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QUESTION:
I' 57 and retired 2 years.I rolled my $40k severance into a one time rrsp
covenant which is asset allocation simplified to 5 areas and now managed by
Trimark. This is thru cibc.I've bee paying out $66 per month for $163k
life/death insurance that i need like a hole in the head.I mentioned the Man
Life seg funds as something a little more creative,but was told of high fees
and not for me?
You need a written financial plan to decide where you are going. You or your wife will likely live another thirty years and you need a road map. You should likely come over and get Fred Snyder to give you a written plan. You may not like it but it would give you a better sense of direction.
We have $200k portfolio in spousal and non registered funds
and zero debt as well as a handsome pension.We took advantage of a no
fee/obligation bank opportunity to set up an emergency line of credit,that
we have borrowed 20k to loan the "kids" for renos on a newly acquired
home.They are max right out and struggling to complete but are repaying at
interest only for now.
I hope that all goes well and they repay it. I do not know the exact figures but bet that most do not and leave mom and dad holding the bag.
To throw a wrench in---we will need 10k to replace our
stolen vehicle after an unsatisfactory settlement with icbc.I'm also
swallowing a 4k loss in the market,my first and last venture,when excitement
was high and people were taking advice from carpenters in a can't miss
market.
I don't know how to claim my loss and have been told the loss can
only be applied against a gain? I'm comfortable but feel like i'm spinning
my wheels here.
Your loss goes on Schedule 3 of your T1 Income Tax return. Unfortunately, it can only be used against capital gains. Therefore you need some growth mutual funds to get some tax free gains by offsetting the loss.
Back to the "kids"---There is a second business that he runs
with a partner (don't know if they are limited)that generates 100-150k per
annum in sales to the USA.There are many storage rents and other expenses.Is
there some creative stickhandling possible in their case of maximized credit
and little equity.Perhaps working towards mortgage deductibility?
If it is incorporated, the answer is likely no. If a partnership or proprietorship, they can absolutely use the business to make their personal mortgages deductible. Need you, the kids and the partners together to explain and set up a plan.
In my own
case ---what would be a prudent and most advantageous restructuring both for
my wife and i as well as our "dependants"
No idea yet from what you have said.
I don't have expectations that you can solve everything from the information
given.This all started when i pitched you thru the Ebay bid history (popular
science magazine)You didn't follow up by i was linked and started receiving
centipede emails that impressed me. Now i'm coming to the wizard! If i was in
Vancouver instead of Victoria---i would be at the seminars in a heartbeat.
tia-----------
Well, come over on a Wednesday and catch the last ferry home. Or try and get to the Saturday morning seminars although I am not at those ones.
On the other hand, we will likely do a seminar in Victoria in May. Last year we did one in Nanaimo and one in Courtenay.
I think I remember the magazine. It had an article about a 1963 Mercedes 230SL as I remember.
======================================================
Fred Snyder and I are giving free seminars on making your CANADIAN mortgage interest tax deductible at our new office at 1764 West 7th in Vancouver.
When: Every Wednesday Night
Time: 7 to 9 PM
RSVP: phone (604) 731-8900 to reserve (limited to 15 people)
My time is still spent at
108-100 Park Royal South
West Vancouver, BC
(604) 980-0321
david ingram
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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