For the last 20 years I have had self-directed accounts, bought fully into the low cost indexing way of doing things. Still bought in.
The wrinkle is that I am a US resident and my wife has just begun a job at a FINRA registered firm, so she's classed as a securities professional, and as her spouse that extends to me too. That comes with a bunch of regulations around how we are able to invest, and specifically, that we are not allowed to trade...
I am currently living in Japan, I have been for 7 years and I don’t see myself moving back to Canada. I did some searching on this site and found some comments about being able to close RRSPS without physically going back to Canada. Can anyone tell me what is required of me and my Japanese wife, we both have RRSPs and want to close them.
As always thank you all in advance for you help.
Ken
Once again, I face the same decision - to take commuted value or deferred pension.
I read again through some of the threads here and some other info.
I am nearly 50. No other pensions and none expected, modest RSP, the house is nearly paid off, no other debt. I expect to work until 60 (or whenever can afford to retire).
The pension is from one of the big banks, so it's 'reasonably' safe.
If I die before 65, the spouse will get...
Are there any good general principles/strategies to use when deciding how much of one's available RRSP contributions to apply to deduction in a particular year? I don't expect any major changes in my income in the immediate future (i.e. job changes, etc), I have some unused contributions from last year (~28k), plus a $30k additional contribution this year. I will still be left with a noticeable amount of unused contribution room in 2018. Is...
I have question about RRSP and spousal RRSP. I am currently the higher income earning spouse in the marraige. Currently, I have an RRSP and my wife has a spousal RRSP for which I contribute funds. As it stands right now, my personal RRSP is 3 times bigger than my spouse's spousal RRSP.
This past weekend, we were at a house party and one of the other couples there mentioned that even though there is a high discrepancies between their salaries,...
Hi guys. I was just wondering if I get 600 dollars a month from my early pension which starts in May. How much would I need to put in rrsp to offset any taxes.
I will be 71 next March. I have not contributed anything to RRSP or TFSA since many yrs as i have traveled since i retired a few years ago and am using what i have saved or pensions etc. The dilemma i face now is markets are down and may be pick up a few stocks blue chip at fair prices like ENB TRp etc.. Significant items in my RRSP have made money mostly blue chip stocks and index funds etc thanks to bylo and all here. And , i have a balance...
Commute too long, corporate job with increasing politics (or maybe it just feels that way). I have a question please about group health insurance. If I retire with my current employer, I'm entitled to group health benefits for life (with some contribution from me). But what if I retire, get the benefits, then get bored at home, and decide to take a manual casual job working a few hours a week to stay active and get a little extra income, e.g....
I understand periodic payments from RRIF as UK resident have 0% withholding tax. But am I correct in understanding that these withdrawals would still be locally taxed at local rates for periodic pension income?
Does anyone know whether you can convert all or part of a RRIF to an annuity once it's set up? All the wording i find just describes the choice like it was a one-time thing - either withdraw, convert to a rrif, or buy an annuity.
EDIT: I now know that you can convert a rrif at any age to an annuity - the sending institution will have to do the minimum withdrawal before the transfer. Still not sure about the partial but I'm guessing yes.
I like the idea...it has a lot to offer. Combines deferred annuities with tontine like pooling. I would love to have this as an option. No help to those without some serious amount of savings.
Ok good to know I think wifey has about $18,000 in a LIRA
3. Age 65 and Small Total Entitlement
The PBSA entitles a person age 65 or older to unlock his or her pension entitlements if the value of any
of the LIRAs or LIFs that they own is less than 40 % of the Year's Maximum Pensionable Earnings
( YMPE ) under the Canada Pension Plan (40% of YMPE = $22,360 in 2018). The YMPE is set by CRA
every year so this amount will change annually.
This...
My elderly grandmother is in a retirement home specializing in seniors with dementia or Alzheimer's. My Mom and her siblings are in charge of her affairs.
I don't want to go into too much detail but earlier this year my Mom panicked and withdrew the entire contents of my grandmother's RRIF in-kind to my grandmother's taxable account. Later on she realized this was not such a good idea. She contacted the (full service) brokerage and asked if...
Background : 30 years old, 5 year member of HOOPP and just went into OMERS.
Changing jobs after 5 years has given me 3 options with the HOOPP pension I was enrolled in:
1) leave it as is and collect a HOOPP defined pension based on 5 years of service when I retire.
2) Transfer the funds and years of service to OMERS, which would give me 5 years of service equivalent in their pension
3) Take a lump sum payout and put it into...
