Search found 26 matches

by fraser
05 Aug 2017 13:53
Forum: Retirement, Pensions and Peace of Mind
Topic: Retirement - is it over-rated?
Replies: 711
Views: 71223

Re: Retirement - is it over-rated?

I waited patiently for a package. I knew that it would come with two years of the average of my salary and bonuses, DB pension credit, and full benefits. I was ready eighteen months earlier. Even so, my spouse was a little surprised at how pleased I was when I knew a month prior that it was coming. I had a top flight employment lawyer lined up to review and negotiate, plans to downsize and sell our home, etc. So I was not hesitant as my spouse. She had experienced many years as a work widow and I tended to work longer hours because of time zones and the areas/nature of my career responsibilities. Having me at home was quite a different experience. We kept our plans very fluid and that was the secret for us. Lots of extended travel and lifes...
by fraser
04 Aug 2017 18:01
Forum: Retirement, Pensions and Peace of Mind
Topic: Retirement - is it over-rated?
Replies: 711
Views: 71223

Re: Retirement - is it over-rated?

Don't let titles, especially external job titles impress you too much.

I can recall going to a customer meeting with a colleague. In our company we were Directors. The purpose was to finalize a multi year/multi million dollar deal. The understanding with the client was that this was to be the final meeting/negotiation.

Our partner, a very large Canadian telco had three vice presidents at the meeting to negotiate their end. The meeting ended fairly quickly much to the clients's surprise and annoyance. We did our deal, committed our company however it seems that these three telco VP's could not jointly or individually sign for a box of staples, let alone ink or sign a memoradum of agreement.
by fraser
25 Jul 2017 11:02
Forum: Retirement, Pensions and Peace of Mind
Topic: Credit Scores for free
Replies: 71
Views: 10522

Re: Credit Scores for free

We now get our credit scores free on CIBC mobile banking platform. Just click, wait a few moments, and your credit score will appear.
by fraser
18 Jul 2017 12:29
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Seeking Insights/Opinions on Rent vs Buy Scenario
Replies: 65
Views: 9363

Re: Seeking Insights/Opinions on Rent vs Buy Scenario

I do not have insight into the BC Market. We live in Calgary. Just over four years ago we signed a six month lease on a condo in anticipation of buying a condo or what is called here a villa bungalow. We rented for four years. Why? First of all the market was going south. Second, the financials simply did not work. We considered buying into the complex where we rented. We knew the price, the tax, the condo fees, everything. The owner was making just under three percent. Well she would have, except for the 30K or so assessment and the three-six months of forced vacancy to due condo repairs. That meant zero profit for four years. There was another $5k assessment for security systems just as we left. So, we did buy last month-not a condo thoug...
by fraser
23 May 2017 08:32
Forum: Retirement, Pensions and Peace of Mind
Topic: Financially uninterested spouse inheriting stock portfolio
Replies: 50
Views: 3530

Re: Financially uninterested spouse inheriting stock portfolio

My spouse is not interested in finance but she possesses much common sense and is no one's fool. We moved everything to a fee for service advisor. Very pleased with the service and with the five year results. We selected an advisory firm with a good track record and a group with whom my spouse felt comfortable. If I happen to fall off my perch early the entire world could change in six months, 12 months etc. The investment climate could be completely different. My written guidance could be for naught. Nor do I have any reason to control those assets from the grave as it were. On our way to the lawyers today to discuss/update our wills. Cannot believe that it has been 10 years since we did the last one. Much has changed. For us a compentent ...
by fraser
09 May 2017 16:43
Forum: Retirement, Pensions and Peace of Mind
Topic: Tracking down an old DB Pension Entitlement
Replies: 2
Views: 500

Tracking down an old DB Pension Entitlement

I have a friend who is trying to track down her pension from a former employer. It is a DB pension, she was a vested employee for 10 years prior to resigning in 1989. The pension plan still exists and is active. The orginal company merged with another in the early 90's and again with yet another in 200X. She and her spouse moved to Panama and have lived there ever since. Through the passage of time she no longer has any records, she cannot even remember her employee number. She contracted her former employer, rather successor company. They have asked her to come up with proof that she was an employee. So, she requested some relevant tax records from CRA. These are supposed to take about 6 weeks to arrive. Do any of you pension experts out t...
by fraser
12 Apr 2017 07:55
Forum: Taxing Situations
Topic: RSP Home Buyers Plan-CRA Rules
Replies: 1
Views: 231

RSP Home Buyers Plan-CRA Rules

We sold our home in 2012 and have rented since. We are now buying a home. We have a small orphan spousal RRSP left with a bank we previously dealt with. We want to transfer/consolidate this to/with another institution that we currently deal with. The transfer fee is $150. In order to avoid the fee we want to withdraw the monies from this spousal RSP under the Home Buyers Plan (we will also take advantage of the home buyer's 5K credit). Next year we will pay the monies back into the plan and thus avoiding any tax on withdrawal and repayment. This would allow us to move the monies without incurring the bank fee. We did something similar with our TFSA's One question. It is unclear if CRA rules permit us to withdraw from one institution and pay...
by fraser
25 Mar 2017 16:07
Forum: Taxing Situations
Topic: Pension Income Split
Replies: 2
Views: 467

Re: Pension Income Split

You can certainly split your DB pension income. That income should be in box 16...it is the sum of the monthly pension income during the year.

