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By Guest Blogger Sinan Terzioglu
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When it comes time to retire the process of withdrawing from your assets in the most tax efficient way can be challenging. Most Canadians qualify to receive benefits from the Canadian Pension Plan (CPP) at the age of 60 and Old Age Security (OAS) at 65 but for those without an employer defined benefit pension the balance of required funds must come from accumulated assets. Retiring with savings in multiple accounts like RRSPs/RRIFs, LIRAs/LIFs, TFSAs and non-registered accounts, it’s important to prepare a well thought out withdrawal plan and reassess it every year so that you don’t pay more in taxes then you need to.
For most circumstances withdrawing from non-registered accounts first followed by TFSAs is the most efficient sequence of withdrawals. Taxes can then be deferred for as long as possible in registered accounts such as LIRAs/LIFs and RRSPs/RRIFs. Of course, everyone’s circumstances and goals are different and it may make more sense to proportionately withdraw from non-registered and RRSPs/RRIFs. For those that retire early and expect to be in a higher tax bracket in the future it may make sense to withdraw from RRSPs sooner.
Spousal RRSP
Contributing to a spousal RRSP when one spouse is in a lower tax bracket is a very effective tax planning strategy. Contributions count towards the higher income earners deduction limit but if the lower income earning spouse withdraws the funds three or more years after contributions have been made the withdrawals would be taxed in the hands of the lower income earner. It’s important to note that if funds are withdrawn in less than three years after contributions are made to a spousal RRSP the withdrawn funds would be attributable back to the contributor and taxed at his/her higher tax rate.
Another good reason to consider contributing to a spousal RRSP is if you think that upon retirement you will have accumulated more retirement assets than your spouse and you plan to retire before the age of 65. Since you are not allowed to split income from RRSP withdrawals as well as from RRIF withdrawals before the age of 65 then having assets in a spousal RRSP would give you and your spouse more flexibility to withdraw funds in a more tax efficient from each of your RRSPs.
Contributing to a spousal RRSP gives more flexibility with tax planning ansd not only in retirement. For example, if your spouse is planning to return to school or stay home for a few years to raise a family, then contributing to a spousal RRSP now with the intent to withdraw the funds in three or more years is an effective way to defer and pay less tax over time.
RRSP to RRIF Conversion
A Registered Retirement Savings Plan (RRSP) must be converted to a Registered Retirement Income Fund (RRIF) by December 31 of the year you turn 71. The financial institution you hold your RRSP with will notify you in advance and convert the account automatically. There are no immediate tax implications when an RRSP is converted to a RRIF but annual minimum withdrawals from the RRIF are required which start at approximately 5% per year and increase each year as you get older. You can choose to withdraw funds monthly or at the end of the year.
A RRIF can be opened at any age and you can transfer some or all of the assets from your RRSP to the RRIF at any point. One reason to consider opening a RRIF sooner than required is if you are planning to regularly withdraw from your RRSP before the age of 71. Most institutions charge a withdrawal fee each time you partially deregister a RRSP but do not charge a fee each time you partially deregister a RRIF. This strategy should only be considered if you are planning to regularly withdraw from a RRIF because otherwise the annual minimum withdrawal rules apply even if the RRIF is opened before the age of 71.
For those with a younger spouse, you can use your spouse’s age to calculate the annual minimum RRIF withdrawal amount. This is an ideal strategy for those that have other sources of income and want to leave money in the RRIF so that they can defer taxes for as long as possible. To use a spouse’s age in calculating the minimum withdrawal amount you don’t have to have a spousal RRIF or list your spouse as a beneficiary, however, you must inform the financial institution that is holding your RRIF that you would like the minimum withdrawal calculated based on your spouse’s age before your first withdrawal. Also, it’s important to note that you cannot change your mind later.
Income Splitting
As with employer pensions, up to 50% of withdrawals from RRIFs and LIFs can be split with a spouse to reduce taxation but only after the plan holder reaches the age of 65. This can help reduce total taxes for families by a significant amount. In order to split your pension income with your spouse, you and your spouse must make a joint election on your tax return each year using form T1032 – Joint Election to Split Pension Income. Income from the Canadian Pension Plan and Quebec Pension Plan cannot be split in the same way.
Pension Income Tax Credit
The pension income tax credit is a non-refundable tax credit that applies to pension income (lines 11500, 11600 and 12900 on your tax return). After reaching age 65 if you receive income from a pension plan, RRIF, LIF and/or certain annuities then you may be able to claim a tax credit of up to $2,000 of that income. The federal tax credit rate is 15% which results in a maximum federal tax savings of $300. There are also provincial pension income tax credits so depending on which province you live in you could save between $400 and $700 per year. Pension income from OAS, CPP and lump sum withdrawals from an RRSP is not eligible. The pension tax credit is available to some before the age of 55 but only if they have certain types of income in retirement.
For those that turn 65 and are not part of a pension plan one strategy worth considering to save taxes is to transfer $12,000 from your RRSP to a RRIF and then plan to withdraw $2,000 a year from age 65 to 71. By claiming the federal and provincial tax credit this strategy would enable you to withdraw $2,000 per year from your RRSP basically tax free.
OAS Clawback
Old age security is taxed so you need to take your expected benefit into consideration when planning your income in retirement. OAS is not based on family income but on individual income. OAS benefits are paid for a 12-month period, starting in July and ending the following June. The OAS clawback threshold for the period of July 2021 to June 2022 is $79,054 so each dollar of income in excess of this amount reduces your OAS benefit by 15% until it completely disappears which happens when income exceeds $128,149.
If you are one of the fortunate few that will have a defined benefit pension and/or expect to receive an above average amount of income in retirement then there are a few ways to minimize the amount of OAS that gets clawed back such as:
- Splitting your pension income with your spouse
- Withdrawing funds required to pay living expenses from your TFSA
- Contributing the maximum you are permitted to your RRSP (if you are under 71 years old)
- Defer taking OAS if you expect to earn a lower income in the future
Retirement Transition
It’s important to always consider the amount of after-tax income you will require to cover your retirement expenses. Having an effective withdrawal plan will help you minimize your taxes and increase the probability of not outliving your assets. Understanding how your sources of retirement income are taxed differently will help you formulate the best plan to meet your retirement goals. As the saying goes, “it’s not what you earn, it’s what you keep.”
Sinan Terzioglu, CFA, CIM, is a financial advisor with Turner Investments, Private Client Group, Raymond James Ltd. He served as vice-president of RBC Capital markets in New York City and VP with Credit Suisse in Toronto.
113 comments ↓
“If you are one of the fortunate few that will have a defined benefit pension and/or expect to receive an above average amount of income in retirement…
Any idea what the average retirement income for Canadians is and specifically for Canadians without a DB pension?
#238 Shawn on 02.18.22 at 11:46 am
Too Much of the Economy in Real Estate?
***************************
I’m not so sure…
When millennial Joe buys a formerly $500k house from Geezer Frank and pays $1 million, Joe has a problem. But Frank has the million dollars (an extra $500k).
Where is the misallocation of resources?
_________________________________
Frank has another 1/2 mil growing mold in ETF’s.
Joe has 1/2 mil less to spend at your place of employment.
Velocity of money in the economy suffers, until Joe pays off his mortgage in 2047, and can resume consuming.
Garth has gone to Abu Dhabi again?
Maybe he’s using it as a base to look for affordable real estate in Iran…
M47BC
Can a RRIF holder who works full time still, continue to build RRSP room and then open a spousal RRSP and dump money in the spousal plan to offset taxes?
