Search found 211 matches

by Dogger1953
02 Jan 2018 12:11
Forum: Retirement, Pensions and Peace of Mind
Topic: More proposed CPP changes, and what they really mean.
Replies: 0
Views: 191

More proposed CPP changes, and what they really mean.

There is a lot of misunderstanding about the proposed CPP child-rearing "drop-in" provision. Read this article for a better understanding:
https://retirehappy.ca/proposed-changes ... sion-plan/
by Dogger1953
30 Dec 2017 11:20
Forum: Retirement, Pensions and Peace of Mind
Topic: New Hampshire Move - 401K to Roth Conversion
Replies: 10
Views: 279

Re: New Hampshire Move - 401K to Roth Conversion

I am guessing the OP has little to no 'value' built up in Canada having left in 1983. Thirty-four years of absence pretty much means a lifetime. Likely means no OAS, no CPP, etc. I wouldn't dismiss CPP. I left the US more than 40 years ago with only 8 years of Social Security contributions -- 2 yea...
by Dogger1953
16 Dec 2017 01:02
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

Although the new legislation hasn't been written yet, I don't think that the drop-in provisions replace the dropout provisions, because they apply only to the "enhanced CPP" calculations which apply only to periods from 2019 onwards and replaces only 8.33% of the earnings up to the YMPE and 33.33% o...
by Dogger1953
08 Nov 2017 12:25
Forum: Retirement, Pensions and Peace of Mind
Topic: [finiki] Guaranteed Income Supplement (GIS)
Replies: 30
Views: 4978

Re: [finiki] Guaranteed Income Supplement (GIS)

I am under the impression that money and stocks paying dividends held in a TFSA do not affect the GIS.... Can anyone verify this? If you have 100K $ in your TFSA paying out about 800$ a month in distributions, it would equal more than your CPP if you start taking it at age 60, which i have..... Yes...
by Dogger1953
05 Nov 2017 10:49
Forum: Retirement, Pensions and Peace of Mind
Topic: CPP maximums for 2018
Replies: 3
Views: 471

Re: CPP maximums for 2018

Yup, I've already submitted these numbers to my webmaster for updating the chart. It should happen soon, along with some of the other changes as a result of the "enhanced CPP", whereby the contribution rate increases from 2019 thru 2023 and the YAMPE starts in 2024.
by Dogger1953
04 Nov 2017 20:16
Forum: Retirement, Pensions and Peace of Mind
Topic: CPP maximums for 2018
Replies: 3
Views: 471

Re: CPP maximums for 2018

Apparently the above link didn't work. Try this one.
https://www.canada.ca/en/revenue-agency ... -ympe.html
by Dogger1953
04 Nov 2017 20:13
Forum: Retirement, Pensions and Peace of Mind
Topic: CPP maximums for 2018
Replies: 3
Views: 471

CPP maximums for 2018

The Government of Canada has announced that the YMPE for 2018 will be $55,900: https://www.canada.ca/en/revenue-age...mits-ympe.html

This means that the maximum employee contribution for 2018 will be $2,593.80 and the maximum CPP retirement pension for 2018 will be $1,134.17.
by Dogger1953
26 Oct 2017 18:02
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

I understand that it is possible for non residents to receive CPP directly to their local bank accounts in local currency. I have searched but have been unable to find any information concerning the exchange rate which is used to calculate the local payment. Would anyone know how the exchange rate ...
by Dogger1953
12 Oct 2017 10:56
Forum: Retirement, Pensions and Peace of Mind
Topic: Understanding the "enhanced CPP" changes
Replies: 2
Views: 305

Understanding the "enhanced CPP" changes

If you want to understand how the "enhanced CPP" changes affect you, read this article:
https://retirehappy.ca/enhanced-cpp/
by Dogger1953
07 Oct 2017 12:59
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

Thanks to this site I've been reading more about the pros and cons of taking CPP early or waiting until 65. Here's where I get confused about drop out years, etc. Just say I wanted to retire at 50. 23 of 32 working years at max pensionable earnings. Since I would have so many years after 50 with $0...
by Dogger1953
07 Oct 2017 11:43
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

When an older husband of a married senior couple dies, whats the best way to deal with CPP for the surviving spouse and death benefit related issues? It doesn't matter whether the deceased spouse was older or younger, the best way to deal with CPP after a death is to apply for a CPP survivor's pens...
by Dogger1953
07 Oct 2017 11:35
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

Brian, be careful of your zero years in the calculation. I had to watch that and take my CPP 'early' to avoid those penalties. I sort of remember some info, IIRC you adjust about 2.5% for each (year....?) So for someone retiring at 65 with max contributions it's a 42% increase for myself it's only ...
by Dogger1953
07 Oct 2017 11:15
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

