIREMENT Dividends are “grossed-up” by 38%. Multiply the dividend by 1.38. That means $22,000 of dividends is $30,000 taxable income. Interest income is straight-forward – $30,000 income is JOINT OWNERSHIP OF BANK ACCOUNTS AND INVESTMENT ACCOUNTS When it comes to bank accounts and investment accounts, some couples prefer joint ownership while others are strict about maintaining separate accounts.. Joint ownership with your spouse. There are pros and cons to joint ownership of bank HOW DO YOU JUDGE PERFORMANCE? Expectation of returns. The biggest danger investors’ face today is their expectation of returns. We have just gone through one of the strongest bull markets in history and earning double-digit returns wasthe norm.
HOW TO AVOID PROBATE FEES Jim Yih is a Fee Only Advisor, Best Selling Author, and Financial Speaker on wealth, retirement and personal finance. Currently, Jim specializes in putting Financial Education programs into MISCONCEPTIONS OF GUARANTEED INCOME FUNDS 2011 has been another year of high market volatility.As a result, I am hearing more and more people talking about different ways to guarantee their capital and guarantee their returns.. With interest rates as low as they are buying an old fashion GIC is not very appealing to a lot of people. At 1, 2 or 3% returns, investors must really think about whether they can achive their retirement goalsRETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leadingTOP RETIREMENT TIPS
Start saving earlier and save more. The Pay Yourself First advice comes into play in hand with a structured plan put into place as early as possible. In a TD poll of retirees, 58 per cent suggested the start early idea as outliving your money is a real fear as 65 year olds live on average to 83 for males and 86 for females. THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS iShares Core Equity ETF (XEQT) iShares Core Income Balanced ETF (XINC) In a partnership with RBC, they also have 4 Environmental, Social Governance (ESG) Portfolios for those looking for more socially responsible options in the All-in-one ETF category. BMO. BMO has only4
CAN WE RETIRE NOW? RETIREMENT RULES OF THUMB Based on the “replacement ratio” rule of thumb, they will need 70% of their pre-retirement income. 4% Rule: They can withdraw $40,000 per year and increase it every year by inflation from their $1 million in investments, based on the “4% Rule”. Add roughly $30,000 from CPP and OAS to give them the $70,000 per year they need, so they THE 6 BEST STRATEGIES TO MINIMIZE TAX ON YOUR RETIREMENT 6. Defer converting your RRSP to do the 8-year GIS strategy. You can get up to $10,500/year of Guaranteed Income Supplement (GIS) tax-free ($12,700 for a couple) from age 65 to 72, if you have no taxable income other than OAS. You can still receive non HOW MUCH DO YOU THINK YOUR PENSION IS WORTH? If you have a pension that pays you $3,000 per month, that pension is worth $540,000. If you get $800 per month from CPP, then that is worth $144,000. $500 per month from OAS is the equivalent of $90,000. While this is a very simplistic approach it helps people to understand the value of pensions, government benefits and other streams of income. RRIF MELTDOWN STRATEGY RRIF meltdown strategy. Financially successful people have a few common traits. They work hard, they spend less than they earn, they build wealth by investing and they try to minimize the taxes they pay. One of the tools that has helped Canadians build retirement assets is the RRSP. The advantages of the RRSP are pretty straightforward. 5 REASONS YOU SHOULD TAKE EARLY RRSP WITHDRAWALS At age 72, their taxable income would be about $57,000 each and assuming tax brackets increase at 2% inflation, their marginal tax rate would range from 28% to 37%. Taking advantage of early RRSP withdrawals may enable this couple to pay less lifetime tax on their registered account withdrawals and maximize the tax-free growth oftheir TFSAs.
