Insights and Advice

Take Advantage of Free Government Money

By Floyd Murphy, CFP, CLU, CHFC, The Nakamun Group, Vancouver

The Federal Government offers a variety of generous grants and funding programs. Once you’ve qualified, applied, and set up the required accounts, funds are automatically deposited. In effect, free money from the Feds. If you qualify, why would you not apply to collect? Following are two examples. Read More…

TFSA “Successor Holder” Designation

By R.A. (Bob) Challis, CFP, RHU, TEP, The Nakamun Group, Winnipeg

Rather than naming your spouse as “Beneficiary” of your TFSA, consider “Successor Holder” as the more appropriate designation. Both are options that are offered for a surviving spouse. Read More…

Budget 2015 Reminders: Save More in Registered Plans

By Garry Keiller, The Nakamun Group, Edmonton

Registered Retirement Income Funds (RRIFs)

The 2015 Federal Budget reduced the required minimum income withdrawals from Registered Retirement Income Funds (RRIFs), effective this year. Decreased minimum withdrawals preserve more of the RRIF’s capital to support income in future years. Therefore, if you don’t need the higher income of the previously required withdrawal percentage, take advantage of the reduced minimum.  Read More…

Consider Health Care Options

By Floyd Murphy, CFP, CLU, CHFC, The Nakamun Group, Vancouver

Our public health care system is amongst the best in the world, despite its many challenges. People with critical health care issues are typically dealt with effectively, and most are pleased and grateful for the quality services they receive in a timely manner. However those waiting for elective care complain bitterly about the long delays for diagnosis and treatment. More and more people are seeking and finding alternative solutions.  Read More…

ESTATE PLANNING – The Art of Dying Neatly

In today’s complicated world of tax and legal structures, a poorly planned estate can create confusion and difficulties for your loved ones at a highly emotional time, and could result in an unnecessarily large portion of your estate paying administration costs such as legal, accounting, or probate fees. Read More…

A Possible Personal Tax Solution for Corporation Owners

By R.A. (Bob) Challis, CFP, RHU, TEP, The Nakamun Group, Winnipeg

Many individuals and families accumulate and hold assets within a private corporation, most often to provide flexibility in managing the amount and timing of personal income taxes paid. While a corporation can be effective for deferring personal income tax, at some point in time, the shareholder(s) will have to withdraw assets. Finding a tax-effective way to do that can be a challenge.  Read More…

Budget 2015 Affects Everyone

By Garry Keiller, The Nakamun Group, Edmonton

The 2015 Federal Budget includes proposals that will impact the financial, tax, and estate plans of our clients. The following is a summary of the items that might relate to you:

Read More…

Commuting a
 Pension Plan

By Garry Keiller, The Nakamun Group, Edmonton

Some defined benefit pension plans offer the option, under certain circumstances, such as retirement or termination of employment prior to age 55, to transfer a lump sum value to an individual retirement account. This lump sum payout is the “commuted value”, and is the present value of future expected pension payments. Read More…

A Lifetime Decision

By Floyd Murphy, CFP, CLU, CHFC,
The Nakamun Group, Vancouver

Selecting the optimum option offered by a defined benefit pension plan is worthy of the angst the process often causes. This is a decision that, once made, cannot be changed, and will affect the income of a pensioner, and where applicable, spouse, for the rest of their lives. Read More…

Everyone’s Pension Plan/Life Annuity

By Floyd Murphy, CFP, CLU, CHFC,
The Nakamun Group, Vancouver

Every qualifying Canadian has at least one life annuity, thanks to the Federal Government’s Old Age Security (OAS) program. Most also have a Canada Pension Plan (CPP). OAS pays an indexed monthly income (life annuity) to everyone, and ceases the day you die. CPP income depends on the amount contributed during a lifetime of work, and offers some flexibility and survivor benefits, a form of a joint and last survivor life annuity.

For most Canadians, OAS and CPP are the foundation on which to build retirement income.