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  1. General Personal Finance Talk
    I was relieved of my job of 11 years and received an OMERS package in the mail with the pension options available to me. I am struggling with the decision and looking for feedback. I am 52, married and have a child. Due to COVID I have no idea when I will be able to return to work, what I will...
  2. Taxation
    My father passed away in 2017. My mother continues to receive money from his private corporate pension plan (yes, they were notified of his death). I believe this is normal, however, the T4A she received is in my father's name. His final return was processed last year. What should I do...
  3. Retirement
    My SO is one of the few people, these days, to have a DB Pension Plan. As a part of this pension plan they also have Flex Options that they can contribute to, which include things such as: Early Retirement Pension, Bridge Benefits, Survivor Benefits and more. Participants are able to...
  4. Retirement
    Please help me with this math and decide whether its better to invest in RRSPs or TFSAs. I'm not sure how indexing for inflation affects my numbers. I also have no clue exactly how much we will be earning over the next 25 years of employment salary-wise or what the tax rates will be...
  5. Retirement
    Hi, I would appreciate any help in answering the following problematic. My mom is a pensioner and a non resident of Canada but she receives CPP. What are the possible sanctions if she doesn't file the tax report regarding her pension since she won't be living in Canada anymore. Can CRA freez...
  6. Taxation
    CRA says foreign pension is taxable: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/115/frgn/menu-eng.html However, some foreign governments may pay out social insurance payments to citizens. These payments may not be considered taxable income by the foreign...
  7. Money Diaries
    Hi I’m obviously new here and just need some guidance with regards to my locked in pension that I have. I have over 80K in a locked LIRA/pension fund and was looking in to unlocking it later this year I’m not near the age of retirement, actually I’m not even in my 40’s but I am not living in...
  8. Deals and Freebies
    Hi I'm hoping someone has an idea about my situation. I worked for the public service for less than a year and was told I had to take all my commuted pension 15K + 6K. I am currently still not working and on EI. I assume this payout will affect that. I have CRA approval to T1213 to have 6K...
  9. Retirement
    This probably will never happen, but I am still curious if anyone here knows the answer. I've read so many bloody CRA documents that make zero sense to me it's starting to frustrate me :( I'm trying to figure out if someone is receiving a government pension (Federal pension/Canadian Forces...
  10. Taxation
    Hi, I had a question for which I could not get satisfactory answer through googling. So thought of posting in my faviourite forum. My company deducts between 1-6% of my salary (based on my choice) towards Pension contribution. My question is - Is that contribution through RRSP? I dont think so...
  11. Investing
    Background: I've been investing at least 10% of my net income since I started working full-time in 2009. I've got about $40K invested in a variety of blue-chip, dividiend-paying Canadian and US corporations through registered (all of my US investments and some Canadian) and non-registered...
  12. Retirement
    I've been doing some reading on DB buyback schemes here in CMF as well as via google. I see there have been a couple threads in the past in CMF and I have read those threads. I guess what I am trying to understand better is the goal of the buyback schemes for members in DB plans. From what...
  13. General Personal Finance Talk
    A friend of mine is emigrating out of Canada with no firm plans to return. He was asking me about what to do with his bank accounts and RRSPs here in Canada. Ideally, he would prefer to keep a portion of his accounts here in Canada. One reason is tax planning. If he withdraws the entire balance...
  14. Retirement
    Does anyone have any experience with Swiss annuities? Specifically, how is it dealing long range with a Swiss insurer? Over the years I have followed the Swiss franc. It seems to be relentlessly rising compared to our dollar. I never though about Swiss annuities until a friend showed me...
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