Lets assume you have a TFSA for yourself and your wife that has had the good fortune to accumulate $100k each. You need income, Having some of it tax free would be nice or having some at lower rate due to capital gains tax would be nice.
The TFSA has a position in couple of stocks which has done well and pay dividends so the $100K pays about 4% in dividends, so $4000 annually in cash flow in the TFSA's
So in December of each year you take the...
I turned 65 in Feb, so my annual ODB 2017 deductible for seniors will be $41.67 for the first year and in August, will be an additional $100.00 for 2018. My question is, if I do not go to the pharmacy for a prescription refill before the month of August, will I be expected to pay $147.67 deductible?
Genaral info:
I'm 51 , next year will be fully retired.
My wife 42, working income 200K+.
Assets: in total around 1.5M , split 54% equities, 46% fixed income. my SRRSP, 2 RRSPs(my and wife's), 2 TFSAs, 2 LIRAs, small non-reg (my wife). No debt. Own small detached house in Mississauga.
The plan:
I'm planning to convert my SRRSP to SRRIF in 2019 (so should start process this year) and maybe in 2020 convert my ind RRSP to RRIF, in 4 years to...
Although it isn't as much of a headline as it used to be, February tends to be RRSP season and with it come many soundbites, ads, polls, etc. about the state of Canadian habits towards their retirement plans or lack thereof. I'm sure the financial pages of newspapers will be filled with mutual fund companies touting their crème de la crème best performing mutual funds from their wide stable of choices. IIRC there has been some progress to rein...
Hi, I'm a newbie to the FWF and hoping that I posted my questions in the right category/forum.
I need to send a Continuing Power of Attorney for Property (CPOAP) document to 2 different Financial Institutions. It can be either a Notarized Copy or the Original .
I understand the fact that I can have made 2 copies (Notarized) from the original via a lawyer and send one copy each accordingly to the Financial Institutions, and I would then keep...
We are in our early 70's. We have combined pensions of 70k including CPP and OAS. We have 900k in registered and TFSAs . Our ratio has reached 60% stocks and the balance is fixed income. Capital preservation is an important thing so I have decided to reduce my stock holdings to 30% over the coarse of the next three months. I intend to make incremental reductions every two weeks until I reach that level by August 15. The proceeds will be parked...
I have some TD self directed RSP's (some locked, some not). Received 10 page letter dated 1 Sept 2017, stating a bunch of changes to the Declaration of Trust. As I opened these accounts decades ago, can't find the original to compare, but initial reading makes me think a whole lot more liability has been passed on to us, the clients, should SHTF at TD.
Did anyone get the same letter, and would you be able to pick out the key added risks to...
I recently read Moshe Milevsky's fascinating book King William's Tontine . It seems that tontines may provide a way to access mortality credits much more efficiently than traditional annuities. Maybe it is an idea who's time has come...again? Here is an excellent summary of the book and the idea from Michael Kitces;
My GF and I are in the same situation. She is retiring in July 2018 at 55. I'm 51 soon. My goal is also to retire at 55 (April 2022).
I maintain both our Couch Potato Portfolios, rebalancing twice a year.
We work at the same place (Quebec government), have the exact same salary (80k each).
We have a small DB pension plan. I call it small because my GF will get 20% of her annual salary (she worked there for 10 years only) and I will...
This is just a thought experiment that I would like some feed back on. Now I know that many or most of the prolific posters on this forum have achieved FI and have few if any money worries, and for that, you have my congratulations. But for those of us with more modest means, this is an idea that I am kicking around...
I see CPP as one of the most useful retirement income sources thatmy wife and I will have. By delaying to age 70, we can safely...
Either this year or next, I will need to RRIF my RRSP. I will still be owing on my HBP, which I withdrew with no intention of repaying. So I assume I will continue have deemed income of $1333.33 year after the conversion until the HBP is repaid, correct?
At 65, I am thinking it would make sense to move to New Hampshire from Connecticut, and over the next 5 years, convert most of a 401K to a Roth IRA, before even considering moving back to the Province of Ontario. Sound like a plan? (There's no State income tax in New Hampshire.)
I moved to the US earlier this year for work. I have an RRSP account with TD Direct Investing, however, when trying to make a contribution today I found out that their system is not setup to handle contributions from non-residents. The customer service rep told me that they understand it's completely legal for a non-resident to make contributions but this is a fault with their system and he checked with 3 different departments and they all said...
I'm wondering if anyone can advise me. My wife and I, both Canadians, work for an international humanitarian organization and we are transferred every three years, i.e. Pakistan, Ukraine and now a lovely stint in Brussels. We have obtained non-resident status from the Can government and pay taxes where we are residing at the time. We've just learned that one of our RRSP investments (not locked-in) in a Canadian account that we maintain at a...
