“Can I afford a retirement home?” Tips for active, aging adults & their families

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We recently helped my 93-year old mother-in-law with the transition from her condo into a retirement home – “we” being my wife, her out of town sister, Derek, and a son-in-law. A real group effort. I have to give credit, though, where credit is due. The daughters – my wife and her sister – did the bulk of the work, with my wife researching and visiting homes with her mother, interviewing real estate agents, then when her sister arrived, the two of them handling the slow, laborious job of packing up the condo. The men, on the other hand, signed on for the physical move, and took advantage of our unique ability to supervise. (Just kidding!). When we use the description “retirement home”, some of you may have conjured up […]

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Taking Advantage of the Pension Income Credit

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Those of you who have already “retired” will be aware that by taking advantage of the Pension Benefits Tax Credit (the “pension credit”) you can save income tax on “pension income”. The benefit may, at first glance, appear fairly straightforward, but you need to understand the rules. The first $2,000 of your eligible pension income – or a lesser amount if you do not have $2,000 – qualifies. What qualifies depends on the source of the income, and your age. For those age 65 and over, eligible pension income can originate from a number of sources, the more common ones being a life or term certain to age 90 annuity from an RRSP, a life annuity from a registered employer pension, an annuity or instalment payment from a Deferred Profit […]

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