Sinan, you are the master of retirement planning.
Too bad I have zero DBP, OAS, or CP…
How about the Leute who just saved a lot, are young and attractive, have 10 pack abs (literally – cut the carbs), and wanna live freely off investment income in the search of anything that gets the mojo rising?
I guess you could ask the question: How long could my money last? Interesting question for a financial advisor.
Og
Today, in front of the whole world watching, history was officially made and Canada begins its slide into tyranny.
What was a peaceful movement of ordinary Canadian citizens of all nationalities, colors, creeds and religions, the government of the land led by Justin Trudeau made good on its promise to silence the protest. This was not a small movement, and the sheer size and velocity of its growth demonstrates that the policy of the liberal government is to do what is on their agenda, and the hell with Canadians who vote and pay taxes.
The protest had no smashed windows, burning, looting or shootings like Antifa and other prominent demonstrations that left charred buildings and rubble in its wake. This was a gathering of individuals who just wanted to be heard and never did get the opportunity to speak with government.
Justin went into hiding only to surface with speeches that berated its citizens and inflamed the spirits of not only Canadians, but millions of others all around the world! The reason the convoy in Ottawa lasted as long as it did was because of the rejection of dialogue from Trudeau.
SHAMEFUL!!
If there is anything good that came of this, it is the massive scale of unity and cohesion of the Canadian populace to join in a harmonious spirit of love and respect for the country. Strangers came together from every corner of the land to fight for their freedom.
And then the forces were dispatched in and dispersed the crowd as the world watches.
Nobody knows what will happen next, but we can already see further encroachment of liberties with draconian measures we only thought happened in other countries, NOT Canada.
I am proud to be a Canadian, and very grateful for all those who supported the preservation of freedoms, this was an emotional time for everyone who was part of it or cheered from the sidelines.
The government’s appalling UNPRECEDENTED actions, and inactions and its sponsored media has been exposed in its raw form and Canadians will never forget this moment in our history.
“For those that turn 65 and are not part of a pension plan one strategy worth considering to save taxes is to transfer $12,000 from your RRSP to a RRIF and then plan to withdraw $2,000 a year from age 65 to 71.
By claiming the federal and provincial tax credit this strategy would enable you to withdraw $2,000 per year from your RRSP basically tax free.”
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Very informative, Sinan, thank you. I did not know this.
With the current inflation environment – NO middle class is retiring. Pipe dream.
Get back to work till you take a dirt nap
I hate OAS Clawback as I am sure many others here do as well.
And if you are non-resident you have to file every year to get the pittance left over CRA deign they should give you.
———————–
Chris Barber and Tamara Lich not the only ones arrested in Ottawa yesterday.
Royal Mounties Arrest Child Playing With Toy Semi-Truck
https://babylonbee.com/news/royal-mounties-arrest-child-playing-with-toy-semi-truck
“I will no longer tolerate joy in Canada!” he [Trudeau] added while pounding his fist on his desk before switching to his native German and yelling some more.
Elon pulls his Tweet but the Internet remembers…
https://twitter.com/nonilex/status/1494400533276373003
Oh Elon 😳 😵
Impressive display of Canadian police restrain unfolding in Ottawa. Finally the Ottawa police have been given the resources to end the hostage of downtown Ottawa, it’s citizens and businesses.
It’s a real black eye on the ineffectiveness of the Trudeau and Ford governments that they left the city of Ottawa to fend for itself against the mongrel hordes of antivaxxers.
Live TV shows the restraint and human respect the police are affording the antivaxxers that refuse to turn tail and run.
And OK some credit is due to the antivax protesters for their restraint as well in terms of not resorting to escalation. We can imagine how this might have unfolded in other countries.
(And impressive and beautiful police horses.)
Just heard this “suspension of Parliament” again by PMT!
Andrew Scheer recorded live on the Emergencies Act and the suspension of Parliament. 4-hours ago.
https://www.youtube.com/watch?v=8TLphnclr5w&t=604s
I’m definitely off to take more cash out of my bank cash account if they still let me today.
They only let me take 5k at a time, unless PMT stole it already, as he has done to so many apposed to his tyranny.
What are you going to do if he comes for your money next. But maybe he want a reaction to try and justify his over reach to put it lightly. Lets hot give him the satisfaction. Maybe the court will work it out, not holding my breath, will see.
Just in case PMT doesn’t like what I “think”. Or what peaceful group or party I want to support next.
At least I’m have a bit of cash to eat and feed a friend for a bit still.
So much for Canadian Charter Rights and Freedoms, wear have they all gone. He took them and doesn’t like when people start to try and want them back, he just take more.
Will our kids have any rights going forward if they have a thought PMT doesn’t want you to have.
Of just have nothing and be happy or starve like the WEF wants for all regular people to not have.
Will ‘the before times ever come back’?
Mr. Market beginning to recover, tanking now, thanks to more violence, in Ukraine minutes ago:
https://www.cnbc.com/2022/02/18/ukraine-russia-crisis-live-updates.html
etc.
Biden live now, hope he pours water on matters…
https://www.cnbc.com/2022/02/18/ukraine-russia-crisis-live-updates.html
😯
Thank you Sinan.
Another great piece of education I got from this blog, For Free.. we should all have been offered this as a part of our education since high school or college!
Thanks a bunch again.
I was told by a planner that I should withdraw from my RRSP earlier so I wouldn’t get hammered with taxes in my 70s. I have read this elsewhere as well. Depending on your portfolio, you are often better to withdraw from an RRSP first.
Thank God, no NATO troops to Ukraine if Russia invades but support will be given to the Ukraine. Biden says NATO will defend its member states.
500 Cdn troops in Latvia.
A minute ago, Cdn C17 over Latvia, high altitude though as in destination?
https://i.imgur.com/9MiCWFt.png
Thanks for an info-packed post. I am bookingmarking it!
In deferring taxes by keeping registered account as long as possible, how about if we expect to have enough to pass over to heirs when we croak. Wouldn’t too much be taxed at the max marginal rate then?
@#6 Tyranny Tippler
Someone’s been hitting the bottle early.
I never could acquire a taste for Gin.
https://www.cnn.com/2020/01/22/business/elephant-dung-gin-south-africa-intl/index.html
Yeah, spousal RRSP contributions are probably not going to happen in my place.
I mean, first I contribute to a spousal marriage.
Then I kicked in some money to jumpstart her TFSA.
I don’t want anything to do with her RRSP, and if Mrs Flop thinks she’s going to blow my Australian Superannuation on handbags then she’s got another thing coming.
I earned the bulk of that money between when I was 15-25 before, we were married, and so when I’m dead she can try and pry it from my cold, hard, Speedo’s…
M47BC
#10 Reality Check on 02.18.22 at 4:48 pm
Impressive display of Canadian police restrain unfolding
And OK some credit is due to the antivax protesters for their restraint as well in terms of not resorting to escalation. We can imagine how this might have unfolded in other countries.
——–
Yes, the police are doing a good job.
And the reason the protesters are not escalating is because, in a peaceful protest by law-abiding folks, that’s the way people act. This was not an insurrection. These are our neighbours, co-workers and friends. Disagree with them, sure. But don’t vilify.
This escalated to the Emergencies Act solely because they were asked to leave and refused to do so. At no point prior to the biggest possible sledgehammer available would a similar police action have failed to achieve the exact same results.
And it’ll all be over before the vote on the Emergencies Act.
#6 02-18-2022 THE DAY CANADA SLID INTO TYRANNY
The protests was not peaceful. Repeating something does not make it true.
