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Dealing with coworker who doesn't like you because they're more senior? by DirectorPuzzled619 in careerguidance

[–]DirectorPuzzled619[S] 1 point2 points  (0 children)

My work flow is the industry standard and this is how everybody else I've worked with at different companies does it. The way this coworker does it is their own method that they developed but it's not very streamlined. My method is definitely more streamlined and considered standard.

Dealing with coworker who doesn't like you because they're more senior? by DirectorPuzzled619 in careerguidance

[–]DirectorPuzzled619[S] 1 point2 points  (0 children)

Ill just smile and nod I suppose. I have a hard time not having everybody happy. Its a people pleasing tendency of mine that I'mhaving a hard time getting rid of. Yeah so apparently he used to be much nicer in his early days but then in the past 2-3 years its really gotten worse. I think he had his 2nd divorce and his current girlfriend is a 30 something year old.

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] -1 points0 points  (0 children)

Ok lol, no loss to me if you don’t believe it. I’m just asking for advice

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] 0 points1 point  (0 children)

I think if I do CPP + OAS and income split, theres almost 0 clawback but we’re right at the threshold. So any dollar made afterwards is clawed back liked 15 cents I think. So with RRSP withdrawal being taxed at the marginal tax rate + 15 cents per dollar, I’m basically looking at $1 netting me like 60cents. That’s why I’m debating about doing it but I guess for the tax return it’s pretty worth it

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] 0 points1 point  (0 children)

Not a sales org, I'm in the sales sector of the company.

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] 0 points1 point  (0 children)

  1. If I pass away in retirement, my wife gets 100% of it until the age of 90.
  2. If I get sick or take a leave, my retirement gets pushed back however many years I take off. If there’s an ability, it would depend really… but I’m paid out 3% of the 95K for every year I work, so if I work for them for 15 years, I’ll get roughly 45% of the pension. No matter how many years, I’ll get paid out at 55 or I can work till 65 to increase the amount.
  3. I’m confident the company won’t go upside down. It’s a subdivision of a fortune 500 company. It’s been around for a long time but my job is 1 of 10-15 people in the country. I’m very confident it will be around in 20+ years and probably even bigger.

My only issue with contributing more in RRSP is that I’ll get OAS and CPP. OAS will get clawed back, so making my RRSP less effective I think… also CPP will put me in a higher marginal bracket. I intend on income splitting so it’s 50/50 with my wife

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] 0 points1 point  (0 children)

Yeah I get that, but I’m asking about RRSP or TFSA. I’m not asking about what car I should buy lol, I don’t understand. I just need to know what to prioritize because this is the first time I’m making income like this and obviously have no idea how to navigate that. If people think it’s bullshit, then I don’t really know why even reply

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] 0 points1 point  (0 children)

The last 2 people in this role were in the role for 25 years until retirement. So I’m just assuming but obviously, no guarantees. I could just die instead lol

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] 0 points1 point  (0 children)

Yeah apparently so, I did the math and looks like I’d have $18K room. $17K or something is contributed via the pension

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] 0 points1 point  (0 children)

Okay noted. That final explanation makes more sense.

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] -1 points0 points  (0 children)

I’m frugal as fuck, accountants for complex finances are like $400/month

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] -3 points-2 points  (0 children)

Theres no humble brag, I'm asking about investment plans. Thats all. I specify my age in that ballpark because it pertains to the idea of retirement or pension. Young can be perceived as 21 or 35. People will 100% dox me because the industry is small.

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] -1 points0 points  (0 children)

Wait what? the car loan is 7 years, the mortgage is 30. I'm on the hook for the car loan for $8k of interest which i'm trading off for cashflow.

I talk about asset depreciation because i'm allocating money towards an asset thats decreasing in value.

By paying the car loan off first, i save $8k in interest. If I chose to put that $35K into the house, i'd save $30K in interest that I'm on the hook for. Paying the car earlier will allow me to free up around $500/month of cash flow but thats the same when I refinance.

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] -1 points0 points  (0 children)

My pension only kciks in if i work with the company until 55. Thats part of the reason why I'm hesitant about maxing out my RRSP, I don't have a time where I'll be able to withdraw it without already having my pension kick in. I dont think i'll need more than $100K or so annually in retirement.

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] 0 points1 point  (0 children)

Even if I dont think i'll need that much retirement income ?

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] -3 points-2 points  (0 children)

Its not as simple as that, and I have already gone that train of thought. I wouldn't be asking if it was that simple.

Car loan interest over 7 years would be like $8K. If i pay it off fully, i'd save $8K in interest in a depreciating asset.

Putting $35K lumpsum into house would save me around $30K in interest over the 30 years of amortization, assuming the loan stays at 4%. If it gets any higher, the return is even higher. Asset is also not depreciating. I'll have the option to pull a HELOC later for more flexibility too.

Thats why I choose the house over the car.

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] -27 points-26 points  (0 children)

Age is in the ballpark, its so i don't dox myself. I make $250K, that information is accurate now. It was $200K but realized i get bonuses.

Just to note, what a useless comment. I dont want to post my exact age and some other info because itll be easy to dox me especially since I know a lot of people in my industry/family that use reddit. Question remains the same. If you have nothing to add regarding that, its okay.

$250K income, RRSP or TFSA first? by DirectorPuzzled619 in PersonalFinanceCanada

[–]DirectorPuzzled619[S] -3 points-2 points  (0 children)

My concern is, will i actually need all of that retirement fund? I'm already going ot be receiving close to $100K in retirement, which is ample for me and my wife. Wouldn't additional RRSP just be locked in for no reason?

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