02sled Posted September 29, 2016 Share Posted September 29, 2016 15 minutes ago, 1trailmaker said: oh really, being a business owner like you claim you wouldn't have a pension. I think my suspicions were correct. He would have a RRSP of his own. That would be his pension Quote Link to comment Share on other sites More sharing options...
Dave Posted September 29, 2016 Share Posted September 29, 2016 33 minutes ago, 02sled said: He would have a RRSP of his own. That would be his pension Quote Link to comment Share on other sites More sharing options...
1trailmaker Posted September 29, 2016 Share Posted September 29, 2016 57 minutes ago, 02sled said: Still wrong again Fail... oh so very wrong. Maybe in the elite privileged world of government that is nothing close to the rest of the world that would be the case. Out of my annual salary the company deducted 7% of that salary as MY contribution to the DB pension plan. The company as an employment benefit contributed 4% of my salary to that plan. I would have much rather had the option of putting that 11% of salary into my own investment plan and watching it grow. Don't forget that those company contributions are part of the employee compensation bottom line. Not any different really than the $'s I earned except I can't access it as I choose. Now in your case you will get a much higher % of income and much better pension than those in the real world could ever dream of and of course you never have to be concerned about your pension plan being underfunded since if it is the government is on the hook for the shortfall and all they need to do is raise taxes and go into debt. If a private business pension plan is underfunded and the business goes out of business that monthly payment is in jeopardy and could be significantly reduced. Just look at the people who worked for Nortel and the REDUCED pensions they receive. Actually mine keeps going up to cover shortfalls while employers doesn't but I guess you know more than I do about my pay. 12% is what I pay Quote Link to comment Share on other sites More sharing options...
1trailmaker Posted September 29, 2016 Share Posted September 29, 2016 53 minutes ago, 02sled said: He would have a RRSP of his own. That would be his pension he must have a whole bunch if that was the case, he has slipped a few times in his posts and I think this time was the stopper Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted September 29, 2016 Share Posted September 29, 2016 Another day , another Failmaker beating. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 29, 2016 Share Posted September 29, 2016 1 hour ago, 1trailmaker said: oh really, being a business owner like you claim you wouldn't have a pension. I think my suspicions were correct. It's called an rrsp, and it's done great. It will still outgrow redemptions even in retirement. Quote Link to comment Share on other sites More sharing options...
Dave Posted September 29, 2016 Share Posted September 29, 2016 8 minutes ago, ArcticCrusher said: It's called an rrsp, and it's done great. It will still outgrow redemptions even in retirement. Wouldnt it be better to put cash under your bed if you were your own boss? At least you could spend it when you wanted and not take a hit. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 29, 2016 Share Posted September 29, 2016 3 minutes ago, Dave said: Wouldnt it be better to put cash under your bed if you were your own boss? At least you could spend it when you wanted and not take a hit. Who is gonna pay me cash. My smallest customer does about a billion in sales a year. Given if I could it would be in American maybe I can bring that across. Quote Link to comment Share on other sites More sharing options...
Dave Posted September 29, 2016 Share Posted September 29, 2016 Just now, ArcticCrusher said: Who is gonna pay me cash. My smallest customer does about a billion in sales a year. Given if I could it would be in American maybe I can bring that across. I was making a generalization.... Quote Link to comment Share on other sites More sharing options...
Dave Posted September 29, 2016 Share Posted September 29, 2016 Rrsps are not for everyone. Quote Link to comment Share on other sites More sharing options...
1trailmaker Posted September 29, 2016 Share Posted September 29, 2016 20 minutes ago, ArcticCrusher said: It's called an rrsp, and it's done great. It will still outgrow redemptions even in retirement. I would think having both like your better half has, would be far better, keep slipping you are not fooling anyone lol Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted September 29, 2016 Share Posted September 29, 2016 1 minute ago, 1trailmaker said: I would think having both like your better half has, would be far better, keep slipping you are not fooling anyone lol You couldn't fool a third grader, your greed,sloth and envy shine through. Quote Link to comment Share on other sites More sharing options...
