Latest news with #CPP
The Star
10 hours ago
- Politics
- The Star
Cambodia's ruling party marks 74th founding anniversary on Saturday (June 28)
PHNOM PENH (Xinhua): The ruling Cambodian People's Party (CPP) on Saturday celebrated the 74th anniversary of its birth. At the event, a troupe of artists performed a celebratory dance, and doves were released into the sky as a symbol of peace and freedom. The CPP has ruled the Southeast Asian country since 1979. In Phnom Penh, over ten thousand CPP members gathered this morning at the Main Palace, the party's headquarters, to mark the occasion. The event was presided over by CPP President Hun Sen, CPP Honorary President Heng Samrin, and CPP Vice President and current prime minister Hun Manet. - Xinhua
Edmonton Journal
2 days ago
- Politics
- Edmonton Journal
Friday's letters: Alberta Next panel lacks Edmonton voices
Article content Hello Premier, I'm a 75-year-old Albertan. I think you need me on your Alberta Next panel. I'm a Canadian all my life and same with my parents and grandparents since 1885. I'm also an Albertan since 1971 but unsure if I am an immigrant in your eyes. For what it's worth, I really like my CPP, I generally have faith in the RCMP, I really believe in vaccines and other science-based health care for all, and I have no religious affiliations. And I believe in addressing the climate-change crisis immediately.
Yahoo
2 days ago
- Business
- Yahoo
FP Answers: What is the best way for Linda to die broke?
Q. I am 73 and retired. I was an independent contractor for many years and have no company pension. I took Canada Pension Plan (CPP) and Old Age Security (OAS) income at age 70. It brings in about $29,000. I take out the minimum amount yearly from my registered retirement income fund (RRIF). For 2024, it was about $15,000. I own a mortgage-free house in Toronto and I also have some non-registered investments. I am single, have no children or family, and would like to die broke. I have been somewhat frugal most of my life and now I find it difficult to spend money. I could really use some help. —Thank you, Linda FP Answers: Linda, I'm reminded of Jim Collins' classic business book on leadership, Good to great, about how good companies become great ones. He suggests that 'good' is the enemy of 'great' and that few people attain great lives, in large part because it is just so easy to settle for a good life. Linda, you are asking, 'How do I turn a good retirement lifestyle into a great retirement lifestyle?' There are just two things to do: identify the things you want to do that are within your financial means and find the inspiration to do them. I have many clients like you, Linda, who have good lifestyles with surplus money. When I ask them what they would like to do with their extra money, they don't know. It is not easy to make changes when things are good and you have financial unknowns around your income and longevity. To help identify things to do and find the inspiration to turn a good lifestyle into a great lifestyle, complete a personal needs and values evaluation, a concept I was introduced to through Oregon-based coaching organization CoachU. If you can align your activities with your needs and values, you will have a great retirement. Personal needs are not the same as wants; they are conditions, things, and feelings, that are the very things you need to really get on with your life and be your best. Some examples of this include being accepted, being loved, freedom, duty, work and certainty. Linda, what personal needs do you require so you are feeling your best? Working to meet any unmet needs can be inspirational. Values reflect the things and activities you are naturally drawn to and are a must for you to be yourself. Some examples of values include creating, adventure, contributing, discovering, pleasure, and teaching. Think of things you have done in the past when you were energized, glowing and on top of the world. Chances are you were doing something that aligned with your values. Most people get too busy with their day-to-day routine, have other obligations or have settled for second best, preventing them from living their values. Linda, when you consider your values, what activities can you do that will reflect your values, and allow you to be you? Once you create a vision of life based on your needs and values, you will find it easier to want to spend, gift or donate. You will just need the confidence of knowing your financial resources will support your vision. The Washington, D.C.