JOINT OWNERSHIP OF BANK ACCOUNTS AND INVESTMENT ACCOUNTS Joint ownership with your spouse. There are pros and cons to joint ownership of bank accounts and investment accounts with your spouse. There are some benefits to having your spouse as a joint owner like: No delay in your spouse’s access to these funds. On the other hand, the disadvantages of joint ownership are: Needs careful record-keeping WHAT HAPPENS TO YOUR RRSPS WHEN YOU DIE? Although it’s not something we like to think about it is an important issue with RRSPs, especially when it comes to tax. On death, the RRSPs are deemed to have collapsed. The tax consequences really depend on who is listed as the beneficiary of the RRSP. The general rule for an RRSP or RRIF is that the value of the RRSP or RRIF at thedate of
RETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leadingTOP RETIREMENT TIPS
Start saving earlier and save more. The Pay Yourself First advice comes into play in hand with a structured plan put into place as early as possible. In a TD poll of retirees, 58 per cent suggested the start early idea as outliving your money is a real fear as 65 year olds live on average to 83 for males and 86 for females. THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS iShares Core Equity ETF (XEQT) iShares Core Income Balanced ETF (XINC) In a partnership with RBC, they also have 4 Environmental, Social Governance (ESG) Portfolios for those looking for more socially responsible options in the All-in-one ETF category. BMO. BMO has only4
CAN WE RETIRE NOW? RETIREMENT RULES OF THUMB Based on the “replacement ratio” rule of thumb, they will need 70% of their pre-retirement income. 4% Rule: They can withdraw $40,000 per year and increase it every year by inflation from their $1 million in investments, based on the “4% Rule”. Add roughly $30,000 from CPP and OAS to give them the $70,000 per year they need, so they THE 6 BEST STRATEGIES TO MINIMIZE TAX ON YOUR RETIREMENT 6. Defer converting your RRSP to do the 8-year GIS strategy. You can get up to $10,500/year of Guaranteed Income Supplement (GIS) tax-free ($12,700 for a couple) from age 65 to 72, if you have no taxable income other than OAS. You can still receive non HOW MUCH DO YOU THINK YOUR PENSION IS WORTH? If you have a pension that pays you $3,000 per month, that pension is worth $540,000. If you get $800 per month from CPP, then that is worth $144,000. $500 per month from OAS is the equivalent of $90,000. While this is a very simplistic approach it helps people to understand the value of pensions, government benefits and other streams of income. RRIF MELTDOWN STRATEGY RRIF meltdown strategy. Financially successful people have a few common traits. They work hard, they spend less than they earn, they build wealth by investing and they try to minimize the taxes they pay. One of the tools that has helped Canadians build retirement assets is the RRSP. The advantages of the RRSP are pretty straightforward. 5 REASONS YOU SHOULD TAKE EARLY RRSP WITHDRAWALS At age 72, their taxable income would be about $57,000 each and assuming tax brackets increase at 2% inflation, their marginal tax rate would range from 28% to 37%. Taking advantage of early RRSP withdrawals may enable this couple to pay less lifetime tax on their registered account withdrawals and maximize the tax-free growth oftheir TFSAs.