Momorider Posted September 29, 2016 Share Posted September 29, 2016 1 hour ago, Sleepr2 said: Another day , another Failmaker beating. Yesterdays twitter WRONG AGAIN FAIL was funny Quote Link to comment Share on other sites More sharing options...
Momorider Posted September 29, 2016 Share Posted September 29, 2016 52 minutes ago, Sleepr2 said: You couldn't fool a third grader, your greed,sloth and envy shine through. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 29, 2016 Share Posted September 29, 2016 1 hour ago, Dave said: Rrsps are not for everyone. No they are not, they make sense for those in higher income brackets and will outperform if you are willing to take some risks. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 29, 2016 Share Posted September 29, 2016 1 hour ago, 1trailmaker said: I would think having both like your better half has, would be far better, keep slipping you are not fooling anyone lol Fail, I would have been happier to have a larger RRSP for her instead. You can believe whatever you want. Quote Link to comment Share on other sites More sharing options...
sear Posted September 29, 2016 Share Posted September 29, 2016 I think the tax payer needs protection from too big to fail. "It's another example of mismanagement in corporate America where we're now expected as tax payers to bail them out. They're capitalists when they make money. But they're socialists when they lose money." Actor Tim Robins, commenting on a California commercial electric power crisis Quote Link to comment Share on other sites More sharing options...
Dave Posted September 29, 2016 Share Posted September 29, 2016 1 hour ago, ArcticCrusher said: No they are not, they make sense for those in higher income brackets and will outperform if you are willing to take some risks. Depends Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted September 29, 2016 Share Posted September 29, 2016 57 minutes ago, Dave said: Depends Depends are a brand of adult diapers. Its one of the tax deferral methods we have and rrsps are good if you end up in a lower tax bracket when in retirement. Its good to be diversified. Tax efficiency is a more important factor outside registered accounts. A 10% capital gain would require a 15% interest gain to leave you with the same after tax. Quote Link to comment Share on other sites More sharing options...
02sled Posted September 29, 2016 Share Posted September 29, 2016 To limit tax liability we do pension income splitting and I also put a significant amount of money into a spousal RSP to balance out our retirement income keeping the income tax paid lower even though it was a deduction against my employment income. Quote Link to comment Share on other sites More sharing options...
Dave Posted September 29, 2016 Share Posted September 29, 2016 7 minutes ago, ArcticCrusher said: Depends are a brand of adult diapers. Its one of the tax deferral methods we have and rrsps are good if you end up in a lower tax bracket when in retirement. Its good to be diversified. Tax efficiency is a more important factor outside registered accounts. A 10% capital gain would require a 15% interest gain to leave you with the same after tax. Cash is king....fuck rrsps. Quote Link to comment Share on other sites More sharing options...
1trailmaker Posted September 29, 2016 Share Posted September 29, 2016 1 hour ago, sear said: I think the tax payer needs protection from too big to fail. very true but in this case this isn't a bail out or even close. GM has had 5 quarters of record profit in a row. This is more about keeping GM in Canada. Having the software work done here is a great thing and produces quality office jobs Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted September 29, 2016 Author Gold Member Share Posted September 29, 2016 56k given to gm per employee so canada can handle a few trucks final assembly that are shipped up from gm US truck plant over flow while the canadians go buy a crewcab that is shipped up from mexico cause that is the only place gm makes crewcabs.... Allthe while you pay significantly more for that truck then we do in the US..... Gm=Dont feed the bears..... Quote Link to comment Share on other sites More sharing options...
02sled Posted September 29, 2016 Share Posted September 29, 2016 (edited) 8 minutes ago, Dave said: Cash is king....fuck rrsps. Put $500K in your mattress and 20 years later it is still only $500K. Invest it wisely and 20 years later it may well have grown to $750K or more. You also get the tax deduction at a time when your earned income is at its' highest and can then reduce the tax you pay. Edited September 29, 2016 by 02sled Quote Link to comment Share on other sites More sharing options...
Dave Posted September 29, 2016 Share Posted September 29, 2016 Just now, 02sled said: Put $500K in your mattress and 20 years later it is still only $500K. Invest it wisely and 20 years later it may well have grown to $750K or more. Can you spend it all at once though without being penalized..... Quote Link to comment Share on other sites More sharing options...
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