Resources & Links
Here are a bunch of links that you might find useful . . .
Tax Planning
This is great site with lots of useful tips and information on financial planning, including a list of the current tax brackets
http://www.ey.com/CA/en/Services/Tax/Tax-Calculators-2011-Personal-Tax
This site from one of Canada’s big accounting firms helps you calculate your tax bill at different income levels.
Work Pensions, RRSPs and Related Topics
http://www.pensionsbc.ca/portal/page/portal/PEN_CORP_HOME/
This is the website for the major B.C. public pensions, including the Teachers’, Municipal, Public Servants’ and College Pension Plans. In addition to lots of useful information on how benefits are determined in different situations, the site also has pension calculator tools that allow you to estimate your future pension entitlements and view more pension options than are usually included on annual members’ pension statements.
This table provides the minimum percentage of your RRIF (based on what it’s worth on January 1 each year) that you must withdrawal if you have set your RRIF up after 1992, which is based on your age at that time (or the age of your spouse if you choose this option when setting up your RRIF.) If you RRIF prior to age 65, there is still a minimum amount you must withdraw. LIFs (which are essentially RRIFs created from pensions or locked-in RRSPs rather than regular RRSPs) are subject to the same minimum withdrawal requirements, although there may also be a maximum annual withdrawal limit, depending on which jurisdiction controls your LIF.
http://www.fic.gov.bc.ca/index.aspx?p=pension_plans/index
This B.C. government site has lots of information regarding the rules for B.C. administered pension plans and for locked-in RRSPs and LIFs governed under B.C. rules. The useful links section of this site can also direct you to pension information for many other jurisdictions within Canada
http://www.fic.gov.bc.ca/index.aspx?p=pension_plans/life_income_fund_maximum_annual_withdrawal.
This page explains the maximum withdrawal for B.C. – regulated LIFs (which is what locked-in RRSPs become). The minimum withdrawal for these LIFs is the same as for RRIFs.
Government Benefits
http://www.servicecanada.gc.ca/eng/isp/cpp/cpptoc.shtml
This federal site provides information on CPP pension benefits.
http://www.servicecanada.gc.ca/eng/isp/common/proceed/socinfo.shtml
If you want to see your current CPP entitlements and get some estimates of your future benefits, this is the place to go. If you prefer the personal touch, you can always just call the folks at CPP at 1-877-454-4051.
http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/cppretirement/applying.shtml
Here is a link telling you how to apply for the pension (they suggest doing so 6 months before your planned start date) and some of the things to consider when deciding when to start:
http://www.servicecanada.gc.ca/eng/isp/cpp/soc/50-70/willbethere.shtml
This is an article that discusses that solvency of the CPP
http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/credit.shtml
Here is an article from the federal government website that elaborates on the rules and requirements for splitting credits after a divorce or the end of a common law relationship:
http://www.hrsdc.gc.ca/eng/oas-cpp/legislation/bill_c51/tech_pres/page00.shtml
Here is another article from the federal government. This one provides an overview of the changes and some calculations of the ‘break even’ for people who start their pensions at different points in time.
http://www.servicecanada.gc.ca/eng/isp/pub/oas/oas.shtml
This federal site provides information on OAS pension benefits.
http://www.canadabenefits.gc.ca/f.1.2ch.4m.2@.jsp?lang=eng
This federal government site provides general information on a variety of benefits open to Canadians.
http://www.servicecanada.gc.ca/eng/isp/statistics/rates/infocard.shtml This Government of Canada link accesses a 2 page ‘rate card’ that details current information on CPP and OAS pension rates. It is updated quarterly, as are OAS pension rates. This link also explains how some of these benefits are calculated as well.
Property Tax Deferral Program for British Columbia
http://www.sbr.gov.bc.ca/individuals/property_taxes/property_tax_deferment/ptd.htm
This links to the B.C. government’s property tax deferral program which allows homeowners age 55 or older (and a few other individuals) to defer property tax on their homes until death or sale. As the interest rates charged on the deferred taxes are generally lower than bank rates and interest is not ‘compounded’ (i.e. you don’t have to pay interest on previous interest charges), this program is a great alternative for seniors with other debts or cash flow issues.
Retirement Planning
http://www.annuityfyi.com/guide-retirement-basics.html
This is site passed onto me from Kim C. Among things, it has a lot of amazing links to U.S. links, which might be invaluable to anyone who lives, has lived or has assets south of the 49th parallel.
Want to get an idea of your life expectancy? Spend 15 minutes completing the questions and have a better idea of how long you may actually be walking this mortal coil.
Trying to figure out how to spend your time during retirement or wondering what it actually would be like to retire to Arizona or do volunteer work abroad? This site provides insight from people who done all things things and more so that you can make a better informed retirement choice and open up your mind to new retirement possibilities.
http://www.retirementadvisor.ca/retadv/apps/annuity/annuity_range_inputs.jsp?toolsSubMenu=general
This site provides you with some rough quotes if you are curious to know how much monthly income for life you could purchase with your RRSP or non-registered funds or how much you’d need to have to buy a target monthly lifetime income.
Mortgages
http://www.lendingmax.ca/calculator.php
Here’s a mortgage amortization schedule I found online that allows you to compare up to 3 mortgages side by side so you can see the difference apparently small changes in interest rates can make or the extra interest you will have to pay if you are choosing between a 25 and 30 year mortgage.
Publications
https://www.canadianmoneysaver.ca/
Here is a link to Canadian Moneysaver, which offers independent financial advice and numerous great articles from a variety of Canadian Financial Professionals (including me!)
$500 plus GST
Colin S. Ritchie 