Canadian Money Forum banner
21 - 26 of 26 Posts
Discussion starter · #22 ·
Do you qualify for a pension at all? any expectations on retirement funds through your employer (of many years?). Teaching and schoolboard employment often comes with pensions, not sure if this is the case for you?
Hey Banjo,

I wish man...sadly I started too late for it, and at this point, there really is no sense going in it. So I am going this route to help compensate.

Cheers and Thanks my Friend. :)
 
If you are a low income Canadian take your CPP as soon as possible.
What many fail to realize is that it is income and as such it will be deducted from your
GIS at a rate of 50%
Take it as soon as you can and start putting it in aTFSA.
When you want to take it out you probably will pay little income tax and no GIS deduction.
Money withdrawn from a TFSA is not taxable and neither is G I S,further more GIS is indexed.
You want to maximize it.
 
Discussion starter · #24 ·
If you are a low income Canadian take your CPP as soon as possible.
What many fail to realize is that it is income and as such it will be deducted from your
GIS at a rate of 50%
Take it as soon as you can and start putting it in aTFSA.
When you want to take it out you probably will pay little income tax and no GIS deduction.
Money withdrawn from a TFSA is not taxable and neither is G I S,further more GIS is indexed.
You want to maximize it.
Hi Backer,

Thank you so much my friend, every bit of all your info is helping me, it is truly appreciated.
 
I will keep this simple. Save as much money as you can. Stay away from RRSPs. There is no doubt that you will probably require, and be eligible for, Guaranteed Income Supplement (GIS) and RRSP withdrawals later will reduce your benefit amounts under that government program. Use Tax Free Savings Accounts (TFSA) for all your savings.

The easiest way to save is through automatic monthly withdrawal from your bank account . Start with an amount you think you can continue and then try to increase it each year until it really starts to hurt. It is a way of saving where it becomes automatic and therefore becomes separate from what remains available for spending. You can automatic deposit into balanced mutual funds or probably any TFSA. Just ask your bank about it.
Good Advice OptsyEagle. Automatic Payroll deductions were the start to my financial success in the 80"s. I started with $25 a week being deducted into a separate account in the credit union. When I got use to that I upped to $50 and so on. When you don't have it in your hand you don't miss it and you automatically adjust your spending without even realizing it.
 
21 - 26 of 26 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top