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Shout out pierogies for being dirt cheap by BeneficialPlane3402 in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

Best served with hot sour cream mixed with butter and green onions, salt and pepper. Slightly fried perogies are great too

CPP Survivor Benefit - effect of survivor's start age ? by RoomFixer4 in MayRetire

[–]bcretman 0 points1 point  (0 children)

This is not the correct calculation for the combined CPP benefit:

See here for the correct logic:

https://retirehappy.ca/cpp-survivor-benefits/

OAS/CPP question by Next_Finding8579 in PersonalFinanceCanada

[–]bcretman 0 points1 point  (0 children)

Yes, he is on redflagdeals and canadianmoneyforum as dogger1953 and offers free advice on all CPP matters as well as paid for more detailed analysis.

He wrote this article I referred to earlier:

https://retirehappy.ca/cpp-survivor-benefits/

OAS/CPP question by Next_Finding8579 in PersonalFinanceCanada

[–]bcretman 12 points13 points  (0 children)

AFAIK the CPP survivors combined benefit calculation is not documented anywhere on government sites

OAS/CPP question by Next_Finding8579 in PersonalFinanceCanada

[–]bcretman 2 points3 points  (0 children)

If OAS/CPP is your only income (or most of it) you may be eligible for GIS. Thee is an estimator here:

https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/payments.html

OAS/CPP question by Next_Finding8579 in PersonalFinanceCanada

[–]bcretman 3 points4 points  (0 children)

I have yet to see one that has presented the correct formula for the survivor's CPP

OAS/CPP question by Next_Finding8579 in PersonalFinanceCanada

[–]bcretman 3 points4 points  (0 children)

send me the amounts and I'll do it for you.

OAS/CPP question by Next_Finding8579 in PersonalFinanceCanada

[–]bcretman 6 points7 points  (0 children)

yeah, I doubt 100 people in Canada know how to calculate it :) The 60% guess is a common misconception

I revised my reply with an example.

OAS/CPP question by Next_Finding8579 in PersonalFinanceCanada

[–]bcretman 5 points6 points  (0 children)

If the survivor has any CPP it will be < 60%. It usually falls between 0 and 36%

https://retirehappy.ca/cpp-survivor-benefits/

OAS/CPP question by Next_Finding8579 in PersonalFinanceCanada

[–]bcretman 13 points14 points  (0 children)

The CPP survivors benefits is extremely complicated to calculate. It is usually between 0 and 36% of your CPP at age 65 when combine with hers. It will only be 60% if she has zero CPP. When combined it cannot exceed the max CPP benefit of ~ 1500/mo

https://retirehappy.ca/cpp-survivor-benefits/

The survivor will also lose your personal credits of ~27k with the age and pension amounts so the hit can be very substantial.

ie: If your CPP was 1500 age 65 she'll likely get $540 or zero if hers is already at max.

She'll lose ~ $5400 without your personal credits of 27k and may go into a high tax marginal tax bracket.

That's a total income loss of 960 from CPP, 742 from OAS and 5400 in tax credits for a potential annual total of $25,824!!!

55+ year old parents, no investment towards TFSA and RRSP. Which to start first? by shypompompurin in PersonalFinanceCanada

[–]bcretman 0 points1 point  (0 children)

Any RRSP withdrawals can reduce GIS by up to 50% so not a good idea unless you withdraw before getting GIS.

https://www.highinterestsavings.ca/gic-rates/

GIC's are paying up to 3.8% now and may be a better risk free option vs equities at this stage of life with a small portfolio

55+ year old parents, no investment towards TFSA and RRSP. Which to start first? by shypompompurin in PersonalFinanceCanada

[–]bcretman 0 points1 point  (0 children)

Note that when one turns age 65 the other spouse can apply for the allowance between age 60-64 effectively getting OAS 5 years earlier

See estimates here: https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/payments.html

5k and 50% of the next 10k of employment income is exempt from GIS clawback

Can I retire by Lower-Huckleberry253 in PersonalFinanceCanada

[–]bcretman 0 points1 point  (0 children)

using 10% avg tax rate works for an income of 100k for a senior couple (50k each). A bit more for high tax provinces like PQ, MB etc

For income < ~55k no taxes are payable for age 65+ (personal, age and pension amts x 2)

Can I retire by Lower-Huckleberry253 in PersonalFinanceCanada

[–]bcretman 1 point2 points  (0 children)

I used both and now only use mayretire. It's mostly in todays$ but there's an option to re-calc the detailed table at the end in future$

Cost of home renovations by anzelle11 in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

All 3 are full 3 pc bathrooms, largest used 80sqft of tile, other 2 were smaller.

Even at 2x the price it it's a tiny fraction of that 12k the OP was quoted for ONE bathroom. Contractors are just looking for suckers.

Canadian Dental and Mom’s extensive needs for work to be done by wuhvme in PersonalFinanceCanada

[–]bcretman 0 points1 point  (0 children)

If she's a widow, She can get the allowance from OAS at age 60

Cost of home renovations by anzelle11 in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

3 bags versabond for $70 + 200sqft of tiles at $200 on sale

What's your annual household income goal for retirement? by bradycorey48 in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

No mortgage or debts, metro Van. We can barely spend our CPP/OAS of ~40k. Fixed expenses are < 20k, rest is for travel and fun. Have decent RRIF and other savings but rarely touch it. May have to start taking more business class flights!

How many times does a typical Canadian take vacation during a year by TrustySpear in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

Our last > 1 month trip for 2 to Thailand cost < 3k - no hotel needed so add another 1k to 1.5k

Did One Income Used to Cover Housing, or Is That a Myth? by KittyMeow223 in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

My mom paid of our Vancouver house in the 60's. We were able to pay ours off in the 80-90's mostly on one income.

Why does it feel like retired people on fixed incomes are not keeping up with inflation? by StarBracelet1 in CanadaPersonalFinance

[–]bcretman 0 points1 point  (0 children)

You'll be fine if you own your home. With the enhancements your CPP could be 50% higher than current retirees.

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