I am wondering what would be the best (by paying the least amount of tax) strategy to withdraw all the RRSP amount once you are no longer a resident of Canada. I am sure you cannot withdraw the RRSP without paying the tax that is owed. Any suggestions are really appreciated. Assume that the move out of the country is not to the US and is permanent. Thanks.
I was unable to find a thread on this topic but....
When you start getting RIF income where would you put it on a budget spreadsheet? When I receive employment income I know where that goes but RIF income, to me, is just getting transferred from one part of my portfolio to another. Would you consider it income and let it go at that? Even though it's not really new money?
Not the biggest concern in the world but I've been a bit befuddled by how...
Dumb discount broker practical consideration question for those with more experience than I trading in TFSA accounts:
A relative's account I manage at TDDI has HXT in her cash account. In the new year she'll have enough TFSA room to move this asset to her TFSA. It's in a cap loss position so I don't want to transfer it in. I'd also like to switch products(XIC) since the swap structure is no longer necessary. Is there any way to maintain her...
I am an American living in Canada for several years. I left my employer who was still offering a DB plan and now have to convert it into a LIRA. I have been looking online for US tax implications of this conversion, but haven't found anything. Has anyone done this or know if there are any tax implications? Total amount to be converted is about C$40k. Is this looked at similarly to a RRSP? Thanks
I am a Canadian now living and working in the US. I am wondering whether I should max out my 403b and 457b contributions given that I might end up moving back or retiring back to Canada.
I've done some back of the envelope calculations and it looks like I could save close to $7.5k/yr by maxing out contributions, so that's very tempting. But then when I look at the fees and hoops moving back to Canada I...
We are in the middle of a discussion on this subject and cannot seem to find an answer on the government site relating to this, does anyone have any comment.
There is a Henson Trust that can be set up for someone who is collecting ODSP, so that they would not be cut off their disability income when they receive their inheritance. The rules of the Henson Trust are quite clear.
Is there anything obstacle under the TFSA rules that would...
when it happens does the RRIF simply get transferred over to the surviving spouse (whom is already named as beneficiary in the will of the dead spouse)
or
does it form part of the estate of the deceased and the TAX MAN gets his cut right away?
I've looked around but I haven't seen a discussion of this question.
When is the right time to buy an annuity? My wife and I are both 40 and would like to retire in about 15 years. We have saved $200K towards retiring. Would it make sense to buy a deferred annuity now? Or is it better to invest the money in stocks and bonds for the next 15 years, and then buy an annuity?
My employer, a large Canadian manufacturing company, seems to be struggling. When this happens - and it has happened before - the water cooler talk turns to the security of our DC and DB pensions. I believe that the DC money is beyond the reach of the employer. I've done some reading today on the DB plan. The plan's last annual report stated that the estimated solvency ratio was 95% in March of 2014. Does that mean that the plan is 5%...
Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe? This paper establishes new guidelines for determining the maximum safe initial withdrawal rate... finds that applying these Decision Rules produces a maximum safe initial withdrawal rate as high as 5.8 percent to 6.2 percent depending on the percentage of the portfolio that is allocated to equities.
I'm helping a not-yet-retired retired person figure out what they should do with their financial affairs. This person is a dual citizen and has lived in Canada for about 30 years and the remainder of their time in the US.
She lived in Canada until about five years ago and is now living in the US. I'm not sure how many years of CPP contribution she has but I would estimate about 25.
She is 64 years old and has basically run out of money so I'm...
I am confused somewhat about the logistics of this program and how it integrates with a private existing drug health care plan.
I have a Health Care Plan through my last employer that continued into my retirement that pays 90% of my drug costs. It's quite convenient since I'm able to take drug prescriptions to the pharmacy and they link directly to the insurance company at point of sale and the amount I pay at the cash is about 10% of the total...
One of my close relatives asked me to be the POA of his bank account, saying he wants to avoid the probate fees (and to avoid the wait time) upon death.. told me if he dies, he wants me to withdraw all this money from the account and split equally among his children (no spouse).
I don't mind doing a favor but concerned if I'll be put to jail to withdraw the account owner's money like that. Will the bank even let me?
My father has an RRIF with one investment firm and we just switched it to a different firm. I was told by the investor at the new company that the remaining monthly RRIF payments for 2017 have to be payed by the previous company in one lump sum. Is this correct? How long do they have to do this? The RRIF transfer is 99% complete and should be done this week.
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