-based Retirement Income Institute may have one answer to providing confidence. Their report, Guaranteed income: A license to spend, suggests spending increases if you incorporate guaranteed annuities into your income plan. They found that people are more likely to spend income, rather than sell investments, to pay for non-essential items such as dining out, travel, donations and other things that align with your needs and values. Linda, I will give you an example such as the one used in The Retirement Income Institute's research paper. Given the choice, if you are going to spend $10,000 a year, not indexed, would you rather have a guaranteed lifetime income of $10,000 a year or a lump sum of $137,000 to draw $10,000 from, which is the amount needed to purchase an annuity paying you $10,000 a year? The research suggests most people would prefer the guaranteed income and would need a lump sum double the $137,000 before drawing $10,000 a year to spend on non-essential items. Let's take that research and apply it to your situation. You have a house that is likely worth $1 million or more, some non-registered money, which should go into a TFSA, and about $280,000 in a RRIF (which I based on your minimum withdrawal). What do you think about using your $280,000 RRIF to purchase a non-indexed life annuity paying $21,523 a year for life? That's a guaranteed amount deposited into your bank account month after month for the rest of your life. Consider how this compares to a RRIF earning five per cent and drawing the RRIF minimum. You are currently drawing about $15,000 from your RRIF, roughly $6,500 less than the annuity payment. Your minimum RRIF withdrawal is projected to increase yearly, but it won't be until you are aged 93 before the minimum payment gets to $21,747, which is slightly more than the annuity payment. At age 95 the minimum payment begins dropping below the annuity payment and at age 100 the RRIF payment drops to $8,677. At the end of your 100th year there will be about $46,000 left in your RRIF. Lucia, sole beneficiary of her uncle's will, hasn't heard from the executor. What should she do? How does Jon invest in his RRIF so he has enough cash when he must start withdrawing? If you ever need some lump sum money you can use your non-registered or TFSA money and eventually the equity in your home. What do you think? The final decision is yours to make. Consider talking to an advisor about this option and see if it's something that would work for you. Allan Norman, CFP, CIM, provides fee-only certified financial planning services and insurance products through Atlantis Financial Inc. and provides investment advisory services through Aligned Capital Partners Inc., which is regulated by the Canadian Investment Regulatory Organization. He can be reached at alnorman@
Forbes
2 days ago
- Business
- Forbes
Retirement Income Planning: Secure Your Financial Future
Whether retirement is just around the corner or a distant milestone, a solid income plan can help you maintain independence, security, and the all-important peace of mind. Planning for retirement is about more than just saving for the future; it's about creating a steady, reliable income stream that supports your lifestyle throughout your 'golden' years. In today's economy, retirement income planning has become more critical than ever. With increasing life expectancies, rising living costs, and uncertainty around the future of government benefits, now is the time to take charge of your financial future. Whether retirement is just around the corner or a distant milestone, a solid income plan can help you maintain independence, security, and the all-important peace of mind. Why Retirement Income Planning Matters Unfortunately, many Canadians underestimate the income they'll need in retirement. Others focus solely on how much they've saved without fully considering how they'll draw down those savings to meet their needs. A strong retirement income plan answers three key questions: Without a plan, retirees risk overspending early, underutilizing key assets, or facing unexpected tax burdens later on. Understanding Your Income Sources Retirement income for Canadians typically combines public and private sources. Understanding how these sources work together is the foundation of your income strategy. The CPP provides a monthly taxable benefit based on how much and how long you contributed during your working years. You can start receiving CPP as early as age 60 or delay until age 70 for an increased benefit. In 2025, the maximum monthly amount at age 65 is approximately $1,364.60, but most Canadians receive less. OAS is a federal benefit available to most Canadians aged 65 and older, regardless of work history. It's also taxable and subject to a clawback if your income exceeds a certain threshold (approximately $90,997 in 2025). OAS deferral can also boost your monthly payments by up to 36 percent. RRSPs help Canadians save for retirement with tax-deferred growth. By age 71, you must convert your RRSP into an RRIF or an annuity and begin mandatory withdrawals, which are fully taxable. A strategic withdrawal strategy can help reduce taxes and prolong the life of your savings. TFSAs offer tax-free growth and withdrawals, making them a flexible and powerful tool in retirement. They're ideal for supplementing income without increasing your taxable earnings, which is helpful for avoiding OAS clawbacks or