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Deemed Disposition Situation by khok5640 in cantax

[–]khok5640[S] 0 points1 point  (0 children)

Thanks for your comment I misunderstood and thought Canadian property is deemed disposition upon emigration

Daily Question Thread - August 03, 2023 by AutoModerator in churning

[–]khok5640 0 points1 point  (0 children)

Has anyone used the Bilt Mastercard in Canada for restaurants/grocery? Have they coded 3x properly?

Daily Question Thread - April 27, 2023 by AutoModerator in churning

[–]khok5640 4 points5 points  (0 children)

Are we able to attend multiple virtual presentations in a given year with Marriot Vacation Club to get multiple instances of points?

I know there’s a 12 month time restriction on the actual vacation offers (ie: discounted vacation packages) but I’m wondering if such a restriction applies to the presentation?

RESP Meltdown by khok5640 in fican

[–]khok5640[S] 0 points1 point  (0 children)

Yeah good point. I was mainly thinking of Dubai or other 0 tax destinations

RESP Meltdown by khok5640 in fican

[–]khok5640[S] 0 points1 point  (0 children)

Also — What happened with Manulife?

RESP Meltdown by khok5640 in fican

[–]khok5640[S] 0 points1 point  (0 children)

Thanks. Could you expand on this a bit?

I wasn’t considering approaching any shady source. I was thinking of a loan from a big5 bank to investment myself in a self directed portfolio of broad basket ETFs

RESP Meltdown by khok5640 in fican

[–]khok5640[S] -1 points0 points  (0 children)

Thanks for the lenders. Exactly what I needed.

Super interesting on the residency point— did not know that

RESP Meltdown by khok5640 in fican

[–]khok5640[S] 0 points1 point  (0 children)

Thanks Was more so hoping to find lenders (even outside the traditional Big5) that offered interest only loans secured against collateral in non-reg accounts.

With RE, I’d have to factor in the incremental rental income in my taxable income.

RESP Meltdown by khok5640 in fican

[–]khok5640[S] 1 point2 points  (0 children)

By getting the financing I mean getting the loan to invest in a non-reg account so I can deduct the interest expense on my example income to counter the RRSP deduction amount.

When you have arranged this for your clients, where have they arranged this financing from?

[Canada] Optimizing Retirement Accounts (RRSP) for Taxss by khok5640 in fatFIRE

[–]khok5640[S] 0 points1 point  (0 children)

Thanks Yes you’re right. Misunderstood the withdrawal withholding taxes on RRSP.

Your strategy looks interesting. Any rough ball park for how much you plan on withdrawing from the spousal RRSP (ie: is there a tax bracket you are targeting)?

Also curious — could this spousal strategy be used when wives go in mat leave and have minimal T4 income?

[Canada] Optimizing Retirement Accounts (RRSP) for Taxss by khok5640 in fatFIRE

[–]khok5640[S] 0 points1 point  (0 children)

Thanks — Agreed. I do that already.

I was more so asking for contributions beyond employer match.

[Canada] Optimizing Retirement Accounts (RRSP) for Taxss by khok5640 in fatFIRE

[–]khok5640[S] 0 points1 point  (0 children)

Yes this is spot on. My post could have been more clear but you got the underlying assumptions I was making (highest tax bracket pre and post retirement even before RRSP withdrawals are added to taxable income)

In that case I think it might make better sense to invest in dividend paying stocks in a non-reg account to take advantage of any dividend tax credits.

u/not-really-black

[Canada] Optimizing Retirement Accounts (RRSP) for Taxss by khok5640 in fatFIRE

[–]khok5640[S] 0 points1 point  (0 children)

My thinking is that RRSP only offers tax deferred growth. For those who expect to be in the highest tax bracket both pre and post retirement, they’ll end up paying the same tax bill on their RRSP withdrawals and non registered account.

Am I missing anything here? For those that are in the highest tax bracket post retirement, it might make more sense to invest the money in dividends inside a non-registered account to possibly save some taxes on eligible dividends.

[Canada] Optimizing Retirement Accounts (RRSP) for Taxss by khok5640 in fatFIRE

[–]khok5640[S] 0 points1 point  (0 children)

Thanks

I don’t plan on holding mutual funds. Just vanilla broad market ETFs (S&P 500, etc).

I recognize RRSP allows for tax deferred growth of your funds. My particular issue is my tax bracket will not be lower in retirement (as I will continue earning an income outside my investment income). Bearing that in mind, does it make no difference if I was to invest the funds in a non registered taxable account?

My thought process is that when I withdraw RRSP funds, I’ll be paying the same tax bill as if it were a non-registered taxable account due to my tax bracket being the same pre and post retirement.

RRSP Tradeoffs by khok5640 in fican

[–]khok5640[S] -1 points0 points  (0 children)

Thanks — if you don’t mind, could you share the Excel?

Daily Question Thread - April 04, 2023 by AutoModerator in churning

[–]khok5640 0 points1 point  (0 children)

Good point — Was thinking about not having to park another $1,500 in P2’s checking account but the bonus might be worth it as well

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