JOINT OWNERSHIP OF BANK ACCOUNTS AND INVESTMENT ACCOUNTS Joint ownership with your spouse. There are pros and cons to joint ownership of bank accounts and investment accounts with your spouse. There are some benefits to having your spouse as a joint owner like: No delay in your spouse’s access to these funds. On the other hand, the disadvantages of joint ownership are: Needs careful record-keeping WHAT HAPPENS TO YOUR RRSPS WHEN YOU DIE? Although it’s not something we like to think about it is an important issue with RRSPs, especially when it comes to tax. On death, the RRSPs are deemed to have collapsed. The tax consequences really depend on who is listed as the beneficiary of the RRSP. The general rule for an RRSP or RRIF is that the value of the RRSP or RRIF at thedate of
RETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leading RRIF GUIDE: EVERYTHING YOU NEED TO KNOW ABOUT THE An RRIF is a comfortable transition because of its similarity to an RRSP. An RRIF provides a high level of control over the investments in your retirement plan, the advantage of tax-free growth of assets within the plan, as well as maximum flexibility in establishing an income stream. RRIFs come in a number of shapes and sizes. CREATING RETIREMENT INCOME WITH 3 INCOME ETFS Highest price = $23.80 (March 28, 2019) lowest price = $14.555 (May 20, 2010) Distribution. Monthly. The yield has been over 5% for most of the time I’ve invested in this ETF. I would say my average yield has been about 5.25%. Currently, with high share prices, the yield has dropped to about 4.5%. THE RETIREMENT INCOME GUIDE FOR CANADIAN NON-RESIDENT Non-residency generally won’t impact your entitlement to a private workplace pension. Pension income paid to a non-resident of Canada is subject to a non-resident withholding tax that is 25% by default. Many countries have tax treaties with Canada that reduce the withholding tax rate – commonly to 15% tax. HOW MUCH DO YOU THINK YOUR PENSION IS WORTH? If you have a pension that pays you $3,000 per month, that pension is worth $540,000. If you get $800 per month from CPP, then that is worth $144,000. $500 per month from OAS is the equivalent of $90,000. While this is a very simplistic approach it helps people to understand the value of pensions, government benefits and other streams of income. UNDERSTANDING THE CPP POST RETIREMENT BENEFIT The amount of PRB that you will receive depends on your earnings and your age. If you are 65, the maximum monthly CPP pension that you can receive in 2015 is $1,065.00, and the maximum monthly PRB is about 1/40th of that, or $26.63. The maximum annual PRB is $319.56. If you are any age other than 65, both CPP and PRB amounts are adjusted HOW TO CALCULATE YOUR CPP RETIREMENT PENSION Updated with 2018 rates. To calculate your CPP retirement pension, the first thing you should do is go online to the My Service Canada site and obtain your most recent CPP Statement of Contributions (SOC).. Also on the My Service Canada site, you can request an estimate of DEFINED CONTRIBUTION PENSION OPTIONS AT RETIREMENT If you have less that 20% of the YMPE, you will have the option to cash out the pension in full or transfer the balance to a RRSP. Related article: Online guide to RRSPs. In 2014, the YMPE is $52,500. If you have more than $10,500 (20% of $52,500)in your pension at retirement, then you won’t have the option to cash out funds ortransfer to a
HOW MUCH INCOME WILL $100,000 PORTFOLIO PAY ME? If you are 70 years old and plan to use your money over 10 years and will make 3% on your investment, that same $100,000 will pay you $11,720 per year or 977 per month. If you are 55 and plan to live 30 years but hope to make 7% on your investment, every $100,000s will TFSA OR PAYING DOWN DEBT: WHICH IS BETTER? Although the math is not as extreme when comparing the TFSA return to credit card debt, the math still works in favour of paying down the mortgage. If you have an account earning you 1% while having debt that costs you 4%, you are going backwards. Putting the TFSA money towards the debt is the equivalent of earning 4% on the money instead of 1%.RETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leading RRIF GUIDE: EVERYTHING YOU NEED TO KNOW ABOUT THEPENSION INCOME TAX CREDITPENSION INCOME SPLITTING An RRIF is a comfortable transition because of its similarity to an RRSP. An RRIF provides a high level of control over the investments in your retirement plan, the advantage of tax-free growth of assets within the plan, as well as maximum flexibility