An easy guide to income splitting for seniors Apr 14th
How non-residents are taxed on dividends and other forms of income Mar 3rd
Planning for retirement with little or no savings to draw on + MORE Mar 21st
How much money do you need to retire in Canada? Is it really $1.7 million? + MORE Mar 1st
Financial planning in your 70s + MORE Oct 12th
Keep more benefits with pension income splitting
– moneysense.ca
One of the big gifts the Conservatives gave to those at or near retirement is pension income splitting. As with the other forms of income splitting available to family units, pension splitting works best when there is a significant discrepancy in taxable income between the principals involved. In the case of pension splitting, it’s most effective if one member has a large amount of corporate pension income and the other does not.
Referring to the previous article in this column on Topping up to Bracket, you can see how the tax treatment on one $50,000 annual pension would be quite different if that pension were instead split 50/50 between both members of a married couple. With pension splitting, each member would show $25,000 of pension income in their hands, dramatically cutting the income tax due to the couple as a unit.
One nice aspect of pension splitting is that it’s not as complicated as it may sound…
3 Steps To Success In The Executive Gig Economy
– walletpop.ca
The first is necessity: where as a result of downsizing, lag time between full-time positions or stagnating professional growth, contracts or interim projects become a way to fill the economic or experience gap.
The second is motivated by the opportunity to experience a better way of working. This includes control over when and how work happens. This in turn allows for more family or caregiver time, a rewrite on “retirement” or the chance to follow a passion project or fund a business, but with less economic risk.
Our experience creating Kahuso — an online platform connecting accomplished executives with part-time, interim, advisory and board opportunities — has shown us that regardless of why an individual enters the gig economy (or even how long they have been in it), there are three essential steps that will optimize the experience.
1. Identify Your Desired Outcomes:
The fluidity of the executive gig economy means it can be adapted as the channel to create any number of outcomes…