Listen to the residents of the area. Read the MOU written by the organizers.
#2 Wrk.dover on 02.18.22 at 4:29 pm
#238 Shawn on 02.18.22 at 11:46 am
Too Much of the Economy in Real Estate?
***************************
I’m not so sure…
When millennial Joe buys a formerly $500k house from Geezer Frank and pays $1 million, Joe has a problem. But Frank has the million dollars (an extra $500k).
Where is the misallocation of resources?
_________________________________
Frank has another 1/2 mil growing mold in ETF’s.
Joe has 1/2 mil less to spend at your place of employment.
Velocity of money in the economy suffers, until Joe pays off his mortgage in 2047, and can resume consuming.
**********
Some Franks have been spending on cars, trucks, rvs, boats. Tope of the line of course. Some have been spending their windfalls, quickly.
The smart ones squirrel it away.
Sinan, an excellent & very informative post:) Some questions: 1) I get that I must convert my RRSP to a RRIF by December 31st of the year I turn 71. The government has set a minimum withdrawal so no matter what, I’d have to take out at least that much. However, what I’m unsure of is when that minimum withdrawal begins. Is it in the year I turn 71, or can I defer my first withdrawal to the end of the year following my turning 71? 2) what is your take on deferring taking CPP/OAS to age 70 which under current rules would goose the amount received & during that deferral period take $ out of one’s RRSP to minimize the tax hit? 3) Further to the strategy outlined in question #2, what happens if one transfers $ from an RRSP to a RRIF before age 71 tax wise? Does one have to pay tax ‘up front’ – so if transferring $15K from the RRSP to the RRIF one gets hit with a 30% tax or is that transfer taxed post conversion, after one withdraws the $ from your RRIF?
The federal government has announced it is pulling all its funding from the Transmountain Pipeline. As usual, a late Friday announcement, hoping few will notice. https://email-st.seekingalpha.com/click/26761879.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
Like everyone else, sick of restrictions…any of them.
Covid still creating uncertainty in Mr. Market besides rates and the Ukraine.
CFR a good measure. 0.1% CFR = Flu in the US.
A good benchmark to look at removing some or all restrictions. A lot of European countries there already, others getting there like Italia but the US and Canada CFRs are puzzling…
https://i.imgur.com/Mf8A8Z3.png
Covid-19 CFRs about 8X those of the flu for Canada, US.
May be inflated since testing lower in both countries? BA.2 (immune escape version of Omicron) starting to take hold? One or the other or both?
Who knows. Time will tell.
UK has a CFR of 0.19% with official cases of 47,685 (they cut back on doing testing) but ZOE reports 171,900 real time symptomatic cases which means their CFR is much, much lower.
Italia similar to UK. Have cut back on testing (usually 1M/day, now 700K/day) and finding fewer cases. Deaths also dropping. Probably Italia’s CFR is lower. Gov Italia looking to remove Green Pass before Mar end and many restrictions.
#20 Joseph R. on 02.18.22 at 5:24 pm
#6 02-18-2022 THE DAY CANADA SLID INTO TYRANNY
The protests was not peaceful. Repeating something does not make it true.
Listen to the residents of the area. Read the MOU written by the organizers.
——–
Good God. How many injured? How many killed? Property damaged? Vandalism?
Maybe once the Metaverse gets going, everyone can vicariously spend a few days in an actual warzone for perspective.
So this is Canada now…..
What is worse….a protester being police gang-beaten savagely with the butt of an assault rifle, or the remaining officers forming a wall to prevent it from being recorded? Guess a taser isn’t as much fun.
Horrifying…..
https://youtu.be/eBQbkCd80zU
And a comment above cited the ” impressive display of police restraint”
The protestors were told to leave. Multiple times. For days. They did not. There are consequences. – Garth
3 Flop… on 02.18.22 at 4:29 pm
Garth has gone to Abu Dhabi again?
Maybe he’s using it as a base to look for affordable real estate in Iran…
M47BC
————————————————————————————————
He is in. Ottawa leading the charge!
You pick whose side?
#23 Trish on 02.18.22 at 5:37 pm
Cool. It was a special interest subsidy to begin with. Put O+G on an equal footing (i.e. remove all subsidies).
Found Garth. He’s in Ottawa:
https://twitter.com/pdmcleod/status/1494717719501058049/photo/1
Thank you for the post!
Off topic but any suggestions about taking a 2 week trip to BC in March? Just want quick and simple trip. Don’t wish to rent a car. But would like to do some trail walks if weather permits and walk to some restaurants etc. Would love to loose the winter coats for a couple of weeks. Was thinking Vancouver island but I really have no idea and would love some suggestions.
These are our neighbours, co-workers and friends. Disagree with them, sure. But don’t vilify.
So, Sail Away, the ones currently attacking the police, attempting to disarm them, making certain they out number the cops before they attack them, are they neighbours of yours or co-workers? We know they are friends from your previous vapid statements on the matter.
PS: there is video as well on social media and print media. Try the Ottawa Citizen newspaper online to start.
The poor people of Ottawa can finally get to sleep now the selfish cowards in the Karen convoy are finally getting dealt with
You ever thought to yourself how they over complicate things in Ottawa?
If Canada was ever unfortunate enough to have me in charge, here’s what I would have done to solve the current crisis.
Set up big speakers on Parliament Hill.
Blast this botched dance version of the Toto classic Africa on repeat.
Half the crowd would go after the first time of playing, half stick around to deflate the bouncing castle, and to hear it a second time to see if they heard it properly the first time.
Everyone goes home after 8 minutes…
M47BC
https://www.abc.net.au/triplej/like-a-version/dave-winnel-covers-toto-africa-for-like-a-version/13740198
Pointless to speak about what happened today in Ottawa with Garth . He is supporting the status quo , don’t you realize that ?
He will never step out of line
Very informative Sinan. Thank you.
Don’t you just hate it when you come on here ,shoot your mouth off, & have to do a 180 the next day. Yesterday I’m calling the anti-populist anti-convoy Ottawa wokesters , whiners & snivelers. The only thing in danger being their sense of entitlement. That same night this same BIPOC, Greenie, Anarchist crew grab some axes & chase security officers, tough redneck truckers, machine operators away from camp & running & fleeing for their lives. The attackers then put down their axes, jump into the heavy equipment & play Demolition Derby. Eliminating a whole bunch of operators jobs. Culminating in burning barricades & fallen timber on the only road in. Delaying the cavalry so everyone gets away scott free. Even if most of the cavalry is back in Ottawa tending to real terrorism. Pretty impressive.
#30 Left GTA on 02.18.22 at 6:16 pm
Off topic but any suggestions about taking a 2 week trip to BC in March? Just want quick and simple trip. Don’t wish to rent a car. But would like to do some trail walks if weather permits and walk to some restaurants etc. Would love to loose the winter coats for a couple of weeks. Was thinking Vancouver island but I really have no idea and would love some suggestions.
———
It’s hard to go wrong with a room at Victoria’s Laurel Point Inn. Not so much trail walking right there, but lots of excellent City/beach walks and 10 minutes (walking) from downtown Vic. Wouldn’t even need a car; rent regular or e-bikes and ride the Goose as far as you want.
My wife and I very much enjoy popping down for a few days and March can be very nice if the weather cooperates.
@#26 Zorro’s Blunt sword
What part of “leave” do anarchists not understand.
If you resist.
You get arrested.
If you violently resist.
You get violently arrested.
Pretty simple to me and a majority of Canadians.