in establishing an income stream. RRIFs come in a number of shapes and sizes. CREATING RETIREMENT INCOME WITH 3 INCOME ETFS Highest price = $23.80 (March 28, 2019) lowest price = $14.555 (May 20, 2010) Distribution. Monthly. The yield has been over 5% for most of the time I’ve invested in this ETF. I would say my average yield has been about 5.25%. Currently, with high share prices, the yield has dropped to about 4.5%. WHAT HAPPENS TO SPENDING IN RETIREMENT? Recently I wrote about the three phases of retirement and the impact these three phases have on different aspects of retirement. One area that was clearly affected was spending in retirement. The first 5 to 15 years of retirement tend to represent the golden years or what I call the “Go-go” years. This is a time when you may choose to DIVIDEND INVESTING TO RETIRE ON PASSIVE INCOME HOW TO MINIMIZE TAX ON THE ESTATE Put all your money in 4 things: There are few things in Canada that are not taxed. That being said, there are 4 things in Canada that are tax free to the estate so if you want to minimize tax on the estate, put all your money into these assets. Tax Free Saving Account ( THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS iShares Core Equity ETF (XEQT) iShares Core Income Balanced ETF (XINC) In a partnership with RBC, they also have 4 Environmental, Social Governance (ESG) Portfolios for those looking for more socially responsible options in the All-in-one ETF category. BMO. BMO has only4
RRIF MELTDOWN STRATEGY RRIF meltdown strategy. Financially successful people have a few common traits. They work hard, they spend less than they earn, they build wealth by investing and they try to minimize the taxes they pay. One of the tools that has helped Canadians build retirement assets is the RRSP. The advantages of the RRSP are pretty straightforward.RRIFS VS ANNUITIES
Minimum Payment on the RRIF = $4,289.89/yr (changes yearly) Level Payment RRIF to Age 80 = $8,500/yr. Single Life Annuity = $6,557.28/yr. 2. Female Age 58:$100,000 earning 3%. Minimum Payment RRIF = $3,322.86/yr (changes yearly) Level RRIF to Age 80 = TFSA OR PAYING DOWN DEBT: WHICH IS BETTER? Although the math is not as extreme when comparing the TFSA return to credit card debt, the math still works in favour of paying down the mortgage. If you have an account earning you 1% while having debt that costs you 4%, you are going backwards. Putting the TFSA money towards the debt is the equivalent of earning 4% on the money instead of 1%.RETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leading RRIF GUIDE: EVERYTHING YOU NEED TO KNOW ABOUT THEPENSION INCOME TAX CREDITPENSION INCOME SPLITTING An RRIF is a comfortable transition because of its similarity to an RRSP. An RRIF provides a high level of control over the investments in your retirement plan, the advantage of tax-free growth of assets within the plan, as well as maximum flexibility in establishing an income stream. RRIFs come in a number of shapes and sizes. CREATING RETIREMENT INCOME WITH 3 INCOME ETFS Highest price = $23.80 (March 28, 2019) lowest price = $14.555 (May 20, 2010) Distribution. Monthly. The yield has been over 5% for most of the time I’ve invested in this ETF. I would say my average yield has been about 5.25%. Currently, with high share prices, the yield has dropped to about 4.5%. WHAT HAPPENS TO SPENDING IN RETIREMENT? Recently I wrote about the three phases of retirement and the impact these three phases have on different aspects of retirement. One area that was clearly affected was spending in retirement. The first 5 to 15 years of retirement tend to represent the golden years or what I call the “Go-go” years. This is a time when you may choose to DIVIDEND INVESTING TO RETIRE ON PASSIVE INCOME HOW TO MINIMIZE TAX ON THE ESTATE Put all your money in 4 things: There are few things in Canada that are not taxed. That being said, there are 4 things in Canada that are tax free to the estate so if you want to minimize tax on the estate, put all your money into these assets. Tax Free Saving Account ( THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS iShares Core Equity ETF (XEQT) iShares Core Income Balanced ETF (XINC) In a partnership with RBC, they also have 4 Environmental, Social Governance (ESG) Portfolios for those looking for more socially responsible options in the All-in-one ETF category. BMO. BMO has only4