Last year I called in to get an estimate of my CPP. They ran a calculation and at 65 the monthly amount was estimated at $1032. When I go to "My Service Canada" I get an estimate of $1582.12 at 65. According to Doug Runchey the online calculator is good for near term estimates but longer term it ca...
by Dogger1953
27 Jun 2017 10:51
Forum: Retirement, Pensions and Peace of Mind
Topic: OAS - how to count eligibility years
Replies: 11
Views: 878

Re: OAS - how to count eligibility years

Thanks Dogger1953! That's super helpful (and a relief). A follow up question: How do they treat time spent in USA as a graduate student? I went down as a university student for the better part of 2 years and ended up staying for a number of years afterwards. During those 2 years as a student, Canad...
by Dogger1953
26 Jun 2017 23:31
Forum: Retirement, Pensions and Peace of Mind
Topic: OAS - how to count eligibility years
Replies: 11
Views: 878

Re: OAS - how to count eligibility years

Does anybody know how they count partial years? I would like to assume they pro-rate the years so that if you left/returned mid-year you would get partial credit; however, their website says, "A partial pension is calculated at the rate of 1/40th of the full pension for each complete year of reside...
by Dogger1953
23 Jun 2017 14:44
Forum: Retirement, Pensions and Peace of Mind
Topic: CPP Deferral debate - Fred Vettese article discussion
Replies: 222
Views: 6719

Re: CPP Deferral debate - Fred Vettese article discussion

What are the new dropout provisions? I am asking for a 58 year old friend. Are the added post retirement benefits quantified? Thanks The new dropout provision is 17% of the person's contributory period (from age 18 until their CPP starts), so about 86 months if they take their CPP at age 60 or a fu...
by Dogger1953
23 Jun 2017 12:05
Forum: Retirement, Pensions and Peace of Mind
Topic: CPP Deferral debate - Fred Vettese article discussion
Replies: 222
Views: 6719

Re: CPP Deferral debate - Fred Vettese article discussion

Is there anywhere that the old rules are compared and contrasted with the current ones? As far as I recall: The old rules were simply that your CPP was reduced by 0.5% for every month that you took it early (max reduction of 30% at age 60) and increased by 0.5% for every month that you took it late...
by Dogger1953
08 May 2017 22:47
Forum: Retirement, Pensions and Peace of Mind
Topic: Canada Pension & Social Security WEP (windfall)
Replies: 3
Views: 562

Re: Canada Pension & Social Security WEP (windfall)

Hi Ed - The WEP provision applies to your US social security, so you will get your "full CPP" and a reduced US social security. I'm not an expert on the WEP provision, but I understand that the maximum reduction would equal 1/2 of your CPP so you'll always be better off receiving both. Here's a webl...
by Dogger1953
13 Mar 2017 23:28
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

The G&M published this article recommending delaying taking CPP until age 70. http://www.theglobeandmail.com/globe-investor/retirement/retire-planning/how-deferring-cpp-until-age-70-pays-off-for-retirees/article34209897/ Could the five years of zero contributions affect the payout? In my case, I'll...
by Dogger1953
15 Jan 2017 21:28
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

Please consider the following scenario: The mother emigrates to Canada with her two year old child. Stays at home till the child is seven, then works, contributes to CPP for 25 years and retires. Is she eligible for the child rearing provision ? Thank you Yes, starting with the month following the ...
by Dogger1953
26 Dec 2016 14:36
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

To CPPDogger: Hi there and thanks for the service (civil and FWF), Contributed to CPP for 15 yrs as FT employee (13yrs maximum, or maybe more, not sure). Last 5 yrs, as CPCC owner, contributed 30-50 % of maximum. I plan to contribute 5 more years. Considering I'll probably have 15 yrs or so of excl...
by Dogger1953
16 Dec 2016 23:53
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

Selecting years to apply the Child-Rearing Dropout provision seems to be somewhat of an iterative process if the YPE/YMPE factors for any of those years were similar to your average YPE/YMPE factors. Peter - Selecting CRDO years is a 2-step process. The first step (I call this CRDO1) is to remove a...
by Dogger1953
16 Dec 2016 20:10
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Estimating CPP or QPP

Quebec wrote:
I'll like to get some confirmation that my method is not flawed, since I can then apply it to early retirement calculations... Also I may add it to finiki.

Thanks!
Quebec - Your method as described is not flawed and should give you a good approximation.
by Dogger1953
04 Nov 2016 10:55
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

Hi - with respect to Child-Rearing Dropout - must it be applied only to the years when one had a child under 7 - or can it be applied to other years that might have lower earnings (relative to YMPE) than those particular years? Peter - The CRDO must be applied only to the specific years when you we...
by Dogger1953
27 Oct 2016 21:17
Forum: Retirement, Pensions and Peace of Mind
Topic: Any questions about CPP?
Replies: 193
Views: 17385

Re: Any questions about CPP?

"The amount of $389.87 that you're currently receiving is likely comprised of your regular CPP retirement pension plus one or more "post-retirement benefits" (PRBs) for earnings that you had since you started receiving your CPP. The letter refers just to the amount of regular CPP retirement pension...