Screech your faux outrage to the WOKE-sters clutching their tear soaked shirts and hug each other.
No one here cares.
As far as retirement planning, I think you’re behind the curve on some issues….
Given that the Govt. can freeze, then seize, your financial assets, and you no recourse to the Courts, you might want to consider some defensive measures?
Bitcoin, with you keeping the private keys, would be the easiest.
For those of you who think that you’re OK because you don’t have “incorrect thoughts”, you might want to consider that over the long haul, it’s not inconceivable that a different government comes to power and changes what thoughts are correct and allowed? The fact that the powers are in place now to do this is the part to be concerned about.
#25 Sail Away on 02.18.22 at 6:01 pm
#20 Joseph R. on 02.18.22 at 5:24 pm
#6 02-18-2022 THE DAY CANADA SLID INTO TYRANNY
The protests was not peaceful. Repeating something does not make it true.
Listen to the residents of the area. Read the MOU written by the organizers.
——–
Good God. How many injured? How many killed? Property damaged? Vandalism?
^^^^^^^^^^^^^^^^^^^^^
Good God, you are such an apologist for deplorables. All of the above, minus killing, plus an arson attempt under investigation.
The cops had no control over downtown Ottawa which essentially belonged to the occupiers for almost 3 weeks. It was a lawless zone. Both the ex-chief of the OPS and current acting chief described how police were swarmed by 20-30 guys when trying to do their jobs.
Residents were terrified, and even though there were no serious injuries or deaths, the psychological violence – non stop honking (even after noise injunction), slurs, hateful speech, being spit on, masks ripped off, death threats, rape threats – was not “peaceful”.
A 13 year old committed suicide because they thought the world was ending. Animals and children traumatized. Many residents (those who could) left the area to live temporarily elsewhere. Zexi Li (the brave 21 year old behind the class action complaint that resulted in a noise injunction that police did not enforce) was threatened physically when a protestor drove his pickup truck onto a sidewalk towards where she was standing to scare or hit her. And on and on.
Grow up and admit you were wrong from the start regarding your insistence that this was a peaceful protest. Are you always this stubborn and defiant?
@#23 Trish
“The federal government has announced it is pulling all its funding from the Transmountain Pipeline. As usual, a late Friday announcement, hoping few will notice”
+++
Yep .
More gutless decision making to “save the planet” from our fearless “leadership” after blowing how many billions in tax dollars?
Original cost 7.5 billion.
Estimated completion cost 21.5 billion?
Sunny days
Number 30 Left GTA the best place on Vancouver Island
is Sidney. Today my daughter and I walked the Heart
Smart water front walk it was a warm sunny 8 degrees.
We have many excellent waterfront restaurants and
coffee shops.
#19 Sail Away on 02.18.22 at 5:21 pm
#10 Reality Check on 02.18.22 at 4:48 pm
Impressive display of Canadian police restrain unfolding
And OK some credit is due to the antivax protesters for their restraint as well in terms of not resorting to escalation. We can imagine how this might have unfolded in other countries.
——–
Yes, the police are doing a good job.
And the reason the protesters are not escalating is because, in a peaceful protest by law-abiding folks, that’s the way people act. This was not an insurrection. These are our neighbours, co-workers and friends. Disagree with them, sure. But don’t vilify.
This escalated to the Emergencies Act solely because they were asked to leave and refused to do so. At no point prior to the biggest possible sledgehammer available would a similar police action have failed to achieve the exact same results.
And it’ll all be over before the vote on the Emergencies Act.
——-
It’s too bad city hall decided they needed a fall-guy, this would have been Sloly’s moment of vindication. He did everything right, but got thrown to the wolves before he got what he needed to do a proper job. I watched the live feed of the clean up operation for a while – pretty boring. Bunch of cops and dudes standing around. No smashed storefronts, no burning cars, no hooded dudes running into alleyways carrying colour TV’s.
For the size and length of this protest, it has to be one of the lowest acts of hooliganism per participant of any protest ever. The Coastal GasLink “protest” in BC caused more injury to Officers, 1000X more dollars worth of damage, and this by only 20 people in under 24 hours.
Congrats to all the protestors, organizers, and the Police involved in the Ottawa protest for a job that couldn’t realistically have been done much better on either side.
Hi Sinan
I had a thought tell me if I’m in left field with it.
So my personal situation is unique. I’ve won the pension lottery. At 65 I will receive 18k a month and my wife will get 9k. As you can imagine that’s a tax bomb of epic proportions. So I’ve been thinking about this strategy:
Think of the Smith Manoeuvre, just use it so income pays interest to lower taxes and the money grows in a non registered account until death or is needed for medical expenses. We both have maxed out tfsa’s to draw from if it’s needed. What’s your opinion? I know it’s unorthodox but my situation is a little different.
#30 Left GTA on 02.18.22 at 6:16 pm
Off topic but any suggestions about taking a 2 week trip to BC in March?
//////////////////////////////////////////////////////
Wait until May or fly to the southern US.
Why trade winter which is manageble for single digit temps and rain? Yuck.
#26 Zorro Ideltkos on 02.18.22 at 6:02 pm
I mean, not good. But, seems you conveniently ignored some “things”:
Compare and contrast the RCMP response in the below examples. Note that these are in the bush. The PM is nowhere nearby, nor in danger, there is no major government function, there isn’t a city of 1.4 million people. It’s dirt road in the forest. here:
https://gripped.com/gripped-outdoors/crazy-scenes-from-the-fairy-creek-blockades-in-b-c/
and note the full military tactical gear in the latter here:
https://www.youtube.com/watch?v=aljg-k4vLJo
The convoy is being given kid-glove treatment and it’s enraging given what has been done to protestors earlier this year in BC (for doing much less) and just how long this has gone on. The contrast between the gentleness in how police have handled right/far-right protests and those on the left are glaring.
#25 Sail Away on 02.18.22 at 6:01 pm
🤡
#17 crowdedfart
Someone’s been hitting the bottle early.
I never could acquire a taste for Gin.
………………
I don’t drink.
You must be a CBC shill. What’s it like to have no respect?
Freedoms galore
We in Canada have no idea how much freedom we have compared to most other countries.
There is just a handful of countries that would allow the psychological occupation of their national capital for 3 weeks. Do people seriously think the bastion of freedom, the United States, would allow this type of occupation in DC. No way, the national guard would have been called out quickly and likely clear the mob in a much more “assertive” fashion. What would the response be in Saudi Arabia, Russia or China – perhaps being run over by a tank?
In many totalitarian countries protesters would risk being “disappeared” never to be seen again or sent to be re-educated.
As well Canada’s uncensored modern communication allows small groups to communicate and organize, like never before. Imagine trying to pull off something like this pre-internet. We live the most free time in terms of exchange of ideas (regardless of validity) and communication.
This is a vanishingly small number of antivax protesters in a population of 38 million that have been allowed to occupy our capital and media for 3 weeks.
When it comes time to retire the process of withdrawing from your assets in the most tax efficient way can be challenging.
—————–
That’s because things change. No one knows what the future holds for them. No one knows the future rate of inflation, or their future rate of return, or life expectancy, so it’s an educated guess at best. Personally I’ll be taking more from registered accounts early, as I believe a ‘bird in hand is better than two in the bush’, and I just don’t like the direction this country is headed in.
#4 active – A RRIF holder that is older than 71 can contribute to a spousal RRSP so long as his/her spouse is under the age of 71 – Sinan
#36 Faron on 02.18.22 at 7:15 pm
#26 Zorro Ideltkos on 02.18.22 at 6:02 pm
Compare and contrast the RCMP response in the below examples.
