Search found 5133 matches

by brucecohen
20 Oct 2017 14:33
Forum: Financial Planning and Building Portfolios
Topic: Can i retire off $1Million annuity?
Replies: 11
Views: 525

Re: Can i retire off $1Million annuity?

A key consideration: is the money RRSP or non-RRSP? Payments from an annuity bought with RRSP money are fully taxed as income. Non-RRSP money can be used to buy a prescribed annuity which has favorable tax treatment. OP should check the impact on CPP of retiring so early, assuming he really does pla...
by brucecohen
18 Oct 2017 17:27
Forum: Financial News, Policy and Economics
Topic: NAFTA is dead. So now what?
Replies: 12
Views: 617

Re: NAFTA is dead. So now what?

From Axios: Mexican President Enrique Peña Nieto told El Economista that Mexico and Canada will continue to participate in NAFTA under bilateral terms even if the U.S. pulls out of it. Trade with the U.S. will continue and be governed by the World Trade Organization's general guidelines, he said. Th...
by brucecohen
18 Oct 2017 08:37
Forum: Financial News, Policy and Economics
Topic: NAFTA is dead. So now what?
Replies: 12
Views: 617

Re: NAFTA is dead. So now what?

From WaPo: If NAFTA crumbles, trade among Mexico, Canada and the United States would fall under World Trade Organization rules with modest average tariff rates and an established, if unwieldy, process for resolving disputes. But the tariff rates, although relatively low, would be higher on U.S. expo...
by brucecohen
16 Oct 2017 11:10
Forum: Retirement, Pensions and Peace of Mind
Topic: Annuities
Replies: 258
Views: 18429

Re: Annuities

Paywall problem alert. You can try this for any behind the paywall content. It may work.... click on the link just after the article appears, but before it finishes retrieval, click on stop refresh(eg 'X' on chrome browser) Again, it may or may not work depending on when refresh is halted and how r...
by brucecohen
14 Oct 2017 09:06
Forum: Under the Mattress: Protecting Your Money
Topic: Telephone scams
Replies: 44
Views: 2665

Re: Telephone scams

A new scam: Just got a long distance call from a guy with a Caribbean accent. Said he was with Bell Canada. Said they've just reviewed my billing for past 3 months and found total overcharges of $79 to be refunded on my Visa. Wanted to confirm my postal code. Then asked for my Visa number. At that p...
by brucecohen
11 Oct 2017 10:23
Forum: Taxing Situations
Topic: Moving back to Canada from the US
Replies: 6
Views: 197

Re: Moving back to Canada from the US

#2 - as noted... Yes. A US citizen is a US citzen whereever s/he is... forever, until renunciation can be declared. Other dual citizens on this forum can comment better. The US-Can tax treaty though can eliminate most dual taxation through 'foreign tax credits'. Get professional assistance, as othe...
by brucecohen
10 Oct 2017 20:18
Forum: Financial Planning and Building Portfolios
Topic: How far are you from retirement?
Replies: 28
Views: 1136

Re: How far are you from retirement?

I left my full-time job at age 49 and went freelance in order to get control of my time. That didn't work as I ended up with a handful of clients and found myself working more than when I was employed. I could have avoided that if I had first drawn up a business plan. I began gradually shedding clie...
by brucecohen
22 Sep 2017 10:22
Forum: Taxing Situations
Topic: Working as an EXPAT in the US
Replies: 18
Views: 411

Re: Working as an EXPAT in the US

These books are probably worth getting. They're written by financial/tax advisors in the business of helping Canadians and Americans move across the border both permanently and temporarily. The Border Guide The Canadian in America I don't know if either one has been updated in recent years, but most...
by brucecohen
21 Sep 2017 17:30
Forum: Taxing Situations
Topic: Working as an EXPAT in the US
Replies: 18
Views: 411

Re: Working as an EXPAT in the US

Close your TFSAs. Even if you and your wife are willing to pay the tax Uncle Sam will want, the required paperwork is absolutely horrendous. If/when you return to Canada you can open new TFSAs and replace the money you took out.
by brucecohen
11 Sep 2017 13:36
Forum: Retirement, Pensions and Peace of Mind
Topic: Does it make sense to rent in later retirment?
Replies: 43
Views: 2137

Re: Does it make sense to rent in later retirment?

Another financing thought occurred to me this morning. As a homeowner I pay about $8,000/yr in property tax. And that will rise over the next few years as Ontario's market value system phases in the higher valuation MPAC did last year. Tax on the bungalow I've been planning on purchasing some day mi...
by brucecohen
11 Sep 2017 09:41
Forum: Retirement, Pensions and Peace of Mind
Topic: Does it make sense to rent in later retirment?
Replies: 43
Views: 2137

Re: Does it make sense to rent in later retirment?

FWIW, I own BEI.UN, CAR.UN and CSH.UN, all in my TFSA. They are all residential rental. BEI.UN is taking a beating currently due to its AB situation, but I suspect that will only last another year (or less). I also own all three. I have quite a large holding in CAR.UN but only a small position in C...
by brucecohen
10 Sep 2017 11:59
Forum: Retirement, Pensions and Peace of Mind
Topic: Does it make sense to rent in later retirment?
Replies: 43
Views: 2137

Re: Does it make sense to rent in later retirment?

