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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 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%. 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
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 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. 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 (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%. 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
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 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. 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 (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 HOW DO YOU JUDGE PERFORMANCE? There are two great benchmarks that should be used to judge performance: ZERO – This benchmark measures a fund’s ability to make money. I caution you to know that any solid investment must be given a reasonable amount of time to perform. For me, that means a minimum of three years. 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 HOW TO AVOID PROBATE FEES Other strategies to avoid the probate process and minimize probate fees include: Giving away your assets before you die (directly to others, or by putting your assets into trusts) Designating beneficiaries (other than your estate) on your registered investments, life insurance policies and other investments held through lifeinsurance companies
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 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. 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 ( 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 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 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 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.
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
THE DIFFERENCES BETWEEN LIFS AND RRIFS Recently I wrote about the differences between a LIRA and a RRSP.In this article I want to follow up and discuss the difference between LIFs and RRIFs. What is a RRIF? A Registered Retirement Income Fund (RRIF) is the most common income option for the RRSP. 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).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. 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 ( 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 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 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 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.
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
THE DIFFERENCES BETWEEN LIFS AND RRIFS Recently I wrote about the differences between a LIRA and a RRSP.In this article I want to follow up and discuss the difference between LIFs and RRIFs. What is a RRIF? A Registered Retirement Income Fund (RRIF) is the most common income option for the RRSP. 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). 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. 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 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 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 RETIREMENT COMPENSATION ARRANGEMENTS: THE ADVANTAGES OF AN 1. Contributions are 100 per cent tax-deductible by the employer, and are a non-taxable benefit in the hands of the employee. Taxes do not apply until the money is withdrawn during retirement. 2. RCAs are exempt from payroll and healthcare taxes.CPP FOR THE OVER 65
81. 82. Definitions. Monthly CPP: Maximum amount of monthly CPP retirement pension that anyone would be entitled to receive in 2016, at the age indicated. Adjustment factor: 0.7% for every month delayed past age 65, to a maximum of 42% at age 70. Amount of increase: Amount of monthly CPP retirement pension received at delayed age, minusamount
CONTRIBUTING TO CPP AFTER 65 This means that the annual maximum PRB for a 65-year-old in 2020 would be $387.97 (based on maximum adjusted earnings of $56,440 for 2020 x 0.6874%) or about $32.33 monthly. The cost, benefit and “breakeven period” for deciding whether to HOW TO AVOID PROBATE FEES Other strategies to avoid the probate process and minimize probate fees include: Giving away your assets before you die (directly to others, or by putting your assets into trusts) Designating beneficiaries (other than your estate) on your registered investments, life insurance policies and other investments held through lifeinsurance companies
IS THERE SUCH THING AS ESTATE AND INHERITANCE TAX IN In Canada, there is no inheritance tax. If you are the beneficiary of money or asset through an estate, the good news is the estate pays all the tax before you inherit the money. Technically, once you inherit money, the tax has already been paid. You do not have to 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%. Consumer Privacy Information We and our advertising partners collect personal information (such as the cookies stored on your browser, the advertising identifier on your mobile device, or the IP address of your device) when you visit our site. We, and our partners, use this information to tailor and deliver ads to you on our site, or to help tailor ads to you when you visit others' sites. To tailor ads that may be more relevant to you, we and/or our partners may share the information we collect with thirdparties.
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