RRIF MELTDOWN STRATEGY RRIF meltdown strategy. Financially successful people have a few common traits. They work hard, they spend less than they earn, they build wealth by investing and they try to minimize the taxes they pay. One of the tools that has helped Canadians build retirement assets is the RRSP. The advantages of the RRSP are pretty straightforward.RRIFS VS ANNUITIES
Minimum Payment on the RRIF = $4,289.89/yr (changes yearly) Level Payment RRIF to Age 80 = $8,500/yr. Single Life Annuity = $6,557.28/yr. 2. Female Age 58:$100,000 earning 3%. Minimum Payment RRIF = $3,322.86/yr (changes yearly) Level RRIF to Age 80 = TFSA OR PAYING DOWN DEBT: WHICH IS BETTER? Although the math is not as extreme when comparing the TFSA return to credit card debt, the math still works in favour of paying down the mortgage. If you have an account earning you 1% while having debt that costs you 4%, you are going backwards. Putting the TFSA money towards the debt is the equivalent of earning 4% on the money instead of 1%.TOP RETIREMENT TIPS
Start saving earlier and save more. The Pay Yourself First advice comes into play in hand with a structured plan put into place as early as possible. In a TD poll of retirees, 58 per cent suggested the start early idea as outliving your money is a real fear as 65 year olds live on average to 83 for males and 86 for females. THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS iShares Core Equity ETF (XEQT) iShares Core Income Balanced ETF (XINC) In a partnership with RBC, they also have 4 Environmental, Social Governance (ESG) Portfolios for those looking for more socially responsible options in the All-in-one ETF category. BMO. BMO has only4
STORIES OF RETIREMENT: THE BEFORE AND AFTER Stories of retirement: The before and after. The first wave of Baby Boomers has crashed onto the shore of retirement. Some are partially retired, some have retired and then returned to some form of work, and others are now fully retired. A few are not planning on retiring at all. Many are full of anxiety and fears as their retirements approach ONLINE GUIDE TO LEVERAGE (BORROWING TO INVEST) To put it in simplest terms, leveraging is simply using someone else’s money to make money. Most of us have leveraged in our lifetime, for example buying a house. You can put down 5%, 10%, 25% and the bank lends the rest of the value of the house to you. It is your responsibility to pay back the loan in the form of a mortgage. JOINT OWNERSHIP OF BANK ACCOUNTS AND INVESTMENT ACCOUNTS Joint ownership with your spouse. There are pros and cons to joint ownership of bank accounts and investment accounts with your spouse. There are some benefits to having your spouse as a joint owner like: No delay in your spouse’s access to these funds. On the other hand, the disadvantages of joint ownership are: Needs careful record-keeping UNDERSTANDING THE POWER OF TRUSTS Understanding the power of trusts. Many people don’t know much about trust because they can be intimidating, technical and complicated. Don’t worry because there is really nothing to fear. Trusts, as a legal estate planning concept, have been around for hundreds of years, and are well understood by experienced Will, estate, and trust THE 6 BEST STRATEGIES TO MINIMIZE TAX ON YOUR RETIREMENT 6. Defer converting your RRSP to do the 8-year GIS strategy. You can get up to $10,500/year of Guaranteed Income Supplement (GIS) tax-free ($12,700 for a couple) from age 65 to 72, if you have no taxable income other than OAS. You can still receive non THE INVESTMENT SWAP: SWAPPING INVESTMENTS OUT OF THE RRSP In other words, the swap is the process of moving the Carevest investment into the RRSP and moving the mutual funds outside the RRSP without any tax implications. There is an administrative process to make this happen and it has to be done right to avoid a large tax bill at the end of the year. The steps to the process are a littlecomplicated
ESTATE PLANNING FOR THE FAMILY FARM Estate planning for the family farm. This post comes from Cathy Leahy, a financial planner in Southern Alberta. “Long Range Planning does not deal with future decisions, but with the future of present decisions.” (Peter F Ducker quotes) In Alberta, there were 51,800 employed in Agriculture (as of 2011). Of these people, many are ranchor
MISCONCEPTIONS OF GUARANTEED INCOME FUNDS One big misconception of a guaranteed income funds. 2011 has been another year of high market volatility. As a result, I am hearing more and more people talking about different ways to guarantee their capital and guarantee their returns. With interest rates as low as they are buying an old fashion GIC is not very appealing to a lot ofpeople.
RETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leading CREATING RETIREMENT INCOME WITH 3 INCOME ETFS Highest price = $23.80 (March 28, 2019) lowest price = $14.555 (May 20, 2010) Distribution. Monthly. The yield has been over 5% for most of the time I’ve invested in this ETF. I would say my average yield has been about 5.25%. Currently, with high share prices, the yield has dropped to about 4.5%.TOP RETIREMENT TIPS
Start saving earlier and save more. The Pay Yourself First advice comes into play in hand with a structured plan put into place as early as possible. In a TD poll of retirees, 58 per cent suggested the start early idea as outliving your money is a real fear as 65 year olds live on average to 83 for males and 86 for females. HOW TO APPLY FOR YOUR CPP (CANADA PENSION PLAN) EARLY, AND CPP has opened the door for many Canadians who are over the age of 60 and still working. All of these people can now collect CPP as early as age 60 and continue to work. If you continue to work, you will have to keep paying into CPP but every contribution you make will increase your benefit in the future. Basically, you can apply to collect CPP JOINT OWNERSHIP OF BANK ACCOUNTS AND INVESTMENT ACCOUNTS Joint ownership with your spouse. There are pros and cons to joint ownership of bank accounts and investment accounts with your spouse. There are some benefits to having your spouse as a joint owner like: No delay in your spouse’s access to these funds. On the other hand, the disadvantages of joint ownership are: Needs careful record-keeping THE 6 BEST STRATEGIES TO MINIMIZE TAX ON YOUR RETIREMENT 6. Defer converting your RRSP to do the 8-year GIS strategy. You can get up to $10,500/year of Guaranteed Income Supplement (GIS) tax-free ($12,700 for a couple) from age 65 to 72, if you have no taxable income other than OAS. You can still receive non 5 REASONS YOU SHOULD TAKE EARLY RRSP WITHDRAWALS At age 72, their taxable income would be about $57,000 each and assuming tax brackets increase at 2% inflation, their marginal tax rate would range from 28% to 37%. Taking advantage of early RRSP withdrawals may enable this couple to pay less lifetime tax on their registered account withdrawals and maximize the tax-free growth oftheir TFSAs.
UNDERSTANDING THE CPP POST RETIREMENT BENEFIT The amount of PRB that you will receive depends on your earnings and your age. If you are 65, the maximum monthly CPP pension that you can receive in 2015 is $1,065.00, and the maximum monthly PRB is about 1/40th of that, or $26.63. The maximum annual PRB is $319.56. If you are any age other than 65, both CPP and PRB amounts are adjusted TFSA BENEFICIARY RULES: SHOULD YOU USE THE SUCCESSOR Back to our original question at the outset – what is the best strategy when it comes to selecting your spouse to inherit your TFSA assets? Answer: Consider designating your spouse as successor holder along with a backup beneficiary or beneficiaries, to the extent that this is provincially possible (see sample successor holder / beneficiary designation form below). HOW MUCH INCOME WILL $100,000 PORTFOLIO PAY ME? If you are 70 years old and plan to use your money over 10 years and will make 3% on your investment, that same $100,000 will pay you $11,720 per year or 977 per month. If you are 55 and plan to live 30 years but hope to make 7% on your investment, every $100,000s willRETIRE HAPPY
Retire Happy has been providing top quality information and resources on retirement, investing, estate planning and personal finance for over 20 years and has been recognized with awards for being one of Canada’s leading resource. Retire Happy was originally founded by one of Canada’s leading CREATING RETIREMENT INCOME WITH 3 INCOME ETFS Highest price = $23.80 (March 28, 2019) lowest price = $14.555 (May 20, 2010) Distribution. Monthly. The yield has been over 5% for most of the time I’ve invested in this ETF. I would say my average yield has been about 5.25%. Currently, with high share prices, the yield has dropped to about 4.5%.TOP RETIREMENT TIPS
