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Category: For Your Information

RRSP season: Have you planned for beneficiaries?

And so it shall be. The family convinced me to leave my registered retirement savings plan (RRSP) assets, among other things, to them instead. Since it’s RRSP season, it’s worth talking about the beneficiaries of your RRSP. Who have you named to receive your plan assets when you’re gone? At the time of your death you’ll be deemed to have collapsed any RRSP that you have. This can create a tax bill on the full fair market value of the assets in your RRSP. Naming your spouse or common-law partner as the beneficiary of your RRSP will allow you to avoid the tax on the plan assets.

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A look inside the RRSP portfolios of the pros

 

Financial advisers often recommend investments for their clients’ registered retirement savings plans. But what do these experts invest in themselves?

We asked four professionals to tell us about their RRSPs, based on their financial goals, market outlook and other factors. (They caution, however, that their choices might not be ideal for others.)

To read the full article click here.

Title fraud – how mortgage-free seniors can become a target

Fred Weekley, the mayor of the district of Katepwa Beach in Saskatchewan, remembers the sunny October day in 2013 when a staff member alerted him to an unusual fax. A title transfer firm wanted a land description of his home on Katepwa Lake, a resort community about 100 kilometres east of Regina in the Qu’Appelle Valley.

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A road map to early retirement for these small business owners

Melanie and Marv own a small business that provides services to the oil and gas industry. He is 55, she is 52. With revenue slowing, they are “considering the possibility of transitioning out of the business world,” Melanie writes in an e-mail. “We foresee many years of close to full-time volunteer work in our church community, travelling for pleasure, visiting grandchildren and caring for out-of-province, aging parents,” she adds.

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How a back-to-back annuity can boost cash flow in retirement

What if you could increase after-tax investment income by a third with virtually no risk? This would be especially appealing for retired people with a low appetite for risk who rely on taxable interest income to cover their expenses.Depending on your circumstances, you might be able to do just that, thanks to a tax-smart investment strategy known as back-to-back or insured annuities. It works best for people in their 70s who are in the highest marginal income tax bracket with more than $100,000 to invest – the more the better – but who want to preserve their wealth for their children or favourite charity.

To read the full article click here.


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