Canuckguy
60p152 comments posted · 0 followers · following 0
11 years ago @ MoneySense - Is it time to break yo... · 0 replies · +2 points
BTW, here is one example I know of recently when an aquaintance wanted to check into breaking his mortgage. He had two years to go on a 5 year fix rate 5.79% that also had the bad idea of a cash back when he took it. To break it in favour of the 4 yr 2.99% mortgage, his penalty was $4400 of which $1400 was due to the cash back feature. I just wish to state, the bank is no friend when they suggest you get the cash back option just so you can finance your wants like new furniture for the house one is buying. It is such a bad financial idea. If my friend had shipped the cash back when he took out the mortgage($85,000) in 2009, he would have got 4.55% as the rate. Ripped off totally by a stupid decision. That's the price one pays for financial illiteracy.
12 years ago @ MoneySense - March 2 roundup · 0 replies · +1 points
Who to believe?
I put my money on MacLeans
12 years ago @ MoneySense - How to tap your RRSP · 0 replies · +1 points
My bad.
12 years ago @ MoneySense - How to tap your RRSP · 2 replies · +3 points
At least the author should get their numbers correct, for the tax year 2011, the clawback only begins once your income exceeds $69,562.
12 years ago @ MoneySense - OAS for immigrants · 0 replies · +2 points
12 years ago @ MoneySense - How much should you in... · 0 replies · +3 points
That is a mirage, can't count on it in these uncertain times.
Also, those in the lowest tax bracket should forget about RRSP's.
12 years ago @ MoneySense - Saving money vs. every... · 0 replies · +2 points
13 years ago @ MoneySense - The downside of equality · 0 replies · +2 points
Bad enough we gave them the vote.
(heh, just funning with you)
13 years ago @ MoneySense - When is the best time ... · 0 replies · +1 points
Correction to typo, CPP will be $2/month less Dec 2011 as compared to Dec 2010.
13 years ago @ MoneySense - When is the best time ... · 0 replies · +2 points
To answer your question "if you do not work, when is it to your advantage to take CPP."
I had been following the amount I would get since I turned 60 and every month(I have a account with Service Canada and can get my monthly CPP estimate anytime on line), so every month, I noted that the monthly payment increased as planned as the discount lessened with time. When I decided to reconsider my decision to wait until 65 to start collecting, it was then during the phone conservation with Service Canada, that I realized I luckily timed my request for collecting just right. I concluded the decrease in my average pensional earnings due after 6 years crossed some line, the max pensionable earnings which is about $46,000 now. During almost all my working career, my actual earnings were well about the pensionable earnings for each year.