———— –
Don’t see a contrast. I watched a bunch of those vids. Looks like more great Police work to me. Way outnumbered here too. Kudos to those officers. No different than #26 above, if you resist arrest, you get taken against your will – who guessed? Sometimes an ass-kicking is required. Those folks asked for it just as much as the Ottawa truckers with now windowless trucks did. The violence starts with resisting arrest every time.
Great job Police on those tree protestors.
When to Get hammered?
#14 Timmy on 02.18.22 at 5:02 pm
I was told by a planner that I should withdraw from my RRSP earlier so I wouldn’t get hammered with taxes in my 70s. I have read this elsewhere as well. Depending on your portfolio, you are often better to withdraw from an RRSP first.
***************************
So, you prefer to get hammered earlier?
Why is your income going up at 70? (You deferring CPP and OAS until then? If so what you say may make a lot of sense.)
You gonna take it out between 55 and 65? You are not working those years?
#221 Diamond Dog
“I’ll close this by reminding readers, inflation is the fault of the Trump presidency. His administration appointed the governors that chose, pitched and modeled rapid expansion of the money to the 7 governors for a vote. His administration benefited from the initial wealth effect created by it. And now the Biden administration is the one left holding the bag and being blamed for it.”
……………………………………………………………………………………………………….
Oh yeah Biden’s a real angel.
-Bush added $5.85 trillion to the national debt.
-Obama added $8.6 trillion to the national debt.
-Trump added $6.7 trillion to the national debt.
…and Biden has already added more than $3.1 trillion to the national debt.
#40 Observer
…………….
Yes, that’s a good name for you. “Observer”.
No guts, no strength.
An alpha lamb.
Thousands of die hard citizens stood up for Canadian freedoms that include folks like you.
They sacrificed so you could hide in the shadows and type a keyboard for self gratification.
Nobody came to talk to them from the Canadian government to find common ground, they were ignored.
These folks haul everything to make your life sustainable including toilet paper, which you obviously need ALOT of.
Lol!
When it’s time to retire, I go with my buddies at the Costco Tire Center.
Always a good deal.
You should talk to them, too.
Tell them Ponzi sent you.
Get 10% off.
#16 Lolo – Thank you for the comment. If you are confident you will have enough to support yourself for the rest of your life and would like to minimize how much your estate is taxed then you should consider withdrawing from your registered accounts sooner and gift the funds to your kids especially if they can contribute to their TFSAs – Sinan
#22 Linda
—-
All your questions is what keep the people who work with money for a living employed. They can interpret the myriad rules and regulations and you can give them $$$ for their “services”. The average person will have a hard time finding the information for themselves unless they allocate considerable amounts of their downtime to navigate all of it. Good example of how those in the loop (with their lawyers and accountants) will have a leg up on the average citizen.
@#47 Tyranny Tippler
“I never could acquire a taste for Gin.”
++++
Hey Tippy….!
What kind of sound does an empty bottle of African Elephant Poop Gin make when it hits the ground?
Dung!
@#6 02-18-2022 THE DAY CANADA SLID INTO TYRANNY on 02.18.22 at 4:33 pm
——————-
lol, ok Karen.
maybe stay clear of youtube and facebook for awhile.
Sinan given that you are on the subject of retirement, it should be pointed out that many of the elders are counting on the windfall gains on their houses.
I think that is a big mistake, as the bubble will most definitely eventually burst.
Not just wishful thinking on my part.
https://distribution-a617274656661637473.pbo-dpb.ca/785783963a71613e7b560358ac7043a18300b26e53fffc2469543c1f13299989
By the government own report Canadian RE is overvalued by 50% in some markets.
Tick Tock, Tick Tock,
#47 02-18-2022 Canada falls into tyranny on 02.18.22 at 7:18 pm
You must be a CBC shill. What’s it like to have no respect?
—
Ha! CEF? A CBC shill? That’s funny. Not from ’round here are you?
Me, I’m loving this tyranny. As far as I can tell, it’s impacting a few hundred double-parked dorks in Ottawa while making life better for tens of thousands of the people who actually live and work there including the people of elected parties who were prevented from governing effectively today because of your presence. And everyone else in Canada just goes on Canadianing. Perfect.
@#40 Observer
“Are you always this stubborn and defiant?”
+++
Only when he’s verbally harassed by violent pacifists….
#22 Linda – Thank you for your questions. 1) RRIF withdrawals must begin in the calendar year after it was first funded so if you wait until the end of the calendar year you turn 71 to convert your RRSP to a RRIF then minimum withdrawals must begin during your 72nd year; 2) We believe for most it is best to take CPP and OAS as early as possible. While it may make financial sense to defer the reality is there are no guarantees in life so as Garth says when the government offers you money you should take it but everyones circumstances are different so it all really depends on ones particular situation; 3) If you transfer $15K from an RRSP to a RRIF before the age of 71 there is no immediate tax hit. Taxes are only payable on the funds withdrawn from the RRIF – Sinan
#39 AM in MN on 02.18.22 at 6:53 pm
Bitcoin,
—
LOL. Yeah, the government certainly can’t get yer bitcoin. Stack them sats bro.
Retire? We are totally priced out. The government is broke. No money to pay the Proles.
‘Chryst’ia ‘Freeland’ – oh the irony.
#44 I’m stupid – You certainly have hit the pension lottery! I’m generally not a fan of leveraged investing because of the additional risks but being able to deduct interest from investment income certainly makes financial sense. I don’t think you are in left field given your healthy pension income but I think as you get older you should be looking to reduce your risk – Sinan
@#246 The Dood
“This blog should be mandatory reading in our high schools!! The exam and final grade handed out at age 65! Pass/Fail or somewhere in between.”
+++
I had an Economics teacher in grade 10 that for an entire semester, made us pretend we had moved out of home and got jobs.
We had to pick our “careers” out of a hat and then find out how much the schooling would have cost.
( In debt right out of the gate).
Then we had to search newspaper ads for apartments, groceries, transportation (bus) and finally….”jobs”
We used Manpower stats for our wages and budgeted accordingly.
It was quite a shock.
Payroll deductions. Food, rent, clothes, haircuts, entertainment…..ugh.
It was only one semester early in High school.
It should have been repeated every year as you advanced in grades with more and more info like this blog.
Now?
Kids are preoccupied with gender neutral pronouns and how to avoid offending everyone except the rich.
They’re the enemy.
Pension splitting with your spouse is mentioned, however another strategy is CPP Sharing (especially if for one income families).
OR live fast die young
OR better to burn out than fade away
Either way we all end up in the same state right
#251 Sail Away on 02.18.22 at 1:29 pm
Actually, millions in targeted destruction to a critical piece of energy infrastructure probably reaches the level of domestic terrorism.
I’d personally consider the Gas Link attack more of an issue than the truckers…
======================
Ya no Sh!t.
Absolute outright sever assaults on people and major vandalism.
THATS a jailable offense and they should CEASE their banks account for monetary repatriation.
Lets go burn a church? That was OK?!!
See the problem we have?
We are now living with a absolute FAUILURE in government.
Nobodies on the same page.
T2 you LOSER. You should resign when your a fail to lead.
The Vax has failed to effective. If it wasn’t we wouldn’t be here.
Me being vaxed…STILL wear your mask, lets see your papers. Traveling you need a test or 2. Been there done that.
