At age 55, with her consulting business growing, Mitra wonders if it makes sense for her to incorporate. Her revenue is $174,000 a year “trending toward $200,000,” she writes in an e-mail. After business expenses and income tax, she nets about $122,200 a year.
Another question is whether she should put off drawing from her registered retirement savings plan until she turns 71, the age limit for converting it to a registered retirement income fund , and begin making minimum mandatory withdrawals at 72. “Or maybe I should draw down the RRSP sooner to minimize tax.” Her retirement spending goal is $80,000 a year after tax.
Gupta says menopause is one of her biggest concerns – a sentiment shared by many women going through this transition. But a healthy diet can help reduce symptoms. The Canada Disability Benefit, or CDB, will provide up to $2,400 a year – or $200 a month – to eligible low-income beneficiaries, the federal government announced in its April budget, says personal finance reporter Erica Alini in this Investing article. The amount was far below what many people with disabilities and their advocates had expected from a program the Trudeau government had promised would lift hundreds of thousands of vulnerable Canadians out of poverty.
Like a will, the letters and videos are traditionally read or viewed by heirs after the family member’s death. Unlike a will, which becomes a public document once probated, letters of wishes and videos can be kept private and confidential, which is appealing to some families.One benefit to letters and videos is that, unlike a will, they can be updated without any cost or formalities.“She wanted to put together a ‘don’t even try to challenge the will after I die’ type of video,” he says.