RRIF Withdrawal changes in 2020

2020 Changes to RRIF Withdrawal Factors

Back in March, the Federal Government reduced the 2020 minimum withdrawal amounts for Registered Retirement Income Funds (RRIFs) by 25 percent “in recognition of volatile market conditions and their impact on many seniors’ retirement savings.”1
As a reminder, the RRIF withdrawal factors are based on age. If you were 71 at the beginning of the year, under the existing rules you would be required to withdraw 5.28 percent of your RRIF in the year. For a RRIF with a value […]

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Scientists and Health Professionals study COVID-19

It’s Not Just About the Antibodies

Through many conversations with different individuals we’ve heard more than once that people feel they had, and lived through, COVID-19, stating it’s the worst they’ve ever felt. Some have, and some haven’t been tested, and it makes you wonder if COVID-19 was here earlier than we thought. Some research states that we build antibodies that help fight off the disease, but these antibodies only last for a certain period, leaving people susceptible to contracting the disease again later in time.
As we continue to get barraged with negative news […]

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Tax Deductions for Working at Home

The End of the Office Era? Keep Good Records

Is the office era over? For many office workers, working from home became the new normal this spring. As such, some may be wondering if they are able to claim a tax deduction for home office expenses.
The Canada Revenue Agency (CRA) currently allows for a deduction in instances in which one of the following conditions is met:

The workspace is where you mainly do your work (more than 50 per cent of the time); or
You use the workspace only to […]

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RRIF Minimum Payments

New Legislation Passed to Reduce RRIF Minimum Payment for 2020

As part of the COVID-19 Emergency Economic Response Plan, the government has passed legislation that allows you to lower your Registered Retirement Income Fund (RRIF) minimum payment for 2020 by 25%.
If you currently have a RRIF, you can reduce your income to the RRIF minimum amount by 25%.
How Are RRIF Minimums Calculated?
Every year your RRIF minimum payment changes based on two factors: 1) Market Value of your RRIF on January 1st; and 2) the Government’s RRIF Minimum percentage for […]

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Self Isolation Day 18

Finding Activities during Social Distancing

A message from Christopher Briggs, Wealth Advisor and Managing Director on behalf of the Precision Wealth Management Team.
One thing is for certain, the novel COVID-19 has redrafted the way we live for the foreseeable future. There is no more of the hustle and bustle we’ve all become so used to.
 
No more early morning commute to work, or late nights at the office. No more driving kids to school. No more picking them up and going to the social centre or dance hall for after-school activities. No more […]

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We Will Be Ready — For Now Let’s Tame this Viral Beast

Good day to all of our great clients. We do miss the regular face to face meetings. Having you in our office is truly something we miss right now. Social distancing is critical during this surreal period with the COVID-19 pandemic, and I have no doubt we will get through this. I absolutely and unequivocally believe in human ingenuity. We have what it takes to get past this so let’s all do our part, and then some.I have a considerable […]

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“Time” Will Tell

I hope this finds you all well and safe.
We are going through an unprecedented health scare. That remains the only thing we think you should be totally focused on. Defence.
We are NOT going through an unprecedented time in capital markets. For me, writing on behalf of the Precision Wealth Management team, this is my third major pullback while being in an Advisory role. And like the images below demonstrate, we’ve seen how this movie ends in the investment environment. […]

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Stay Calm during this global crisis

Focus on Health and Stay Calm

A message from Cliff Broetz, Leader of Strategic Development, on behalf of the Precision Wealth Management Team.
Dear Clients,
Here we are again urging you to stay calm. To focus on health and not on financial markets. That message is now being shouted rather than whispered. I’ve attached a few articles from early (very early) reading this morning. I sincerely hope these articles help:

The U.S. Is In A Bear Market. There Could Be A Recession. But This Is Not 2008
A Frontline […]

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Commentary on the Markets & Coronavirus

Market Commentary: ‘Stay Patient’

A message from Cliff Broetz, Leader of Strategic Development, on behalf of the Precision Wealth Management Team.
Dear Clients,I was recently reminded of an article I wrote in 2008, when there was a financial crisis and every day was challenging. I wrote about remaining steadfast at my desk for long hours to calm frayed nerves. If clients needed me, I was there. And the next article I wrote changed just slightly to say, ‘you will now find me working hard […]

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TedTalks about Coronavirus

Coronavirus, Markets, Lunacy and Truth

One of the serious difficulties seemingly every day is finding truth in reporting. News can be old news, unbalanced news, fake news, exaggerated news and outright lies. What can we believe? The Coronavirus headlines is the latest such example. Oh, and don’t even try looking for political leadership on the subject, not on this continent at least.
I had my haircut the other day and my ‘stylist’ said he was at Costco recently and the cashier line-ups were all the […]

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