Author Archives: Jim Yih

Are voluntary CPP Contributions a good idea?

Here we go again . . . Should the government allow voluntary CPP contributions?  I was asked to share some of my personal thoughts on expanding CPP on the Calgary morning show on CBC Radio. Recently Finance Minister Joe Oliver floated the idea of giving Canadians the option to voluntarily contribute more to CPP to supplement

Who will use Tax Free Savings Accounts?

The government introduced Tax Free Savings Accounts (TFSAs) in the 2008 Federal Budget but will Canadians use these accounts? Will people be encouraged to save more money with the introduction of TFSAs? Related article:  TFSA Basics Statistics show that people are not saving money but the hope is that the new TFSAs may help to change

Understanding Government Benefits

Government benefits represent the cornerstone of the Canadian Retirement Income System. If you are nearing retirement or in retirement it is important for you to understand how these government benefits play a role in your retirement income. In this article we will touch on the key components of the Canadian Government Benefits. Canada Pension Plan

Everything You Need to Know About RRIFs

Most Canadians choose a Registered Retirement Income Fund (RRIF) as their retirement income option. A RRIF is a comfortable transition because of its similarity to an RRSP. A RRIF provides a high level of control over the investments in your retirement plan, the advantage of tax-free growth of assets within the plan, as well as

3 Big Winners of the 2015 Federal Budget

On Tuesday, April 21, 2015, Finance Minister Joe Oliver delivered his first Federal Budget for 2015.  The good news is he delivered a balanced budget with a projected surplus of $1.4 billion this year, increasing to $4.8 billion in 2019-20.  Part of this came from the sale of the government’s General Motors shares, purchased in 2009 as

Marginal Tax vs Average Tax

In Canada, we operate under a marginal tax rate system which simply means the more money we make, the more tax we are privileged to pay. Marginal tax is simply the amount of tax paid on an additional dollar of income. As income rises, so does the tax rate. This is different than a flat