Happy Long one :-)
#42 cuke and tomato
Buddy please enough “Mr. Rogers” life moments – you’ve beaten us over the head enough with your Hallmark life dude
#22 Linda
Tax rules state that you cannot withdraw funds from RRIF in the year that it is set up, therefore, your first withdrawal will be the following year.
Not sure how applicable to others’ situations, but I am deferring OAS while working part-time and withdrawing small amounts from RRSP and RRIF to supplement income. My strategy (at age 66 now) is to try to reduce RRSP balance so that RRIF withdrawals (when I have to convert balance at age 71) are minimized. I’m investing excess RRSP withdrawals, beyond what I need for living expenses, in my TFSA.
When setting up RRIF with RRSP funds, there is no withdrawal tax as it’s going from one registered plan to another (similar to an RRSP transfer). You only get taxed when making withdrawals from RRIF and only the amount greater than the minimum mandatory withdrawal.
Of note to the vast majority of those who do not have pension income, set up your RRIF at age 64 so that your first withdrawal is at age 65, so that you qualify for the pension income tax credit as soon as eligible.
Here is a genuine freedom fighter.
https://ottawacitizen.com/news/local-news/class-action-complainant-alleges-trucker-threatened-her-by-backing-pickup-onto-sidewalk
#67 crowdedelevatorfartz
You were lucky to have that taught!
I’d guess a lot of the current crop of teachers…er…a educators don’t understand it themselves. From what I’ve seen occur in B.C. anyway.
#31 Ustabe on 02.18.22 at 6:25 pm
#40 Observer on 02.18.22 at 6:57 pm
#46 Faron on 02.18.22 at 7:15 pm
I’m going to call you fellas ‘The Squad’. Is that ok?
Ponz would be a fourth but I think he and Faron are slapfighting these days.
#59 KLNR
lol, ok Karen.
maybe stay clear of youtube and facebook for awhile.
………….
IMMIGRATE TO China and report back how you love it over there. What… no guts?
#62 crowdedelevatorfartz on 02.18.22 at 8:13 pm
@#40 Observer
“Are you always this stubborn and defiant?”
——-
Only when he’s verbally harassed by violent pacifists….
——-
Oh wow. Now that is sublime. Surgical. Respect.
#77 Sail Away on 02.18.22 at 10:19 pm
#62 crowdedelevatorfartz on 02.18.22 at 8:13 pm
@#40 Observer
“Are you always this stubborn and defiant?”
——-
Only when he’s verbally harassed by violent pacifists….
——-
Oh wow. Now that is sublime. Surgical. Respect.
^^^^^^^^^^^^^^^^^
So sad for humanity you can’t use your great genius for good.
Amazing post today, Sinan. This is going into the archives as I turn 65 in 3 years and need all the advice I can get to save taxes. Who says the best things are not free?
#64 Faron on 02.18.22 at 8:18 pm
#39 AM in MN on 02.18.22 at 6:53 pm
Bitcoin,
—
LOL. Yeah, the government certainly can’t get yer bitcoin. Stack them sats bro.
——————————————————–
It can’t if you know what you’re doing.
The Govt. is going after regulated exchanges. That’s the issue. If you have anything of value that is registered and regulated, the Govt. can seize it. Think of all of the “assets” (or what you think are assets) that are somehow registered with some level of govt.
It might take a rule change or two, but that can happen very quickly, as we’ve seen this week.
That’s why the pumped up asset value in your house might be a short term illusion. It might actually be a tax liability. Check back in 5 years.
There is actually a very real war going on with Bitcoin in Canada right now, and the powers that be (global banking system) are watching very closely. Largely under the radar, but the govt. fired the first shot by listing 20+ addresses that are now ruled illegal. The first for a formerly rule of law country.
We will know which way it goes if we see major changes to the network of Bitcoin ATMs that allow unidentified withdrawls up to about C$900.
You can find ways to live your life in cash $900 at a time, even when they kill your bank accounts and any other registered funding avenue. Even more so in places like California, where 20% of the adult population doesn’t have a bank account anyway.
The financial world is watching Canada right now…
Anyone know when we can fly without being probed? I need to get out of Dodge.
I always shake my head when reading the financial profile stories of people with millions in financial assets who agonize about moving heaven and earth to reduce the OAS clawback. I would think that being above the threshold for 100% clawback and never collecting a cent in OAS would be something to aspire to.
It this group turning into a Mom’s Facebook group?
Fried bologna sandwich recipes, HTML lessons, arguments over this or that magazine. Now nicknames?
60 year old virgins chiming in with their tuff guy posts. All for police clubbing Indigenous blockaders, suddenly it is now different. You can smell the dissonance burning brain cells.
It leads to:
Ç̵̦͎̹̫̅̈̆̅͊̀̅̓̆͗̐̐̍̃̓̿͛̇̕Ḥ̷̡̛͎̫̭̱͙̪̹̭͓̲̰͎̗̬͈̫͕̩͎̭̘̥̙̯̒̎̏̋͒̏̽̔̈̃̂̉͛̓͐̄̅̆̽͗A̶̢̨̡̺͉͙̖̱͍̱̮̖̹̼̱͈̗̭̮̫̘̳̱̼̳͇͑͂O̶̡̢̨̟͚̝̘̹͚̳̱̳̻̬̬̲̫̟̿̑̎̓̑ͅͅS̷̛͙̗̘̲̗͉̺̜͍̼͇͉͚̭̩̤͑̾͑̅͋̈́͛͂́̐̅̿̐̎̎̇̎́͘͝͠ͅ
Quick story: was driving through Nanaimo today when I spotted a small crowd on the sidewalk, looking into an open garage. I slowed to observe a balding, somewhat paunchy, shirtless man wearing cargo shorts and sox in Crocs practicing his nunchucks. I quickly sped up lest I become pregnat, not before I saw adoring women in the crowd weeping, men staring respectfully.
I’m told if you stay til the end you get a rousing sermon about how rich this man is and how much better his life is than yours and if you disagree he’ll sic his lawyers on you.
True story.
#249 Sail Away on 02.18.22 at 1:26 pm
#75 Sail Away on 02.18.22 at 10:08 pm
#31 Ustabe on 02.18.22 at 6:25 pm
#40 Observer on 02.18.22 at 6:57 pm
#46 Faron on 02.18.22 at 7:15 pm
The Squad, a politically diverse group with a range of views from right to left that I am honoured to be included in, knows the definition of insurrection.
I’ll help you, vandalism (classical Edward Abbey monkey wrenching here in fact) of private property such as that against CGL doesn’t cut it. So no, that is not an “insurrection”. We will read your application when you learn basic English and perhaps show you have a soul. But, thank you for applying.
I am not justifying the attack and especially not the apparent arson at the CGL site. But, when wringing your hands over the millions of dollars in damages done (which, unsurprisingly for a sociopath, seems to be the most important thing to you; see above w/re soul) maybe consider some financials.
TL;DR — the blockades have cost businesses hundreds of millions of dollars. The policing costs will also be massive. You are a 🤡 to call a few million in vandalism (that I emphatically do not condone) worse than what the convoy has done and continues to do.
The parent company, TRP (one of your holdings I believe) has a market cap of $65 Billion and a share price of $66.81. That equates to… well let’s just say 1 billion shares. It paid out >$800 million in dividends last month in its quarterly disbursement. The pipeline that will benefit the corporation is co-owned by the Canadian government, and therefore the citizens of Canada, representing a massive subsidy to TRP. Furthermore, these are insured structures and vehicles, so the actual cost to them will be spread across several large corporations.
I point this out because you are overlooking that police response in Ottawa (kid-glove) and crackdowns as in the Fairy Creek protests and the November/December CGL blockade also cost Canadians money through an overkill police response.
