Canadian policy makers have repeatedly emphasized improving relations with Brazil as a strategic objective in the Americas. Given past failures to cooperate, this objective may be difficult to realize. We argue that one of the reasons for this unrealized relationship between Canada and Brazil within hemispheric institutions is different national approaches to the role and purpose of multilateralism. This argument is advanced through an analysis of national interpretations of each country's engagement with multilateralism, drawing on the local literatures. The paper concludes with a discussion of the prospects and limits of future multilateral cooperation between the two countries, drawing on examples from the Inter-American System.
I probably won't run out of money," she says. "But maybe I have to take out more of my RRSPs every month. "Yes, the OAS attributed to her husband is gone," Challis says. "His CPP is gone too, but the upshot is her CPP has increased by between $365 and $560 a month." "[Joan]'s savings now earn a 'high' daily interest rate, paying maybe 0.25 to one per cent annually, which on $81,000 amounts to the staggering sum of $202.50 per year," Challis says. "Alternatively, she could invest in cashable, long-term GICs paying an annual interest rate of 4.25 per cent, which translates to $3,442.50 additional income, increasing her all-source annual income by about 10 per cent."
Eligible pension income includes any periodic payments received from an employer-sponsored registered pension plan. So, if you retire at age 58 and start receiving a pension, this income is eligible both for the pension credit on the first $2,000 of pension, and for the new pension income splitting calculation. Bob has a pension of $34,000, Canada Pension Plan benefits of $8,000 and Old Age Security benefits of $5,900, for a total income of $47,900. His wife, Sally, has no pension income, CPP benefits of $1,440, and OAS benefits of $5,900, for a total income of $7,340. Madge's pension is $77,000, her CPP is $9,000, and her OAS is $5,846, for a total income of $91,846. Ralph's pension is $12,000, his CPP is $5,000 and his OAS is $5,846, for a total income of $22,846. Note: Madge's OAS i...
Normally, the RRSP contribution deadline is 60 days after year end, usually March 1. However, if you turn 71 in 2009, your RRSP contribution deadline is Dec. 31, not 60 days later, unless you are contributing for 2009 to a spousal RRSP for a spouse who is under 71. (In that case, you have until March 1, 2010.) You will pay a one per cent penalty for the month of December, as you are actually making an overcontribution until Jan. 1. (You will have the contribution room in 2010, but you don't have it yet, as it is based on the previous year's -- 2009 -- earned income. Similarly, if you have had your OAS clawed back but won't in 2010, use form T1213 (OAS) to ask for your OAS payments throughout the year, instead of waiting until CRA has assessed your 2009 tax return.
Along with the introduction of taxes on income trusts were some fundamental changes to the strategy of income splitting through financial planning. Equalizing retirement income between spouses decreases the family tax bill and helps prevent clawbacks of OAS and other income-tested credits. Planning involves basics like spousal RRSPs and having the lower-income spouse save his or her income, and range to sophisticated techniques like inter-spousal loans at the CRA's prescribed rate. As an example, Dale, 66, has a $60,000 pension, plus OAS and CPP, for total income of $75,842. Kim has OAS and 30 per cent of the CPP maximum, for a total of $8,950 taxable. Kim pays no tax, while Dale pays $22,440, including OAS repayment of $2,255. If you own income trusts or mutual funds that invest in tru...
[Donna] is going to be just fine given what she has and wants to do," says [Daryl Diamond], a certified financial planner with Diamond Retirement Planning. "But there are certain things she should do to be more efficient and give her more choices and flexibility going forward. "She will have to work longer, although not necessarily five more years, and she should invest her CPP and OAS payments," he says. "This, in addition to her existing RRSPs, will just give her more choices and flexibility as she goes forward, and those are two very good things to have working in her favour." * Adviser Daryl Diamond says there is no need to have tax deducted from these payments, and she shouldn't if she invests all of it in an RRSP. "She will get the payment -- which is taxable -- have it go to an...
The first option is to simply invest $10,000 into a non-registered investment. That gives you $10,000 to invest, which will earn interest, dividends or capital gains, depending on how you invest it. When you want income from it, you can use the taxable investment income it is earning at the time, or you can slowly sell the investments during retirement, at which time the original invested capital comes back to you tax-free, and you pay tax on half of the future capital gains, if any. Option 2: If you use the $10,000 to make an RRSP contribution, you save tax at your marginal tax rate, multiplied by the contribution. For example if you are in the 34.75 per cent bracket (in Manitoba, that means taxable income between $38,000 and $66,000 after deductions), then you reduce your 2009 taxes b...
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