To speak the Canadian reality in broader tax implications would be the origination of investment, leading to the incurring of capital gains would be the pre-planned strategy to avoid capital gains tax. For further details inbox in details at clifford@panacheconsultant.ca
Good Morning Jonathan
Noticed your article that was picked up by Financial Post on seniors in financial trouble. Since my book “Free Parking” was written to debunk that theory, it will not surprise you that I continue to refute such studies. It does not surprise me that a financial institution such as Sun Life will publish a survey that validates their business model. Hershey continues to say that chocolate prolongs life, a fact that I enthusiastically agree with.
My own study that I carried out while visiting 42 book stores in a cross Canada tour for my book showed a different result. Granted it was almost 20 years ago but the arguments from the financial media were the same. On each stop I pondered the same question to seniors: ‘Do you have enough to live comfortably ?” I vividly recall that only two out of the hundreds asked said ‘No” .
My personal experience has been what I expected. Although I retired early (age 54), our lifestyle has not changed. I ate my own cooking and cashed in and lived off RRSPs and savings, took early CPP. Now over 65 between my wife and I, we receive nearly $3000 a month, virtually tax free. We sold our modest house when I retired, due to arthritis issues we were not able to continue yard work etc. We now live comfortably in a two bedroom apartment and manage to spend a good part of the winter in warmer climates. We continue to do charity work and worry very little about money. It’s true, that we have always lived modestly and have avoided expensive habits like smoking, excessive drinking and lotteries.
the us has a 1031 to defer capital gains. do we have something similar in canada ?
how do we go abut that ?
To speak the Canadian reality in broader tax implications would be the origination of investment, leading to the incurring of capital gains would be the pre-planned strategy to avoid capital gains tax. For further details inbox in details at clifford@panacheconsultant.ca
Good Morning Jonathan
Noticed your article that was picked up by Financial Post on seniors in financial trouble. Since my book “Free Parking” was written to debunk that theory, it will not surprise you that I continue to refute such studies. It does not surprise me that a financial institution such as Sun Life will publish a survey that validates their business model. Hershey continues to say that chocolate prolongs life, a fact that I enthusiastically agree with.
My own study that I carried out while visiting 42 book stores in a cross Canada tour for my book showed a different result. Granted it was almost 20 years ago but the arguments from the financial media were the same. On each stop I pondered the same question to seniors: ‘Do you have enough to live comfortably ?” I vividly recall that only two out of the hundreds asked said ‘No” .
My personal experience has been what I expected. Although I retired early (age 54), our lifestyle has not changed. I ate my own cooking and cashed in and lived off RRSPs and savings, took early CPP. Now over 65 between my wife and I, we receive nearly $3000 a month, virtually tax free. We sold our modest house when I retired, due to arthritis issues we were not able to continue yard work etc. We now live comfortably in a two bedroom apartment and manage to spend a good part of the winter in warmer climates. We continue to do charity work and worry very little about money. It’s true, that we have always lived modestly and have avoided expensive habits like smoking, excessive drinking and lotteries.
Thought you might like an update.
Alan Dickson