Keith Wong's blog

Hello;

There was a recent survey conducted to individuals over the age 90 in the USA. They were asked: Report 3 things they would of done differently if they were given the opportunity to relive their lives? One desire was: they reported their wish to do something that would live beyond them. They would do something to ensure their mortality.

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We receive this question a fair bit - Do you invest your money and slowly pay down your credit card debt or focus entirely on reducing your credit card debt?

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The survivor pension is a monthly benefit paid to an individual who, at the time of the contributor's death, is the legal spouse or common-law partner of a deceased contributor. (CRA Website). Assuming that the deceased contributor met eligibility criteria, the amount of the survivor's benefit depends upon: 

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Hello;

Here is a description of each work retirement plan and some key differences:

Defined Contribution Plan (DC)

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Here are some reasons why permanent life insurance is very valuable:

Provides liquidity when it's needed. If you're primarily invested in real estate, a private company, or other illiquid assets, where's the cash going to come from to pay taxes owing when you're gone? Life insurance can solve the problem.

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With an aging population, the role of executor is becoming more valuable. Have you or someone you know been asked to act as an executor? Do you see yourself as having to deal with this role sometime in the future? If so, we are here to help! We know the unfortunate truth about the executor role is that it is triggered after the loss of a loved one. So in addition to your executor duties, you will also be grieving. 

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Here is a scenario:

• Gerald has a RRIF worth $180,000
• Doreen is Gerald's wife
• Gerald's RRIF minimum for this year is $7,800 - We set a payment schedule that gives him $900/mth on the 1st day of every month.

Gerald passes away on 30-March. What happens?

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A RRIF represents the pay-out phase of retirement plans.

What I need to know about RRIF's

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Individuals in career transition who are vested members of a pension plan will be faced with the decision whether to leave the vested pension entitlements on a paid up basis with the company and eventually receive pension income, or transfer out the pension entitlements.