A lot of money.
Fairy Creek, a largely unnecessarily massive response to a bunch of non-violent hippies sitting on a road, cost $6 Million for the RCMP response. I’m sure mobilizing hundreds of RCMP to the earlier CGL blockade including all the per diem, the gear, the fuel, etc. wasn’t cheap either. The costs will be revealed by reporters because that’s what journalists do.
Your beloved “truckers” are exacting a huge cost as well. Up to $400 million in business was interrupted per day the Windsor bridge was blocked. A huge amount of business was blocked in Coutts. That blockade also impacted innocent truckers (many south Asian BTW) who were stranded behind the border unable to earn a living. The policing, surveillance, the towing, the impacted businesses all are abhorrent in the convoy case too.
As always, you are a bit of a joke. The Squad, or at leasy this member, sees this and is troubled by the persistent stream of far-right views that leak out.
#75 Sail Away on 02.18.22 at 10:08 pm
#31 Ustabe on 02.18.22 at 6:25 pm
#40 Observer on 02.18.22 at 6:57 pm
#46 Faron on 02.18.22 at 7:15 pm
I’m going to call you fellas ‘The Squad’. Is that ok?
Ponz would be a fourth but I think he and Faron are slapfighting these days.
—
Ponz is, IMO, a bit lost in his euro-stereotyped views of Canadians and Americans both. Reminds me of some grad students I worked with who were convinced there were grizzlies around every corner of the BC back country. Sure he would say the same about me and my views of eastern Europe and Asia.
#51 IHCTD9 on 02.18.22 at 7:52 pm
Oh yeah, all that pepper spray out there in Ottawa today was really something to behold, wasn’t it? I tell ya.
Cops are giving the convoy the kid-glove treatment because they identify with them. They are altering their response based on that even when the actual laws that were broken are more severe than in either case I cited. That’s a massive problem.
Any you are blond to that because you identify with the convoyers too.
60 Quintilian
“… it should be pointed out that many of the elders are counting on the windfall gains on their houses.”
—————————–
Q – we’ve been over this before, right?
It really doesnt matter to most boomers if their house value corrects, even if by30+%.
It’s not like we get to enjoy the money while living in the house. A correction may actually trigger some sales as the selection of homes would be greater to choose from.
It may “hurt” those that want to reverse mortgage, or move into a nursing home. But they would just be where they were 2 years ago.
#86 Faron on 02.18.22 at 11:51 pm
#51 IHCTD9 on 02.18.22 at 7:52 pm
Oh yeah, all that pepper spray out there in Ottawa today was really something to behold, wasn’t it? I tell ya.
Cops are giving the convoy the kid-glove treatment because they identify with them. They are altering their response based on that even when the actual laws that were broken are more severe than in either case I cited. That’s a massive problem.
Any you are blond to that because you identify with the convoyers too.
————————————————————————————————
I have a relative that is a cop he was asked to go to Ottawa for two weeks paid a premium and lodging. He refused so did many others.
#83 Ustabe on 02.18.22 at 11:18 pm
Anyhow, way to throw down the unicode.
Curious about how this fellow’s nun-chucks are assembled. I heard he disapproves of links.
Time for me to slip away obtusely into the night.
What’s our country coming to when you can’t just implant yourself in the middle of the busiest streets of our nation’s capital, install saunas, hot tubs and bouncy castles, harass residents and journalists and blare your horns all day long?
ROFL. The supporters of this clown-car parade are going to very embarrassed once the dust settles.
#31 Ustable
Lets see if they will extend the Emergency Act to BC, RCMP officers hurt, major damage done to property, workers traumatized, but I doubt it.
https://www.reddit.com/r/canada/comments/svxxs0/wetsuweten_nation_condemns_northern_bc_pipeline/
#29 Faron on 02.18.22 at 6:08 pm
Found Garth. He’s in Ottawa:
https://twitter.com/pdmcleod/status/1494717719501058049/photo/1
—
Sorry Garth, I take this back even though it was a joke.
I just learned that the Australian eureka flag this guy is carrying is a symbol used by white supremacists down under. And, tied with spit roasting of pigs (seen during the Ottawa blockade) is frequently an anti Muslim statement. Disgusting.
https://www.news.com.au/lifestyle/real-life/news-life/unley-council-rejects-request-to-fly-eureka-flag-amid-racism-concerns/news-story/14534cd735723c07f5886e85ca560fdb
The link is very tenuous. But, given that Tamara Lich has expressed some very anti-Muslim views, it can’t be excluded. Thus, I retract the joke and apologize.
The leading boomers were the same age in the 1990 RE crash as the leading millennials will be in 2024.
With the mother of all RE bubbles as never before now still inflating, times regarding the mills are looking to coincidently parallel history with the boomers here.
Not because history must repeat … it doesn’t, but more that of the profoundly coincidental aspect of this regarding the exact same ages of both cohorts in history is what’s most notable now taking shape.
Thank you so much Sinan. Enjoy your weekend Mr. Turner.
@#74 Barb
“You were lucky to have that taught!”
+++
True enough.
I think it’s criminal that 99% of the population sleepwalk through their school years with absolutely zero financial management skills explained or taught to them.
Math is a good start but mandatory courses in budgeting, the true cost of loans, interest rates, the cost of retirement, etc.
It may go in one ear and out the other with 75% of kids but at least a larger percentage of the population wont be destitute when they are done slaving at the salt mine for 40+ years.
It should be mandatory or mandatory payroll deductions twice the current CPP so you’re not eating cat food at 65.
Or we do nothing…..
We end up here in our mid 30’s? 40’s? 50’s? scrambling to try and figure out what the hell went wrong and hopefully fix it before its too late.
I was lucky that
a) I had friends and relatives that gave me advice and b) I was smart enough to admit I really didnt know anything about investing and how to save.
So I started out small and kept plugging away….31 years later I’m in reasonable financial shape
This blog and the info dolled out for free is the icing on the cake.
But I look at schools and see bickering over pronouns and wonder.
We these kids be prepared for retirement in 40 years?
Or will they just blame the Millenials for “stealing it all”?
Or will Russia/China take all our gender neutral problems away and nuke us in our sleep?
Well the markets will take a shellacking next week when Putin rolls into Ukraine.
And Putin knows the West will do nothing because he has a big nuclear stick to wave around.
https://www.reuters.com/world/europe/putin-oversee-nuclear-drills-ukraine-crisis-mounts-2022-02-19/
So the inevitable invasion will begin. Russian shock troops will flatten cites and towns , sending millions of refugees west to Poland, Slovakia, Romania and when its over….
Putin will claim “victory” and his troops will have to sit in Ukraine for 1? 2? 5? 25?years slowly being killed in endless guerrilla insurgencies.
The western boycotts will bite the Russian population hard, body bags will mount and the people will grow dissatisfied….and Czar Putin will still be sitting on the throne ….richer than ever from his stolen billions….in his gilded cage.
If anyone wants an example of Putin and Russian military tactics… look no further than Chechnya.
https://www.nytimes.com/2019/12/10/world/europe/photos-chechen-war-russia.html
How will it affect us and our dithering politically correct leaders?
Get ready for $2 liter regular gas in the next week or so. $3 by summer?
Uncontrolled inflation and dithering western govts….?
Here comes the recession kids.
Then there’s China and it’s expansionist cravings for the South China Sea and Taiwan…..
Good times.
@#92 Faron
“Thus, I retract the joke and apologize.”