Start saving earlier and save more. The Pay Yourself First advice comes into play in hand with a structured plan put into place as early as possible. In a TD poll of retirees, 58 per cent suggested the start early idea as outliving your money is a real fear as 65 year olds live on average to 83 for males and 86 for females. HOW TO APPLY FOR YOUR CPP (CANADA PENSION PLAN) EARLY, AND CPP has opened the door for many Canadians who are over the age of 60 and still working. All of these people can now collect CPP as early as age 60 and continue to work. If you continue to work, you will have to keep paying into CPP but every contribution you make will increase your benefit in the future. Basically, you can apply to collect CPP JOINT OWNERSHIP OF BANK ACCOUNTS AND INVESTMENT ACCOUNTS Joint ownership with your spouse. There are pros and cons to joint ownership of bank accounts and investment accounts with your spouse. There are some benefits to having your spouse as a joint owner like: No delay in your spouse’s access to these funds. On the other hand, the disadvantages of joint ownership are: Needs careful record-keeping THE 6 BEST STRATEGIES TO MINIMIZE TAX ON YOUR RETIREMENT 6. Defer converting your RRSP to do the 8-year GIS strategy. You can get up to $10,500/year of Guaranteed Income Supplement (GIS) tax-free ($12,700 for a couple) from age 65 to 72, if you have no taxable income other than OAS. You can still receive non 5 REASONS YOU SHOULD TAKE EARLY RRSP WITHDRAWALS At age 72, their taxable income would be about $57,000 each and assuming tax brackets increase at 2% inflation, their marginal tax rate would range from 28% to 37%. Taking advantage of early RRSP withdrawals may enable this couple to pay less lifetime tax on their registered account withdrawals and maximize the tax-free growth oftheir TFSAs.
UNDERSTANDING THE CPP POST RETIREMENT BENEFIT The amount of PRB that you will receive depends on your earnings and your age. If you are 65, the maximum monthly CPP pension that you can receive in 2015 is $1,065.00, and the maximum monthly PRB is about 1/40th of that, or $26.63. The maximum annual PRB is $319.56. If you are any age other than 65, both CPP and PRB amounts are adjusted TFSA BENEFICIARY RULES: SHOULD YOU USE THE SUCCESSOR Back to our original question at the outset – what is the best strategy when it comes to selecting your spouse to inherit your TFSA assets? Answer: Consider designating your spouse as successor holder along with a backup beneficiary or beneficiaries, to the extent that this is provincially possible (see sample successor holder / beneficiary designation form below). HOW MUCH INCOME WILL $100,000 PORTFOLIO PAY ME? If you are 70 years old and plan to use your money over 10 years and will make 3% on your investment, that same $100,000 will pay you $11,720 per year or 977 per month. If you are 55 and plan to live 30 years but hope to make 7% on your investment, every $100,000s will RRIF GUIDE: EVERYTHING YOU NEED TO KNOW ABOUT THE An RRIF is a comfortable transition because of its similarity to an RRSP. An RRIF provides a high level of control over the investments in your retirement plan, the advantage of tax-free growth of assets within the plan, as well as maximum flexibility in establishing an income stream. RRIFs come in a number of shapes and sizes. HOW TO APPLY FOR YOUR CPP (CANADA PENSION PLAN) EARLY, AND CPP has opened the door for many Canadians who are over the age of 60 and still working. All of these people can now collect CPP as early as age 60 and continue to work. If you continue to work, you will have to keep paying into CPP but every contribution you make will increase your benefit in the future. Basically, you can apply to collect CPP THE BEST ETFS: ALL-IN-ONE ETF INVESTMENT SOLUTIONS iShares Core Equity ETF (XEQT) iShares Core Income Balanced ETF (XINC) In a partnership with RBC, they also have 4 Environmental, Social Governance (ESG) Portfolios for those looking for more socially responsible options in the All-in-one ETF category. BMO. BMO has only4
CPP PAYMENTS: HOW MUCH WILL CANADA PENSION PLAN PAY IN When planning for retirement, the first piece of advice I give is not to plan on getting the maximum. When you look at the average CPP payment, it’s just a little over $640 per month, which is a long wayfrom the maximum.
