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Experts say it’s always best to file a tax return to build up RRSP contribution room and set up eligibility for certain credits and benefits.Nicholas Hui, P.Eng, Certified Financial Planner
– moneysense.ca
Who is Nicholas Hui?
Nicholas Hui was an automotive engineer for 20 years before becoming a Certified Financial Planner. He brings the same systematic approach from his engineering background to his practise now as an advice-only planner. Nicholas specializes in helping young families and professionals bring some order to their finances and get on a path to achieving their long-term goals. He also offers retirement planning services and helps clients work towards financial independence.
Services• Comprehensive financial plans• Money coaching • Focused (or modular) analysis for a specific area of your financesSpecializations• Money coaching for young professionals and families• Financial independence• Retirement planningPayment Model• Fees paid by clients for advice (not based on assets)Languages written and spoken• English
Meet Nicholas Hui
About Nicholas
I am an advice-only Certified Financial Planner at VAVE Financial. In my previous life as an engineer, I used value analysis/value engineering programs to help manufacturers cut costs and improve efficiency…
Janet Gray advice-only Financial Planner
– moneysense.ca
Meet Janet Gray
Janet Gray is an advice-only Certified Financial Planner, speaker and educator with over 20 years of experience. She’s been featured in countless Canadian news publications as a financial expert, and she even won “Financial Services Person of the Year” twice. Janet specializes in business and retirement, and has additional certifications to prove it—she’s a Certified Professional Consultant on Aging (CPCA), an Elder Planning Counsellor (EPC) and is a member of the Orleans Chamber of Commerce (Ottawa Board of Trade) since 2001. Read more about Janet and her unique approach to financial planning below.
Services• Business cash flow planning• Financial planning• Pre-retirement planning• Retirement & pension planningSpecializations• Business owners/ self-employed• Professionals• Pensioned employees• RetireesPayment Model• Fees paid by clients for advice (not based on assets)Languages written and spoken• English
Meet Janet Gray
Why she became a financial planner
In many ways I have given advice all my life…
How to have the most tax-efficient retirement income plan
– moneysense.ca
I am 59 years old, semi-retired and live in Ontario. I have $302,000 in my non-registered investment account (mostly Canadian equities), $133,000 in my TFSA (in equities), and $287,000 in my RRSP (in equities). I have three non-registered GICs, in 1-, 2- and 3-year terms, all earning approximately 4.3%. Each contains $25,000. Lastly, I have a savings account with $20,000 earning 4.250%.
I am single, have no kids, no debt and own my home (valued at approximately $250,000). I have no company pension.
I have recently transitioned to part-time work and earn approximately $15,000 per year. I supplement my income with money from another small savings account.
By 65, I will be entitled to $1,150 per month and I will receive the maximum amount from OAS.
I plan on an income in retirement of $45,000 after tax.
My questions are:
With respect to tax, what is the most efficient method to draw down my investments if I fully retire at 60?Do I have enough money to fully retire at 60?
—Francine
The most tax-efficient retirement income plan
Francine, there’s no such thing as “the most tax-efficient method of drawing down investments over a lifetime…