My experience is that the amount in Box 18, Lump Sum Payments, cannot be split your spouse/partner.
by fraser
22 Mar 2017 21:34
Forum: Taxing Situations
Topic: Splitting Survivors Benefit
Replies: 5
Views: 625

Re: Splitting Survivors Benefit

We included the CPP death benefit in the final tax return for my father and for my mother. As I recall, those are the rules.
by fraser
12 Dec 2016 11:56
Forum: Retirement, Pensions and Peace of Mind
Topic: Anyone know of a good early retirement calculator?
Replies: 28
Views: 2588

Re: Anyone know of a good early retirement calculator?

I started to get serious about financial planning for retirement when I was in my very late 40's. It probably would have been too late except for the fact that my income increased substantially over the next 10 years. Plus, it was a point in time when we had cleared off our mortgage and were content with living well below our means, I was employed in an industry, my employer had been downsizing for 15 years. I started with buying the Retireware product. I used it not so much as a plan but as a macro view of retirement finances. It caused me to start digging a little deeper and making some solid steps toward a goal. The tool gave me the ability to easily do what ifs. My bank had done a similar exercise with me using their tool however I want...
by fraser
05 Oct 2016 14:02
Forum: Retirement, Pensions and Peace of Mind
Topic: Public vs Private Pension - Envy and Debate
Replies: 906
Views: 66766

Re: Public vs Private Pension - Envy and Debate

I think the question about whether pension comes into play in accepting a job is very much dependent on the individual, their age, and the pension.

Last time I read anything about tenure it seems to me that most people change jobs or employers at least three or four times in their career. And this trend is expected to increase. I certainly saw this in the IT industry. This is why some prefer a DC plan-most especially those in their 20's and 30's since they typically walk away with more than they would with a DB plan...all things being equal. For most young people the job opportunity and the employer is paramount, then comes salary, and down the list is pension.
by fraser
26 Sep 2016 21:05
Forum: Retirement, Pensions and Peace of Mind
Topic: Public vs Private Pension - Envy and Debate
Replies: 906
Views: 66766

Re: Public vs Private Pension - Envy and Debate

I agree that the value of a DB pension increases significantly in the final years. I was in the private sector, IT, and my DB plan certainly did. In fact,it made it possible for me to retire early. I started my career in the federal civil service but left after a few years. I worked with some very talented and hard working individuals. I left to follow a different career path. At the time I thought nothing about pensions. It was all about whether was happy doing what I was doing. I would say that I was much better off going to the private sector in terms of advancement and pay for performance. The latter made a significant difference in my standard of living and final pension, even though it is not indexed. My sister was in the public secto...
by fraser
25 Sep 2016 14:07
Forum: Retirement, Pensions and Peace of Mind
Topic: Public vs Private Pension - Envy and Debate
Replies: 906
Views: 66766

Re: Public vs Private Pension - Envy and Debate

Prior to retiring I worked in the IT sector-primarily Western Canada. When hiring were often able to attract very good candidates from the public sector. It was not uncommon for someone coming from the public sector to our firm to realize a 25 to 30 percent increase in salary. Benefits were similar with the exception of pension. But we also had an effective stock option and pay for performance program at the time. Times have changed, especially here in Alberta. But overall, in the IT sector during my career, I would say that in my experience as a hiring manager the IT salaries in the public sector-federal, muni, health, etc. were considerably lower. This caused an issue for the public sector. Many of their best and most talented people woul...
by fraser
14 Jul 2016 18:25
Forum: Financial Planning and Building Portfolios
Topic: Are your friends and family into investing?
Replies: 52
Views: 3405

Re: Are your friends and family into investing?

I live in a sea of social conservatives. Difficult at times. Too many affinity based Ponzi schemes directed at that group by those claiming to be of the same persuasion. Sad to see it happen time and time again to investors who are more interested in the promoters beliefs than they are in his/her experience or business reputation.
by fraser
14 Jul 2016 10:58
Forum: Financial Planning and Building Portfolios
Topic: Are your friends and family into investing?
Replies: 52
Views: 3405

Re: Are your friends and family into investing?

Somewhat. We never discuss with friends or relatives. I do not feel that I have the knowledge or experience to advise others on investments. The one exception would be those obvious few scams/Ponzi type offers that one would not touch with a barge pole.
by fraser
16 Apr 2016 11:29
Forum: Retirement, Pensions and Peace of Mind
Topic: Anyone use Retireware?
Replies: 24
Views: 3493

Re: Anyone use Retireware?

