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Welcome to the first edition of InMotion, designed to keep you well informed about a variety of issues affecting you and your retirement - whenever that may be. We will cover everything from goal setting to relationships, health issues to major life transitions, with a focus on their financial implications and possible solutions. We’ll help you understand and identify a clear path toward the retirement and future to which you aspire.
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| When Should You Stop Working? |
 Dr. Sherry Cooper
Executive Vice-President,
BMO Financial Group
Chief Economist,
BMO Capital Markets
You would never know it from media reports, but the concept of retirement is relatively new. Only in the past two generations have people expected to live long after stopping work, because they retired only when they physically had to. When the Canada Pension Plan (CPP/QPP) and U.S. Social Security mandated retirement at 65, life expectancy was 62 years for women, 57 for men. Today longevity is higher and rising. Boomers are the healthiest, wealthiest generation ever, and BMO surveys suggest many dream of a new retirement, a period of transition and regeneration with various work scenarios and lifestyle possibilities.
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Introducing the New Tax Free Savings Account (TFSA)
 On February 26th, 2008 the Federal government budget introduced a number of new personal tax initiatives, one of which is a new type of registered account. The Tax Free Savings Account (TFSA) is a flexible, registered general purpose account that will allow Canadians to earn tax-free investment income.
Starting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward. Contributions will not be tax deductible, but capital gains and other investment income earned will not be taxed. Withdrawals will be tax-free and will create contribution room for future savings. Contributions to a spouse’s or common-law partner’s TFSA will be allowed without attracting the attribution rules, and TFSA assets may be transferred upon death to a spouse or common-law partner on tax-free basis.
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Pension Income Splitting Opportunities for Couples
Do you feel a rush of happiness when you unexpectedly find $20 in a coat pocket? Pension income-splitting opportunities
for couples can help you find unexpected savings in your tax return which can translate into more retirement income in your pocket.
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| Need assistance? |
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