+++
I thought the pic was funny and without the ensuing explanations of the “flag and the pig roasting” hidden meanings….
I would have gone on blissfully unaware that my Hawaiian shirt is now a symbol of the white supremist Boogaloo Bois…..
I’ll still be wearing my shirt occasionally because ….it’s just tacky….like me.
#84 Faron on 02.18.22 at 11:32 pm
That blockade also impacted innocent truckers (many south Asian BTW) who were stranded behind the border unable to earn a living.
———
Many just call them Canadians. Of course, there always is that subset that describes me as ‘that Hispanic guy’.
Many have evolved beyond that mindset, but not all. Sigh. All I can do personally is practice tolerance and goodwill.
#92 Faron on 02.19.22 at 2:22 am
#29 Faron on 02.18.22 at 6:08 pm
Found Garth. He’s in Ottawa:
https://twitter.com/pdmcleod/status/1494717719501058049/photo/1
———
Sorry Garth, I take this back even though it was a joke.
———
Sometimes Elon, too, makes jokes he later has to retract. It happens.
I can’t speak for Garth, of course, but I forgive you.
Irish malarkey or a really really REALLY old dog( like Ponzie)
https://www.thetimes.co.uk/article/meet-skippy-the-oldest-dog-in-ireland-gssphrxb8
Thanks Sinan for a great all in one article. It is a keeper.
Too bad those unable to plan, and seem to occupy the left side of the IQ bell curve can only yell and blame others about their lack of foresight and planning, like commenter #6 here.
Many of us really appreciate and spend the time to understand what you smart cookies are trying to help us to do to better our lives.
Two thumbs up!
The OAS Claw Back?
#82 Diharv on 02.18.22 at 11:17 pm
I always shake my head when reading the financial profile stories of people with millions in financial assets who agonize about moving heaven and earth to reduce the OAS clawback. I would think that being above the threshold for 100% clawback and never collecting a cent in OAS would be something to aspire to.
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Absolutely! The seemingly highly successful and prodigious savers on this blog should definitely aspire to have all of their OAS clawed back. We will pay a lot of income tax and should be glad we are in a position to have to do so.
Should CPP contributions be higher?
It should be mandatory or mandatory payroll deductions twice the current CPP so you’re not eating cat food at 65.
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Yes, it should probably be higher and they are raising it over time.
By the way, my family has continuously employed dozens of people going back to about 1960. (Often the same people for decades.) It’s a lower wage industry in a poorer part of the country. The management of my family’s business are the ONLY small business owners that I have ever heard say that they were fully in favor of a higher CPP even though the business covers of course half of that CPP deduction. The reason being that they are sad to see how little the employees get in CPP after 30 and 40 years of employment. We are savers/investors and we wish the employees had been forced to save/invest more via CPP.
I was hoping this post would have a few resignation templates that could be used as a proverbial *mic drop*.
How else is one supposed to FIRE in style?? (asking for a friend)
#91 millmech on 02.19.22 at 2:16 am
Lets see if they will extend the Emergency Act to BC, RCMP officers hurt, major damage done to property, workers traumatized, but I doubt it.
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Oh, the Emergencies Act is very broad and already covers the entire country. It can definitely be used for the Translink attack. My guess is that the use of the Act will be rescinded on Monday, though, since the police, using no extraordinary powers, will almost surely have cleared the convoyers.
Related to the Act, though, the SAs are very happy to have our offshore accounts. Arbitrary designation as ‘unacceptable’, coupled with citizen account freeze is now quite clearly proven reality. And political leadership changes- a precedent for labelling and penalizing opponents’ livelihood has been established.
My extended Venezeulan family has learned the lesson well. Our diversity includes many citizenships and assets in various jurisdictions. Live quietly and support the country in which you live, yes, but keep the hinges oiled on the escape hatch.
Point of clarification required, please:
The RRIF needs to be created by December 31st in the year one turns 71.
When is the first withdrawal required? Is it during the following calendar year?
For example, say the individual turns 71 in 2022.
RRIF is created by December 31, 2022.
Is the first withdrawal made any time in 2023?
Tax payable in April 2024 on that 2023 income?
#57 ‘yvr’ – Or, I could ask the question on this FREE blog & get a FREE answer:) Not only from Sinan (thank you, Sinan for your clarification – much appreciated) but also from ‘Jude’ whose point about when to set up one’s RRIF to take advantage of the tax credit was another valuable nugget of information. Of course, I will check to ensure rules haven’t changed when the time comes for my RRSP conversion, but in the meantime I can share the information with others. People helping people – who’d have thought?
Hi Sinan,
Your year end bonus is burning up on the ocean.
A Kia will have to do.
#92 Faron on 02.19.22 at 2:22 am
#29 Faron on 02.18.22 at 6:08 pm
Found Garth. He’s in Ottawa:
https://twitter.com/pdmcleod/status/1494717719501058049/photo/1
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Sorry Garth, I take this back even though it was a joke.
I just learned that the Australian eureka flag this guy is carrying is a symbol used by white supremacists down under. And, tied with spit roasting of pigs (seen during the Ottawa blockade) is frequently an anti Muslim statement. Disgusting.
https://www.news.com.au/lifestyle/real-life/news-life/unley-council-rejects-request-to-fly-eureka-flag-amid-racism-concerns/news-story/14534cd735723c07f5886e85ca560fdb
The link is very tenuous. But, given that Tamara Lich has expressed some very anti-Muslim views, it can’t be excluded. Thus, I retract the joke and apologize.
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Morning Faron, I will try and help you out with a couple of things that seemed to have been glossed over.
During my time in Australia, there was, and no doubt continues to be referendums and rumblings about the country becoming a republic and restarting with a fresh identity that minimizes its colonial past.
A lot of people like the Southern Cross on the national flag but are not crazy about the Union Jack, hence whenever an alternative is looked at The Eureka Flag is looked at one of the main alternatives to replace it.
I’m not sure they’ll ever change the national flag, but just because a few extremists highjack a flag doesn’t mean always you should abandon it totally.
I mean, look, the Canadian flag has been inverted and disrespected lately by a small percentage of citizens and no one’s taking about replacing that…
M47BC
For those who think having some Bitcoin for protection is just a conspiracy theory, found this comment on the London FT.
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Excerpt;
As a side, which is really the end result of unbridled excessive insane government overkill, I now know two people who made small donations to the truckers three weeks ago, never went to Ottawa, and have had there bank account and credit cards frozen in the last few days. This is right up there with the most disgusting thing I’ve seen in my country. Stalin would endorse it. Their lives are in peril right now, all because they exercised their democratic rights to support a protest. Yes, this is Canada right now.
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For those who think Canada is a Rule of Law Country….
@#76 02-18-2022 Canada slides into tyranny on 02.18.22 at 10:14 pm
#59 KLNR
lol, ok Karen.
maybe stay clear of youtube and facebook for awhile.
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IMMIGRATE TO China and report back how you love it over there. What… no guts?
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ok Karen.
maybe you should leave.
you’re clearly the one with yer knickers in a knot.
Thank you Sinan, great post! A keeper!
I see there are lots of extra benefits if you are married. Is there any extra benefits to not having a spouse/partner?
It is definitely harder to save when bills are not shared and there is no extra income coming in from a spouse.
Does single person need a lot more to retire than a married person? Is there extra benefits for them that they can use as an advantage, or should be advised of in regards to their retirement?
Google Jordan Peterson and listen to him comment on whats going in Canada today…….you may or may not like him or what he has to say….regardless, he is one of the few well known, non politicians, willing to wade into this current mess……