I used for a number of years leading up to my early retirement and found it very useful. I liked the ability to do after tax calculations. It was certainly flexible. I have not used any other retirement software so I cannot provide a comparative opinion.
by fraser
07 Jan 2016 16:11
Forum: Taxing Situations
Topic: Income Splitting
Replies: 65
Views: 8141

Re: Income Splitting

I have been paying my spouses tax for a number of years. No issue. We set up spousal loans a number of years ago. We do a loan document and it is witnessed. We have done several when the prescribed interest rate was one percent. Our financial adviser keeps track of it. He transfers the interest payable by her to me in mid Jan of each year and provides us with an interest paid/received note that we give to the accountant. We are now in the process of winding it down a little since my taxable income has dropped substantially. Having multiple demand loan agreements make this easier. Every year we get the loan papers from the box, make any changes, and then agree to the new loan balances. It really is not a cumbersome process. If it were necess...
by fraser
02 Jul 2015 22:06
Forum: Community Centre
Topic: Travel Deals
Replies: 796
Views: 27698

Re: Travel Deals

We booked Toronto-Athens with a return Paris-Calgary on Transat. $885. The Toronto-Athens segment was $415. We booked the direct flight...a few of them stop in Montreal. We have been doing a lot of one ways over the past few years. They seem to be more plentiful and much less expensive than they were. What we noticed on the Transat fare is that if we tried to book only the Athens component the fare increased substantially.
by fraser
30 Jun 2015 12:14
Forum: Financial News, Policy and Economics
Topic: Greece
Replies: 397
Views: 43180

Re: Greece

If indeed pensions take up 60 percent of the Greek GNP then pension reform is on the table and inevitable regardless of whether Greece stays with the EU or goes it alone. The latter would most likely bring a decrease in GDP and the resulting increase in the amount consumed by pensions. In either case it is untenable. Tsaparis is no leader, he is looking after his own political future not the future and health of Greece.

We are buying Euros. Still plan to be in Greece for five weeks over Sept/Oct. Not worried since we have a realistic backup plan. We are confident all will be well by that time.
by fraser
26 Jun 2015 11:51
Forum: Retirement, Pensions and Peace of Mind
Topic: LIRA / RRSP Consolidation?
Replies: 24
Views: 4456

Re: LIRA / RRSP Consolidation?

I had a DB plan. There were no employee contributions to the plan.

There were however 2 optional add ons. The first was RRSP, 3 percent up to approx. $3300. that was used to purchase DB enhancements. The second was another 3 percent, up to appox. $3300. The latter had a company match of 1.5%. It was this company match amount that ended up in the LIRA. The other amounts were funnelled into DB enhancements. Apparently this type of plan was quite unique when it first came but may not be today. The company 1.5 percent match was also part of the supplementary pension plan and was placed in a 'notional account' until such time as I took my pension entitlement. It was paid out as income.
by fraser
25 Jun 2015 12:27
Forum: Retirement, Pensions and Peace of Mind
Topic: LIRA / RRSP Consolidation?
Replies: 24
Views: 4456

Re: LIRA / RRSP Consolidation?

Thanks.

Does it matter that this LIRA was actually the result of some employer matching from a supplementary DB pension? I am currently in receipt of this monthly pension.
by fraser
24 Jun 2015 11:19
Forum: Retirement, Pensions and Peace of Mind
Topic: LIRA / RRSP Consolidation?
Replies: 24
Views: 4456

Re: LIRA / RRSP Consolidation?

I live in Alberta and have a small LIRA-worth about 28K. I am 63. Based on my reading of the Alberta regulations this is a bit of an orphan. I have just tucked it away and will forget about it for now. I would have liked to roll the entire sum into my RSP make life a bit simpler but alas this is not to be.
by fraser
22 Jun 2015 23:31
Forum: Financial News, Policy and Economics
Topic: Greece
Replies: 397
Views: 43180

Re: Greece

This has not put us off. We are still planning for five weeks starting Aug. 31. We will take lots of cash with us. Most of our time will be on the islands. If the ATM's are down our backup will be to finish the trip in Turkey.

We do not expect any issues. It should be business as usual by then. We have been there before during some troubling times. The news media GREATLY embellish the odd bits of violence in Athens. The islands are in a different plant altogether.
by fraser
15 Jun 2015 21:44
Forum: Financial News, Policy and Economics
Topic: Greece
Replies: 397
Views: 43180

Re: Greece

I fully expect Greece to be on the Euro in Sept.

We have been to Greece a number of times but only have 1 1/2 days in Athens. There is a huge difference between Athens and the islands. And Turkey, one of our favourite vacation destinations is a short just a ferry ride away.
by fraser
15 Jun 2015 17:49
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Can I make money from renting a condo?
Replies: 42
Views: 7028

Re: Can I make money from renting a condo?

We rent a condo in Calgary. I know the purchase price, the taxes, and the condo fees. The owner is making 3 percent assuming 100 percent rental.

We moved in 2 years ago. It had been vacant for three months because of condo remediation issues. The owner was assessed $30K for building repairs at that time. The owner was just assessed another $5k last month. So, these items took away four years of the 3 percent profit.

Very nice building, but there are no doubt more assessments on the way given the reputation of the builder. The unit is only 7 years old. We sold our house three years ago and planned to buy a condo. Think that we will give that a miss now.