I served on a condo board years ago and agree with your views. Headed by a retired senior bank executive, my board was very well run according to business principles. While I appreciated that, it was often frustrating because, like a major business, we typically paid top dollar for repairs and servi...
by brucecohen
03 Sep 2017 10:43
Forum: Under the Mattress: Protecting Your Money
Topic: Scotiabank MomentumPLUS Savings Account
Replies: 10
Views: 419

Re: Scotiabank MomentumPLUS Savings Account

I haven't looked at it but a quick google search turned up this. The deal seems pretty inflexible.
by brucecohen
09 Aug 2017 10:01
Forum: Financial Planning and Building Portfolios
Topic: RRSP and TFSA - moving away from MF
Replies: 32
Views: 1152

Re: RRSP and TFSA - moving away from MF

And I've seen similar language for MFs that invest in other MFs. Maybe there was a time when some funds of funds double-dipped, but I'd be pretty confident that no reputable fund would do so today. There was indeed a time when some funds double-dipped. As a result, securities regulators banned it a...
by brucecohen
23 Jul 2017 14:17
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: cottage building, mortgage questions
Replies: 5
Views: 451

Re: cottage building, mortgage questions

Be aware that PEI has restrictions on the purchase of land by non-residents. See here.
by brucecohen
17 Jul 2017 20:24
Forum: Financial News, Policy and Economics
Topic: NAFTA Renegotiation
Replies: 53
Views: 2723

Re: NAFTA Renegotiation

Trump administration today released its NAFTA negotiating objectives. Axios, which covers US national politics, just posted an upbeat assessment. Trade advocates in Washington who Donald Trump would've mocked as "globalists" on the campaign trail are breathing sighs of relief at his far more convent...
by brucecohen
22 Jun 2017 00:12
Forum: Retirement, Pensions and Peace of Mind
Topic: CPP Deferral debate - Fred Vettese article discussion
Replies: 222
Views: 5237

Re: CPP Rules - Fred Vettese article

I can't speak for Bruce, but that was certainly my impression, and the impression of the people I was working with at the time (I was at Sun Life). The plan was deliberately designed to alleviate poverty among seniors, and so was front-end-loaded. That means that early beneficiaries, i.e. those rea...
by brucecohen
22 Jun 2017 00:07
Forum: Retirement, Pensions and Peace of Mind
Topic: CPP Deferral debate - Fred Vettese article discussion
Replies: 222
Views: 5237

Re: CPP Rules - Fred Vettese article

I can't speak for Bruce, but that was certainly my impression, and the impression of the people I was working with at the time (I was at Sun Life). The plan was deliberately designed to alleviate poverty among seniors, and so was front-end-loaded. That means that early beneficiaries, i.e. those rea...
by brucecohen
21 Jun 2017 09:46
Forum: Under the Mattress: Protecting Your Money
Topic: extended warrenties for new cars
Replies: 8
Views: 449

Re: extended warrenties for new cars

If you have the room, take the money that would have been paid for the extended warranty and instead put it in your TFSA as a self-insurance fund. Or earmark an appropriate amount already in the TFSA. If you want to be anal, invest this money in a separate holding so its purpose and availability is ...
by brucecohen
15 Jun 2017 12:36
Forum: Retirement, Pensions and Peace of Mind
Topic: DB to DB Transfer (HOOPP/OMERS)
Replies: 40
Views: 1121

Re: DB to DB Transfer (HOOPP/OMERS)

The imaginary surplus simply is not real money but a difference in actuarial assumptions. CV is the approximate lump sum needed now to fund the pension you've been promised by HOOPP. The key factor in that calculation is how much the money is expected to earn between now and retirement. The lower th...
by brucecohen
15 Jun 2017 10:07
Forum: Retirement, Pensions and Peace of Mind
Topic: DB to DB Transfer (HOOPP/OMERS)
Replies: 40
Views: 1121

Re: DB to DB Transfer (HOOPP/OMERS)

Hrmm. Ok now I have a valuation: 5 years of service in OMERS will cost me $75,000 to buy in today. The current commutable value I have in HOOPP: $110,000 $35,000 surplus I'm being told I will lose if I go forward with this reciprocal pension transfer. I'm not sure I understand what you mean by "sur...
by brucecohen
13 Jun 2017 09:27
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Mortgage Professional (to check my statements)?
Replies: 10
Views: 374

Re: Mortgage Professional (to check my statements)?

Mike, this is a Canadian forum and Canadian mortgages are structured much differently than those in the US. You can probably get help by posting on our sister US forum, Bogleheads.
by brucecohen
13 Jun 2017 09:21
Forum: Financial Planning and Building Portfolios
Topic: Taxable Account Planning - US Expat
Replies: 24
Views: 1148

Re: Taxable Account Planning - US Expat

I'm under the impression---please correct if mistaken---that RBC Direct Investing will produce 1099 tax forms for US citizens, as well as Canadian T3 or T5 forms. So case A seems like it will be straightforward for DIY tax preparers. For case B, will there be difficulties when it is time to report ...
by brucecohen
06 Jun 2017 18:12
Forum: Under the Mattress: Protecting Your Money
Topic: Historical 5 Yr GICs
Replies: 35
Views: 1026

Re: Historical 5 Yr GICs

It would have been interesting to have seen that analysis. If your local library has The Toronto Star on microfilm look at the Nov 12, 2002 issue. What strikes me about doing this for an RRSP is how to include the various factors. It is not just that every year, 20% of your portfolio is due for rei...
by brucecohen
06 Jun 2017 17:40
Forum: Retirement, Pensions and Peace of Mind
Topic: RRIF Withdrawal
Replies: 22
Views: 1184

Re: RRIF Withdrawal

I'm nearly five years from my first required withdrawal. I've begun migrating half my RRSP to MAW104. Without any careful consideration, I've been thinking about this: 1. A few months before the first withdrawal move the MAW104 holding to an in-house RRSP/RRIF at Mawer 2. Mawer offers an automatic w...