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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 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. 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
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 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). 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 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 HENSON TRUSTS, THE ONTARIO DISABILITY SUPPORT PROGRAM Sometime ago I began a very fruitful dialogue with Kenneth C. Pope, LLB, a lawyer in Ottawa, Ontario. He is one of the most experienced legal practitioners in Canada providing services to families with a family member with a disability and has focused his professionalcareer to
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. 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
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 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). 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 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 HENSON TRUSTS, THE ONTARIO DISABILITY SUPPORT PROGRAM Sometime ago I began a very fruitful dialogue with Kenneth C. Pope, LLB, a lawyer in Ottawa, Ontario. He is one of the most experienced legal practitioners in Canada providing services to families with a family member with a disability and has focused his professionalcareer to
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. 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.
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%. 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
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 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 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.
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. 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, THREE BIG CHANGES TO OAS (OLD AGE SECURITY) Updated June 21, 2017. On March 29 th, the Conservative party released their 2012 budget and the big news is the announced changes to Old Age Security (OAS). This change was one of the government’s worst secrets as Stephen Harper announced that changes needed to be made to OAS at the World Economic Forum earlier this year.. Note: The following change in eligibility from age 65 to 67RETIRE 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. 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 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%. DIVIDEND INVESTING TO RETIRE ON PASSIVE INCOME 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
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 ( 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. 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 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%. DIVIDEND INVESTING TO RETIRE ON PASSIVE INCOME 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
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 ( 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%. 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%. 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 BUYING INCOME PAYING INVESTMENTS IN CANADA An income paying investment is one that pays income significant enough to affect the way it trades in an open market. Take the example of an oil & gas stock that pays 8%. If the price of the stock drops, the yield could rise to 9%, and then 10%, until someone buys it up. This high yield has the effect of attracting buyers that will purchase to 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. 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 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
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.
NEW MORTALITY TABLE FOR DEFINED BENEFIT PENSION PLANS Starting October 1, 2015, there is a new mortality table for calculating the commuted values of defined benefit pension plans. The new mortality table, CPM (Canadian pensioners’ mortality), replaces the longstanding 1994 Uninsured Pensioner Mortality Table (UP-94). This is a significant milestone for pensions in Canada.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. 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 = WHAT FINANCIAL PLANNING IS NOT A financial plan is NOT working with a life insurance agent on a bunch of different insurance policies and segregated funds. A financial plan is NOT dealing with an advisor whose only solution is to offer you investments in mutual funds and GICs. A financial plan is definitely NOT buying lottery tickets, getting advice from Dad, hoping to sell 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. 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 = WHAT FINANCIAL PLANNING IS NOT A financial plan is NOT working with a life insurance agent on a bunch of different insurance policies and segregated funds. A financial plan is NOT dealing with an advisor whose only solution is to offer you investments in mutual funds and GICs. A financial plan is definitely NOT buying lottery tickets, getting advice from Dad, hoping to sell 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%. 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%. 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 ARE YOU READY FOR RETIREMENT? 3. Make a doctors appointment to establish some healthy lifestyle goals for retirement. 10 ways to reduce the Risks of Health problems. Retire Healthy – Health and Wellness is important. Improving your physical health for retirement. 4. Determine whether debt will be a factor in your retirement. Take stock of how much debt you have andhow
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. 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 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. RETIREMENT INCOME OPTIONS FOR A DC PENSION PLAN? Great West Life = $2201.57 per month. Sun Life = $2173.83 per month. Manulife = $2015.69 per month. Obviously, the best deal for Paula isGWL who will pay Paula about $26,418 per year in pension income. This is a lifetime income which means it pays until she dies. She will never outlive her income. 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
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
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. 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 = WHAT FINANCIAL PLANNING IS NOT A financial plan is NOT working with a life insurance agent on a bunch of different insurance policies and segregated funds. A financial plan is NOT dealing with an advisor whose only solution is to offer you investments in mutual funds and GICs. A financial plan is definitely NOT buying lottery tickets, getting advice from Dad, hoping to sell 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. 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 = WHAT FINANCIAL PLANNING IS NOT A financial plan is NOT working with a life insurance agent on a bunch of different insurance policies and segregated funds. A financial plan is NOT dealing with an advisor whose only solution is to offer you investments in mutual funds and GICs. A financial plan is definitely NOT buying lottery tickets, getting advice from Dad, hoping to sell 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%. 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%. 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 ARE YOU READY FOR RETIREMENT? 3. Make a doctors appointment to establish some healthy lifestyle goals for retirement. 10 ways to reduce the Risks of Health problems. Retire Healthy – Health and Wellness is important. Improving your physical health for retirement. 4. Determine whether debt will be a factor in your retirement. Take stock of how much debt you have andhow
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. 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 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. RETIREMENT INCOME OPTIONS FOR A DC PENSION PLAN? Great West Life = $2201.57 per month. Sun Life = $2173.83 per month. Manulife = $2015.69 per month. Obviously, the best deal for Paula isGWL who will pay Paula about $26,418 per year in pension income. This is a lifetime income which means it pays until she dies. She will never outlive her income. 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
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
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). Please enable JavaScript in your browser. retirehappyMake retirement the best years of your life* Start Here
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