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Corporate investments for retirees
– moneysense.ca
My accountant is working with me but really doesn’t think it’s the best strategy. He has a three-year plan to take out $70K per year, but the tax implications of that are high.
I also have money in my company in TD Direct Investing that I guess I would have to move into personal and that will trigger gains as well. My accountant has not talked about this.
With so many older Canadians with small companies retiring, this might be a good subject.
—Carol
Corporate investments for retired small business owners
Thanks for your question, Carol. I agree that it is a good one that applies to a lot of retiring business owners who have cash or investments in their company or in a related investment holding company.
The less cash or investments you have in a corporation, the more beneficial it may be to wind it down in a single year or over a couple years to simplify your financial affairs and reduce your ongoing accounting and legal costs…
This week, our question comes from Sophie, 22 who asks, “How can young people start planning for retirement, even if we are far from it?”The RRSP deadline is March 1: Should I borrow to make a contribution if I don’t have the money?
– thestar.com
Getting a loan for RRSP purposes can work out if it’s short-term, but it’s not ideal, experts say.
