In light of changes made by the federal government in its budget handed down in May 2015 regarding the minimum RRIF withdrawal amount, lots of financial institutes offered their clients to be able to make a new contribution in 2016, which corresponds to the difference between the previous and the new minimum RRIF withdrawal amount for 2015.
Specifically, the minimum RRIF withdrawal percentages applied starting at age 71 will be reduced retroactive to January 1, 2015. We suggest clients make a re-contribution to compensate for the difference.
Canada went to pull on Oct 19 and elected Liberal party in charge of the country for the next 4 years. So, what does it actually mean to you and me personally?
As a financial advisor, I always have discussion with clients and prospect on cashflow management, tax strategies and saving strategies. Whereas tax strategies seems to be one of the most brought-up issue (knowing that we pay high tax in Canada, this probably not surprising).
Not too sure whether you are aware... like any of us, some seniors are wealthy and some are not in a good financial position. The difference is, seniors do not work and it is a lot harder to get the improvement going on. However, health care expenses and retirement home/nursing home fees are not getting cheaper.
*Updated Nov 23, 2015
We all know there will be expenses when we need to take care of a dependent, whether it was an elderly who needs long term caring or a dependent child. In order to make sure your home suitable for disabled persons or an elder who lost his/her mobility... there are lots of modifications needed. Those are probably things anyone can track but there are more to a health care giver will encounter with...
I am currently taking a course regarding elder care and the importance of understanding the needs of older clients and the responsibilities of their families... Obesity is the leading cause of related illnesses and death in North America!! This an a preventable illness. Elders can slowing become obese even though they were not overweight when they were young because they are no longer as mobile as they were young... Everyone needs to understand the impact of obesity...