AUTUMN 2017

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FEATURE ARTICLE: Tax in Retirement: The Good News

The tax burden in retirement is lighter than during the working years in some important ways.  As a result, less total income is required during retirement to maintain a comfortable lifestyle than many people expect. Here are some key factors that can impact expenses and taxes in favour of retirees.

Expenses often decline

  • Payroll deductions, such as contributions to Employment Insurance (EI), Canada Pension Plan (CPP) and union dues end when employment ends.  CPP and Old Age Security (OAS) then become net benefits, although both are taxable, and OAS is subject to a claw back above incomes of approximately $75,000.
  • Pre-retirement budgets often include mortgage payments that come to an end, either through making the final monthly payment, or through a downsizing that pays off the mortgage.
  • The financial cost of children generally subsides as they become adults, but not in all cases.  
 
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SUMMER 2017

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FEATURE ARTICLE: MAKE YOUR MARK

Written by Dave Lee, and first published in The Vancouver Sun on April 26, 2017

Is it better to give to charity now, or wait and give through your will?

Itís a question Iím often asked at estate planning seminars. In private meetings with clients, a similar question arises: How much can we give to kids or charity without putting our own financial security at risk? A lot of factors, such as age, goals, income needs and taxes need to be considered to help clients determine their "safe" level of giving.

Perhaps more interesting though, is that these questions reveal a common focus on gifting from extra income that accumulates into a "surplus" of savings.

But what if I told you a surplus of savings isnít required?

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