tag:blogger.com,1999:blog-5414957110325310952.post3873838782322395188..comments2024-03-07T00:23:26.870-08:00Comments on Croft's Wanderings: Wired and a Talk With My Money GuyCrofthttp://www.blogger.com/profile/17634815881045387152noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-5414957110325310952.post-64508677036192340392014-06-20T20:38:53.863-07:002014-06-20T20:38:53.863-07:00I would venture to say that your financial situati...I would venture to say that your financial situation is a good problem to have; considering the flip side it could be. If you are paying taxes, you are earning money!!! Like you though, I hate paying taxes, knowing full well that the dollars are so often misspent ie: The SenateRené and Jeanette Genereuxhttps://www.blogger.com/profile/09166865264538146835noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-39825664504398370202014-06-20T19:57:54.227-07:002014-06-20T19:57:54.227-07:00The enemy is so much easier to identify in your US...The enemy is so much easier to identify in your USA, Don. Here, it is more confusing. In British Columbia, the Liberals are the far right party.Crofthttps://www.blogger.com/profile/17634815881045387152noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-86656891492628816142014-06-20T19:54:59.831-07:002014-06-20T19:54:59.831-07:00That's the plan!That's the plan!Crofthttps://www.blogger.com/profile/17634815881045387152noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-2028669549339770762014-06-20T19:41:16.888-07:002014-06-20T19:41:16.888-07:00Sadly either way, the taxes will have to be paid, ...Sadly either way, the taxes will have to be paid, either by you or the estate. By the way, RRSP's can be made to automatically roll over to RIFF's and then the powers that be ( the banks ) decided how much you HAVE to take out each year. As you get older the amount gets larger. You can Google and get a chart of it all. You can take money out of your RIFF until you die so you just may use it all up yourself.Contessa https://www.blogger.com/profile/01482663305121297253noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-62100881326669278232014-06-20T19:01:06.107-07:002014-06-20T19:01:06.107-07:00We are not rich (very far from it) but we do contr...We are not rich (very far from it) but we do control our expenses (Kevin will disagree) and we make out quite well on our six pension deposits each month. It is only every once in a while we need to tap into the Rainy Day Fund and we really do not need or even want extra taxable income. But then I do not want to croak with a pile of cash in the vault either. It is a dilemma.Crofthttps://www.blogger.com/profile/17634815881045387152noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-27545590730698004632014-06-20T18:33:51.880-07:002014-06-20T18:33:51.880-07:00I think we were all mislead way back when, when th...I think we were all mislead way back when, when the RRSP's were introduced. It seemed like a great thing at the time but now we have to pay the piper.Contessa https://www.blogger.com/profile/01482663305121297253noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-78431772960424735342014-06-20T18:16:33.255-07:002014-06-20T18:16:33.255-07:00Like I said to Don.Like I said to Don.Crofthttps://www.blogger.com/profile/17634815881045387152noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-86939738311743560062014-06-20T18:16:09.335-07:002014-06-20T18:16:09.335-07:00I must have some Conservative blood in there somew...I must have some Conservative blood in there somewhere Don, I don't mind paying my fair share of taxes but they should give pensioners a break.Crofthttps://www.blogger.com/profile/17634815881045387152noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-46957029182824656212014-06-20T18:14:47.649-07:002014-06-20T18:14:47.649-07:00I have not had the detailed talk about the RIFF wi...I have not had the detailed talk about the RIFF with him yet but what you say makes sense. The 5.8 was over an extended time and included the losses I suffered in my gold shares so I am not complaining (too loud). We have TFSA's going now.<br /><br />Aside from what Don and Kevin say below, I hate paying taxes but that is the "Catch 22" with the RRSP/RIFF thing. Crofthttps://www.blogger.com/profile/17634815881045387152noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-71552014640293865212014-06-20T17:49:52.605-07:002014-06-20T17:49:52.605-07:00Lol...what Don said...:-)Lol...what Don said...:-)Kevin Readhttps://www.blogger.com/profile/05795747155781311686noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-86031000168299499252014-06-20T17:32:53.709-07:002014-06-20T17:32:53.709-07:00A liberal guy like you should want to pay as much ...A liberal guy like you should want to pay as much in taxes as you can Croft. ;)Donhttps://www.blogger.com/profile/17501973193828340382noreply@blogger.comtag:blogger.com,1999:blog-5414957110325310952.post-36661539555501309802014-06-20T16:55:36.619-07:002014-06-20T16:55:36.619-07:00Put the rest in a TFSA for now. You can put in up...Put the rest in a TFSA for now. You can put in up to $5500.00 annually and if you have extra, put some in for Norma. Live off the RRSP's which will become RIFF's at 71 and then in the end use the TFSA's ( tax free savings account ). That way when the day comes that you are both gone, Brooks and LindaLee will inherit what's in the bank without the estate having to pay taxes. I'm sure you know all of that anyway. 5.8% is good for now but the last 2 years should have been 10 -15% depending on what you were invested in. We got zip as we had the wrong money guy. <br /><br />Glad you got those wires sorted out. Next thing you will hear is that you are better than 100%<br /><br />Contessa https://www.blogger.com/profile/01482663305121297253noreply@blogger.com