WHEN IS THE BEST TIME TO RETIRE? People are also retiring earlier. Today, Freedom 55 has branded the thought in millions of people that the time to retire is age 55. While this is great in theory, it is not that easy to achieve in reality. While everyone wants to retire early, the fact is the averageretirement age
HOW TO CALCULATE YOUR CPP RETIREMENT PENSION Updated with 2018 rates. To calculate your CPP retirement pension, the first thing you should do is go online to the My Service Canada site and obtain your most recent CPP Statement of Contributions (SOC).. Also on the My Service Canada site, you can request an estimate of VOLUNTARY DEFERRAL OF OAS Here is a chart that shows the dollar impact of deferral on a full OAS pension (using April 2020 rates), as well as the breakeven age (the age at which you would begin to be ahead if you deferred the start of your OAS pension beyond age 65.) $834.40. The above chart demonstrates that the basic premise of voluntary deferral of OAS is fairly easy CPP DISABILITY BENEFIT VERSUS EARLY RETIREMENT PENSION As mentioned above, a CPP disability converts automatically to a retirement pension at age 65. The easiest way to estimate the amount of the retirement pension in this situation is to subtract the flat-rate portion of the disability benefit and divide the result by 75%. Example: Susan is receiving a CPP disability benefit of $900.00per month.
WHAT HAPPENS TO YOUR RRSPS WHEN YOU DIE? Although it’s not something we like to think about it is an important issue with RRSPs, especially when it comes to tax. On death, the RRSPs are deemed to have collapsed. The tax consequences really depend on who is listed as the beneficiary of the RRSP. The general rule for an RRSP or RRIF is that the value of the RRSP or RRIF at thedate of
12 CONSEQUENCES IF YOU DIE WITHOUT A WILL Take a moment to consider these 12 consequences of dying without a will. Without a will, you do not have an executor. Therefore, someone must be appointed to act as an administrator of your estate. This means potential delay, expense, frustration,* Start Here
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By: Jim Yih - Investing , TFSA Every week, I talk to a lot of people who don't really understand the benefits of a TFSA. One common misunderstanding about the TFSA is many people think the TFSA is just a savings account. After all,… CREATING RETIREMENT INCOME WITH 3 INCOME ETFS By: Jim Yih - Investing ,Retirement Income
When you work with people who are retired or about to retire, one of the most popular questions I hear over and over again is HOW CAN I CREATE MORE INCOME from my investments? It's a big challenge … BMO SMARTFOLIO REVIEW: THE SECURE PLACE TO NURTURE YOUR NEST EGG By: Jordann Brown - Robo Advisors With so many "robo-advisors" popping up across Canada over the last several years, it seems like the hot phrase on everyone’s lips is: What fees are you paying? If your answer is that you… HOW TO AVOID BEHAVIOURAL BIASES THAT IMPACT YOU AND YOUR ADVISOR By: Jason Heath - Advice , Financial Education , Financial Planning , Investing, Personal Finance
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Both investors and their advisors make common invesment mistakes that negatively impact investing outcomes. You or your advisor may be subject to behavioural biases that you should aim to identify and… UNDERSTANDING AND CALCULATING THE “ENHANCED CPP” CHANGES By: Doug Runchey - Pension ,Retirement
Updated with 2019 rates 2019 is the first year where the changes announced in June 2016 will be put in place. The Minister of Finance announced an agreement in principle with the provinces that wou… HOW TO APPLY FOR YOUR CPP EARLY, AND SHOULD YOU? By: Jim Yih - Government Benefits To qualify for CPP, you must be over the age of 60 and you must have made at least one valid contribution (payment) into Canada Pension Plan. How much income you get depends on how much you put in and…← Older posts
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