staying in a lower tax bracket. A defined benefit or defined contribution pension provides a solid foundation for your retirement. Additionally, non-registered accounts, rental income, or business earnings can contribute to a diversified retirement income stream. How to Create a Sustainable Income Plan Start by identifying your expected costs, including housing, groceries, healthcare, travel, and lifestyle expenses. Keep in mind that inflation can erode your purchasing power over time. Financial planners recommend aiming for 70–80 percent of your pre-retirement income as a target, though this varies based on your lifestyle and goals. There's a strategic order for drawing income from different sources. A typical strategy is to: This approach can minimize taxes and extend the life of your savings. However, every situation is different, so personalized advice is recommended. Delaying CPP or OAS benefits can increase your monthly payments significantly—up to 42 percent for CPP and 36 percent for OAS, if delayed until age 70. If you have other resources to draw on in the early years of retirement, delaying public pensions can be a smart move for longevity protection. Canadians are living longer, and medical expenses often increase with age. Your income plan should anticipate these needs, possibly by including: Using diversified portfolios that combine growth assets (i.e., equities) and stable assets (i.e., bonds and GICs) can protect your investments from volatility. Many retirees adopt a 'bucket strategy,' dividing savings into: This helps preserve capital while still allowing for growth. Plan with Purpose Retirement income planning is not just about numbers; it's about building the life you want in your later years. With thoughtful planning, you can enjoy the freedom and security that you've worked so hard for. Consulting with a Certified Financial Planner (CFP) who understands Canadian tax laws, government benefits, and retirement structures can make all the difference. The sooner you start, the more flexibility you'll have to make smart decisions. Your future self will thank you.
Global News
3 days ago
- Politics
- Global News
Immigration, pensions, taxes: A look at Alberta Next panel survey questions
The Alberta Next panel, chaired by Premier Danielle Smith, is holding town halls this summer to get feedback on how the province should stand up to Ottawa while building a 'strong and sovereign Alberta within Canada.' Smith has promised a referendum next year on some of the ideas put forward to the panel. The premier is leading the 15-member panel, which includes three United Conservative Party legislature members: Brandon Lunty, Glenn van Dijken and the party's newest MLA, Tara Sawyer, who won a byelection Monday. Environment Minister Rebecca Schulz is on the panel along with two oil and gas executives and Business Council of Alberta president Adam Legge. Other members are retired judge Bruce McDonald, physician and emergency doctor Dr. Akin Osakuade and University of Calgary economist Trevor Tombe. 0:35 Danielle Smith launches Alberta Next panel tour to engage residents across province Following 10 town halls, scheduled to begin in July and end in late September, Smith said the panel would recommend ideas and policy proposals for a referendum. Story continues below advertisement The panel's website launched on Tuesday with surveys on six issues. Before taking each survey, participants must watch a short video. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Here are some of the questions: 'Should the provincial government refuse to provide provincial programs to non-citizens and non-permanent residents living in Alberta unless they have been granted an Alberta government-approved immigration permit?' 'Should Alberta take a lead role in working with other provinces to pressure the federal government to amend the Canadian constitution to empower and better protect provincial rights?' 'Do you agree that the current federal transfer and equalization system is unfair to Alberta?' 'Do you think Alberta should work with other provinces to transfer a larger share of overall taxes from Ottawa to the provinces?' 'What aspect do you like most about an Alberta Police Service?' 'What concerns you most about shifting from the RCMP to an Alberta Police Service?' Story continues below advertisement 'What potential benefit do you like most about Alberta opting to leave the CPP and create its own Pension Plan?' 'Which risk of opting out of CPP to start an Alberta Pension Plan are you most concerned about?' This survey had problems displaying questions on the website Tuesday afternoon, but a video beforehand asks Albertans if they would support creating a provincial revenue agency. It says doing so would require hiring 5,000 staff, cost Alberta at least $750 million per year, and require residents to file provincial and federal taxes separately — but it would also create jobs and give Alberta more of a say over its tax regime.
